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10 Jul 2013 10:47
TP70 VCT plc
9 July 2013
Interim Management Statement for the quarter ended 31 May 2013
TP70 VCT plc ("the Company") submits its Interim Management Statement for the period ended 31 May 2013. This constitutes the Company's first Interim Management Statement for the financial year ending 28 February 2014, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
Net assets at 31 May 2013 comprised:
31 May 2013 | 28 February 2013 | 31 August 2012 | |||||||||
Unaudited | Audited | Unaudited | |||||||||
£'000 | % investments | £'000 | % investments | £'000 | % investments | ||||||
VCT qualifying unquoted investments | 675 | 92.6% | 762 | 94.1% | 4,827 | 74.4% | |||||
Non VCT qualifying investments: | |||||||||||
Unquoted investments | 10 | 1.4% | 10 | 1.2% | 431 | 6.6% | |||||
685 | 94.0% | 772 | 95.3% | 5,258 | 81.0% | ||||||
Money Market Funds | - | - | - | - | 500 | 7.7% | |||||
Cash and cash equivalents | 44 | 6.0% | 38 | 4.7% | 734 | 11.3% | |||||
Total Investments | 729 | 100.0% | 810 | 100.0% | 6,492 | 100.0% | |||||
Other assets & liabilities | (69) | (126) | (260) | ||||||||
Net assets | 660 | 684 | 6,232 | ||||||||
Net asset value per share | 2.06p | 2.13p | 19.48p | ||||||||
Net Asset Value
The Company made a loss of £24,000 for the period equivalent to 0.07p per share reflecting an excess of expenditure over income which resulted in the reduction the net asset value ("NAV") per share for the quarter.
Remaining Investments
Investment realisations continued during the quarter, as detailed below:
Electricity Generation | ||||
Industry Sector | Cinema Digitisation | Solar PV | Anaerobic Digestion | Total Unquoted Investments |
£'000 | £'000 | £'000 | £'000 | |
Investments at 29 February 2013 | 58 | 39 | 675 | 772 |
Investments realised during the period | (58) | (29) | - | (87) |
Investments at 31 May 2013 | - | 10 | 675 | 685 |
Material Events and Transactions
During the period no shares were issued and no shares were purchased by the Company for cancellation. The Board anticipates bringing forward proposals for liquidation of the Company in the near future.
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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