TP10 VCT Plc Interim Management Statement (6509S)

TIDMTP10

RNS Number : 6509S

TP10 VCT Plc

09 July 2015

TP10 VCT plc

9 July 2015

Interim Management Statement for the quarter ended 31 May 2015

Highlights

   --      The Net Asset Value at 31 May 2015 was 92.52p per share. 

-- After the period end, on 19 June 2015, a further dividend of 4.32p per share was paid bringing the total dividends paid to 17.63p per share.

   --      82% of the Company's portfolio was invested in qualifying investments 
   --      The unquoted qualifying investment portfolio by sector at 31 May 2015 was: 
   Anaerobic Digestion                   10% 
   Cinema Digitisation                    25% 
   Hydro Project Management         4% 
   Landfill Gas                               3% 
   Solar PV                                   58% 

-- During the period the solar PV companies in which the Company invested disposed of a significant part of their portfolios of roof-mounted solar systems. The disposal resulted in an up-lift to the valuation of these investee companies of an aggregate GBP3 million, equivalent to 9.86p per share, which was recognised at 28 February 2015. After the period end the Company has sold all but one of these investments.

-- In June, the Company completed the sale of its investment in two Anaerobic Digestion companies for GBP2.6 million resulting in an up-lift to the valuation of GBP346,000, equivalent to 1.15p per share.

-- The shareholders have held their shares for the five years required to secure up-front Tax relief. Both the Board and Investment Manager are planning to return funds to shareholders as soon as practical.

   --      A total return to shareholders of  106.66p per share is made up of: 
   Net asset value at 31 May 2015                                      92.52p 
   Dividends paid during the period up to 31 May 2015          13.31p 
   Up-lift on the sale of Anaerobic Digestion companies           1.06p 
   Less: Provision                                                              (0.23p) 

Net Assets at 31 May 2015:

 
                             30-May-15                 28-Feb-15                 31-Aug-14 
                             Unaudited                  Audited                  Unaudited 
                      GBP'000   % investments   GBP'000   % investments   GBP'000   % investments 
                     --------  --------------  --------  --------------  --------  -------------- 
 VCT qualifying 
  unquoted 
  investments          22,864          81.69%    24,320          86.80%    21,316          84.23% 
                     --------  --------------  --------  --------------  --------  -------------- 
 
 VCT non 
  qualifying 
  unquoted 
  investments:          3,708          13.25%     3,636          12.98%     3,933          15.54% 
                     --------  --------------  --------  --------------  --------  -------------- 
 
 Cash and 
  cash equivalents      1,418           5.07%        62           0.22%        58           0.23% 
                     --------  --------------  --------  --------------  --------  -------------- 
 Total Investments     27,990         100.00%    28,018         100.00%    25,307         100.00% 
                     --------  --------------  --------  --------------  --------  -------------- 
 Other assets 
  & liabilities         (116)                      (85)                        59 
                     --------  --------------  --------  --------------  --------  -------------- 
 Net assets            27,874                    27,933                    25,366 
                     --------  --------------  --------  --------------  --------  -------------- 
 Net asset 
  value per 
  share                92.52p                    92.72p                    84.20p 
                     --------  --------------  --------  --------------  --------  -------------- 
 

For further information, please contact Claire Ainsworth 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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