RNS Number:8315M
Triple Point VCT PLC
28 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 for
Triple 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, bringing
the total amount raised from shareholders to #31.5 million.
The investment strategy of the Company is to build a diversified portfolio of
investments in smaller unquoted companies whilst at the same time structuring
transactions so as to limit the risk normally associated with such investments.
Investment review
During the period, the Company completed its first qualifying investments, about
which I wrote to you in September. A total of #4.0 million was invested in four
companies, with the prospect of follow-on investments totalling a further #3.7
million.
These transactions are illustrative of the Company's approach of focussing on
high quality, relatively low risk investments, which have the potential for
liquidity, and which also offer the possibility of some equity upside. The
companies in which we have invested to trade in satellite carrier capacity.
Consistent with Triple Point's investment model, the security and liquidity of
each company is underpinned by contractual cashflows underwritten by a high-
grade counterparty. The Board believes that there is relatively little credit
risk associated with these contracts, which thus offer strong downside
protection for these investments.
Together, these transactions represent encouraging progress towards the
objective of investing 70% of shareholders' capital in VCT qualifying companies.
Investment pipeline
Satisfactory progress has also been made in development of the pipeline of
potential new investments. I hope to write to you with news of further
investment activity in the coming months.
Triple Point VCT plc
Investment management and administrative arrangements
I take this opportunity to bring certain administrative changes to your
attention. Previously Triple Point LLP acted as administrator to the Company
whilst Triple Point Investments Services Limited ("TPISL", formerly called
Triple Point Investment Management Limited), provided investment management
services to the Company. With effect from 25 October 2006, TPISL's FSA
registration was transferred to Triple Point Investment Management LLP
("TPIMLLP"), a newly incorporated Triple Point Group entity. From the same date
TPIMLLP has assumed a combined investment management and administration role at
an overall cost saving to the Company.
Results
As at 30 September 2006, the net asset value of the Company's Ordinary Shares
was #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 #27.2
million or 95.52p per share. The profit after taxation was #145,000. There are
no 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 at
michael.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 six
months ended 30 September 2006 from which it has been extracted, which are the
responsibility of the directors and were approved by them on 9 November 2006, do
not constitute statutory accounts within the meaning of Section 240 of the
Companies 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 the
Companies Act 1985. The financial statements have been prepared under the
historical cost convention, modified to include the revaluation of fixed asset
investments, and in accordance with applicable accounting standards in the UK
and with the Statement of Recommended Practice "Financial Statements of
Investment Trust Companies" issued in January 2003 and revised in December 2005.
3 Copies of the Interim Report to Shareholders are being sent to
shareholders and are available at the Company's Registered Office: 10-11 Gray's
Inn 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 activities
after 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 the
period. The net assets per share is based on total net assets of #30,373,823 and
on 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
END
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