TIDMTP7V

RNS Number : 6213S

TP70 2010 VCT PLC

09 July 2015

TP70 2010 VCT plc

9 July 2015

Interim Management Statement for the quarter ended 31 May 2015

Highlights

   --      The Net Asset Value at 31 May 2015 was 91.53p per share.

-- During the period the Company paid its first dividend on 8 May 2015 of 5.72p per share. After the period end on 3 July 2015 a second dividend of 18.3p per share was paid, bringing the total dividends paid to 24.02p per share.

   --      78% of the Company's portfolio was invested in qualifying investments 
   --      The unquoted qualifying investment portfolio by sector at 31 May 2015: 
   Cinema Digitisation        17% 
   Solar PV                       62% 
   Anaerobic Digestion       11% 
   Landfill Gas                   10%

-- The Company disposed of its Derivative with Exane Bank on 31 March 2015 resulting in a small up-lift to valuation.

-- During the period the solar PV companies in which the Company invested disposed of a significant part of their portfolios of roof-mounted solar systems. The disposal resulted in an up-lift to the valuation of these investee companies of an aggregate GBP0.9 million, equivalent to 10.2p per share, which was recognised at 28 February 2015. After the period end the Company has sold these investments.

-- In June, the Company completed on the sale of its investment in an Anaerobic Digestion company for GBP0.8 million resulting in an up-lift to the valuation of GBP113,000, equivalent to 1.3p per share.

-- The shareholders have held their shares for the five years required to secure up-front Tax relief. Both the Board and Investment Manager are planning to return funds to shareholders as soon as practical.

   --      A total return to shareholders of  97.81p per share is made up of: 
   Net asset value at 31 May 2015                                      91.53p 
   Dividends paid during the period up to 31 May 2015            5.72p 
   Up-lift on the sale of Anaerobic Digestion companies           1.19p 
   Less: Provision                                                              (0.63p)

Net Assets at 31 May 2015:

 
                             30-May-15                 28-Feb-15                 31-Aug-14 
                             Unaudited                  Audited                  Unaudited 
                      GBP'000   % investments   GBP'000   % investments   GBP'000   % investments 
-------------------  --------  --------------  --------  --------------  --------  -------------- 
 VCT qualifying 
  unquoted 
  investments           6,406          78.48%     6,889          79.64%     5,962          78.15% 
-------------------  --------  --------------  --------  --------------  --------  -------------- 
 
 VCT non 
  qualifying 
  unquoted 
  investments:              0           0.00%     1,146          13.25%     1,651          21.64% 
-------------------  --------  --------------  --------  --------------  --------  -------------- 
 
 Cash and 
  cash equivalents      1,757          21.52%       615           7.11%        16           0.21% 
-------------------  --------  --------------  --------  --------------  --------  -------------- 
 Total Investments      8,163         100.00%     8,650         100.00%     7,629         100.00% 
-------------------  --------  --------------  --------  --------------  --------  -------------- 
 Other assets 
  & liabilities         (158)                     (114)                      (47) 
-------------------  --------  --------------  --------  --------------  --------  -------------- 
 Net assets             8,005                     8,536                     7,582 
-------------------  --------  --------------  --------  --------------  --------  -------------- 
 Net asset 
  value per 
  share                91.53p                    97.60p                    86.69p 
-------------------  --------  --------------  --------  --------------  --------  --------------

For further information, please contact Claire Ainsworth 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

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