5th Jul 2012 16:31
TP10 VCT plc
5 July 2012
Interim Management Statement for the quarter ended 31 May 2012
TP10 VCT plc has pleasure in submitting its Interim Management Statement for the period ended 31 May 2012. This constitutes the Company's first Interim Management Statement for the financial year ending 28 February 2013, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
Net assets at 31 May 2012 comprised:
31 May 2012 | 29 February 2012 | 31 August 2011 | |||||||||
Unaudited | Audited | Unaudited | |||||||||
£'000 | % | £'000 | % | £'000 | % | ||||||
VCT qualifying investments | 22,888 | 83.0 | 17,863 | 64.8 | 8,500 | 30.7 | |||||
Non VCT qualifying investments | 4,100 | 14.9 | 1,965 | 7.1 | - | - | |||||
Money Market Funds | - | - | 295 | 1.1 | 17,716 | 63.9 | |||||
Net current assets (including cash and cash equivalents) | 577 | 2.1 | 7,450 | 27.0 | 1,506 | 5.4 | |||||
27,565 | 100.0 | 27,573 | 100.0 | 27,722 | 100.0 | ||||||
Net asset value per share | 91.34p | 91.37p | 91.86p | ||||||||
Investment Activity
The Board is pleased to note that during the three month period the Company has made net VCT qualifying investments totaling £5 million, bringing the total invested in qualifying investments to 83% of net assets. This means that the Company has satisfied the requirement of being 70% invested in qualifying investments a year ahead of its target date. Now that the portfolio is in place, the focus is on portfolio management. The Board therefore believes that the Company is well placed to deliver returns to shareholders over the longer term and expects that this will result in the net asset value per share increasing from now on.
The investment portfolio can be analysed as follows:
Electricity Generation | ||||||
Industry Sector | Cinema Digitisation | Hydro Project Management | Solar PV | Anaerobic Digestion | Landfill Gas | Total Qualifying Investments |
Qualifying Investments £'000 | 6,900 | 813 | 11,200 | 2,975 | 1,000 | 22,888 |
Qualifying Investments % | 30.15% | 3.55% | 48.93% | 13.00% | 4.37% | 100.00% |
Number of Companies | 6 | 1 | 13 | 3 | 2 | 25 |
Material Events and Transactions
During the period no shares were issued and no shares were purchased by the Company for cancellation.
Further Information
For further information, please contact Claire Ainsworth or Chris Tottle at Triple Point Investment Management LLP on 020 7201 8989.
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