Travelusacc Regulatory News (TRIP)

17 Jan 2006 14:59

Triple Point VCT PLC17 January 2006 Interim Statement to 30 September 2005 Triple Point VCT plc (the "Company") Chairman's Statement I am pleased to report the Company's first set of interim accounts for theperiod ended 30th September 2005. In accounting terms, this has been a quietperiod; from a business and investment perspective it has been very busy: YourCompany completed its initial fund raising, achieved FSA approval for TriplePoint Investment Management, made significant progress in the search forappropriate investment opportunities and undertook the necessary ground workahead of the current C share issue. I wrote to you in November about our investment activities, specifically inrelation to investments and businesses with access to a potentially largepipeline of ambulance maintenance and refurbishment businesses. I am pleased tosay that the first company established to fulfill this service businesssuccessfully submitted itself to Her Majesty's Revenue & Customs (HMRC), whichhas provided written approval that the proposed trade of that company iseligible for VCT investment. This is an important 'tick in the box' which clearsthe way for Triple Point to invest in businesses fulfilling contracts which,through specialist public sector finance company, Cranmer Lawrence, could beworth over £30 million in the coming years. Triple Point VCT backed companies have also been granted priority access toanother substantial seam of business, providing environmental services reducingpollution from burners at crematoria. Approximately £300 million will be spent,mostly by the public sector, in this area in a short number of years and we havetargeted 25% of this market. Projections conservatively assume the capture of£10 million of contracts over the next 18 months. Crematoria, 85% of which are Local Authority owned, are being required bylegislation to mitigate mercury emissions. The legal deadline is some yearshence but a combination of industry self-regulation and the political imperativeto be environmentally friendly suggests that the majority of crematoria willinstall these systems in the next 3 years. A new company is being established and will shortly submit its business plan toHMRC for pre-clearance. The proposed investment would share many similarfeatures with the ambulance service businesses - involving specific, fixed termcontracts with public sector customers and a transparent means of exit. Thetarget market is very substantial, though our means of access, while good, wouldnot be as clear cut as in the case of the ambulance business. The team continues to develop a wide range of other leads, some of which arepromisingly poised. Suffice to say, we are pleased with the results to date. Weare also pleased with the overwhelmingly positive response from the specialistintermediaries through which we are marketing the current C share offer, andapproach the imminent 'hot season' for VCT subscription with confidence. I hopeto write to you in the coming weeks to update you about material developments,on both investment and fund raising matters. In the meantime, do not hesitate to call us on 020 7404 7403 or email me atmichael.sherry@triplepoint.co.uk.: and for those of you considering adding toyour holding in Triple Point VCT I will close with a reminder that there is a1.5% bonus applied to applications received before the end of January. Michael SherryChairman STATEMENT OF TOTAL RETURN (incorporating the Revenue Account)For the period ended 30 September 2005 Period to 30 September 2005 Revenue Capital Total £000 £000 £000 Investment management fee (clawback) 18 - 18Bank interest 47 - 47Other expenses (72) - (72) Return on ordinary activities before and after ( 7) - ( 7)taxation Transfer to reserves ( 7) - ( 7) Return per ordinary share -0.022p - -0.022p All revenue and capital items in the above statement derive from continuingoperations. The company has only one class of business and derives its incomefrom investments made in shares and securities and from bank and money marketfunds. BALANCE SHEET as at 30 September 2005 30 September 2005 £000 £000Fixed asset investmentsCurrent Assets - Investments - Debtors 78 Cash at bank 3,101 3,179Creditors: amounts falling due within one year (19) Net current assets 3,160 Net assets 3,160 Called up equity share capital 332Share premium 2,835Revenue reserve ( 7) Total equity shareholders' funds 3,160 Net asset value per share 95.03p CASH FLOW STATEMENT For the period ended 31 August 2005 £000 £000 Net cash outflow from operating activities (66) Net cash outflow from financial investment - Financing:Issue of own shares 3,325Share issue expenses (158) Net cash inflow from financing 3,167 _____ Increase in cash resources 3,101 _____ Notes 1 This interim financial information and the interim accounts for theperiod ended 30 September 2005 from which it has been extracted, which are theresponsibility of the directors and were approved by them on 16 January 2006, donot constitute statutory accounts within the meaning of Section 240 of theCompanies Act 1985 and have not been delivered to the Registrar of Companies. 2 The Company is an investment company as defined in Section 266 of theCompanies Act 1985. The financial statements have been prepared under thehistorical cost convention, modified to include the revaluation of fixed assetinvestments, and in accordance with applicable accounting standards in the UKand with the Statement of Recommended Practice "Financial statements andinvestment trust companies" issued in January 2003. 3 Copies of the Interim Report to Shareholders have been sent toshareholders and are available at the Company's Registered Office: 10-11 Gray'sInn Square, Gray's Inn, London WC1R 5JD or from Woodside Corporate Services,21-22 Grosvenor Street, London W1K 4QJ. 4 The revenue return per share is based on a loss from ordinary activitiesafter tax of £7,445 and on 3,324,964 ordinary shares of 10p, being the weightedaverage number of shares in issue during the period. The net assets per shareis based on total net assets of £3,159,582 and on 3,324,964 ordinary shares. Directors Michael Gabriel SherryLouis Storton GreigJames Chadwick Murrin Secretary and Registered Office Peter William Hargreaves10-11 Gray's Inn Square,Gray's Inn,London WC1R 5JD Sponsors and SolicitorsHoward Kennedy19 Cavendish SquareLondon W1A 2AW Company Registered Number05304481 Investment ManagerTriple Point Investment Management Limited10-11 Gray's Inn Square,Gray's Inn,London WC1R 5JD Independent auditors and VCT Tax AdviserGrant Thornton LLP1 Westminster WayOxford OX2 0PZ AdministratorsTriple P LLP10-11 Gray's Inn Square,Gray's Inn,London WC1R 5JD Receiving AgentsWoodside Corporate Services21-22 Grosvenor StreetLondon W1K 4QJ RegistrarsPark Circus Registrars Limited2nd Floor, 144 West George StreetGlasgow G2 2HG This information is provided by RNS The company news service from the London Stock Exchange