TIDMTP7V
RNS Number : 2615C
TP70 2010 VCT PLC
14 October 2015
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 2015.
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
28 February 31 August
31 August 2015 2015 2014
GBP'000 GBP'000 GBP'000
Net assets 2,027 8,536 7,582
(Loss)/profit before tax (35) 973 19
--------------- ------------ ---------------
Movement in net asset value
per share (p)
Opening net asset value per
share 97.60p 86.47p 86.47p
Dividend paid (74.02p) - -
(Loss)/earnings per share (0.40p) 11.13p 0.22p
Closing net asset value per
share 23.18p 97.60p 86.69p
--------------- ------------ ---------------
Cumulative return to shareholders
(p)
Net asset value per share 23.18p 97.60p 86.69p
Total dividends paid 74.02p - -
Net asset value plus dividends
paid 97.20p 97.60p 86.69p
--------------- ------------ ---------------
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 2015.
Investment Portfolio
The Company's funds are 100% invested in a portfolio of both VCT
qualifying and non-qualifying unquoted investments.
During the period the solar PV companies in which the Company
invested disposed of a significant part of their portfolios of
roof-mounted solar systems. The disposal resulted in an up-lift to
the valuation of these investee companies of an aggregate GBP0.9
million, equivalent to 10p per share, which was recognised at 28
February 2015. Subsequently the Company has sold all of these
investments.
In June, the Company completed on the sale of its investment in
an Anaerobic Digestion company for GBP0.8 million resulting in an
up-lift to the valuation of GBP109,000 after costs, equivalent to
1.25p per share.
The Company disposed of its derivative with Exane Bank on 31
March 2015 resulting in a small up-lift to valuation.
The Company's portfolio of qualifying investments accounts for
88% of its investment portfolio, thus maintaining its VCT
qualifying status by satisfying the regulatory requirement of being
at least 70% invested in VCT qualifying investments.
Dividend
During the period the Company paid three dividends. On 8 May
2015 a dividend of 5.72p per share was paid, on 3 July 2015 a
second dividend of 18.30p per share was paid and on 31 July 2015 a
third dividend of 50p per share was paid bringing total dividends
paid to shareholders to 74.02p per share.
Net Asset Value
Following the sales detailed above, investment income has
reduced, so that the Company's income was less than the running
costs for the period. This was partly offset by the uplift on the
sale of the Anaerobic Digestion company, however the Company
nevertheless has reported a loss of GBP35,000 or 0.40p per share
for the period. As at 31 August 2015, the NAV per share stood at
23.18p. Taken together with the cumulative dividends of 74.02p per
share paid, this gives a NAV per share equivalent to 97.20p per
share.
Risks
The Board believes that the principal risks facing the Company
are:
-- investment risk associated with VCT qualifying
investments;
-- risk of failure to maintain approval as a VCT; and
-- risk of inability to realise investments in order to return
funds to investors after the five year holding period.
The Board believes these risks are manageable and, with the
Investment Manager, continues to work to minimise both the
likelihood and potential impact of these risks, within the scope of
the Company's established investment strategy.
Outlook
All of the Company's shareholders have held their shares for the
five years required in order to secure the upfront income tax
relief. Following the five year anniversary of your investment,
both your Board and Triple Point are in the process of return all
remaining funds to shareholders. The Directors will seek
shareholders' approval to place the Company into Members' Voluntary
Liquidation in the coming months.
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
14 October 2015
Investment Manager's Review
In June the 10 investee companies which generated renewable
electricity from residential solar PV panels were sold and as a
result of the sale, the Company realised GBP4.4m. This was the
first large scale sale of its kind in the UK VCT sector and we are
pleased to report that this contributed to a significant uplift of
10p per share, equivalent to GBP0.9m on the net asset value of the
Company.
Katharos Organic Ltd, a company within the anaerobic digestion
sector, was also sold in June. The sale realised GBP0.8m which
contributed to an uplift of 1.25p per share equivalent to
GBP0.1m.
The remaining portfolio comprises investments in three small,
unquoted companies in two sectors, cinema digitisation and
renewable electricity generation.
Sector Analysis
The unquoted qualifying investment portfolio can be analysed as
follows:
Electricity Generation
Solar Anaerobic Landfill Total Qualifying
Industry Sector Cinema Digitisation PV Digestion Gas Investments
---------------------------- -------------------- -----------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- -------------------- -------- ----------- --------- -----------------
Investments at 28 February
2015 1,113 4,401 725 650 6,889
---------------------------- -------------------- -------- ----------- --------- -----------------
Investments disposed
of during the period - (3,919) (838) - (4,757)
---------------------------- -------------------- -------- ----------- --------- -----------------
Investments made during
the period - - - - -
---------------------------- -------------------- -------- ----------- --------- -----------------
Investment valuations
during the period - (482) 113 (77) (446)
---------------------------- -------------------- -------- ----------- --------- -----------------
Investments at 31 August
2015 1,113 - - 573 1,686
---------------------------- -------------------- -------- ----------- --------- -----------------
Qualifying Investments
% 66.01% 0.00% 0.00% 33.99% 100.00%
---------------------------- -------------------- -------- ----------- --------- -----------------
Remaining Investments
Cinema Digitisation
Over the period, TP70 2010's cinema digitisation portfolio
continued to perform as intended, with the companies benefitting
from regular and reliable revenues from their operations in the UK,
Italy and Ireland. It is expected this portfolio will be realised
by the end of the year.
Landfill Gas
Craigahulliar Energy Ltd (CEL) and Aeris Power Ltd (APL) each
generates renewable electricity from landfill gas at sites operated
respectively by local councils and a large waste management company
in Northern Ireland. Both businesses continue to generate
electricity for export to the Grid, earning long term cash flows
through the sale of electricity to a utility company and
potentially to the site owners, and through the sale of the
Renewables Obligation Certificates. CEL is generating in line with
expectations while APL's generation is running slightly lower than
expected due to lower than expected gas extraction. Management have
taken actions to address this and while the company continues to be
comfortably able to meet the VCT's interest payments, we have
deemed it is prudent to reflect slightly lower cash flow
projections in the recent valuation.
Outlook
(MORE TO FOLLOW) Dow Jones Newswires
October 14, 2015 07:28 ET (11:28 GMT)
Following the fifth anniversary of TP70 2010 in June 2015, the
realisation of the Company's remaining investments is now at an
advanced stage. We are working to realise the remaining balance of
the portfolio and we expect the Company to pay further dividends
and enter into a Members' Voluntary Liquidation in the coming
months. This process is designed to deliver an exit for investors
as soon as practicable, and we continue to work closely with the
Board and all the portfolio companies to meet investors'
expectations.
If you have any questions, please do not hesitate to call us on
020 7201 8989.
Claire Ainsworth
Managing Partner
for Triple Point Investment Management LLP
14 October 2015
Investment Portfolio
Unaudited Audited
31 August 2015 28 February 2015
------------------------------------ ------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted Investments
Qualifying Holdings 1,640 87.61 1,686 87.90 5,665 75.46 6,889 79.63
GAM Exposure
Derivative - - - - 1,230 16.38 1,146 13.25
Financial Assets at
fair value through profit
or loss 1,640 87.61 1,686 87.90 6,895 91.84 8,035 92.88
Cash and cash equivalents 232 12.39 232 12.10 615 8.16 615 7.12
1,872 100.00 1,918 100.00 7,510 100.00 8,650 100.00
======== ======= ======== ======= ======== ======= ======== =======
Unquoted Qualifying
Holdings
Cinema Digitisation
DLN Digital Ltd 1,000 53.42 1,113 58.03 1,000 13.32 1,113 12.87
Electricity Generation
Solar
AH Power Ltd - - - - 400 5.33 502 5.80
Arraze Ltd - - - - 500 6.66 667 7.71
Bandspace Ltd - - - - 500 6.66 688 7.95
Bridge Power Ltd - - - - 250 3.33 334 3.86
Core Generation Ltd - - - - 250 3.33 343 3.97
Druman Green Ltd - - - - 250 3.33 336 3.88
Fellman Solar Ltd - - - - 250 3.33 335 3.87
Haul Power Ltd - - - - 250 3.33 345 3.99
Helioflair Ltd - - - - 400 5.33 508 5.87
Trym Power Ltd - - - - 250 3.33 343 3.97
Anaerobic Digestion
Katharos Organic Ltd - - - - 725 9.65 725 8.38
Landfill Gas
Aeris Power Ltd 400 21.37 323 16.84 400 5.33 400 4.62
Craigahulliar Energy
Ltd 240 12.82 250 13.03 240 3.20 250 2.89
1,640 87.61 1,686 87.90 5,665 75.46 6,889 79.63
======== ======= ======== ======= ======== ======= ======== =======
Directors' Responsibility Statement
The Directors have elected to prepare 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 2015, 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. 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.
After the completion of the shareholders' five year holding
period in June this year, steps have been taken to realise the
Company's investments. In the circumstances this Interim Financial
Report has been prepared on a break-up basis taking into account
the expected costs of the Company's liquidation.
This Interim Financial Report has not been audited or reviewed
by the auditors.
Charles Metcalfe
Chairman
14 October 2015
Unaudited Statement of Comprehensive Income
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
31 August 2015 28 February 2015 31 August 2014
---------------------------- ---------------------------- ----------------------------
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 4 516 - 516 198 - 198 99 - 99
(Loss)/gain
arising on
the disposal
of investments
during the
period - (347) (347) - 35 35 - - -
(Loss)/gain
arising on
the revaluation
of investments
at the period
end - (77) (77) - 1,085 1,085 - 58 58
Investment
return 516 (424) 92 198 1,120 1,318 99 58 157
-------- -------- -------- -------- -------- -------- -------- -------- --------
Expenses
Investment
management
fees 5 54 18 72 142 47 189 67 22 89
Financial and
regulatory
costs 11 - 11 20 - 20 10 - 10
General
administration 2 - 2 4 - 4 2 - 2
Legal and
professional
fees 18 4 22 92 - 92 17 - 17
Directors'
remuneration 6 20 - 20 40 - 40 20 - 20
Operating
expenses 105 22 127 298 47 345 116 22 138
-------- -------- -------- -------- -------- -------- -------- -------- --------
Profit/(loss)
before taxation 411 (446) (35) (100) 1,073 973 (17) 36 19
Taxation 7 - - - - - - - - -
Profit/(loss)
after taxation 411 (446) (35) (100) 1,073 973 (17) 36 19
-------- -------- -------- -------- -------- -------- -------- -------- --------
Profit and
total
comprehensive
profit/(loss)
for the year 411 (446) (35) (100) 1,073 973 (17) 36 19
-------- -------- -------- -------- -------- -------- -------- -------- --------
Basic & diluted
profit/(loss)
per share 8 4.69p (5.09p) (0.40p) (1.14p) 12.27p 11.13p (0.19p) 0.41p 0.22p
-------- -------- -------- -------- -------- -------- -------- -------- --------
The total column of this statement represents the Company's
Statement of Comprehensive Income, prepared in accordance with
International Financial Reporting Standards ("IFRS"). The
supplementary revenue and capital columns are prepared in
accordance with the Association of Investment Companies Statement
of Recommended Practice (AIC SORP).
All revenue and capital items in the above statement derive from
continuing operations. This Statement of Comprehensive Income
includes all recognised gains and losses. The accompanying notes
are an integral part of this statement.
(MORE TO FOLLOW) Dow Jones Newswires
October 14, 2015 07:28 ET (11:28 GMT)
Balance Sheet
Unaudited Audited Unaudited
31 August 28 February 31 August
2015 2015 2014
Note GBP'000 GBP'000 GBP'000
Non current assets
Financial assets at
fair value through
profit or loss 1,686 2,909 7,613
1,686 2,909 7,613
---------- ------------ ----------
Current assets
Assets held for sale - 5,126 -
Receivables 216 34 63
Cash and cash equivalents 9 232 615 16
448 5,775 79
---------- ------------ ----------
Total assets 2,134 8,684 7,692
---------- ------------ ----------
Current liabilities
Payables and accrued
expenses 107 148 110
107 148 110
---------- ------------ ----------
Net assets 2,027 8,536 7,582
========== ============ ==========
Equity attributable
to equity holders
Share capital 10 87 87 87
Special distributable
reserve 1,751 8,225 8,225
Capital reserve 186 632 (405)
Revenue reserve 3 (408) (325)
Total equity 2,027 8,536 7,582
========== ============ ==========
Net asset value per
share (pence) 11 23.18p 97.60p 86.69p
========== ============ ==========
The accompanying notes are an integral part of this
statement.
Statement of Changes in Shareholders' Equity
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 2015
Opening balance 87 8,225 632 (408) 8,536
-------- -------------- -------- -------- --------
Buy back of own shares - - - - -
Dividends - (6,474) - - (6,474)
Transactions with owners - (6,474) - - (6,474)
-------- -------------- -------- -------- --------
(Loss)/profit after tax - - (446) 411 (35)
Total comprehensive income for
the period - - (446) 411 (35)
-------- -------------- -------- -------- --------
Balance at 31 August 2015 87 1,751 186 3 2,027
======== ============== ======== ======== ========
Capital Reserve consists of:
Investment holding gains 46
Other realised losses 140
186
--------
Special
Issued Distributable Capital Revenue
Capital Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Year ended 28 February 2015
Opening balance 87 8,225 (441) (308) 7,563
Profit/(loss) after tax - - 1,073 (100) 973
Total comprehensive income for
the year - - 1,073 (100) 973
-------- -------------- -------- -------- --------
Balance at 28 February 2015 87 8,225 632 (408) 8,536
======== ============== ======== ======== ========
Capital Reserve consists of:
Investment holding gains 1,140
Other realised losses (508)
632
--------
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 2014
Balance at 1 March 2014 87 8,225 (441) (308) 7,563
Profit/(loss) after tax - - 36 (17) 19
Total comprehensive profit/(loss)
for the period - - 36 (17) 19
-------- -------------- -------- -------- --------
Balance at 31 August 2014 87 8,225 (405) (325) 7,582
======== ============== ======== ======== ========
Capital Reserve consists of:
Investment holding losses 110
Other realised losses (515)
(405)
--------
The capital reserve represents the proportion of Investment
Management fees charged against capital and realised/unrealised
gains or losses on the disposal/revaluation of investments. The
capital reserve is not distributable. 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 these
statements.
Statement of Cash Flows
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
31 August 28 February 31 August
2015 2015 2014
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
(Loss)/profit before taxation (35) 973 19
Loss/(gain) arising on the
disposal of investments during
the period 347 (35) -
Loss/(gain) arising on the
revaluation of investments
at the period end 77 (1,085) (58)
Cash absorbed by operations 389 (147) (39)
(Increase)/decrease in receivables (182) 61 32
(Decrease)/increase in creditors (41) 6 (32)
Net cash flows from operating
activities 166 (80) (39)
--------------- ------------ ---------------
Cash flows from investing
activities
Purchase of financial assets
at fair value through profit
or loss - - -
Disposal proceeds of financial
assets at fair value through
profit or loss 5,925 640 -
Net cash flows from investing
activities 5,925 640 -
--------------- ------------ ---------------
Cash flows from financing
activities
Purchase of own shares - - -
Dividends paid (6,474) - -
Net cash flows from financing
activities (6,474) - -
--------------- ------------ ---------------
Net (decrease)/increase in
cash and cash equivalents (383) 560 (39)
=============== ============ ===============
Reconciliation of net cash
flow to movements in cash
and cash equivalents
Cash and cash equivalents
at 1 March 2015 615 55 55
Net (decrease)/increase in
cash and cash equivalents (383) 560 (39)
Cash and cash equivalents
at 31 August 2015 232 615 16
=============== ============ ===============
(MORE TO FOLLOW) Dow Jones Newswires
October 14, 2015 07:28 ET (11:28 GMT)
TP70 2010 Vct (LSE:TP7V)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
TP70 2010 Vct (LSE:TP7V)
Historical Stock Chart
Von Jun 2023 bis Jun 2024
