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12 Jan 2012 15:11
TP10 VCT plc
12 January 2012
Interim Management Statement for the quarter ended 30 November 2011
TP10 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 financial year ending 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 2011 | 31 August 2011 | 28 February 2011 | |||||||||
Unaudited | Unaudited | Audited | |||||||||
£'000 | % | £'000 | % | £'000 | % | ||||||
VCT qualifying investments | 13,855 | 50.2 | 8,500 | 28.7 | 600 | 2.1 | |||||
Non VCT qualifying investments | 470 | 1.7 | - | - | - | - | |||||
Money Market Funds and Short Term Cash Investments | 7,966 | 28.9 | 17,716 | 66.0 | 25,930 | 92.6 | |||||
Net current assets (including cash and cash equivalents) | 5,303 | 19.2 | 1,506 | 5.3 | 1,461 | 5.3 | |||||
27,594 | 100.0 | 27,722 | 100.0 | 27,991 | 100.0 | ||||||
Net asset value per share | 91.44p | 91.86p | 92.75p | ||||||||
Investment Activity
TP10's strategy is to offer combined exposure to cash or cash based funds and venture capital investments focused on companies with predictable revenues from a financially sound customer base. Initially, investment exposure is intended to be predominantly to cash and cash based funds. By the end of its third year the Company's intention is that at least 70% of the fund will be committed to venture capital investments with up to 30% remaining invested in cash and cash based funds.
The Board is pleased to note that during the three month period the Company made further VCT qualifying investments totaling £5.355million, of which £2 million was invested into companies engaged in cinema digitisation and £3.355million was invested into companies committed to electricity generation, so that by the end of the period the Company had invested £13.9 million in total in VCT qualifying investments, which stood at 50.2% of Net Asset Value, 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 4 companies engaged in cinema digitisation,10 companies generating renewable energy from solar photo voltaic cells mounted on domestic roofs, one seeking planning consents for the establishment of hydro-electric power installations and 3 involved in electricity generation from anaerobic digestion.
Additionally an investment of £470,000 million has been made into a Non VCT qualifying company which arranges short and long term financing.
Material Events and Transactions
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.
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