Travelusacc Regulatory News (TRIP)

29 Nov 2006 09:09

Triple Point VCT PLC28 November 2006 TRIPLE POINT VCT PLC INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2006 Triple Point VCT plc CHAIRMAN'S STATEMENT Introduction I am pleased to be writing to you to present the unaudited interim results forTriple Point VCT plc ("the Company") for the six months ended 30 September 2006. On 5 April 2006, the Company completed its successful C share issue, bringingthe total amount raised from shareholders to £31.5 million. The investment strategy of the Company is to build a diversified portfolio ofinvestments in smaller unquoted companies whilst at the same time structuringtransactions so as to limit the risk normally associated with such investments. Investment review During the period, the Company completed its first qualifying investments, aboutwhich I wrote to you in September. A total of £4.0 million was invested in fourcompanies, with the prospect of follow-on investments totalling a further £3.7million. These transactions are illustrative of the Company's approach of focussing onhigh quality, relatively low risk investments, which have the potential forliquidity, and which also offer the possibility of some equity upside. Thecompanies in which we have invested to trade in satellite carrier capacity.Consistent with Triple Point's investment model, the security and liquidity ofeach company is underpinned by contractual cashflows underwritten by a high-grade counterparty. The Board believes that there is relatively little creditrisk associated with these contracts, which thus offer strong downsideprotection for these investments. Together, these transactions represent encouraging progress towards theobjective of investing 70% of shareholders' capital in VCT qualifying companies. Investment pipeline Satisfactory progress has also been made in development of the pipeline ofpotential new investments. I hope to write to you with news of furtherinvestment activity in the coming months. Triple Point VCT plc Investment management and administrative arrangements I take this opportunity to bring certain administrative changes to yourattention. Previously Triple Point LLP acted as administrator to the Companywhilst Triple Point Investments Services Limited ("TPISL", formerly calledTriple Point Investment Management Limited), provided investment managementservices to the Company. With effect from 25 October 2006, TPISL's FSAregistration was transferred to Triple Point Investment Management LLP("TPIMLLP"), a newly incorporated Triple Point Group entity. From the same dateTPIMLLP has assumed a combined investment management and administration role atan overall cost saving to the Company. Results As at 30 September 2006, the net asset value of the Company's Ordinary Shareswas £3.1 million or 94.73p per share (2005: £3.2 million or 95.03p per share).The profit after taxation was £17,000 (2005 loss of £7,000). As at 30 September 2006, the net asset value of the Company's C Shares was £27.2million or 95.52p per share. The profit after taxation was £145,000. There areno comparative figures for 2005. The Directors do not propose to declare a dividend. As always, please do not hesitate to call us on 020 7404 7403 or email me atmichael.sherry@triplepoint.co.uk. Michael Sherry Chairman 21 November 2006 Triple Point VCT plc unaudited unaudited audited 6 months ended 30 10 months ended 30 September 16 months ended September 2006 2005 31 March 2006 Ord C Total Ord C Total Ord C Total Shares Shares Shares Shares Shares Shares £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Financial Summary Net assets 3,150 27,224 30,374 3,160 - 3,160 3,133 10,115 13,248 Net profit/(loss) before tax 17 145 162 (7) - (7) (34) (11) (45) Earnings/(loss) per share 0.513p 0.513p 0.513p (0.022p) -(0.022p)(1.11p)(1.11p) (1.11p) Net asset value per share (pre dividends) 94.73p 95.52p 95.43p 95.03p - 95.03p 94.22p 94.62p 94.52p Dividend per share - - - - - - - - - Return per share 0.51p 0.51p 0.51p (0.022p) -(0.022p)(1.11p) (1.11p)(1.11p) Triple Point VCT plc Portfolio summary (unaudited) for the 6 months ended 30 September 2006 Qualifying investments Equity owned Invested at cost Cumulative movement Total carrying/ Company in carrying/fair value fair value % £000 £000 £000 Beam Carrier Trading Ltd Shares & Loan 35.90 1,000 - 1,000 Broadsword Satellite Communications Ltd Shares & Loan 35.90 1,000 - 1,000 High Definition Broadcast Services Ltd Shares & Loan 36.71 1,000 - 1,000 Satellite Broadband Access Solutions Ltd Shares & Loan 37.50 1,000 - 1,000 Total 4,000 - 4,000 Triple Point VCT plc unaudited unaudited audited 6 months ended 30 10 months ended 30 16 months ended 31 March September 2006 September 2005 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Income Statement - Ordinary Shares Investment income 63 - 63 47 - 47 110 - 110 Investment management fees (8) (24) (32) 18 - 18 (88) - (88) Other expenses (11) - (11) (72) - (72) (56) - (56) Profit on realisation of investments - - - - - - - - - Profit/(loss) on ordinary activities before taxation 44 (24) 20 (7) - (7) (34) - (34) Taxation on profit on ordinary activities (6) 3 (3) - - - - - - Profit/(loss) on ordinary activities after taxation 38 (21) 17 (7) - (7) (34) - (34) Dividends - - - - - - - - - Transfer to/(from) reserves 38 (21) 17 (7) - (7) (34) - (34) Profit/(loss) per share 1.13p (0.62p) 0.51p (0.22p) - (0.22p) (1.11p) - (1.11p) Triple Point VCT plc unaudited unaudited audited 6 months ended 30 September 10 months ended 30 16 months ended 31 March 2006 September 2005 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Income Statement - 'C' Shares Investment income 539 - 539 - - - 34 - 34 Investment management fees (68) (205) (273) - - - (27) - (27) Other expenses (97) - (97) - - - (18) - (18) Profit on realisation of investments - - - - - - (11) - (11) Profit / (loss) on ordinary activities before taxation 374 (205) 169 - - - (11) - (11) Taxation on profit on ordinary activities (54) 30 (24) - - - - - - Profit/(loss) on ordinary activities after taxation 320 (175) 145 - - - (11) - (11) Dividends - - - - - - - - - Transfer to/(from) reserves 320 (175) 145 - - - (11) - (11) Profit/(loss) per share 1.13p (0.62p) 0.51p - - - (1.11p) - (1.11p) Triple Point VCT plc unaudited unaudited audited 6 months ended 30 10 months ended 30 16 months ended 31 March September 2006 September 2005 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Income Statement - Total Investment income 602 - 602 47 - 47 144 - 144 Investment management fees (76) (229) (305) 18 - 18 (115) - (115) Other expenses (108) - (108) (72) - (72) (74) - (74) Profit on realisation of investments - - - - - - - - Profit/(loss) on ordinary activities before taxation 418 (229) 189 (7) - (7) (45) - (45) Taxation on profit on ordinary activities (60) 33 (27) - - - - - - Profit/(loss) on ordinary activities after taxation 358 (196) 162 (7) - (7) (45) - (45) Dividends - - - - - - - - - Transfer to/(from) reserves 358 (196) 162 (7) - (7) (45) - (45) Profit/(loss) per share 1.13p (0.62p) 0.51p (0.22p) - (0.22p) (1.11p) - (1.11p) Triple Point VCT plc unaudited unaudited audited 30 September 2006 30 September 2005 31 March 2006 Ord C Total Ord C Total Ord C Total Shares Shares Shares Shares Shares Shares £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Balance Sheet Fixed Assets: Investments 393 3,607 4,000 - - - - - - Current assets: Debtors 3 22 25 78 - 78 - 2 2 Money market funds 1,899 16,275 18,174 - - - 1,355 15,645 17,000 Cash 877 7,513 8,390 3,101 - 3,101 1,872 6,014 7,885 2,779 23,810 26,589 3,179 - 3,179 3,226 21,661 24,887 Creditors: amounts falling due within one year (22) (193) (215) (19) - (19) (93) (11,547) (11,640) Net current assets 2,757 23,617 26,374 3,160 - 3,160 3,133 10,114 13,247 Total assets less current liabilities 3,150 27,224 30,374 3,160 - 3,160 3,133 10,114 13,247 Capital and reserves: Share capital 33 1,425 1,458 33 - 33 33 534 567 Share premium 3,134 25,665 28,799 3,134 - 3,134 3,134 9,591 12,725 Capital reserve (21) (175) (196) Revenue reserve 4 309 313 (7) - (7) (34) (11) (45) Shareholders' 3,150 27,224 30,374 3,160 - 3,160 3,133 10,114 13,247 funds Net asset value per share 94.73p 95.52p 95.43p 95.03p - 95.03p 94.22p 94.62p 94.52p pence unaudited unaudited audited Triple Point VCT plc 6 months ended 30 10 months ended 30 16 months ended 31 September 2006 September 2005 March 2006 Ord C Ord C Total Ord C Total Shares Shares Total Shares Shares Shares Shares £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Cash flow statement Net cash (outflow)/inflow from (57) 20 (37) (66) - (66) 59 285 344 operating activities Financial investment: Purchase of unquoted (393) (3,607)(4,000) - - - - - - securities Sale of unquoted - - - - - - - - - securities Net cash outflow from financial (393)(3,607)(4,000) - - - - - - investment Equity dividends paid - - - - - - - - - Management of liquid resources: Investment in cash (544) (630)(1,174) - - - (1,355)(15,645)(17,000) investments Financing: Issue of own - 17,812 17,812 3,325 - 3,325 3,325 10,649 13,974 shares Share issue expenses - (847) (847) (158) - (158) (158) (524) (682) Subscriptions received but not allotted at - (11,249)(11,249) - - - - 11,249 11,249 31 March 2006 Net cash (outflow)/inflow from - 5,716 5,716 3,167 - 3,167 3,167 21,374 24,541 financing Increase/(decrease) in cash (994) 1,499 505 3,101 - 3,101 1,871 6,014 7,885 resources Balance brought forward 1,871 6,014 7,885 - - - - - - Balance carried forward 877 7,513 8,390 3,101 - 3,101 1,871 6,014 7,885 Triple Point VCT plc Notes 1 This interim financial information and the interim accounts for the sixmonths ended 30 September 2006 from which it has been extracted, which are theresponsibility of the directors and were approved by them on 9 November 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 ofInvestment Trust Companies" issued in January 2003 and revised in December 2005. 3 Copies of the Interim Report to Shareholders are being 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 profit from ordinary activitiesafter tax of £161,764 and on 3,324,964 ordinary shares of 10p and 28,183,871 'C'Shares of 5p, being the weighted average number of shares in issue during theperiod. The net assets per share is based on total net assets of £30,373,823 andon 3,324,964 ordinary shares and 28,501,776 'C' Shares. Triple Point VCT plc Directors Michael Gabriel Sherry Louis Storton Greig James Chadwick Murrin Secretary and Registered Office Peter William Hargreaves 10-11 Gray's Inn Square, Gray's Inn, London WC1R 5JD Solicitors Independent auditors Howard Kennedy Grant Thornton LLP 19 Cavendish Square 1 Westminster Way London W1A 2AW Oxford OX2 0PZ Company Registered Number 05304481 Investment Manager & Administrator Registrars Triple Point Investment Management LLP Park Circus Registrars Limited 10-11 Gray's Inn Square, 2nd Floor, 144 West George Street Gray's Inn, Glasgow G2 2HG London WC1R 5JD VCT Tax Adviser PricewaterhouseCoopers 1 Embankment Place London WC2N 6RH This information is provided by RNS The company news service from the London Stock Exchange