Last checked at 16 Jan 2012 16:40
TP70 VCT plc
16 January 2012
Interim Management Statement for the quarter ended 30 November 2011
TP70 VCT plc submits its Interim Management Statement for the period ended 30November 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 fixed asset investments at fair value | 18,275 | 78.7 | 18,275 | 78.1 | 19,275 | 81.6 | |||||
Non VCT qualifying investments: GAM Diversity | 3,133 | 13.5 | 3,342 | 14.3 | 3,668 | 15.5 | |||||
Net current assets (including cash and cash equivalents) | 1,806 | 7.8 | 1,771 | 7.6 | 678 | 2.9 | |||||
23,214 | 100.0 | 23,388 | 100.0 | 23,621 | 100.0 | ||||||
Net asset value per share | 72.56p | 73.11p | 73.83p | ||||||||
Investment Activity
The Company's GAM Diversity exposure is held through a note executed with Julius Baer, which with leverage means that approximately 20.3% of the Company's Net Asset Value ("NAV") is exposed to the performance of GAM Diversity. At 30 September 2011 the Company's exposure was halved by reducing the leverage in the Julius Baer Bank note. Notice has been given of termination of the remaining exposure by April 2012 in line with the Company's plans for exit in spring 2012.
The Company continues to satisfy the test of being 70% invested in qualifying holdings and as at 30 November 2011 VCT qualifying holdings represented 78.7% of NAV.
Material Events and Transactions
During the third quarter of the year 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.