Net Asset Value(s) (4772Y)

TIDMPSD

RNS Number : 4772Y

PSource Structured Debt Limited

01 March 2012

1/3/2012

PSource Structured Debt Limited

Performance for January 2012

The NAV per share for PSource Structured Debt Limited (PSD) as at 31 January 2012 is $1.2733 (80.79p), representing a total return of 2.27% for January 2012. At month end there were 59,564,681 shares in issue and the total NAV was $75,842,999.

As at 31 January 2012, the Company had repaid all outstanding bank borrowings and had a cash balance of $872,845. On 21 February 2012 the Company transferred its banking arrangements to Investec Specialist Bank.

The holding value of the Company's largest position, Parabel (formerly PetroAlgae), has been reduced as of 31 December 2011, based on a share price of $8.70. For further information please refer to the Company's recently issued Interim Report.

As at 31 January 2012, the portfolio, which comprised of investments in 22 companies, represented 101.84% of Total Net Asset Value. The maximum position in any company was 78.13% of the portfolio (being the holding in Parabel, held through a holding company PetroTech Holdings, Inc). The top ten positions represent 99.4% of the portfolio.

An analysis of the portfolio by geography and industry as at 31 January 2012 is set out below:

 
  US State                                 Debt/             Warrant/              No. 
                                                                                    of 
 or Country           Total                Loan               Equity            companies 
                        $                   note                 $ 
                                             $ 
------------  --------------------  ------------------  ------------------  ----------------- 
 AZ                      94,948              91,294                3,654                    2 
 CA                    385,500             223,500             162,000                      2 
 Canada             3,660,582           3,646,633                13,948                     2 
 CO                    528,328             527,625                    703                   1 
 FL               67,472,361          11,286,177          56,186,185                        4 
 IL                 3,073,683           3,069,867                  3,816                    2 
 Israel                    5,145                     -             5,145                    1 
 MO                      49,236              49,236                      -                  1 
 NC                    412,785                       -         412,785                      1 
 NH                      20,883                      -           20,883                     1 
 NJ                      49,065                      -           49,065                     1 
 Other                          23                   -                  23                - 
 TX                 1,196,795           1,169,676                27,119                     3 
 WA                    286,905             286,905                       -                  1 
                  77,236,238          20,350,912          56,885,325                      22 
              ====================  ==================  ==================  ================= 
 
 
                                                         Debt/                   Warrant/                No. 
                                                                                                          of 
      Industry                Total $                  Loan note                  Equity              companies 
                                                            $                        $ 
-------------------  -------------------------  -----------------------  -----------------------  ----------------- 
 Biotech                        7,550,265                4,087,667                3,462,598                       4 
 Business Services                 167,159                            -              167,159                      2 
 Computers                         577,397                  527,625                    49,772                     2 
 Consulting                     3,069,867                3,069,867                             -                  1 
 Energy                              26,479                           -                26,479                     2 
 Industrial                     1,174,132                1,169,676                       4,456                    2 
 IT                                    5,145                          -                  5,145                    1 
 Renewable 
  Energy                      60,343,583                 7,198,510              53,145,073                        1 
 Other                                      15                        -                       15                - 
 Security                       3,646,633                3,646,633                             -                  1 
 Software                              3,279                          -                  3,279                    1 
 Technology                        385,287                  364,030                    21,258                     4 
 Transport                         286,996                  286,905                           91                  1 
                              77,236,238               20,350,912               56,885,325                      22 
                     =========================  =======================  =======================  ================= 
 

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 January 2012 is set out below:

 
 Balance sheet Analysis 
-----------------------------------  ------------  ------------  ----------- 
 Loans                                                            % of Gross 
 Gross Debt                           $16,144,717                     17.76% 
 Less Impairment                      -$2,992,314                     -3.59% 
                                     ------------ 
 Net Debt (4)                         $13,152,403                     14.16% 
 PetroTech Preferred (3)               $7,198,510                      7.42% 
 
 Total Loans                                        $20,350,912       21.59% 
                                                   ------------ 
 
 Equity 
 Penny warrants (1)                        $9,318                      0.01% 
 Standard - In the money 
  (2)                                     $49,065                      0.05% 
 Standard - Out the money 
  (2)                                    $621,940                      0.28% 
                                     ------------ 
 Total Warrants                          $680,322                      0.34% 
 PetroTech Common (3)                 $53,145,073                     76.29% 
 Other Equities                        $3,059,930                      1.78% 
 Total Equity                                       $56,885,325       78.41% 
                                                   ------------ 
 Gross Portfolio                                    $77,236,238      100.00% 
 
 Cash                                                  $872,845        0.69% 
 Other Debtors/Liabilities/Accrued 
  Expenses                                          -$2,266,084       -2.90% 
 
 NAV                                                $75,842,999       97.79% 
===================================  ============  ============  =========== 
 

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%                                                                                                         2.27% 
  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

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