Interim Management Statement (8083W)

TIDMTPV2

RNS Number : 8083W

TP70 2008 (ii) VCT PLC

03 February 2012

TP70 2008 (II) VCT plc

3 February 2012

Interim Management Statement for the quarter ended 31 December 2011

TP70 2008 (II) VCT plc has pleasure in submitting its Interim Management Statement for the quarter ended 31 December 2011. This constitutes the Company's second Interim Management Statement for the year ended 31 March 2012, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Net assets at 31 December 2011 comprised:

 
                               31 December      30 September 
                                   2011              2011         31 March 2011 
                                Unaudited         Unaudited          Audited 
                              Total      %      Total      %      Total      % 
                             GBP'000           GBP'000           GBP'000 
 VCT qualifying 
  fixed asset investments 
  at fair value               13,811    76.2    14,554    79.3    14,365    74.8 
 
 Non qualifying 
  investments: 
 - GAM Diversity 
  exposure                     3,755    20.7     3,806    20.7     4,333    22.6 
 - Money market 
  funds                            -       -         -       -       398     2.1 
 
 Net current assets 
  (including cash 
  and cash equivalents)          566     3.1         2     0.0        97     0.5 
 
                              18,132   100.0    18,362   100.0    19,193   100.0 
                            --------  ------  --------  ------  --------  ------ 
 Net asset value 
  per share                   79.32p            80.33p            83.96p 
 

Investment Activity

The Company's strategy is to offer combined exposure to GAM Diversity and to Triple Point managed VCT qualifying investments. This strategy is intended to provide substantial exposure to a fund of hedge funds within a Venture Capital Trust.

The Company continues to satisfy the test of being 70% invested in qualifying holdings.

During the period the Company made no new qualifying investments. The GAM Diversity exposure contributed a loss of GBP51,000 to the overall reduction in net asset value of GBP230,000, the remainder coming from a revaluation and realisations of qualifying investments.

The Company holds 50% of the issued share capital of Lorngreen Limited, which in turn holds an investment in GAM Diversity 2.5XL. The Company also has an exposure to GAM Diversity held through a note executed with Bank Julius Baer. This means that approximately 51% of the Company's net asset value is exposed to the performance of GAM Diversity, which fell by 1.3% during the period.

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

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