PSource Structured Debt Limited Net Asset Value(s) (6647K)

TIDMPSD

RNS Number : 6647K

PSource Structured Debt Limited

23 August 2012

23/8/2012

PSource Structured Debt Limited

NAV for June 2012

The NAV per share for PSource Structured Debt Limited (PSD) as at 30 June 2012 is $0.7245 (46.13p), representing a total return of -41.74% for June 2012. At month end there were 59,564,681 shares in issue and the total NAV was $43,156,976.

As at 30 June 2012, the Company had a cash balance of $293,808.

The Directors note the continuing strong commercial and technical progress of Parabel. However, the Board also notes the deteriorating capital markets environment and cautious sentiment prevailing in World Financial markets, particularly regarding IPOs. As a result of the market conditions and the requirements of IFRS accounting policies the position has been re-valued downwards from $8.70/share to $4.24/share. Fuller disclosure of the valuation methodology will be given in the annual accounts which will be published shortly.

As at 30 June 2012, the portfolio, which comprised of investments in 19 companies, represented 99.60% of Total Net Asset Value. The maximum position in any company was 66.72% of the portfolio (being the holding in Parabel, held through a holding company PetroTech Holdings, Inc). The top ten positions represent 99.65% of the portfolio.

An analysis of the portfolio by geography and industry as at 30 June 2012 is set out below:

 
  US State                                  Debt/             Warrant/              No. 
                                                                                     of 
 or Country           Total                 Loan               Equity            companies 
                         $                   note                 $ 
                                              $ 
------------  ---------------------  ------------------  ------------------  ----------------- 
 AZ                      92,569               91,294                1,275                    1 
 CA                    126,554                88,357              38,197                     2 
 Canada             3,650,478            3,646,631                  3,847                    2 
 CO                    252,176              251,250                    926                   1 
 FL               34,508,234           11,286,177          23,222,057                        3 
 IL                 2,412,181            2,411,905                  276                      2 
 Israel                    1,855                      -             1,855                    1 
 MO                      17,987               17,987                      -                  1 
 NC                 1,230,365                         -      1,230,365                       1 
 NH                      13,103                       -           13,103                     1 
 NJ                      46,352                       -           46,352                     1 
 NY                      18,643               18,631                     11                  1 
 Other                            4                   -                4                   - 
 TX                    614,596              592,350               22,246                     2 
                  42,985,096           18,404,582          24,580,514                      19 
              =====================  ==================  ==================  ================= 
 
 
                                                       Debt/                   Warrant/                 No. 
                                                                                                         of 
      Industry               Total $                 Loan note                  Equity               companies 
                                                          $                        $ 
-------------------  -----------------------  -----------------------  ------------------------  ----------------- 
 Biotech                        7,064,129              4,087,667                2,976,462                        4 
 Business Services                   38,945                         -                38,945                      1 
 Computers                         298,532                251,250                    47,282                      2 
 Consulting                     2,411,905              2,411,905                             -                   1 
 Energy                              8,162                          -                8,162                       1 
 Industrial                        606,710                592,350                    14,360                      2 
 IT                                    1,855                        -                  1,855                     1 
 Renewable 
  Energy                      28,677,569               7,198,510              21,479,059                         1 
 Other                                -                             -                 -                     - 
 Security                       3,646,631              3,646,631                             -                   1 
 Technology                        212,016                197,638                    14,378                      4 
 Telecom                             18,643                 18,631                           11                  1 
                              42,985,096             18,404,582               24,580,514                       19 
                     =======================  =======================  ========================  ================= 
 

Note: single company investments with a current valuation below $500 are not considered in the company investment count.

A further analysis of the Company's portfolio and balance sheet as at 30 June 2012 is set out below:

 
 Balance sheet Analysis 
-----------------------------------  ------------  ------------ 
 Loans 
 Gross Debt                           $12,872,077 
 Less Impairment                      -$1,666,005 
                                     ------------ 
 Net Debt (4)                         $11,206,072 
 PetroTech Preferred (3)               $7,198,510 
 
 Total Loans                                        $18,404,582 
                                                   ------------ 
 
 Equity 
 Penny warrants (1)                       $14,084 
 Standard - In the money 
  (2)                                     $46,354 
 Standard - Out the money 
  (2)                                  $1,287,674 
                                     ------------ 
 Total Warrants                        $1,348,111 
 PetroTech Common (3)                 $21,479,059 
 Other Equities                        $1,753,344 
 Total Equity                                       $24,580,514 
                                                   ------------ 
 Gross Portfolio                                    $42,985,096 
 
 Cash                                                  $293,808 
 Other Debtors/Liabilities/Accrued 
  Expenses                                            -$121,929 
 
 NAV                                                $43,156,976 
===================================  ============  ============ 
 

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%   -0.38%   -41.74%                                                          -41.81% 
  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. Where the 260-day volatility provided by Bloomberg exceeds 100%, 100% is used as the input to the Black-Scholes model.

   3.     The Company's holding in Parabel is based on an effective share price of $4.24. 

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.

Please also note that on 31 July 2012 there was a novation of the PSD Management Agreement from PSource Capital Guernsey Limited (hitherto the Manager) to PSource Capital Limited (the Investment Consultant). As a consequence of this novation, PSource Capital Limited will now act as Manager and Investment Consultant to the Company. Laurus Capital Management LLC will continue to act as Investment Manager. Both PSource Capital Guernsey Limited and PSource Capital Limited are subsidiaries of Punter Southall Group. The novation will have no material impact on the operations of PSD in the opinion of the Directors.

Contact:

Soondra Appavoo

PSource Capital Limited

020 3327 5251

This information is provided by RNS

The company news service from the London Stock Exchange

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