TP12 (I) VCT PLC Interim Management Statement (0509H)

TIDMTP12

RNS Number : 0509H

TP12 (I) VCT PLC

05 July 2012

TP12 (I) VCT plc

4 July 2012

Interim Management Statement for the 2 months ended 31 May 2012

TP12(I) VCT plc ("the Company") has pleasure in submitting its Interim Management Statement for the period ended 31 May 2012. This constitutes the Company's first Interim Management Statement for the financial period ending 28 February 2013, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3. The Company was incorporated on 19 September 2011. The Company's offer for subscription closed on 4 April 2012 having received subscriptions for GBP4,419,200 and its shares listed on 12 April 2012. Comparative figures are to 31 March 2012, at which time no ordinary shares had been issued and the Company had yet to commence its investment business.

Net assets at 31 May 2012 comprised:

 
                         31 May 2012      31 March 2012 
                          Unaudited         Unaudited 
                       GBP'000       %       GBP'000   % 
 VCT qualifying 
  investments            4,000    95.6             -   - 
 Net current 
  assets (including 
  cash and cash 
  equivalents)             184     4.4             -   - 
                         4,184   100.0             -   - 
                      --------  ------  ------------ 
 Net asset value 
  per share              94.14                   n/a 
 

The movement in the net asset value for the period is almost wholly attributable to the accrual of 5.5% initial costs on share subscriptions.

Investment Activity

The Board is pleased to note that during the two month period the Company has made VCT qualifying investments totaling GBP4 million, bringing the total invested in qualifying investments to 96% of net assets. This means that the Company has satisfied the requirement of being 70% invested in qualifying investments three years ahead of the required date. Now that the portfolio is in place the focus is on portfolio management and the Board believes that the Company is well placed to deliver returns to shareholders over the longer term.

The investment portfolio may be analysed as follows:

 
                      Electricity Generation 
 Industry         Solar    Anaerobic    Landfill   Total Qualifying 
  Sector            PV      Digestion      Gas        Investments 
---------------  -------  -----------  ---------  ----------------- 
 Qualifying 
  Investments 
  GBP'000          2,000        1,125        875              4,000 
---------------  -------  -----------  ---------  ----------------- 
 Qualifying 
  Investments 
  %               50.00%       28.13%     21.88%            100.00% 
---------------  -------  -----------  ---------  ----------------- 
 Number 
  of Companies         4            2          2                  8 
---------------  -------  -----------  ---------  ----------------- 
 

Material Events and Transactions

During the period 4,443,806 shares were issued. 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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