Annual Report and Accounts
July 04 2006 - 7:44AM
UK Regulatory
RNS Number:6335F
Triple Point VCT PLC
04 July 2006
Triple Point VCT plc
Preliminary announcement of results for the period ended 31 March 2006
Chairman's Statement
I am pleased to be writing to you for the first time since the completion of
your Company's 'C' share issue in April to present Triple Point VCT's accounts
for the period ended 31 March 2006.
To those new shareholders among you, of which there are many, may I begin by
formally welcoming you to the Triple Point fold. Your investment and your trust
are appreciated and our objective is to repay both in full. We hope this is the
beginning of a long and fruitful relationship and that you will always be proud
of your association with Triple Point.
It has been a busy time for Triple Point VCT, the highlight of which has been
our 'C' share issue which raised over #28 million of new capital for the
business. Thanks to you, this placed our issue among the largest in the VCT
market place in 2005-06, despite (or because of!) a distribution strategy which
characteristically focused on a tightly selected group of high end financial and
tax advisory businesses.
There is little doubt that Triple Point's - by VCT standards - now substantial
capital base has opened doors to a wider range of investments, as well as
providing a broad asset base across which the Company's fixed costs are spread.
I have previously written to Ordinary shareholders about specific opportunities
in the public sector arena, for example funding businesses providing services to
ambulance trusts and local authority-owned crematoria, and the investment
manager continues to make encouraging progress developing both these and other,
new opportunities. We will, of course, keep you informed of your Company's
investment activity and you should expect to hear from us between formal reports
in the anticipated event of material investments being made.
One of our stated objectives is to return moneys to shareholders as quickly as
possible. However, income was insufficient in the initial accounting period to
allow any distribution at this very early stage of the Company's development.
Finally, I would like to thank John Curchod, who is resigning as a director of
Triple Point Investment Management Limited ("TPIML), for his substantial
contribution as a founder of Triple Point to the establishment of your Company.
I am also delighted by the news of the arrival at TPIML of James Cranmer and
Alexis Prenn, both of impressive pedigree, to further strengthen TPIML's deal
origination capability.
As always, please do not hesitate to call us on 020 7404 7403 or email me at:
michael.sherry@triplepoint.co.uk
Qualifying status
The Directors believe that Triple Point VCT complies with conditions laid down
by HM Revenue & Customs for maintaining its approval as a Venture Capital Trust.
Michael Sherry, Chairman
3 July 2006
Triple Point VCT plc
Income statement
For the period 3 December 2004 to 31 March 2006 Ordinary Shares 'C' Shares Total
Period Period Period
ended ended ended
31 March 31 March 31 March
2006 2006 2006
Revenue & Total Revenue & Total Revenue & Total
#'000 #'000 #'000
Income 110 34 144
Investment management fees (88) (27) (115)
Other expenses (56) (18) (74)
Loss on ordinary activities before taxation (34) (11) (45)
Taxation on ordinary activities - - -
Loss on ordinary activities after taxation (34) (11) (45)
Note 1 (1.11)p (1.11)p (1.11)p
Loss per share
The Company has no gains or losses other than the results for the period as set
out above.
There are no capital items. The revenue and total columns represent the
Company's profit and loss account.
Triple Point VCT plc
Balance sheet
As at 31 March 2006
Ordinary
Shares 'C' Shares Total
Period Period Period
ended ended ended
31 March 31 March 31 March
2006 2006 2006
#'000 #'000 #'000
Current assets:
Current asset investments 1,355 15,645 17,000
Debtors - 2 2
Cash 1,871 6,014 7,885
3,226 21,661 24,887
Creditors: amounts falling due within one year 93 11,547 11,640
Net current assets 3,133 10,114 13,247
Total assets less current 3,133 10,114 13,247
liabilities
Capital and reserves:
Share capital 33 534 567
Share premium 3,134 9,591 12,725
Profit and loss account (34) (11) (45)
Shareholders' funds 3,133 10,114 13,247
Net asset value per share 94.23p 94.62p 94.52p
Triple Point VCT plc
Cash flow statement
For the period 3 December 2004 to 31 March 2006
Ordinary
Shares 'C' Shares Total
Period Period Period
ended ended ended
31 March 31 March 31 March
2006 2006 2006
#'000 #'000 #'000
Net cash inflow from operating activities 59 285 344
Management of liquid resources:
Investment in cash investments (1,355) (15,645) (17,000)
Financing:
Issue of own shares 3,325 10,649 13,974
Share issue expenses (158) (524) (682)
Subscriptions received but not allotted - 11,249 11,249
Net cash inflow from financing 3,167 21,374 24,541
Increase in cash resources 1,871 6,014 7,885
Notes:
1 Loss per share
Ordinary Share
The loss per share is based on a loss from ordinary activities after tax of
#34,237 and on 3,075,976 shares, being the weighted average number of shares in
issue during the period.
'C' Share
The loss per share is based on a loss from ordinary activities after tax of
#10,501 and on 939,823 shares, being the weighted average number of shares in
issue during the period.
There are no potentially dilutive capital instruments in issue and, therefore,
no diluted return per share figures are relevant.
2 Dividend
The directors are not proposing a dividend for the period ended 31
March 2006.
3 Accounts
The financial information set out in this preliminary announcement does
not constitute statutory accounts as defined in section 240 of the Companies Act
1985 ('the Act'). The balance sheet as at 31 March 2006, income statement, cash
flow statement and Note 1 for the period then ended have been extracted from the
Company's 2006 statutory financial statements upon which the auditors' opinion
is unqualified and does not include any statement under section 327 of the Act.
The Annual Report & Accounts for the period ended 31 March 2006 will be filed at
the Registrar of Companies and will be posted to shareholders shortly.
4 Announcement
A copy of this announcement will be available at the offices of the
Company for 14 days from the date of this announcement. The preliminary
announcement is not being posted to shareholders.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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