PSource Structured Debt Limited Net Asset Value(s) (7087Q)

TIDMPSD

RNS Number : 7087Q

PSource Structured Debt Limited

08 November 2012

8/11/2012

PSource Structured Debt Limited

NAV for September 2012

The NAV per share for PSource Structured Debt Limited (PSD) as at 30 September 2012 is $0.6898 (42.67p), representing a total return of +0.67% for September 2012. At month end there were 59,564,681 shares in issue and the total NAV was $41,088,891. PSD is in a managed wind down.

As at 30 September 2012, the Company had a cash balance of $91,535. The Company subsequently received an additional $628,696 from the sales of its BioDelivery Sciences International, Inc. ("BDSI") warrant position (after transaction costs).

As at 30 September 2012, the portfolio included material investments in 8 companies. The maximum position in any company was 71.19% of the portfolio (being the holding in Parabel, held through a holding company PetroTech Holdings, Inc).

On 23 October 2012, the Company sold its remaining BDSI warrant position for $178,058. Although this represents a discount to the position's 31 August 2012 valuation of $241,290, based upon 22 October 2012 closing share price, the remaining warrants then had an intrinsic value of $39,742. In total, the Company received $628,696 from the sale of this position. Following this sale, the Company has no material warrant position.

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

 
  US State                               Debt/                Warrant/                 No. of 
 or Country          Total             Loan note               Equity                companies 
                       $                    $                     $ 
------------  ------------------  -------------------  ----------------------  --------------------- 
 AZ                       91,969               91,294                     675                      1 
 Canada                3,646,631            3,646,631                       -                      1 
 CO                      251,279              251,250                      29                      1 
 FL                   33,726,223           11,286,177              22,440,047                      3 
 IL                    1,973,264            1,973,264                       -                      1 
 TX                      592,350              592,350                       -                      1 
                      40,281,716           17,840,965              22,440,751                      8 
              ==================  ===================  ======================  ===================== 
 
 
                                              Debt/                 Warrant/                No. 
                                                                                             of 
  Industry            Total $               Loan note                Equity              companies 
                                                $                       $ 
------------  ----------------------  --------------------  -----------------------  ----------------- 
 Biotech                   5,048,655             4,087,667                  960,988                  2 
 Computers                   251,279               251,250                       29                  1 
 Consulting                1,973,264             1,973,264                        -                  1 
 Industrial                  592,350               592,350                        -                  1 
 Renewable 
  Energy                  28,677,569             7,198,510               21,479,059                  1 
 Security                  3,646,631             3,646,631                        -                  1 
 Technology                   91,969                91,294                      675                  1 
                          40,281,716            17,840,965               22,440,751                  8 
              ======================  ====================  =======================  ================= 
 

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 September 2012 is set out below:

 
 Balance sheet Analysis 
-----------------------------------  ------------  ------------  ----------- 
 Loans                                                            % of Gross 
 Gross Debt                           $12,747,870                     31.65% 
 Less Impairment                      -$2,105,414                     -5.23% 
                                     ------------ 
 Net Debt (4)                         $10,642,455                     26.42% 
 PetroTech Preferred (3)               $7,198,510                     17.87% 
 
 Total Loans                                        $17,840,965       44.29% 
                                                   ------------ 
 
 Equity 
 PetroTech Common (3)                 $21,479,059                     53.32% 
 Other Equities                          $961,692                      2.39% 
 Total Equity                                       $22,440,751       55.71% 
                                                   ------------ 
 Gross Portfolio                                    $40,281,716      100.00% 
 
 Cash                                                   $91,535        0.23% 
 Other Debtors/Liabilities/Accrued 
  Expenses                                             $715,640        1.78% 
 
 NAV                                                $41,088,891      102.00% 
===================================  ============  ============  =========== 
 

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%    0.25%   -5.66%    0.67%                               -44.60% 
  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, MountainView (formerly known 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 3327 5251

This information is provided by RNS

The company news service from the London Stock Exchange

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