TIDMTP7V
RNS Number : 8207O
TP70 2010 VCT PLC
16 October 2012
TP70 2010 VCT plc
Interim Results
The directors of TP70 2010 VCT plc are pleased to announce its
Interim results for the six months to 31 August 2012.
For further information please contact Triple Point Investment
Management LLP on 020 7201 8989. The Interim report will be
available in full at www.triplepoint.co.uk
Financial Summary
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
29 February 31 August
31 August 2012 2012 2011
GBP'000 GBP'000 GBP'000
Net assets 7,485 7,532 7,741
Net asset value per share 85.58p 86.12p 88.51p
--------------------------- --------------- ------------ ---------------
Net loss before tax (47) (545) (336)
Loss per share (0.54p) (6.24p) (3.85p)
--------------------------- --------------- ------------ ---------------
TP70 2010 VCT plc ("the Company") is a Venture Capital Trust
("VCT"). The investment manager is Triple Point Investment
Management LLP ("TPIM"). The Company was launched in October 2009
and raised GBP8.3 million (net of expenses) through an offer for
subscription, which closed on 31 May 2010.
Chairman's Statement
I am writing to you to present the unaudited Interim Financial
Report for TP70 2010 VCT plc ("the Company") for the 6 months ended
31 August 2012.
Results
During the period the Company made a loss of GBP47,000 or 0.54p
per share primarily due to the costs of running the fund exceeding
income generated from the performance of the investment portfolio.
As at 31 August 2012 the NAV per share stood at 85.58p.
We are pleased to announce that during the period the Company
secured its VCT qualifying status by satisfying the test of being
70% invested in VCT qualifying investments, which now represent 76%
of net assets. The qualifying investment portfolio has been
constructed a year ahead of the target date outlined in its
investment strategy.
In selecting its qualifying investments the Company has been
able to take advantage of a number of attractive investment
opportunities. The portfolio comprises investments in the renewable
energy sector and cinema digitisation, further details of which are
included in the Investment Managers Review.
More information on the Company's investment portfolio is given
in the Investment Manager's Review.
Risks
The Board believes that the principal risks facing the Company
are:
-- investment risk associated with exposure to GAM;
-- investment risk associated with VCT unquoted qualifying
investments; and
-- failure to maintain approval as a VCT.
The Board believes these risks are manageable and, with the
Investment Manager, continues to work to minimise either the
likelihood or potential impact of these risks, within the scope of
the Company's established investment strategy.
Outlook
Despite the unpredictability of the short-term economic
prospects, having secured its VCT qualifying portfolio and status,
the Board is confident in the outlook for that portfolio.
If you have any queries or comments, please do not hesitate to
telephone Triple Point Investment Management LLP on 020 7201
8989.
Charles Metcalfe
Chairman
16 October 2012
Investment Manager's Review
We are pleased to report that during the period the Company
invested GBP2.4 million into its portfolio of VCT qualifying
investments so that as at 31 August 2012 qualifying investments
represented 76% of net assets. This means that the Company has
satisfied the requirement of being 70% invested in qualifying
investments a year ahead of its target date.
The portfolio of qualifying investments is split between 14
companies across cinema digitisation and electricity generation
from solar PV, anaerobic digestion and landfill gas.
Each of these investments meets Triple Point's investment
criteria, with projected revenues generated by good quality
customers and the potential for steady returns. Investments in each
sector have been made with the benefit of rigorous selection
criteria, including extensive due diligence and expert technical
assessment.
Sector Analysis
The investment portfolio can be analysed as follows:
Electricity Generation
Solar Anaerobic Landfill Total Unquoted
Industry Sector Cinema Digitisation PV Digestion Gas Investments
---------------------------- -------------------- -------- ----------- --------- ---------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- -------------------- -------- ----------- --------- ---------------
Investments at 29 February
2012 - 3,300 500 - 3,800
---------------------------- -------------------- -------- ----------- --------- ---------------
Investments disposed
of during the 6 months
ended 31 August 2012 - - -500 - (500)
---------------------------- -------------------- -------- ----------- --------- ---------------
Investments made during
the 6 months ended
31 August 2012 1,000 - 725 640 2,365
---------------------------- -------------------- -------- ----------- --------- ---------------
Investments at 31 August
2012 1,000 3,300 725 640 5,665
---------------------------- -------------------- -------- ----------- --------- ---------------
Investments % 17.65% 58.25% 12.80% 11.30% 100.00%
---------------------------- -------------------- -------- ----------- --------- ---------------
VCT Investment Portfolio
Solar PV
The investments in companies that own roof-mounted residential
solar PV panels continue to provide steady cash flows. Over the
past six months, the Government has announced further changes to
the Feed-in Tariff regime for solar. However, as the Feed-in Tariff
is a 'grandfathered' scheme, all existing solar installations,
including those in which your Company has invested, remain
unaffected.
Cinema Digitisation
The businesses in the portfolio that deploy, maintain and
operate digital equipment in cinemas in the UK and Continental
Europe continue to perform in line with their objectives. Digital
cinema projection conversion is paid for under the globally
recognised Virtual Print Fee model, through which Film Studios pay
for the cost of the deployment over a number of years. The majority
of the revenues come from the six major investment grade Hollywood
Studios. Film booking rates are significantly ahead of the base
line projections which has built further headroom into the project.
Looking ahead seven of the top ten films of 2012 are expected in
the second half of the year including Skyfall, the new Bond film,
and Hobbit.
Anaerobic Digestion
Anaerobic Digestion (AD) is an established technology used to
generate electricity from the production of biogas through the
biological treatment of organic materials using naturally occurring
organisms. Within the portfolio is one investment in a small
enterprise constructing a plant to generate electricity from
farm-based AD. The equipment used by these AD businesses is
supplied by one of Europe's leading suppliers, EnviTec Biogas.
Landfill Gas
Landfill gas is recovered by drilling a series of wells into the
waste in a grid pattern across a capped landfill site. The gas then
powers generators and the electricity is exported to the grid. The
Company's portfolio contains two investments working on projects to
generate electricity from landfill gas. The first of these
investments is due to start generating electricity and be exporting
to the grid in January 2013.
GAM Review
GAM reported as follows for the period under review:
"GAM report that like 2011, 2012 got off to a strong start as
risk assets climbed on the back of reasonably strong economic data,
but then markets began to reverse on concerns over the
sustainability of the US recovery and the lack of a resolution on
the eurozone troubles. As market participants grappled with the
implications of slowing economic data and austerity plans combined
with tremendous market liquidity and increased government activity,
the underlying managers within GAM Trading II struggled to gain
traction. As a result, the gains that the fund had generated in the
first quarter of 2012 were lost by the middle of the year. In July,
however, trading managers had a strong month with all strategies
generating positive contributions, and in August trading
performance was flat, with slight gains from discretionary
strategies offset by systematic strategies. The performance of GAM
Trading 1.25XL was competitive over the period returning 0.63%,
with the FTSE All-Share down 0.11% and the HFRX down 0.86%.
"Looking ahead GAM believe that the current environment will
continue to be similar to 2011, characterised by bouts of
uncertainty and volatility. Generating returns will therefore
depend upon managers who are able to either; locate opportunities
less dependent on the dynamics in Europe and the US; tactically
trade markets; withstand market volatility and hold to their core
views; express their views in a non-directional manner. While the
markets may remain challenging, with managers that meet this
profile, GAM continue to be optimistic on the outlook for the fund
and believe it is well positioned to meet future challenges."
Outlook
With the VCT qualifying portfolio now in place, our focus turns
to portfolio management. We are confident that the Company is well
positioned to benefit from the businesses' performance. We will
also continue to monitor the performance of its investments with
GAM.
Claire Ainsworth
Managing Partner
for Triple Point Investment Management LLP
16 October 2012
Investment Portfolio
Unaudited Audited
31 August 2012 29 February 2012
------------------------------------ ------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Qualifying Holdings 5,665 74.11 5,665 75.52 3,800 49.24 3,800 50.32
Non-qualifying Holdings:
Money Market funds - - - - 900 11.67 900 11.91
GAM Exposure
GAM Trading II GBP 1.25XL 668 8.74 719 9.59 1,238 16.03 1,265 16.75
Derivative 1,230 16.10 1,036 13.82 1,230 15.93 1,032 13.67
Financial Assets at fair
value through profit or
loss 7,563 98.95 7,420 98.93 7,168 92.87 6,997 92.65
Cash and cash equivalents 78 1.05 78 1.07 554 7.13 554 7.35
7,641 100.00 7,498 100.00 7,722 100.00 7,551 100.00
======== ======= ======== ======= ======== ======= ======== =======
Qualifying Holdings (all
Unquoted)
Cinema Digitisation
DLN Digital Ltd 1,000 13.09 1,000 13.34 - - - -
Electricity Generation
Solar
AH Power Ltd 400 5.23 400 5.33 400 5.18 400 5.30
Arraze Ltd 500 6.54 500 6.67 500 6.48 500 6.62
Bandspace Ltd 500 6.54 500 6.67 500 6.48 500 6.62
Bridge Power Ltd 250 3.27 250 3.33 250 3.24 250 3.31
Core Generation Ltd 250 3.27 250 3.33 250 3.24 250 3.31
Druman Green Ltd 250 3.27 250 3.33 250 3.24 250 3.31
Fellman Solar Ltd 250 3.27 250 3.33 250 3.24 250 3.31
Haul Power Ltd 250 3.27 250 3.33 250 3.24 250 3.31
Helioflair Ltd 400 5.23 400 5.33 400 5.18 400 5.30
Trym Power Ltd 250 3.27 250 3.33 250 3.24 250 3.31
Anaerobic Digestion - - - -
Katharos Organic Ltd 725 9.49 725 9.67 - - - -
Nanuq Power Ltd - - - - 500 6.48 500 6.62
Landfill Gas - -
Aeris Power Ltd 400 5.23 400 5.33 - - - -
Craigahulliar Energy Ltd 240 3.14 240 3.20 - - - -
5,665 74.11 5,665 75.52 3,800 49.24 3,800 50.32
======== ======= ======== ======= ======== ======= ======== =======
Non-qualifying Holdings
Money Market Funds
Deutsche Global Liquidity
Managed Sterling Fund - - - - 300 3.89 300 3.97
Ignis Sterling Liquidity
Fund Share - - - - 300 3.89 300 3.97
Insight GBP Liquidity Fund - - - - 300 3.89 300 3.97
- - - - 900 11.67 900 11.91
======== ======= ======== ======= ======== ======= ======== =======
Directors' Responsibility Statement
The Directors have prepared the Interim Financial Report for the
Company in accordance with International Financial Reporting
Standards ("IFRS").
In preparing the Interim Financial Report for the 6 month period
to 31 August 2012, the Directors confirm that to the best of their
knowledge:
a) the Interim Financial Report has been prepared in accordance
with International Accounting Standard IAS34, "Interim Financial
Reporting" issued by the International Accounting Standards
Board;
b) the Interim Financial Report includes a fair review of
important events during the period and their effect on the
Financial Statements and a description of principal risks and
uncertainties for the remainder of the accounting period;
c) the Interim Financial Report gives a true and fair view in
accordance with IFRS of the assets, liabilities, financial position
and of the results of the Company for the period and complies with
IFRS and the Companies Act 2006;
d) the Interim Financial Report includes a fair review of
related party transactions and changes therein. Other than detailed
in note 14 there are no related party transactions; and
e) the Directors believe that the Company has sufficient
financial resources to manage its business risks in the current
uncertain economic outlook.
The Directors have reasonable expectation that the Company has
adequate resources to continue in operational existence for the
foreseeable future. Thus they continue to adopt the going concern
basis of accounting in preparing the financial statements.
This Interim Financial Report has not been audited or reviewed
by the auditors.
Charles Metcalfe
Chairman
16 October 2012
Unaudited Consolidated Statement of Comprehensive Income
For the 6 months ended 31 August 2012
Unaudited Audited Unaudited
` 6 months ended Year ended 6 months ended
31 August 2012 29 February 2012 31 August 2011
---------------------------- ---------------------------- ----------------------------
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income
Investment income 4 86 - 86 50 - 50 11 - 11
Loss/(gain) arising
on
the disposal of
investments
in the period 5 - (24) (24) - (139) (139) - 23 23
Gain/ (loss) arising
on
the revaluation of
investments
at the period end 5 - 28 28 - (188) (188) - (217) (217)
Investment return 86 4 90 50 (327) (277) 11 (194) (183)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Expenses
Investment
management fees 6 20 59 79 39 117 156 25 75 100
Financial and
regulatory
costs 11 - 11 20 - 20 11 - 11
General
administration 6 - 6 22 - 22 10 - 10
Legal and
professional
fees 21 - 21 30 - 30 12 - 12
Directors'
remuneration 7 20 - 20 40 - 40 20 - 20
Operating expenses 78 59 137 151 117 268 78 75 153
-------- -------- -------- -------- -------- -------- -------- -------- --------
Operating
profit/(loss)
before taxation 8 (55) (47) (101) (444) (545) (67) (269) (336)
Taxation 8 - - - - - - - - -
Operating
profit/(loss)
after taxation 8 (55) (47) (101) (444) (545) (67) (269) (336)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Loss and total
comprehensive
(loss)/profit for
the period 8 (55) (47) (101) (444) (545) (67) (269) (336)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Basic & diluted loss
per
share 9 0.09p (0.63p) (0.54p) (1.17p) (5.07p) (6.24p) (0.72p) (3.13p) (3.85p)
-------- -------- -------- -------- -------- -------- -------- -------- --------
The Total column of this statement is the Statement of
Comprehensive Income of the Company prepared in accordance with
International Financial Reporting Standards (IFRS). The
supplementary Revenue Return and Capital columns have been prepared
under guidance published by the Association of Investment Companies
(AIC SORP). All revenue and capital items in the above statement
derive from continuing operations.This Consolidated Statement of
Comprehensive Income includes all recognised gains and losses. The
parent Company has taken advantage of S408 of the Companies Act
2006 not to publish its own Statement of Comprehensive Income. The
parent Company's loss for the period is GBP46,726, which is the
same as the Group.
The accompanying notes are an integral part of this
statement.
Unaudited Consolidated Balance Sheet
At 31 August 2012
Unaudited Audited Unaudited
31 August 2012 29 February 2012 31 August 2011
-------------------- ------------------- --------------------
Parent Parent Parent
Group Company Group Company Group Company
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Non current assets
Financial assets at fair
value through profit or
loss 7,420 7,396 6,997 6,976 7,209 7,194
7,420 7,396 6,997 6,976 7,209 7,194
-------- ---------- -------- --------- -------- ----------
Current assets
Receivables 144 168 43 56 17 29
Forward contracts - - - - 15 15
Cash and cash equivalents 10 78 77 554 554 567 567
222 245 597 610 599 611
-------- ---------- -------- --------- -------- ----------
Total assets 7,642 7,641 7,594 7,586 7,808 7,805
-------- ---------- -------- --------- -------- ----------
Current liabilities
Payables and accrued expenses 157 156 62 54 67 64
157 156 62 54 67 64
-------- ---------- -------- --------- -------- ----------
Net assets 7,485 7,485 7,532 7,532 7,741 7,741
======== ========== ======== ========= ======== ==========
Equity attributable to
equity holders
Share capital 11 87 87 87 87 87 87
Special distributable
reserve 8,225 8,225 8,225 8,225 8,225 8,225
Capital reserve (602) (627) (547) (569) (372) (387)
Revenue reserve (225) (200) (233) (211) (199) (184)
Total equity 7,485 7,485 7,532 7,532 7,741 7,741
======== ========== ======== ========= ======== ==========
Net asset value per share
(pence) 85.58p 85.58p 86.12p 86.12p 88.51p 88.51p
======== ========== ======== ========= ======== ==========
The accompanying notes are an integral part of this
statement.
Unaudited Consolidated Statement of Changes in Shareholders'
Equity
For the 6 months ended 31 August 2012
Special
Issued Distributable Capital Revenue
Capital Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
6 months ended 31 August
2012
Group
Balance at 1 March
2012 87 8,225 (547) (233) 7,532
-------- -------------- -------- -------- --------
(Loss)/profit after
tax - - (55) 8 (47)
Total comprehensive
(loss)/profit for the
period - - (55) 8 (47)
-------- -------------- -------- -------- --------
Balance at 31 August
2012 87 8,225 (602) (225) 7,485
======== ============== ======== ======== ========
Capital Reserve consists
of:
Investment holding
losses (143)
Other realised losses (459)
(602)
--------
Parent Company
Balance at 1 March
2012 87 8,225 (569) (211) 7,532
-------- -------------- -------- -------- --------
(Loss)/profit after
tax - - (58) 11 (47)
Total comprehensive
(loss)/profit for the
period - - (58) 11 (47)
-------- -------------- -------- -------- --------
Balance at 31 August
2012 87 8,225 (627) (200) 7,485
======== ============== ======== ======== ========
Capital Reserve consists
of:
Investment holding
losses (260)
Other realised losses (367)
(627)
--------
Unaudited Consolidated Statement of Changes in Shareholders'
Equity (continued)
For the 6 months ended 31 August 2012
Issued Share Special Capital Revenue
Capital Premium Distributable Reserve Reserve Total
GBP'000 GBP'000 Reserve GBP'000 GBP'000 GBP'000
Year ended 29 February
2012 GBP'000
Group
Balance at 1 March
2011 87 8,225 - (103) (132) 8,077
-------- -------- -------------- -------- -------- --------
Cancellation of share
premium - (8,225) 8,225 - - -
Transactions with owners - (8,225) 8,225 - - -
-------- -------- -------------- -------- -------- --------
Loss after tax - - - (444) (101) (545)
Total comprehensive
loss for the year - - - (444) (101) (545)
-------- -------- -------------- -------- -------- --------
Balance at 29 February
2012 87 - 8,225 (547) (233) 7,532
======== ======== ============== ======== ======== ========
Capital Reserve consists
of:
Investment holding
losses (171)
Other realised losses (376)
(547)
--------
Parent Company
Balance at 1 March
2011 87 8,225 - (113) (122) 8,077
-------- -------- -------------- -------- -------- --------
Cancellation of share
premium - (8,225) 8,225 - - -
-------- -------- -------------- -------- --------
Transactions with owners - (8,225) 8,225 - - -
-------- -------- -------------- -------- -------- --------
Loss after tax - - - (456) (89) (545)
Total comprehensive
loss for the year - - - (456) (89) (545)
-------- -------- -------------- -------- -------- --------
Balance at 29 February
2012 87 - 8,225 (569) (211) 7,532
======== ======== ============== ======== ======== ========
Capital Reserve consists
of:
Investment holding
losses (265)
Other realised losses (304)
(569)
--------
The share premium represents the excess of the issue price net
of issue costs over the par value of shares.
Neither the share premium nor capital reserve are distributable.
The capital reserve represents the gains/(losses) on holding
investments and the proportion of Investment Management fees
charged against capital. The special distributable reserve was
created on court cancellation of the share premium account. The
revenue and special distributable reserve are distributable by way
of dividend.
The accompanying notes are an integral part of this
statement.
Unaudited Consolidated Statement of Cash Flows
For the 6 months ended 31 August 2012
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
29 February
31 August 2012 2012 31 August 2011
-------------------- ------------------ --------------------
Parent Parent Parent
Group Company Group Company Group Company
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Loss before taxation (47) (47) (545) (545) (336) (336)
Gain arising on the disposal of
investments in the period 24 4 100 100 - -
(Loss)/gain arising on the revaluation
of investments at the period end (28) (5) 188 199 217 222
Cash absorbed by operations (51) (48) (257) (246) (119) (114)
(Increase)/decrease in receivables (101) (112) (11) (25) 16 3
Decrease in forward contracts - - 17 17 2 2
Increase/(decrease) in creditors 95 102 (25) (20) (20) (10)
Net cash flows from operating activities (57) (58) (276) (274) (121) (119)
-------- ---------- -------- -------- -------- ----------
Cash flows from investing activities
Purchase of financial assets at
fair value through profit or loss (2,365) (2,365) (4,773) (4,773) (3,473) (3,473)
Disposal proceeds of financial
assets at fair value through profit
or loss 1,946 1,946 1,493 1,493 51 51
Net cash flows from investing activities (419) (419) (3,280) (3,280) (3,422) (3,422)
-------- ---------- -------- -------- -------- ----------
Net decrease in cash and cash equivalents (476) (477) (3,556) (3,554) (3,543) (3,541)
======== ========== ======== ======== ======== ==========
Reconciliation of net cash flow
to movements in cash and cash equivalents
Cash and cash equivalents at 1
March 2012 554 554 4,110 4,108 4,110 4,108
Net decrease in cash and cash equivalents (476) (477) (3,556) (3,554) (3,543) (3,541)
Cash and cash equivalents at 31
August 2012 78 77 554 554 567 567
======== ========== ======== ======== ======== ==========
The accompanying notes are an integral part of this
statement.
Notes to the Unaudited Consolidated Interim Financial Report
For the 6 months ended 31 August 2012
1 Corporate information
The Unaudited Consolidated Interim Financial Report of the
Company for the 6 months ended 31 August 2012 was authorised for
issue in accordance with a resolution of the Directors on 16
October 2012.
The Company applied for listing on the London Stock Exchange on
1 April 2010.
TP70 2010 VCT plc is incorporated and domiciled in Great
Britain. The address of TP70 2010 VCT plc's registered office,
which is also its principal place of business, is 4-5 Grosvenor
Place, London, SW1X 7HJ.
TP70 2010 VCT plc's Interim Report is presented in Pounds
Sterling (GBP) which is also the functional currency of the
Company, rounded to the nearest thousand.
The financial information set out in this report does not
constitute statutory accounts as defined in S434 of the Companies
Act 2006.
The principal activity of the Company is investment. The
Company's investment strategy is to offer combined exposure to
GAM's Trading strategy and venture capital investments focused on
companies with contractual revenues from financially secure
counterparties.
2 Basis of preparation and accounting policies
Basis of preparation
The Interim Report of the Company for the 6 months ended 31
August 2012 has been prepared in accordance with IAS 34: Interim
Financial Reporting. It does not include all of the information
required for full Financial Statements and should be read in
conjunction with the Financial Statements for the year ended 29
February 2012.
Estimates
The preparation of the Consolidated Interim Report requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expenditure. Actual
results may differ from these estimates.
3. Segmental reporting
The Company's segments are defined by the financial information
provided to the Board. The Company only has one class of business,
being investment activity. All revenues and assets are generated
and held in the UK.
Notes to the Unaudited Consolidated Interim Financial Report
For the 6 months ended 31 August 2012
4. Investment income
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
31 August 2012 29 February 2012 31 August 2011
---------------------------- ---------------------------- ----------------------------
Rev. Cap. Total Rev. Cap. Total Rev. Cap. Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Interest receivable
on bank balances 1 - 1 13 - 13 7 - 7
Loan interest receivable 85 - 85 37 - 37 4 - 4
86 - 86 50 - 50 11 - 11
-------- -------- -------- -------- -------- -------- -------- -------- --------
5. Gain/ (loss) on investments
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
31 August 2012 29 February 2012 31 August 2011
----------------------------- ---------------------------- ----------------------------
Rev. Cap. Total Rev. Cap. Total Rev. Cap. Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Realised (loss)/gain
on forward contract - - - - (39) (39) - 23 23
Unrealised gain on
forward contract - - - - - - - 1 1
Loss arising on the
disposal of investments
in the period - (24) (24) - (100) (100) - - -
Gain/(loss) arising
on the revaluation
of investments at
the period end - 28 28 - (188) (188) - (218) (218)
- 4 4 - (327) (327) - (194) (194)
------------------------------------ -------- -------- -------- -------- -------- -------- -------- --------
6. Investment management fees
Triple Point Investment Management LLP provides investment
management and administration services to the Group under an
Investment Management Agreement effective 2 February 2010. The
agreement provides for an administration and investment management
fee of 2.25% per annum of net assets, subject to a cap of 3.50% per
annum on overall running costs as a percentage of net assets. It is
calculated and payable quarterly in arrear and runs for a period of
5 years and may be terminated at any time thereafter by not less
than twelve months' notice given by either party. Should such
notice be given, the Investment Manager would perform its duties
under the Investment Management Agreement and receive its
contracted fee during the notice period.
7. Directors' remuneration
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
31 August 2012 29 February 2012 31 August 2011
---------------------------- ---------------------------- ----------------------------
Rev. Cap. Total Rev. Cap. Total Rev. Cap. Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Charles Metcalfe,
Chairman 8 - 8 15 - 15 8 - 8
Simon Acland 6 - 6 13 - 13 6 - 6
Prof. Elroy Dimson 6 - 6 10 - 10 4 - 4
Chris Tottle - - - 2 - 2 2 - 2
20 - 20 40 - 40 20 - 20
-------- -------- -------- -------- -------- -------- -------- -------- --------
Notes to the Unaudited Consolidated Interim Financial Report
For the 6 months ended 31 August 2012
8. Taxation
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
28 February
31 August 2012 2012 31 August 2011
---------------------------- ---------------------------- ----------------------------
Rev. Cap. Total Rev. Cap. Total Rev. Cap. Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Profit/(loss) on ordinary
activities before tax 8 (55) (47) (101) (444) (545) (67) (269) (336)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Corporation tax @ 20% 2 (11) (9) (20) (89) (109) (13) (54) (67)
Effect of:
Utilisation of tax losses
brought forward (2) - (2) - - - - - -
Non taxable (gains)/losses - (1) (1) - 65 65 - 39 39
Unrelieved tax losses
arising in the year - 12 12 20 24 44 13 15 28
Tax charge/credit for
the period - - - - - - - - -
-------- -------- -------- -------- -------- -------- -------- -------- --------
Capital gains and losses are exempt from corporation tax due to
the Company's status as a Venture Capital Trust.
9. Loss per share
The loss per share is based on a loss from ordinary activities
after tax of GBP47,000 and on the weighted average number of shares
in issue during the period of 8,746,340.
10. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank
of Scotland plc.
11. Share capital
Share capital Unaudited Audited Unaudited
31 August 2012 28 February 2012 31 August 2011
----------------------- ------------------------ ------------------------
Issued Issued
& & Issued &
Fully
Authorised Paid Authorised Fully Paid Authorised Fully Paid
Ordinary Shares
of 1p
Number of shares 60,000,000 8,746,340 60,000,000 8,746,340 60,000,000 8,746,340
Par Value GBP'000 600 87 600 87 600 87
----------- ---------- ----------- ----------- ----------- -----------
12. Net asset value per share
The calculation of net asset value per share is based on net
assets of GBP7,485,000 divided by the 8,746,340 shares in
issue.
Notes to the Unaudited Consolidated Interim Financial Report
For the 6 months ended 31 August 2012
13. Commitments and contingencies
The Company has no commitments or contingent liabilities.
14. Related party transactions
There were no related party transactions during the period.
15. Post balance sheet events
There were no post balance sheet events during the period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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