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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Psource | LSE:PSD | London | Ordinary Share | GG00B236KR59 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMPSD
RNS Number : 0597C
PSource Structured Debt Limited
25 April 2012
25/4/2012
PSource Structured Debt Limited
Performance for March 2012
The NAV per share for PSource Structured Debt Limited (PSD) as at 31 March 2012 is $1.2532 (78.29p), representing a total return of -1.06% for March 2012. At month end there were 59,564,681 shares in issue and the total NAV was $74,644,269.
As at 31 March 2012, the Company had repaid all outstanding bank borrowings and had a cash balance of $654,055.
The holding value of the Company's largest position, Parabel (formerly PetroAlgae) is based on a share price of $8.70. For further information please refer to the Company's recently issued Interim Report.
As at 31 March 2012, the portfolio, which comprised of investments in 23 companies, represented 102.14% of Total Net Asset Value. The maximum position in any company was 79.15% of the portfolio (being the holding in Parabel, held through a holding company PetroTech Holdings, Inc). The top ten positions represent 99.5% of the portfolio.
An analysis of the portfolio by geography and industry as at 31 March 2012 is set out below:
Hot Features
Premium
US State Debt/ Warrant/ No.
of
or Country Total Loan Equity companies
$ note $
$
------------ ------------------- ------------------ ------------------ -----------------
AZ 92,325 91,294 1,031 2
CA 187,831 88,357 99,474 2
Canada 3,657,339 3,646,631 10,708 2
CO 252,402 251,250 1,152 2
FL 66,971,536 11,286,177 55,685,359 4
IL 3,073,184 3,069,867 3,316 2
Israel 5,642 - 5,642 1
MO 38,063 38,063 - 1
NC 502,563 - 502,563 1
NH 19,571 - 19,571 1
NJ 56,954 - 56,954 1
NY 42,642 42,631 11 1
Other 314 - 314 -
TX 1,053,856 1,022,026 31,830 2
WA 286,905 286,905 - 1
76,241,126 19,823,201 56,417,925 23
=================== ================== ================== =================
Debt/ Warrant/ No.
of
Industry Total $ Loan note Equity companies
$ $
------------------- ------------------------ ----------------------- ------------------------ -----------------
Biotech 7,130,898 4,087,667 3,043,231 4
Business Services 109,797 - 109,797 2
Computers 309,359 251,250 58,109 3
Consulting 3,069,867 3,069,867 - 1
Energy 17,746 - 17,746 1
Industrial 1,039,426 1,022,026 17,400 2
IT 5,642 - 5,642 1
Renewable
Energy 60,343,583 7,198,510 53,145,073 1
Other 313 - 313 -
Security 3,646,631 3,646,631 - 1
Software 746 - 746 1
Technology 237,570 217,714 19,856 4
Telecom 42,642 42,631 11 1
Transport 286,905 286,905 0 1
76,241,126 19,823,201 56,417,925 23
======================== ======================= ======================== =================
Notes:
1. Single company investments with a current valuation below $500 are not considered in the company investment count.
2. A volatility cap has been instated as of the 28th May 2009 valuation period for Standard warrants. Where the 260-day volatility
provided by Bloomberg exceeds 100%, 100% is used as the input to the Black-Scholes model.
A further analysis of the Company's portfolio and balance sheet as at 31 March 2012 is set out below:
Balance sheet Analysis
----------------------------------- ------------ ------------ -----------
Loans % of Gross
Gross Debt $16,144,715 21.18%
Less Impairment -$3,520,024 -4.62%
------------
Net Debt (4) $12,624,691 16.56%
PetroTech Preferred (3) $7,198,510 9.44%
Total Loans $19,823,201 26.00%
------------
Equity
Penny warrants (1) $14,393 0.02%
Standard - In the money
(2) $56,954 0.07%
Standard - Out the money
(2) $642,051 0.84%
------------
Total Warrants $713,398 0.94%
PetroTech Common (3) $53,145,073 69.71%
Other Equities $2,559,453 3.36%
Total Equity $56,417,925 74.00%
------------
Gross Portfolio $76,241,126 100.00%
Borrowings $654,055 0.86%
Other Debtors/Liabilities/Accrued
Expenses -$2,250,911 -2.95%
NAV $74,644,269 97.91%
=================================== ============ ============ ===========
Monthly total return performance since inception is set out below(5) :
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
------ ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------- --------
2012 2.27% -0.53% -1.06% 0.65%
2011 -0.97% -0.95% -0.94% -1.73% -0.29% -3.08% -0.83% -0.96% -0.55% -0.39% -1.22% -21.79% -30.64%
2010 5.85% -0.11% 1.77% -2.02% -2.57% -2.17% -1.16% -4.29% 1.08% 0.72% -0.22% -1.30% -4.68%
2009 4.99% -5.25% 2.95% 1.16% 3.76% 1.66% 1.37% -0.13% -0.50% 1.47% 4.20% 4.70% 21.86%
2008 0.55% 1.87% 2.05% 1.49% 1.73% 0.72% 1.41% 2.43% 0.03% -2.14% -4.78% 0.37% 5.63%
2007 -0.38% 1.19% 2.49% 1.95% 1.64% 7.06%
Notes:
1. Penny warrants are warrants with a strike price of approximately 1 cent per share. These are held at a 7% discount to realisable value.
2. Standard warrants are held at a 30% discount to a Black-Scholes valuation. 3. The Company's holding in Parabel is based on an effective share price of $8.70.
4. Debt is valued monthly with advice from the Company's independent valuation agent, Clayton IPS, and is held at par less appropriate impairment provisions.
5. Monthly returns based on Sterling returns until December 2008 and Dollar returns thereafter.
Further information is available on the Company's website: www.psourcestructureddebt.com.
Contact:
Soondra Appavoo
PSource Capital Limited
020 7925 3156
This information is provided by RNS
The company news service from the London Stock Exchange
END
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