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10 Jul 2014 15:08
TP10 VCT plc
10 July 2014
Interim Management Statement for the quarter ended 31 May 2014
TP10 VCT plc has pleasure in submitting its Interim Management Statement for the period ended 31 May 2014. This constitutes the Company's first Interim Management Statement for the financial year ending 28 February 2015, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
Net assets at 31 May 2014 comprised:
31 May 2014 | 28 February 2014 | 31 August 2013 | |||||||||
Unaudited | Unaudited | Audited | |||||||||
£'000 | % investments | £'000 | % investments | £'000 | % investments | ||||||
VCT qualifying unquoted investments | 22,266 | 84.9 | 22,266 | 85.2 | 22,425 | 86.4 | |||||
VCT non qualifying unquoted investments: | 3,874 | 14.8 | 3,805 | 14.6 | 3,343 | 12.9 | |||||
26,140 | 99.7 | 26,071 | 99.8 | 25,768 | 99.3 | ||||||
Cash and cash equivalents | 79 | 0.3 | 61 | 0.2 | 174 | 0.7 | |||||
Total Investments | 26,219 | 100.0 | 26,132 | 100.0 | 25,942 | 100.0 | |||||
Other assets & liabilities | 82 | 95 | 65 | ||||||||
Net assets | 26,301 | 26,227 | 26,007 | ||||||||
Net asset value per share | 87.30p | 87.05p | 86.32p | ||||||||
Results
The Company has made a profit for the quarter of £74,000 equivalent to 0.25p per share which increased the net asset value ("NAV") per share by that amount.
Dividends
At the date of this report the total paid by way of dividends to shareholders is 8.31p per share. A further dividend of 3.31p per share has been announced and will be paid on 25 July 2014, bringing the total paid to 11.62p per share.
Investment Portfolio
The unquoted investment portfolio can be analysed as follows:
Electricity Generation | |||||||
Industry Sector | Cinema Digitisation | Hydro Project Management | Solar PV | Anaerobic Digestion | Landfill | SME Lending | Total Unquoted Investments |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Investments at 28 February 2014 | 6,265 | 903 | 11,888 | 2,240 | 1,021 | 3,754 | 26,071 |
Investments made during the period | - | - | - | - | - | 69 | 69 |
Investments at 31 May 2014 | 6,265 | 903 | 11,888 | 2,240 | 1,021 | 3,823 | 26,140 |
Investments % | 23.97% | 3.45% | 45.48% | 8.57% | 3.91% | 14.63% | 100.00% |
By 1 June 2015 all the Company's shareholders will have held their shares for the required five years in order to secure up-front tax relief. In accordance with shareholder expectations, the Board and Investment Manager are planning to return funds to shareholders as soon as practical thereafter. The realisation of the qualifying investments will be after the five year anniversary in order to maintain VCT status.
Material Events and Transactions
There were no material events or transactions during the period.
Further Information
For further information, please contact Claire Ainsworth or Belinda Thomas at Triple Point Investment Management LLP on 0207 201 8989.
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