TIDMTP10

RNS Number : 4824V

TP10 VCT Plc

12 January 2012

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        31 August 
                                 2011              2011         28 February 2011 
                              Unaudited         Unaudited           Audited 
                           GBP'000       %   GBP'000       %     GBP'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 GBP5.355million, of which GBP2 million was invested into companies engaged in cinema digitisation and GBP3.355million was invested into companies committed to electricity generation, so that by the end of the period the Company had invested GBP13.9 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 GBP470,000 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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IMSBTMATMBBBBMT

Citi Fun 32 (LSE:TP10)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Citi Fun 32 Charts.
Citi Fun 32 (LSE:TP10)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Citi Fun 32 Charts.