RNS Number : 1685J
Triple Point VCT PLC
28 November 2008
The directors of Triple Point VCT plc are pleased to announce the Reults of the Company for the six months ended 30 September
2008-11-28
Please address any queires to :
David Dick 020 7201 8989 or Graham Urquhart 020 3216 2000
Chairman's Statement
Introduction
I am pleased to be writing to you to present the unaudited interim results for Triple Point VCT plc ("the Company") for the six months
ended 30 September 2008.
Investment strategy and review
The investment strategy of the Company was to build and hold a diversified portfolio of VCT qualifying holdings.
Having achieved the threshold of being 70% invested in VCT qualifying holdings, there have been no changes in such holdings during the
period and the Company retains its VCT status. The Company's priority is now to manage the portfolio with the intention of returning value
to shareholders within the minimum time consistent with VCT rules.
Dividends and buyback
During the period the Company declared and paid a dividend of 3.13p per share in respect of the year ended 31 March 2008. The total
value of dividends paid so far is 5.43p per share. The Directors do not propose to declare a dividend in respect of the half year to 30
September 2008.
53 Shareholders accepted the buyback Tender Offer made by the Company and 3,390,537 shares were purchased at 92.0p each which is
reflected in the reduction in money market funds and uninvested funds recorded in the balance sheet.
Results
The Company continues to perform satisfactorily and made a profit after taxation of �0.271 million during the period.
The Net Asset Value (NAV) of the Company increased during the period and, following the payment of the dividend of 3.13p per share, the
NAV of the Company at 30 September was �26.64 million. The NAV per share at 30 September was 93.15p.
Risks and Uncertainties
The board confirms that the principal risks facing the Company over the remainder of the financial period are:
a) investment risk associated with investing in small and immature businesses
b) failure to maintain approval as a VCT.
The Board believe these principal risks are manageable and to expected for a company with Triple Point VCT plc's strategy. The Board
continues to work closely with the Investment Manager to endeavour to minimise either their likelihood or potential impact. A more detailed
explanation of the risks faced by the Company can be found in note 20 on page 30 of the Annual Financial Statements for the period ended 31
March 2008.
Conclusion
The financial markets have experienced unprecedented difficulties but the board is pleased to announce that your Company, thus far, has
been largely unaffected and hopes to be able to announce a substantial return of funds to shareholders in 2009.
If you have any queries or comments, please do not hesitate to telephone Triple Point Investment Management LLP on 020 7201 8989 or
email me at michael.sherry@triplepoint.co.uk.
Michael Sherry
Chairman
28 November 2008
Triple Point VCT plc
Financial Summary
Unaudited Unaudited Audited
6 Months 6 Months Year
Ended Ended Ended
30 Sep 2008 30 Sep 2007 31 Mar 2008
�'000 �'000 �'000
Net assets 26,640 30,198 30,534
Net profit before tax 364 506 978
Return per share 0.86p 1.13p 2.18p
Net asset value per share 93.15p 94.40p 95.45p
Triple Point VCT plc
Portfolio summary (unaudited)
As at 30 September 2008
Cost & Valuation Cost & Valuation
Security Activity 30-Sep-08 31-Mar-08
�'000 % �'000 %
Unquoted
Qualifying holdings 22,202 91.24 22,202 76.11
Holdings whose VCT qualifying 1,030 4.23 1,030 3.53
status has yet to be
determined
Money market funds 1,094 4.50 2,972 10.19
Uninvested funds 7 0.03 2,966 10.17
24,333 100.00 29,170 100.00
Qualifying Holdings (All
Unquoted)
Beam Carrier Trading Ltd Provision of
satellite capacity
Equity 600 2.70 600 2.70
Debt 1,350 6.08 1,350 6.08
Bereavement Facilities and Crematorium
Services Ltd maintenance
Equity 530 2.39 530 2.39
Debt 500 2.25 500 2.25
Broadsword Satellite Provision of
Communications Ltd satellite capacity
Equity 685 3.09 685 3.09
Debt 1,315 5.92 1,315 5.92
Cranmer Lawrence Engineering Ambulance
Solutions Ltd refurbishment
Equity 475 2.14 475 2.14
Debt 475 2.14 475 2.14
Furnace Management Services Crematorium
Ltd management
Equity 530 2.39 530 2.39
Debt 500 2.25 500 2.25
High Definition Broadcast Provision of
Services Ltd satellite capacity
Equity 532 2.40 532 2.40
Debt 1,343 6.05 1,343 6.05
HTI Private Patient Services Clinical care and
Ltd administration
Equity 530 2.39 530 2.39
Debt 500 2.25 500 2.25
Meaujo 732 Ltd Provision of virtual
communications
systems
Equity 302 1.36 302 1.36
Debt 1,132 5.10 1,132 5.10
Partners in Healthcare Clinical care and
Technology London Ltd administration
Equity 530 2.39 530 2.39
Debt 500 2.25 500 2.25
Per Port Services Ltd Servicing & supply
of telephony
equipment
Equity 312 1.40 312 1.40
Debt 615 2.77 615 2.77
Carried Forward 13,256 59.71 13,256 59.71
Triple Point VCT plc
Portfolio summary (unaudited)
As at 30 September 2008
Cost & Valuation Cost & Valuation
Security Activity 30-Sep-08 31-Mar-08
�'000 % �'000 %
Brought Forward 13,256 59.71 13,256 59.71
Satellite Broadband Access Provision of satellite
Solutions Ltd capacity
Equity 526 2.37 526 2.37
Debt 1,359 6.12 1,359 6.12
Simply Coffee Services Ltd Coffee shops
Equity 530 2.39 530 2.39
Debt 500 2.25 500 2.25
Telecom Network Management Ltd Provision of virtual
communications systems
Equity 530 2.39 530 2.39
Debt 500 2.25 500 2.25
WAN Solutions Ltd Provision of virtual
communications systems
Equity 352 1.59 352 1.59
Debt 1,472 6.63 1,472 6.63
Wide Area Network Services Ltd Provision of virtual
communications systems
Equity 282 1.27 282 1.27
Debt 1,186 5.34 1,186 5.34
Wide Area Network Solutions Provision of virtual
Ltd communications systems
Equity 321 1.45 321 1.45
Debt 1,388 6.24 1,388 6.24
22,202 100.00 22,202 100.00
Holdings whose VCT qualifying status has yet to be determined (All Unquoted)
Delanic Films Ltd Film distribution
Equity 530 51.46 530 51.46
Debt 500 48.54 500 48.54
1,030 100.00 1,030 100.00
Money Market Funds
(non-qualifying)
BGI Sterling Liquidity Fund 182 16.64 495 16.66
GS Stg Liquid Res Fund 182 16.64 495 16.66
HSBC Sterling Liquidity Fund 183 16.73 495 16.66
Insight Liquidity Fund 182 16.64 495 16.66
Merrill Lynch Inst Liq Fund 182 16.63 496 16.68
RBOS Global Treasury Fund 183 16.72 496 16.68
1,094 100.00 2,972 100.00
Triple Point VCT plc
Income Statement
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30-Sep-08 30-Sep-07 31-Mar-08
Rev. Cap. Tot. Rev. Cap. Tot. Rev. Cap. Tot.
�'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
Investment income 764 - 764 934 - 934 1,814 - 1,814
Investment management fees (84) (250) (334) (90) (271) (361) (178) (534) (712)
Other expenses (66) - (66) (67) - (67) (124) - (124)
Return / (loss) on ordinary 614 (250) 364 777 (271) 506 1,512 (534) 978
activities before taxation
Taxation on return on ordinary (157) 64 (93) (223) 78 (145) (434) 153 (281)
activities
Return / (loss) on ordinary 457 (186) 271 554 (193) 361 1,078 (381) 697
activities after taxation
Return / (loss) per share, 1.46p (0.59p) 0.86p 1.73p (0.60p) 1.13p 3.37p (1.19p) 2.18p
basic and diluted
The total column of this statement is the company's profit and loss account. The supplementary revenue return and capital return columns
have been prepared under guidance published by the Association of Investment Companies.
All the items in the above statement derive from continuing operations.
There are no recognised gains or losses other that those disclosed in the income statement.
Statement of Movements in Shareholders' Funds
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30-Sep-08 30-Sep-07 31-Mar-08
�'000 �'000 �'000
Shareholders' funds at 1 April 2008
30,534
30,573
30,573
Shares bought back by company
(3,164)
-
-
Return on ordinary activities after taxation
271
361
697
Dividends paid in period
(1,001)
(736)
(736)
Shareholders' funds at 30 September 2008
26,640
30,198
30,534
Triple Point VCT plc
Balance Sheet
Unaudited Unaudited Audited
30-Sep-08 30-Sep-07 31-Mar-08
�'000 �'000 �'000
Fixed Assets:
Investments 23,232 13,061 23,232
Current assets:
Debtors 2,691 1,184 2,042
Money market funds 1,094 15,572 2,972
Cash at bank 7 812 2,966
3,792 17,568 7,980
Creditors: amounts falling due within one (384) (431) (678)
year
Net current assets 3,408 17,137 7,302
Total assets less current liabilities 26,640 30,198 30,534
Capital and reserves:
Share capital 286 320 320
Share premium - 28,799 28,799
Capital redemption reserve 1,172 1,138 1,138
Special distributable reserve 25,635 - -
Capital reserve - realised (993) (619) (807)
Revenue reserve 540 560 1,084
Shareholders' funds 26,640 30,198 30,534
Net asset value per share 93.15p 94.40p 95.45p
Triple Point VCT plc
Cash Flow Statement
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30-Sep-08 30-Sep-07 31-Mar-08
�'000 �'000 �'000
Net cash inflow from operating
activities
Return on ordinary activities 364 506 978
before tax
Adjusted for:
Increase in debtors (649) (366) (1,224)
(Decrease) / increase in (294) 138 386
creditors
Net cash outflow from (579) 278 140
operating activities
Taxation:
Corporation tax charge for the (93) (145) (281)
period
Financial investment:
Purchase of unquoted - (5,277) (15,448)
investments
Disposal of current asset 1,878 2,658 15,257
investments
Equity dividends paid (1,001) (736) (736)
Net cash outflow before 205 (3,222) (1,068)
financing
Financing:
Repurchase of own shares (3,164) - -
Net cash outflow from (3,164) - -
financing
Decrease in cash (2,959) (3,222) (1,068)
Reconciliation of net cash flow to movements in cash and cash equivalents
Net decrease in cash and cash (2,959) (3,222) (1,068)
equivalents
Cash and cash equivalents at 1 2,966 4,034 4,034
April 2008
Cash and cash equivalents at 30 September 7 812 2,966
2008
Triple Point VCT plc
Notes to the half yearly report for the six months ended 30 September 2008
1. The unaudited half yearly results cover the six months to 30 September 2008 and have been drawn up in accordance with the
Accounting Standard Board's (ASB) Statement on Half-yearly Financial Reports (July 2007) and adopting the accounting policies set out in the
statutory accounts for the year ended 31 March 2008 which were prepared under UK GAAP and in accordance with the Statement of Recommended
Practice for Investment Companies issued by the Association of Investment Companies in January 2003, revised December 2005.
2. The financial information set out in this report has not been audited and does not comprise full financial statements within the
meaning of Section 240 of the Companies Act 1985 and have not been delivered to the Registrar of Companies. Statutory accounts for the year
ended 31 March 2008, which were unqualified, have been lodged with the Registrar of Companies. No statutory accounts in respect of any
period after 31 March 2008 have been reported on by the Company's auditor or delivered to the Registrar of Companies.
3. Taxation has been provided for at a rate of 25.50% based on the assumption that income for the second half of the year will be
equal to that for the first half. Given that the business is not seasonal the directors regard this as a reasonable assumption.
4. Copies of the Half Yearly Report to Shareholders have been sent to shareholders and are available at the Company's Registered
Office: 4-5 Grosvenor Place, London SW1X 7HJ or from Woodside Corporate Services Limited, 4th Floor, 150-152 Fenchurch Street, London EC3M
6BB
5. During the period under review, the Company did not issue any new shares but bought back 3,390,537 shares at a cost of
�3,163,171.
6. The return per share is based on income from ordinary activities after tax of �0.271m and on 31,434,656 ordinary shares of 1p,
being the weighted average number of shares in issue during the period. The net assets per share is based on total net assets of �26.640m
and 28,599,945 ordinary shares of 1p in issue at the period end.
7. Related party transactions
Mr Michael Sherry, Chairman of the Company, is an equity Member of Triple Point LLP (TPLLP). TPLLP in turn holds a controlling
interest in Triple Point Investment Management LLP (TPIMLLP). During the period, TPIMLLP provided management and administrative services to
the Company amounting to �334,497 (2007 - �361,147).
Triple Point VCT plc
Responsibility statement of the Directors in respect of the half yearly report for the six months ended 30 September 2008
We confirm to the best of our knowledge:
* the half yearly financial statements have been prepared in accordance with the Statement Half-yearly financial reports issued by
the UK Accounting Standards Board;
* the half yearly management report includes a fair review of the information required by the Financial Services Authority Disclosure
and Transparency rules, being:
- an indication of the important events that have occurred during the first six months of the financial year and their impact on the
condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year;
and
- related party transactions that have taken place in the first six months of the current financial year and that may have materially
affected the financial position or performance of the entity during that period, and any changes in the related party transactions described
in the last annual report that could do so.
By order of the Board
Michael Sherry
Director
28 November 2008
Triple Point VCT plc
Directors
Michael Gabriel Sherry
James Chadwick Murrin
Robin David Morrison
Secretary and Registered Office
Peter William Hargreaves
10-11 Gray's Inn Square,
Gray's Inn,
London WC1R 5JD
Company Registered Number
05304481
Solicitors
Howard Kennedy
19a Cavendish Square
London W1A 2AW
Bankers
HSBC
60 Queen Victoria Street
London, EC4
Investment Manager and Administrator
Triple Point Investment Management LLP
4-5 Grosvenor Place,
London SW1X 7HJ
VCT Tax Adviser
PricewaterhouseCoopers LLP
1 Embankment Place
London WC2N 6RH
Independent Auditor
Grant Thornton UK LLP
1 Westminster Way
Oxford OX2 0PZ
Registrars
Neville Registrars Limited
Neville House
18 Laurel Lane
Halesowen
West Midlands, B63 3DA
This information is provided by RNS
The company news service from the London Stock Exchange
END
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