TIDMTP10

RNS Number : 0506H

TP10 VCT Plc

05 July 2012

TP10 VCT plc

5 July 2012

Interim Management Statement for the quarter ended 31 May 2012

TP10 VCT plc has pleasure in submitting its Interim Management Statement for the period ended 31 May 2012. This constitutes the Company's first Interim Management Statement for the financial year ending 28 February 2013, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Net assets at 31 May 2012 comprised:

 
                         31 May 2012      29 February 2012     31 August 2011 
                          Unaudited           Audited            Unaudited 
                       GBP'000       %     GBP'000        %    GBP'000       % 
 VCT qualifying 
  investments           22,888    83.0      17,863     64.8      8,500    30.7 
 Non VCT qualifying 
  investments            4,100    14.9       1,965      7.1          -       - 
 Money Market 
  Funds                      -       -         295      1.1     17,716    63.9 
 Net current 
  assets (including 
  cash and 
  cash equivalents)        577     2.1       7,450     27.0      1,506     5.4 
                        27,565   100.0      27,573    100.0     27,722   100.0 
                      --------  ------  ----------  -------  ---------  ------ 
 Net asset 
  value per 
  share                 91.34p              91.37p              91.86p

Investment Activity

The Board is pleased to note that during the three month period the Company has made net VCT qualifying investments totaling GBP5 million, bringing the total invested in qualifying investments to 83% of net assets. This means that the Company has satisfied the requirement of being 70% invested in qualifying investments a year ahead of its target date. Now that the portfolio is in place, the focus is on portfolio management. The Board therefore believes that the Company is well placed to deliver returns to shareholders over the longer term and expects that this will result in the net asset value per share increasing from now on.

The investment portfolio can be analysed as follows:

 
                                                              Electricity Generation 
                                          Hydro Project   Solar    Anaerobic    Landfill   Total Qualifying 
 Industry Sector    Cinema Digitisation     Management      PV      Digestion      Gas        Investments 
-----------------  --------------------  --------------  -------  -----------  ---------  ----------------- 
 Qualifying 
  Investments 
  GBP'000                         6,900             813   11,200        2,975      1,000             22,888 
-----------------  --------------------  --------------  -------  -----------  ---------  ----------------- 
 Qualifying 
  Investments 
  %                              30.15%           3.55%   48.93%       13.00%      4.37%            100.00% 
-----------------  --------------------  --------------  -------  -----------  ---------  ----------------- 
 Number of 
  Companies                           6               1       13            3          2                 25 
-----------------  --------------------  --------------  -------  -----------  ---------  -----------------

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 020 7201 8989.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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