TIDMPSD
RNS Number : 6603I
PSource Structured Debt Limited
17 June 2011
17/06/2011
PSource Structured Debt Limited
Performance for May 2011 - Replacement
The following amendment has been made to the 'Net Asset Value'
announcement released on 17 June 2011 at 11:27 under RNS No
6470I.
The total Net Asset Value in the opening paragraph should have
read $101,781,594 and not $107,781,594.
All other details remain unchanged.
The full amended text is shown below.
The NAV per share for PSource Structured Debt Limited (PSD) as
at 31(st) May 2011 is $1.7088 (103.89p), representing a total
return of -0.29% for May 2011. At month end there were 59,564,681
shares in issue and the total NAV was $101,781,594.
Total return performance in the 46 months since inception is
25.06% (6.01% annualised).
As at 31(st) May 2011, borrowings on the Company's bank
facilities totalled $4,269,850 resulting in Net Debt as a
percentage of Gross Portfolio Value equal to 3.90%.
The Company has further visibility over specific planned
realisations totalling approximately $8.0m, although the timing on
each of these realisations is subject to delay or cancellation.
This excludes any proceeds from the planned IPO of PetroAlgae or
any exit from Biovest, the company's second largest position.
The Company's bank facility has been extended by a further 3
months to 31(st) August 2011, on current terms (600 bps over US
LIBOR, equating to 6.25%). There was no arrangement fee.
Following statements made by PetroAlgae last year related to its
stated intention to move to a broader stock exchange and its recent
Form S-1 Registration Statement filing with the SEC, the PSD Board
continues to believe it appropriate to hold the valuation of
PetroAlgae shares in PSD constant from the 31(st) January 2010 NAV
at $11.56, until further information is made available on this
process. For information, the year to date Volume Weighted Average
Trading Price of PetroAlgae shares has been $15.65.
As at 31(st) May 2011, the portfolio, which comprised of
investments in 33 companies, represented 107.63% of Total Net Asset
Value. The maximum position in any company was 74.38% of the
portfolio (being the holding in PetroAlgae). The second largest
holding was 5.59%, being the debt and equity holding in Biovest. An
analysis of the portfolio by geography and industry as at 31(st)
May 2011 is set out below:
US State Debt/ Warrant/ No. of
Loan note Equity
or Country Total $ $ $ companies
------------ ------------ ----------- ----------- ----------
AZ 1,505,401 331,290 1,174,111 2
CA 642,847 350,150 292,697 4
Canada 3,747,102 3,668,126 78,975 2
CO 528,959 527,625 1,334 2
FL 88,671,923 11,785,367 76,886,556 4
IL 8,472,474 8,392,712 79,762 3
Ireland 96,880 - 96,880 1
Israel 107,933 - 107,933 1
MA 23,558 - 23,558 2
MO 86,616 - 86,616 1
NC 410,105 - 410,105 2
NE 129,917 - 129,917 1
NH 54,787 - 54,787 1
NJ 134,578 - 134,578 1
OH 4,034 - 4,034 1
Other 893 - 893 -
TX 4,641,196 3,948,225 692,972 4
WA 287,177 286,905 272 1
109,546,379 29,290,400 80,255,979 33
============ =========== =========== ==========
No.
Debt/ Warrant/ of
Loan note Equity
Industry Total $ $ $ companies
------------ ------------ ----------- ----------- ----------
Biotech 7,971,834 4,586,857 3,384,977 8
Business
Services 91,946 - 91,946 2
Computers 663,541 527,625 135,916 3
Consulting 3,069,867 3,069,867 - 1
Energy 2,798,160 2,118,225 679,935 3
Financial
Services 4,034 - 4,034 1
Industrial 1,852,559 1,830,000 22,559 2
IT 107,933 - 107,933 1
Renewable
Energy 81,479,986 7,198,510 74,281,476 1
Other 632 - 632 -
Security 3,696,812 3,668,126 28,686 1
Software 35,953 - 35,953 2
Technology 7,381,071 6,004,285 1,376,786 5
Telecom 96,915 - 96,915 1
Transport 295,133 286,905 8,228 2
109,546,379 29,290,400 80,255,979 33
============ =========== =========== ==========
Notes:
1. Single company investments with a current valuation below
$500 are not considered in the company investment count.
2. A volatility cap has been instated as of the 28th May 2009
valuation period for Standard warrants. Where the 260-day
volatility
provided by Bloomberg exceeds 100%, 100% is used as the input to
the Black-Scholes model. A further analysis of the Company's
portfolio and balance sheet as at 31(st) May 2011 is set out
below:
Balance sheet Analysis
----------------------------------- ------------- ------------- -----------
Loans % of Gross
Gross Debt $32,847,437 29.98%
Less Impairment -$10,755,546 -9.82%
-------------
Net Debt (4) $22,091,890 20.17%
PetroTech Preferred
(3) $7,198,510 6.57%
Total Loans $29,290,400 26.74%
-------------
Equity
Penny warrants (1) $504,801 0.46%
Standard - In the money
(2) $257,102 0.23%
Standard - Out the money
(2) $1,041,110 0.95%
-------------
Total Warrants $1,803,013 1.65%
PetroTech Common (3) $74,281,476 67.81%
Other Equities $2,757,202 2.52%
Other Private Equity $1,414,287 1.29%
Total Equity $80,255,979 73.26%
-------------
Gross Portfolio $109,546,379 100.00%
Borrowings -$4,269,850 -3.90%
Other Debtors/Liabilities/Accrued
Expenses -$3,494,935 -3.19%
NAV $101,781,594 92.91%
=================================== ============= ============= ===========
Notes:
1. Penny warrants are warrants with a strike price of
approximately 1 cent per share. These are held at a 7% discount to
realisable value.
2. Standard warrants are held at a 30% discount to a
Black-Scholes valuation.
3. The Company's holding in PetroAlgae is based on an effective
share price of $11.56.
4. Debt is valued monthly with advice from the Company's
independent valuation agent, Clayton IPS, and is held at par less
appropriate impairment provisions.
Monthly total return performance since inception is set out
below:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
----- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
2011 -0.97% -0.95% -0.94% -1.73% -0.29% -4.79%
2010 5.85% -0.11% 1.77% -2.02% -2.57% -2.17% -1.16% -4.29% 1.08% 0.72% -0.22% -1.30% -4.68%
2009 4.99% -5.25% 2.95% 1.16% 3.76% 1.66% 1.37% -0.13% -0.50% 1.47% 4.20% 4.70% 21.86%
2008 0.55% 1.87% 2.05% 1.49% 1.73% 0.72% 1.41% 2.43% 0.03% -2.14% -4.78% 0.37% 5.63%
2007 -0.38% 1.19% 2.49% 1.95% 1.64% 7.06%
Further information is available on the Company's website:
www.psourcestructureddebt.com.
Contact:
Soondra Appavoo
PSource Capital Limited
020 7925 3156
This information is provided by RNS
The company news service from the London Stock Exchange
END
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