TIDMPSD
RNS Number : 5380L
PSource Structured Debt Limited
05 September 2012
05/09/2012
PSource Structured Debt Limited
NAV for July 2012
The NAV per share for PSource Structured Debt Limited (PSD) as
at 31 July 2012 is $0.7263 (46.33p), representing a total return of
+0.25% for July 2012. At month end there were 59,564,681 shares in
issue and the total NAV was $43,259,618.
As at 31 July 2012, the Company had a cash balance of
$324,820.
The Directors note the continuing Strong commercial and
technical progress of Parabel. However, the Board also notes the
deteriorating capital markets environment and cautious sentiment
prevailing in World Financial markets, particularly regarding IPOs.
As a result of the market conditions and the requirements of IFRS
accounting policies the position has been re-valued downwards from
$8.70/share to $4.24/share. Fuller disclosure of the valuation
methodology will be given in the annual accounts which will be
published shortly.
As at 31 July 2012, the portfolio, which comprised of
investments in 18 companies, represented 99.46% of Total Net Asset
Value. The maximum position in any company was 66.65% of the
portfolio (being the holding in Parabel, held through a holding
company PetroTech Holdings, Inc). The top ten positions represent
99.59% of the portfolio.
An analysis of the portfolio by geography and industry as at 31
July 2012 is set out below:
US State Debt/ Warrant/ No.
of
or Country Total Loan Equity companies
$ note $
$
------------ --------------------- ------------------ ------------------- -----------------
AZ 92,494 91,294 1,200 1
CA 151,029 88,357 62,672 2
Canada 3,654,960 3,646,631 8,328 2
CO 251,952 251,250 702 1
FL 34,441,462 11,286,177 23,155,285 3
IL 2,412,325 2,411,905 420 1
Israel 602 - 602 1
MO 17,987 17,987 - 1
NC 1,309,977 - 1,309,977 1
NH 8,133 - 8,133 1
NJ 38,450 - 38,450 1
NY 18,638 - 18,638 1
Other 4 - 4 -
TX 625,959 592,350 33,609 2
43,023,972 18,385,951 24,638,021 18
===================== ================== =================== =================
Debt/ Warrant/ No.
of
Industry Total $ Loan note Equity companies
$ $
------------------- ------------------------ ----------------------- ----------------------- -----------------
Biotech 7,082,199 4,087,667 2,994,532 4
Business Services 62,672 - 62,672 1
Computers 290,406 251,250 39,156 2
Consulting 2,411,905 2,411,905 - 1
Energy 19,525 - 19,525 1
Industrial 606,854 592,350 14,504 1
IT 602 - 602 1
Renewable
Energy 28,677,569 7,198,510 21,479,059 1
Other - - - -
Security 3,646,631 3,646,631 - 1
Technology 206,971 197,638 9,333 4
Telecom 18,638 - 18,638 1
43,023,972 18,385,951 24,638,021 18
======================== ======================= ======================= =================
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 31 July 2012 is set out below:
Balance sheet Analysis
----------------------------------- ------------ ------------ -----------
Loans % of Gross
Gross Debt $12,747,870 29.63%
Less Impairment -$1,560,429 -3.63%
------------
Net Debt (4) $11,187,441 26.00%
PetroTech Preferred (3) $7,198,510 16.73%
Total Loans $18,385,951 42.73%
------------
Equity
Penny warrants (1) $14,084 0.03%
Standard - In the money
(2) $38,452 0.09%
Standard - Out the money
(2) $1,390,162 3.23%
------------
Total Warrants $1,442,697 3.35%
PetroTech Common (3) $21,479,059 49.92%
Other Equities $1,716,265 3.99%
Total Equity $24,638,021 57.27%
------------
Gross Portfolio $43,023,972 100.00%
Cash $324,820 0.75%
Other Debtors/Liabilities/Accrued
Expenses -$89,174 -0.21%
NAV $43,259,618 100.55%
=================================== ============ ============ ===========
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% -41.67%
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, 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
END
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