Interim Management Statement

Triple Point Venture VCT

16/01/2012 16:41

RNS Number : 6477V

TP70 VCT Plc

16 January 2012

 



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 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 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.

 

This information is provided by RNS

The company news service from the London Stock Exchange

 
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