TP70 2008 (I) VCT plc
18 July 2012
Interim Management Statement for the quarter ended 30 June 2012
TP70 2008 (I) VCT plc ("the Company") has pleasure in submitting its Interim Management Statement for the quarter ending 30 June 2012. This constitutes the Company's first Interim Management Statement for the year ended 31 March 2013, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
Net assets at 30 June 2012 comprised:
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30 June 2012
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31 March 2012
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30 September 2011
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Unaudited
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Audited
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Unaudited
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Total
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%
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Total
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%
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Total
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%
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£'000
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£'000
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£'000
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VCT qualifying fixed asset investments at fair value
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14,720
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78.9
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14,582
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77.5
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14,680
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79.1
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Non qualifying investments:
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- GAM Diversity exposure
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3,862
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20.7
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4,093
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21.8
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3,805
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20.5
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- Other
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-
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-
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10
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0.1
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-
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-
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Net current assets (including cash and cash equivalents)
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68
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0.4
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120
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0.6
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74
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0.4
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18,650
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100.0
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18,805
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100.0
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18,559
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100.0
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Net asset value per share
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80.74p
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81.41p
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80.34p
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The reduction in net asset value per share for the quarter is due to the valuation of GAM Diversity exposure falling by £230,000 which was partially offset by a surplus of income from VCT qualifying investments over operating expenses of £95,000.
Investment Activity
The Board is pleased to note that during the period the Company has made further VCT qualifying investments of £725,000 which exceeded the proceeds of the sale of investments of £587,000 so that the Company continues to meet the VCT requirement of being 70% invested in qualifying investments.
The investment portfolio can be analysed as follows:
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Electricity Generation
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Industry Sector
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Cinema Digitisation
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Communications
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Satellite
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Local Authority and NHS
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Solar PV
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Anaerobic Digestion
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Total Qualifying Investments
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Qualifying Investments £'000
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10,000
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185
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-
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760
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1,725
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2,050
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14,720
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Qualifying Investments %
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67.93%
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1.26%
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0.00%
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5.16%
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11.72%
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13.93%
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100.00%
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Number of Companies
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6
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1
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1
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1
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4
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3
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16
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The Company holds 50% of the issued share capital of Lorngreen Limited, which in turn holds an investment in GAM Diversity 2.5XL. The Company also has an exposure to GAM Diversity held through a note executed with Bank Julius Baer. This means that approximately 53% of the Company's net asset value is exposed to the performance of GAM Diversity.
Since 30 April 2013 will mark the end of shareholders' minimum five year holding period, the Board has adopted a strategy of making staged reductions in the exposure to GAM Diversity up to 30 April 2013. In line with this strategy, during the quarter notice was given for the redemption of two thirds of the leveraged note held with Bank Julius Baer with a trade date of 30 September 2012. Further redemptions of the Company's exposure to GAM Diversity will be implemented up to 30 April 2013.
Material Events and Transactions
The Board has declared a dividend of £307,000 which is equal to 1.35p per share on 19 October 2012 to shareholders on the register on 12 October 2012.
Bearing in mind the proximity of the end of shareholders' minimum five year holding period. and in accordance with the Company's strategy, the Board is working with the Investment Manager on a prompt exit for those shareholders who wish it . As an alternative, for those investors who would like the opportunity to retain exposure to the Company's VCT Qualifying Investment portfolio, the Board and the Investment Manager are hoping to offer an enhanced share buyback programme.
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 0207 201 8989.