TIDMTPV2

RNS Number : 8506H

TP70 2008 (ii) VCT PLC

17 July 2012

TP70 2008 (II) VCT plc

17 July 2012

Interim Management Statement for the quarter ended 30 June 2012

TP70 2008 (II) VCT plc ("the Company") has pleasure in submitting its Interim Management Statement for the quarter ended 30 June 2012. This constitutes the Company's first Interim Management Statement for the year ended 31 March 2013, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Net assets at 30 June 2012 comprised:

 
                              30 June 2012                        30 September 
                                                31 March 2012          2011 
                                Unaudited          Audited          Unaudited 
                              Total      %      Total      %      Total      % 
                             GBP'000           GBP'000           GBP'000 
 VCT qualifying 
  fixed asset investments 
  at fair value               14,558    79.0    13,995    75.3    14,554    79.3 
 
 Non qualifying 
  investments: 
 - GAM Diversity 
  exposure                     3,862    20.9     4,093    22.0     3,806    20.7 
 
 Net current assets 
  (including cash 
  and cash equivalents)           18     0.1       507     2.7         2     0.0 
                              18,438   100.0    18,595   100.0    18,362   100.0 
                            --------  ------  --------  ------  --------  ------ 
 Net asset value 
  per share                   80.66p            81.35p            80.33p

The reduction in net asset value per share for the quarter is due to the valuation of GAM Diversity exposure falling by GBP230,000 which was partially offset by a surplus of income from VCT qualifying investments over operating expenses of GBP73,000.

Investment Activity

The Board is pleased to note that during the period the Company has made further VCT qualifying investments of GBP1.29 million which exceeded the proceeds of the sale of investments of GBP587,000 and loan repayments of GBP140,000 so that the Company continues to meet the VCT requirement of being 70% invested in qualifying investments.

The investment portfolio can be analysed as follows:

 
                                                                              Electricity Generation 
                ------------- 
                                                                 Local                                     Total 
 Industry           Cinema                                     Authority     Solar         Anaerobic     Qualifying 
  Sector         Digitisation   Communications   Satellite      and NHS       PV            Digestion   Investments 
--------------  -------------  ---------------  ----------  --------------  ------------  -----------  ------------- 
 Qualifying 
  Investments 
  GBP'000               9,400              185           -             760         2,713        1,500         14,558 
--------------  -------------  ---------------  ----------  --------------  ------------  -----------  ------------- 
 Qualifying 
  Investments 
  %                    64.57%            1.27%       0.00%           5.22%        18.64%       10.30%        100.00% 
--------------  -------------  ---------------  ----------  --------------  ------------  -----------  ------------- 
 Number of 
  Companies                 6                1           2               1             5            3             18 
--------------  -------------  ---------------  ----------  --------------  ------------  -----------  -------------

The Company holds 50% of the issued share capital of Lorngreen Limited, which in turn holds an investment in GAM Diversity 2.5XL. The Company also has an exposure to GAM Diversity held through a note executed with Bank Julius Baer. This means that approximately 53% of the Company's net asset value is exposed to the performance of GAM Diversity.

30 April 2013 will mark the end of shareholders' minimum five year holding period. Therefore during the period notice was given for the redemption of two thirds of the leveraged note held with Bank Julius Baer with a trade date of 30 September 2012. Further redemptions of the Company's exposure to GAM Diversity will be implemented in line with the strategy of making staged reductions in the exposure up to 30 April 2013.

Material Events and Transactions

The Board has declared a dividend of GBP307,000 which is equal to1.34p per share, payable on 19 October 2012 to shareholders on the register on 12 October 2012.

30 April 2013 will mark the end of shareholders' minimum five year holding period. In accordance with the Company's strategy, the Board is working with the Investment Manager on arrangements which will provide those shareholders who wish it with a prompt exit after that date. As an alternative, for those investors who would like the opportunity to retain exposure to the Company's VCT Qualifying Investment portfolio, the Board and the Investment Manager are hoping to offer an enhanced share buyback programme.

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

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