TIDMTP5

RNS Number : 5048Z

TP5 VCT PLC

06 February 2014

TP5 VCT plc

6 February 2014

Interim Management Statement for the quarter ended 31 December 2013

TP5 VCT plc ("the Company") has pleasure in submitting its Interim Management Statement for the quarter ended 31 December 2013. This constitutes the Company's second Interim Management Statement for the year ending 31 March 2014, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Net assets at 31 December 2013 comprised:

 
                              31 December 2013              30 September 2013                31 March 2013 
                                 Unaudited                      Unaudited                       Audited 
                        Ordinary      B       Total    Ordinary      B       Total    Ordinary      B       Total 
                       ---------  --------  --------  ---------  --------  --------  ---------  --------  -------- 
                        GBP'000    GBP'000   GBP'000   GBP'000    GBP'000   GBP'000   GBP'000    GBP'000   GBP'000 
 Unquoted qualifying 
  investments             15,037     1,858    16,895     15,037     1,858    16,895     15,664     1,936    17,600 
 Unquoted non 
  qualifying 
  investments                  3         1         4          3         1         4        178        22       200 
                       ---------  --------  --------  ---------  --------  --------  ---------  --------  -------- 
                          15,040     1,859   16,899      15,040     1,859    16,899     15,842     1,958    17,800 
 Non VCT qualifying 
  investment 
  in GAM Diversity 
  2.5XL                        -       573       573          -     1,068     1,068          -     1,004      1004 
 Cash and cash 
  equivalents                  6        71        77         49        85       134        214        21       235 
 Total investments        15,046     2,503    17,549     15,089     3,012    18,101     16,056     2,983    19,039 
                       ---------  --------  --------  ---------  --------  --------  ---------  --------  -------- 
 Other assets 
  & liabilities              153       595       748         84        15        97         41         1        42 
                       ---------  --------  --------  ---------  --------  --------  ---------  --------  -------- 
 Net assets               15,199     3,098    18,297     15,173     3,027    18,200     16,097     2,984    19,081 
                       ---------  --------  --------  ---------  --------  --------  ---------  --------  -------- 
 Net asset 
  value per 
  share                   81.01p    89.82p       n/a     80.86p    87.79p       n/a     85.57p    86.54p       n/a

The Ordinary Share fund's net asset value ("NAV") increased by its profit for the quarter ended 31 December 2013 of 0.15p per share.

To date the total paid by way of dividends to Ordinary class shareholders is 9.51p per share, when taken in conjunction with the NAV of 81.01p the value per share equates to 90.52p.

The B Share fund's NAV increased for the quarter ended 31 December 2013 by 2.03p per share to 89.82p. During the period a profit was made on the disposal of 50% of the investment in GAM Diversity 2.5XL.

Investment Activity

Qualifying investments represent 92% of total investments and the Company continues to satisfy the requirement of being 70% invested in qualifying investments.

The investment portfolio can be analysed as follows:

 
                                                      Electricity Generation 
                                                                   Anaerobic    Total Unquoted 
 Industry Sector               Cinema Digitisation    Solar PV     Digestion      Investments 
----------------------------  --------------------  -----------  ------------  --------------- 
                                           GBP'000      GBP'000       GBP'000          GBP'000 
----------------------------  --------------------                             --------------- 
 Investments at 31 March 
  2013                                       7,310        7,215         3,275           17,800 
----------------------------  --------------------  -----------  ------------  --------------- 
 Investments disposed of 
  during the year                            (705)            -         (196)            (901) 
----------------------------  --------------------  -----------  ------------  --------------- 
 Investments at 31 December 
  2013                                       6,605        7,215         3,079           16,899 
----------------------------  --------------------  -----------  ------------  --------------- 
 Unquoted Investments %                     39.09%       42.69%        18.22%          100.00% 
----------------------------  --------------------  -----------  ------------  ---------------

Non VCT Qualifying Investments

In line with the Company's plans for exit in 2014 the B share fund disposed of half its investment in GAM Diversity 2.5XL on 31 December 2013. Instructions have been given to dispose of the remaining shares on 31 March 2014. At 31 December 2013, after the disposal, the leveraged exposure represented 46% of the B fund's NAV.

Material Events and Transactions

There were no material transactions during the period.

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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