Net Asset Value(s) (5153D)

TIDMPSD

RNS Number : 5153D

PSource Structured Debt Limited

17 May 2012

17/5/2012

PSource Structured Debt Limited

Performance for April 2012

The NAV per share of PSource Structured Debt Limited (PSD) as at 30 April 2012 is $1.2483 (76.89p), representing a total return of -0.39% for April 2012. At the same date there were 59,564,681 shares in issue and the total NAV was $74,355,868. Following an EGM on 16(th) May 2012, the Company is in a managed wind down.

At 30 April 2012, the Company had repaid all outstanding bank borrowings and had a cash balance of $477,897. Since then, the Company completed a partial liquidation of the assets of one of its investments at NAV, which resulted in a cash inflow of $354,833 and after payment of other expenses (including those related to the recent Circular), the Company had a cash balance of $591,737 at 14 May 2012.

The holding value of the Company's largest position, Parabel (formerly PetroAlgae), is currently based on a share price of $8.70. For further information on this please refer to the Company's recently issued Interim Report.

At 30 April 2012 the portfolio, which comprised investments in 21 companies, represented 102.19% of Total Net Asset Value. The maximum position in any company was 79.41% 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 30 April 2012 is set out below:

 
  US State                                Debt/             Warrant/              No. 
                                                                                   of 
 or Country          Total                Loan               Equity            companies 
                        $                  note                 $ 
                                            $ 
------------  -------------------  ------------------  ------------------  ----------------- 
 AZ                      91,680             91,294                   386                   1 
 CA                    172,718              88,357              84,361                     2 
 Canada             3,652,624          3,646,631                  5,993                    2 
 CO                    252,177            251,250                    927                   1 
 FL               66,254,574         11,286,177          54,968,398                        4 
 IL                 3,071,388          3,069,867                  1,521                    2 
 Israel                    2,663                    -             2,663                    1 
 MO                      38,063             38,063                      -                  1 
 NC                 1,000,949                       -      1,000,949                       1 
 NH                      17,959                     -           17,959                     1 
 NJ                      70,079                     -           70,079                     1 
 NY                      21,643             21,631                     12                  1 
 Other                        314                   -                314                 - 
 TX                 1,053,854          1,022,026                31,828                     2 
 WA                    286,905            286,905                       -                  1 
                  75,987,592         19,802,201          56,185,391                      21 
              ===================  ==================  ==================  ================= 
 
 
                                                        Debt/                   Warrant/                 No. 
                                                                                                          of 
      Industry                Total $                 Loan note                  Equity               companies 
                                                           $                        $ 
-------------------  ------------------------  -----------------------  ------------------------  ----------------- 
 Biotech                        6,912,775               4,087,667                2,825,109                        4 
 Business Services                   89,516                          -                89,516                      2 
 Computers                         322,260                 251,250                    71,010                      2 
 Consulting                     3,069,867               3,069,867                             -                   1 
 Energy                              17,744                          -                17,744                      1 
 Industrial                     1,037,631               1,022,026                     15,605                      2 
 IT                                    2,663                         -                  2,663                     1 
 Renewable 
  Energy                      60,343,583                7,198,510              53,145,073                         1 
 Other                                    414                        -                     414                  - 
 Security                       3,646,631               3,646,631                             -                   1 
 Technology                        235,958                 217,714                    18,244                      4 
 Telecom                             21,643                  21,631                          12                   1 
 Transport                         286,905                 286,905                             0                  1 
                              75,987,592              19,802,201               56,185,391                       21 
                     ========================  =======================  ========================  ================= 
 

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 30 April 2012 is set out below:

 
 Balance sheet Analysis 
-----------------------------------  ------------  ------------  ----------- 
 Loans                                                            % of Gross 
 Gross Debt                           $15,988,923                     21.04% 
 Less Impairment                      -$3,385,232                     -4.45% 
                                     ------------ 
 Net Debt (4)                         $12,603,691                     16.59% 
 PetroTech Preferred (3)               $7,198,510                      9.47% 
 
 Total Loans                                        $19,802,201       26.06% 
                                                   ------------ 
 
 Equity 
 Penny warrants (1)                       $14,393                      0.02% 
 Standard - In the money 
  (2)                                     $70,080                      0.09% 
 Standard - Out the money 
  (2)                                  $1,113,557                      1.47% 
                                     ------------ 
 Total Warrants                        $1,198,031                      1.58% 
 PetroTech Common (3)                 $53,145,073                     69.94% 
 Other Equities                        $1,842,286                      2.42% 
 Total Equity                                       $56,185,391       73.94% 
                                                   ------------ 
 Gross Portfolio                                    $75,987,592      100.00% 
 
 Borrowings                                            $477,897        0.63% 
 Other Debtors/Liabilities/Accrued 
  Expenses                                          -$2,109,620       -2.78% 
 
 NAV                                                $74,355,868       97.85% 
===================================  ============  ============  =========== 
 

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%   -0.39%                                                                              0.26% 
  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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