TP70 2010 VCT PLC Interim Management Statement (5098I)

TIDMTP7V

RNS Number : 5098I

TP70 2010 VCT PLC

03 July 2013

TP70 2010 VCT plc

3 July 2013

TP70 2010 VCT plc has pleasure in submitting its Interim Management Statement for the period ended 31 May 2013. This constitutes the Company's first Interim Management Statement for the year ended 28 February 2014, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Net assets at 31 May 2013 comprised:

 
                                31 May 2013            29 February 2013           31 August 2012 
                                 Unaudited                  Audited                  Unaudited 
                          GBP'000   % investments   GBP'000   % investments   GBP'000   % investments 
                         --------  --------------  --------  --------------  --------  -------------- 
 VCT qualifying 
  unquoted investments      5,757           74.8%     5,757           75.2%     5,665           75.6% 
  Non VCT qualifying 
   investments: 
 GAM Trading 
  1.25XL                      748            9.7%       743            9.7%       719            9.6% 
 Derivative                 1,186           15.4%     1,104           14.4%     1,036           13.8% 
                            7,691           99.9%     7,604           99.3%     7,420           99.0% 
 Cash and cash 
  equivalents                  10            0.1%        52            0.7%        78            1.0% 
                         --------  --------------  --------  --------------  --------  -------------- 
 Total Investments          7,701          100.0%     7,656          100.0%     7,498          100.0% 
                         --------  --------------  --------  --------------  --------  -------------- 
 Other assets 
  & liabilities              (35)                      (55)                      (13) 
                         --------                  --------                  -------- 
 Net assets                 7,666                     7,601                     7,485 
                         --------                  --------                  -------- 
 Net asset value 
  per share                87.65p                    86.91p                    85.58p 
 

The increase in net asset value per share ("NAV") for the quarter of GBP65,000 or 0.74p per share is a result of an GBP87,000 gain on the Company's exposure to GAM Diversity, less GBP22,000 excess of running expenses over loan interest income.

The qualifying investment portfolio can be categorised as follows:

 
                                                         Electricity Generation 
                                                      Solar    Anaerobic    Landfill   Total Qualifying 
 Industry Sector               Cinema Digitisation      PV      Digestion      Gas        Investments 
----------------------------  --------------------                                    ----------------- 
                                           GBP'000   GBP'000      GBP'000    GBP'000            GBP'000 
----------------------------  --------------------  --------  -----------  ---------  ----------------- 
 Investments at 29 February 
  2013                                       1,000     3,392          725        640              5,757 
----------------------------  --------------------  --------  -----------  ---------  ----------------- 
 Investments at 31 May 
  2013                                       1,000     3,392          725        640              5,757 
----------------------------  --------------------  --------  -----------  ---------  ----------------- 
 Qualifying Investments 
  %                                         17.37%    58.92%       12.59%     11.12%            100.00% 
----------------------------  --------------------  --------  -----------  ---------  ----------------- 
 

The Company has an overall exposure of 25% to GAM Trading comprising both a derivative and direct exposure to GAM Trading 1.25XL. With leverage this exposure equates to 51% of the Company's net asset value.

Material Events and Transactions

During the period no shares were issued and 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

END

IMSBXLFBXDFBBBF