RNS Number:4075E
TriVest VCT PLC
30 May 2001
TriVest VCT Plc
Chairman's Interim Statement
I am very pleased to present my first Interim Report of the
Company for the period from 2nd November 2000 to 31st March,
2001.
Our Offer for Subscription opened on 18th October 2000 and
as at 31st March 2001 had raised #32,905,800. The Offer
closed on 6th April 2001 having raised a total of
#41,801,516.
Trading in our shares commenced on 15th November 2000.
As anticipated, at this stage in its life, the Company's
portfolio is comprised mainly of short-dated Gilt-edged
securities, which are managed by Cazenove Fund Management
Limited. Nevertheless, in the period under review, each of
the three Venture Capital Fund Managers has been active in
identifying suitable companies in which TriVest can
participate as an investor. It is already apparent that the
Multi-Manager approach to selecting venture capital
situations is producing a well diversified investment
portfolio.
At 31st March, 2001, LICA Development Capital Limited had
made five investments in i-documentsystems group plc
(Electronic Document Management), LeSac Limited (Industrial
Packaging), MAST Limited (Industrial Heavy Machine Tools),
Watkins Books Limited (Retail and Publishing) and Zynergy
Group Limited (Meditech) respectively.
VCF Partners had made three investments in Heritage Image
Partnership Limited (Image Library), iDesk plc (Technical
Help Desks) and Xpert Client Systems Limited (Software Asset
Management).
GLE Development Capital Limited had invested in T.J Brent
Limited (Water Utility).
Full descriptions of each of these investments are provided
later in my report.
In all, #5,717,625 had been invested in venture capital
companies by 31st March, 2001 with a further #705,000 now
earmarked for another investment.
As stated in our Prospectus, the Board anticipates having
between 80 and 90 per cent of the net funds raised in the
recent issue of shares invested in Qualifying Companies
within three years, or by April 2004, at the latest.
At 31st March, 2001 revenue reserves available for
distribution to shareholders were #135,510. The Board does
not propose to declare an interim dividend but expects to be
able to propose a final dividend for the period to 30th
September 2001.
I am pleased that the Company has made such positive
progress already and I look forward to keeping shareholders
informed on developments in our Company.
David Atterton, Chairman.
30th May, 2001.
Investment Portfolio Summary
Cost Date of
investment
GLE Development Capital Limited #
T J Brent Limited 900,000 December 2000
Specialist contractor to water
utility sector
-------
900,000
-------
LICA Development Capital Limited
i-documentsystems group plc 517,625 December 2000
Electronic Document Management
LeSac Limited 999,999 February 2001
Manufactures plastic packaging
for powder/granular products and
liquids
Machinery & Automated Systems 1,000,000 February 2001
Technology Limited (MAST)
Development of Vertical Turning
and Machining Centres
Zynergy Group Limited 1,000,000 February 2001
Commercialising new materials
for medical devices
Watkins Books Limited 500,000 March 2001
Supplier of books in Alternative
Sciences, Health, Philosophy
and related sectors
-----------
#4,017,624
-----------
VCF Partners
iDesk plc 250,000 November 2000
Technical Help Desks
Heritage Image Partnership Limited 300,000 March 2001
Internet Image Library
Xpert Client Systems Limited 250,000 March 2001
Software Asset Management
--------
#800,000
--------
Fixed Interest Securities #16,726,000
-----------
TOTAL #22,443,624
-----------
NOTE:
All the above venture capital investments have been valued at
cost except for i-documentsystems group plc which is listed on
AIM and has been valued at #583,334 in line with the mid-market
price as at 31st March 2001.
Completed Investments as at 31st March 2001
GLE Development Capital Limited
T J Brent
T J Brent is a specialist contractor, primarily to the water
utility sector, and is involved in the laying and
refurbishment of pipes, mains connection of houses and
installation and replacement of water meters. The company
also has divisions engaged in the management of mechanical
and electrical products and the construction of water
pumping and sewage treatment plants. Based in Bodmin, the
company has operations throughout the West Country and
elsewhere in the UK.
TriVest invested #900,000 alongside other institutional
investors in December 2000 to finance the management buy-out
of the company from its parent, Pennon Group plc. The
investment has been valued at cost as it was completed less
than a year ago and there have been no audited accounts
available since investment.
LICA Development Capital Limited
i-documentsystems group plc
i-documentsystems group plc is an established and fast
growing software company which specialises in the
development of products for document, content and
information management.
The Group's principal product is Image-gen a sophisticated
web-based software package which allows a complex paper-
based process to be converted into a straightforward and
robust electronic process leading to significant savings in
cost and time. TriVest invested #517,625 in December 2000.
The company is now listed on AiM, and at 29th May 2001 (the
latest practicable date prior to the publication of this
announcement), the value of TriVest's investment was
#562,500.
LeSac Limited
LeSac is commercialising a unique packaging system that
offers significant advantages over existing solutions
through a combination of lower material content, increased
space utilisation and lower environmental tax levies.
During 1999 and early 2000, LeSac was restricted to the 10
litre liquid/solid product while the third generation
machine was under development, so major potential customers'
needs could not be satisfied during this development phase.
The third generation machine, however, has now been fully
developed. The pre-production machine has also been fully
commissioned and now gives LeSac capacity to receive major
orders. There are presently a number of large enquiries
including Cerol, Brookleman, Dow Chemicals and Rau, any of
which would be a significant step for LeSac. TriVest made an
investment of #1,000,000 in February 2001.
Machinery & Automated Systems Technology Limited (MAST)
MAST is engaged in developing and manufacturing specialist
machine tools, including a Vertical Turning & Machining
Centre and LeSac's third generation packaging machinery.
These machines are now moving from design/launch and pre-
production prototypes, respectively, into full production in
the current year. The first two orders for LeSac machines
have been received and are currently being built. TriVest
made an investment of #1,000,000 in February 2001.
Zynergy Group Limited
Zynergy Group is a rapidly developing global bio-meditech
organisation exploiting its fully-developed materials,
coatings and other similar technologies. These revolutionary
technologies enable and enhance Zynergy's existing
proprietary products in high-value sectors, namely minimally-
invasive cardiology, balloons, stents and orthopaedics as
well as other critical areas, with respiratory and urology
products to follow.
Its US subsidiary, ZCV Inc has obtained FDA and CE Mark
approval for the majority of its first generation of electro-
physiological catheters. Sales have now commenced and are
starting to grow. Progress on a conformal catheter continues
and it is the intention to seek FDA approval in 2001. Sales
in the orthopaedics division continue to grow and are
running at an annual rate in excess of #1.0million. TriVest
made an investment of #1,000,000 in February 2001.
Watkins Books Limited
Watkins is the pre-eminent UK supplier of books and
information in the Alternative Sciences, Health, Philosophy
and related sectors.
Watkins is doubling its retail space in Cecil Court in
Central London. It will launch its first publishing list in
the spring of 2001 and is developing a global Internet
strategy and website. It has expansion plans to become the
pre-eminent global provider in this growing sector. During
the first year under new ownership, the existing and new
management have done much necessary work to reposition the
company for expansion. TriVest made an investment of
#500,000 in March 2001.
VCF Partners
iDesk plc
In November 2000, the Company invested #250,000 in iDesk
plc. iDesk provides telcos, ISPs and other blue chip
customers with outsourced technical help desks, operated
from a call centre in London. iDesk has recently launched
complementary new ASP services based on its proprietary and
licensed CRM and electronic billing software.
Heritage Image Partnership Limited
In March 2001, TriVest invested #300,000 in Heritage Image
Partnership Limited (HIP). HIP is creating a library of
images available to customers over the Internet and has
exclusive access to content from five heritage institutions
including the British Library and the Science Museum. The
images will be sold to media companies and advertising and
design companies.
Xpert Client Systems Limited
In March 2001, TriVest invested #250,000 in Xpert Client
Systems Limited (XCS), a provider of Software Asset
Management tools, with over 100 customers. XCS has developed
software that automatically builds a profile of software
usage on a PC and compares this with the inventory of
software installed on each PC and the licenses owned. As a
result, savings are achievable on licence costs by removing
unused software, administration costs and IT support time.
Unaudited Statement of Total Return
(incorporating the Revenue Account of the Company from 2nd
November 2000 to 31st March 2001)
Notes Period
to 31st
March 2001
(unaudited)
Revenue Capital Total
# # #
Realised gains and - - -
losses on investments
Unrealised gains and - 63,709 63,709
losses on investments
Income 374,689 - 374,689
Investment management 3 (56,396) (169,187)(225,583)
fees
Other expenses (134,303) - (134,303)
------- -------- -------
Return on ordinary 183,990 (105,478)78,512
activities before taxation
Tax on ordinary activities (48,480) 33,837 (14,643)
activities
------- -------- -------
Return attributable to 135,510 (71,641) 63,869
equity shareholders
Dividends in respect of - - -
equity shares
------- -------- --------
Transfer to/(from) reserves #135,510 #(71,641) #63,869
reserves
------- -------- --------
Return per share 5 0.645p (0.341p) 0.304p
Unaudited Balance Sheet
as at 31st March 2001
Notes 31st March
2001
(unaudited)
# #
Fixed Assets
Investments 7 22,507,333
----------
22,507,333
Current Assets
Debtors and prepayments 442,813
Cash at Bank 12,962,032
-----------
13,404,845
Creditors: amounts falling (4,697,503)
due within one year
-----------
Net current assets 8,707,342
----------
Net assets #31,214,675
-----------
Capital and reserves 8
Called up share capital 329,058
Share premium account 30,821,748
Capital reserves - realised (135,350)
Capital reserves - unrealised 63,709
Revenue reserves 135,510
----------
Equity shareholders' funds #31,214,675
----------
Net asset value per share 94.8p
Summarised Cash flow Statement
Period to
31st March
2001
#
Operating activities
Net revenue on activities before taxation 183,990
Capitalised management fees (169,187)
Decrease/(Increase) in creditors (442,813)
Increase in creditors 4,682,860
------------
Net cash inflow/(outflow) from operating 4,254,850
activities
Acquisitions and disposals (22,443,624)
Financing - issue of shares 31,150,806
------------
Increase in cash for period #12,962,032
------------
Reconciliation of net cash flow to movement
in net debt
Increase in cash for the period 12,962,032
Net funds at the start of the period -
------------
Net funds at the end of the period #12,962,032
------------
Notes
1. The revenue column of the statement of total return is
the profit and loss account of the Company.
2. All revenue and capital items in the above statement of
total return derive from continuing operations.
3. In accordance with the policy statement published under
'Management Administration' in the Company's prospectus
dated 13th October 2000, the Directors have charged 75% of
the investment management expenses to capital reserve.
4. Earnings for the period to 31st March 2001 should not
be taken as a guide to the results for the full year.
5. Basic return per Ordinary Share is based on the net
revenue on ordinary activities after taxation and is based
on a weighted average of 21,000,380 Ordinary Shares.
6. The financial information for the period to 31st March
2001 has not been audited, nor does it comprise full
financial statements within the meaning of section 240 of
the Companies Act 1985.
7. Summary of investments during the period.
Fixed Traded Unlisted Loan Total
interest on AIM or Stock
securities traded
on OFEX
# # # # #
Cost/valuation - - - - -
at 2nd November
2000
Purchases at 16,726,000 517,625 1,998,991 3,201,009 22,443,624
cost
Sales - proceeds - - - - -
- realised - - - - -
gains /
(losses)
Increase/decrease (2,000) 65,709 - - 63,709
in unrealised
gains / (losses)
--------- ------ ------- ----------- -----------
Cost/valuation #16,724,000 #583,334 #1,998,991 #3,201,008 #22,507,333
at 31st March
2001 --------- ------ ------- ----------- -----------
Book cost at 16,726,000 517,625 1,998,991 3,201,008 22,443,624
31st March 2001
Unrealised gains (2,000) 65,709 - - 63,709
/ (losses) at
31st March 2001
---------- -------- ---------- ---------- -----------
#16,724,000 #583,334 #1,998,991 #3,201,008 #22,507,333
---------- -------- ---------- --------- -----------
Gains on
investments
Net movement in #(2,000) #65,709 - - #63,709
unrealised
appreciation /
(depreciation)
in the period
--------- ------- ------- ------- --------
Gains / (losses) #(2,000) #65,709 - - #63,709
on investments
at 31st March
2001
--------- ------- ------- ------- --------
8. Capital and reserves
Called Share Realised Unrea- Revenue Total
up premium capital lised reserve
share account reserve capital
capital reserve
At 2nd - - - - - -
November 2000
Net proceeds 329,058 30,821,748 - - - 31,150,806
from issue of
shares
Realised - - - - - -
losses for
period
Transfer on - - - - - -
disposal of
investment
Net capital - - (135,350) - - (135,350)
for period
Increase in - - - 63,709 - 63,709
unrealised
appreciation
on
investments
Retained net - - - - 135,510 135,510
revenue for
period
-------- ----------- ---------- ------- -------- -----------
At 31st March #329,058 #30,821,748 #(135,350) #63,709 #135,510 #31,214,675
2001
-------- ----------- ---------- ------- -------- -----------
9. The interim statement will be posted to shareholders in
due course and will be available to members of the public at
the Company's registered office: Gossard House, 7-8 Savile
Row, London W1S 3PE.
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