TP7V TP70 2010 Vct

TIDMTP7V

RNS Number : 6470V

TP70 2010 VCT PLC

16 January 2012

TP70 2010 VCT plc

12 January 2012

Interim Management Statement for the quarter ended 30 November 2011

TP70 2010 VCT plc has pleasure in submitting its Interim Management Statement for the period ended 30 November 2011. This constitutes the Company's second Interim Management Statement for the year ended 28 February 2012, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Net assets at 30 November 2011 comprised:

 
                                 30 November                          28 February 
                                     2011         31 August 2011          2011 
                                  Unaudited         Unaudited           Audited 
                               GBP'000       %    GBP'000       %   GBP'000       % 
 
 VCT qualifying investments      3,000    39.9      2,500    32.3         -       - 
 
 Non VCT qualifying 
  investments: 
 GAM Trading 1.25XL              1,243    16.5      1,284    16.6     1,307    16.2 
 GAM Multi-Focused Macro 
  SP -USD Open                       -       -      1,081    14.0     1,157    14.3 
 GAM Multi-Systematic 
  Trading - USD Open                 -       -        319     4.1       325     4.0 
 Derivative                      1,031    13.7      1,125    14.5     1,216    15.1 
 Money Market funds                900    12.0        900    11.6         -       - 
 
 Net current assets 
  (including cash and 
  cash equivalents)              1,344    17.9        532     6.9     4,072    50.4 
 
                                 7,518   100.0      7,741   100.0     8,077   100.0 
                              --------  ------  ---------  ------  --------  ------ 
 
 Net asset value per 
  share                         85.96p             88.51p            92.35p 
 
 

Investment Activity

The Company's strategy is to offer combined exposure to the GAM Trading strategy and to Triple Point managed VCT qualifying investments. This strategy is intended to provide substantial exposure to a market-leading fund of hedge funds within a Venture Capital Trust.

The Board is pleased to note that during the period the Company made further VCT qualifying investments of GBP0.5 million into companies committed to electricity generation. By the period end this took the total amount invested in VCT qualifying investments to GBP3 million, which stood at 39.9% of Net Asset Value ("NAV")

It is now at 50% well on the way to reaching the 70% level required in order for the Company to secure VCT status. The VCT qualifying investments comprised investments in 8 companies generating renewable energy from solar voltaic cells mounted on domestic roofs and 1 company involved in electricity generation from anaerobic digestion.

There is an overall exposure of 30% to a portfolio with a strategy comparable to that of GAM Trading, which with leverage equates to 55% of the Company's NAV being exposed to the performance of GAM Trading. On 30 September 2011 the Company disposed of the investments held in GAM Multi-Focused Macro SP USD Open and GAM Multi-Systematic Trading USD Open in order to make VCT qualifying investments. This has reduced the effective exposure to GAM from 75% to 55% and in current market conditions we do not expect to be able to obtain the leverage which would enable us to increase this effective exposure.

Material Events and Transactions

The decline in the NAV over the period reflects the disappointing performance of GAM Trading and low interest rates which means that returns on cash have been insufficient to cover expenses. The latter pattern is expected to be reversed so that income receives expenses, as the Company starts to receive a return on its VCT qualifying investments.

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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IMSQQLFFLFFXBBD

TP70 2010 Vct (LSE:TP7V)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

TP70 2010 Vct (LSE:TP7V)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024