6 Jul 2012 16:19
TP70 VCT plc
6 July 2012
Interim Management Statement for the quarter ended 31 May 2012
TP70 VCT plc ("the Company") 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 | 5,938 | 98.5 | 17,636 | 77.7 | 18,275 | 78.1 | |||||
Non VCT qualifying investments: | |||||||||||
GAM Diversity | - | - | 3,289 | 14.5 | 3,342 | 14.3 | |||||
Net current assets (including cash and cash equivalents) | 92 | 1.5 | 1,779 | 7.8 | 1,771 | 7.6 | |||||
6,030 | 100.0 | 22,704 | 100.0 | 23,388 | 100.0 | ||||||
Net asset value per share | 18.85p | 70.97p | 73.11p | ||||||||
Investment Activity
The Board is pleased to announce that the Company's exit strategy is well advanced. The Company realised £12.3 million of qualifying investments since the year ended 29 February 2012 and is in advanced negotiations to conclude the realisation of its remaining investments. Its exposure to GAM Diversity held through a note executed with Julius Baer was closed and proceeds of £3.3 million were also received during the period. As a result of these realisations a dividend of 52.4p per share was paid to shareholders on 25 May 2012. Further dividends are expected to be paid as soon as possible as the remaining investments are realised. The remaining investments can be analysed as follows:
Electricity Generation | ||||||
Industry Sector | Cinema Digitisation | Solar PV | Standby Power | Anaerobic Digestion | Satellite | Total Qualifying Investments |
Qualifying Investments £'000 | 176 | 3,317 | 0 | 1,334 | 1,111 | 5,938 |
Qualifying Investments % | 2.96% | 55.86% | 0.00% | 22.47% | 18.71% | 100.00% |
Number of Companies | 5 | 4 | - | 2 | 2 | 13 |
Material Events and Transactions
During the first quarter of the year ended 28 February 2013 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 0207 201 8989.
Triple Point Ve (TPV)