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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| TP70 2008 (II) | LSE:TPV2 | London | Ordinary Share | GB00B29KPP43 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 65.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMTPV2
RNS Number : 2567W
TP70 2008 (ii) VCT PLC
16 November 2010
TP70 2008 (II) VCT plc
Interim Results
The directors of TP70 2008 (II) VCT plc are pleased to announce its Interim
results for the six months to 30 September 2010.
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
+---------------------+-----------+-------+-----------+-----------------------+--------------+
| 6 months ended | | Year | 6 months ended |
| | | ended | |
+---------------------------------+-------+-----------+--------------------------------------+
| | 30-Sep-10 | | 31-Mar-09 | | 30-Sep-09 |
+---------------------+-----------+-------+-----------+-----------------------+--------------+
| | GBP'000 | | GBP'000 | | GBP'000 |
| | | | | | |
+---------------------+-----------+-------+-----------+-----------------------+--------------+
| Net assets | 18,936 | | 19,809 | | 19,703 |
+---------------------+-----------+-------+-----------+-----------------------+--------------+
| Net asset value per | 82.69p | | 86.51p | | 86.05p |
| share | | | | | |
+---------------------+-----------+-------+-----------+-----------------------+--------------+
| Net (loss) / profit | (586) | | 480 | | 358 |
| before tax | | | | | |
+---------------------+-----------+-------+-----------+-----------------------+--------------+
| (Loss) / earnings | (2.58p) | | 1.97p | | 1.51p |
| per share | | | | | |
+---------------------+-----------+-------+-----------+-----------------------+--------------+
| | | | | | |
+---------------------+-----------+-------+-----------+-----------------------+--------------+
For a GBP1 investment per share investors, with a sufficient income tax
liability in the relevant year, can expect to have received a 30p tax credit, a
first dividend of 1.76p and a second dividend of 1.23p, which taken together
with the current NAV of 82.69p per share totals 115.68p.
Chairman's Statement
I am writing to you to present the unaudited interim results for TP70 2008 (II)
VCT plc ("the Company") for the six months ended 30 September 2010.
The first note is one of great sadness in that David Dick, who was Managing
Partner of the Investment Manager, died on 5 September 2010. The Board's
condolences go to David's family. He will be sadly missed.
Investment Strategy
The Company's investment strategy offers combined exposure to GAM's fund of
hedge funds GAM Diversity and venture capital investments focused on companies
with contractual revenues from financially secure counterparties.
By 31 March 2011 in order to secure the VCT qualifying status, the Company's
intention is that at least 70% of total investments will be committed to VCT
qualifying holdings. The balance of up to 30% is exposed to GAM Diversity 2.5
XL. As detailed in the Investment Manager's Report, the Board is pleased to note
that during the period GBP2m of further VCT qualifying investments were made.
VCT qualifying investments now account for some 57.43% of investments at
original cost and as such the Company is on course to meet the 70% threshold. In
the meantime, pending deployment into qualifying investments, 11.8% of funds by
value are held in money market funds.
Board Changes
With effect from 15 October 2010 Sir John Lucas Tooth and Robert Reid retired as
Directors of the Company and Michael Stanes was appointed to the Board. These
changes took place as part of an overall reordering of the composition of the
boards of the VCTs managed by Triple Point Investment Management LLP, to comply
with a listing rule necessitating a change to the boards requiring a majority of
the boards to be both independent of the manager, and not to sit on the boards
of other VCTs managed by the Manager.
Michael Stanes joined Warburg Investment Management (which became Mercury Asset
Management) where he ran equity portfolios in London and Tokyo. He then moved to
the US where he founded a business on behalf of Merrill Lynch offering equity
portfolio management to high net worth individuals. For
five years he worked at Goldman Sachs Asset Management in London running global
equity portfolios for a range of institutional and individual clients before
leaving in late 2007 to pursue other opportunities.
The remaining Board members are very grateful for the considerable contributions
of Sir John and Robert to TP70 2008 (II) since its establishment. Following
these changes the Company's Board will thus comprise Chad Murrin, Peter
Hargreaves and Michael Stanes.
Results
Over the period the Company made a loss before tax of GBP586,000 or 2.58p per
share of which GBP611,000 was attributable to the performance of GAM Diversity
2.5XL. At 30 September 2010 the NAV per share stood at 82.69p. The performance
of GAM Diversity 2.5XL is detailed in the Investment Managers' Report.
The Company paid a dividend of 1.23p per share to shareholders. This brings the
total dividends paid to shareholders to date to 2.99p per share.
Risks and Uncertainties
The Board believes that the principal risks facing the Company over the
remainder of the financial period are:
· investment risk associated with exposure to GAM Diversity 2.5 XL
· investment risk associated with undertaking VCT qualifying investments
· failure to secure final approval as a VCT
The Board believe these risks are as expected for a company with TP70 2008 (II)
VCT plc's strategy. The Board continues to work closely with the Investment
Manager to endeavour to minimise either the likelihood or potential impact of
these risks, within the scope of the Company's established investment strategy.
Outlook
The Board is pleased with the progress the Company continues to make in building
up its portfolio of VCT qualifying holdings and is confident that the Company is
on track for VCT qualification and is encouraged by the progress of the VCT
portfolio that has been established.
If you have any queries or comments, please do not hesitate to telephone Triple
Point Investment Management LLP on 020 7201 8990.
Chad Murrin
Chairman
11 November 2010
Investment Manager's Report
The Company's objective is to deploy at least 70% of its funds into VCT
qualifying investments and, with the remainder of its funds, to offer leveraged
exposure to GAM's flagship fund of hedge funds; Diversity, via GAM Diversity GBP
2.5XL.
Over the period of this review, the Company has continued to make progress with
its investment programme and at 30 September 2010 the Company had deployed
57.43% of investments in VCT qualifying investments. The Company's effective
exposure to GAM Diversity 2.5XL stands at 21.7% of NAV.
GAM Diversity Review and Outlook
Over the period GAM Diversity 2.5XL lost 12.90% which resulted in a 2.67p loss
per share impact on the NAV. This disappointing return was mainly attributable
to two specific funds held in the Arbitrage sector of GAM Diversity, one of
which has exposure to commercial and the other to residential real estate. These
asset classes faced significant challenges throughout the second quarter due to
the weaker than expected macro environment in both Europe and the US. During the
period, TPIM and the Board have maintained an active dialogue with GAM and
remain of the view that exposure to Diversity 2.5XL should be maintained.
During the remainder of this year, GAM expects financial markets to face the
headwind of further disappointing economic data from the US and, to a lesser
degree, Europe (where expectations are lower) as the key factors that hampered
the recovery of both the private sector and consumption growth persist.
Consumers are likely to remain reluctant to consume and banks conservative in
their lending policies, despite the best efforts of some administrations to
force them to lend more.
Against such a backdrop, GAM has reported that Diversity is positioned with a
portfolio of experienced, high conviction managers who do not rely on overall
market direction in order to generate returns. The fund aims to maintain a lower
correlation to equity and credit markets than many of its peers in order that
the portfolio should be well placed to perform, particularly in volatile and
uncertain markets.
VCT Qualifying Investments - Review and Outlook
The Company holds 57.43% of its funds in VCT qualifying investments. These
investments cover services to the cinema industry, provision of satellite
broadband capacity, telecommunications, medical gas supplies and crematorium
management.
Over the period of this review, a further two investments of GBP1 million each
were made in cinema digitisation companies. All of the above qualifying
investments were described in more detail in the Financial Statements for the
year ended 31 March 2010.
Our primary focus for the next six months is to deploy further funds into VCT
qualifying investments to meet the 70% qualifying investment threshold. There
are a number of target companies in the pipeline comprising businesses in
particular in the leisure, environment and energy sectors. With this promising
pipeline we are confident that the Company will meet its target.
CLAIRE AINSWORTH
Managing Partner
Triple Point Investment Management LLP
11 November 2010
ABOUT TRIPLE POINT INVESTMENT MANAGEMENT LLP
Triple Point is a specialist in tax-efficient investments. As well as managing
several market-leading VCTs, Triple Point offers investors a range of investment
products that qualify for government sponsored tax reliefs including the
Enterprise Investment Scheme (EIS) and Business Property Relief (BPR).
The Triple Point investment model focused on capital security, liquidity and
tax-enhanced returns has been built around the group's capabilities in taxation,
structured finance and investment to the benefit of every Triple Point product.
For more information please call 020 7201 8990.
Investment Portfolio Review
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| | 30 September 2010 | | 31 March 2010 |
+--------------------+---------------------------------------+--+---------------------------------------+
| | | | | | |
| | Cost | Valuation | | Cost | Valuation |
+--------------------+-------------------+-------------------+--+-------------------+-------------------+
| | GBP'000 | % | GBP'000 | % | | GBP'000 | % | GBP'000 | % |
| | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Qualifying | 12,342 | 57.43 | 12,342 | 65.00 | | 10,342 | 47.05 | 10,342 | 51.43 |
| holdings | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Non-qualifying | 3,504 | 16.31 | 2,243 | 11.81 | | 3,501 | 15.92 | 2,549 | 12.67 |
| holdings | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| | 15,846 | 73.74 | 14,585 | 76.81 | | 13,843 | 62.97 | 12,891 | 64.10 |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Derivative | 3,292 | 15.32 | 2,058 | 9.58 | | 3,292 | 14.97 | 2,361 | 11.74 |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Fixed assets at | 19,138 | 89.06 | 16,643 | 86.39 | | 17,135 | 77.94 | 15,252 | 75.84 |
| fair value through | | | | | | | | | |
| the income | | | | | | | | | |
| statement | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Money market funds | 2,228 | 10.37 | 2,228 | 10.37 | | 3,360 | 15.28 | 3,360 | 16.71 |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Cash and cash | 118 | 0.57 | 118 | 3.24 | | 1,493 | 6.78 | 1,493 | 7.45 |
| equivalents | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| | 21,484 | 100.00 | 18,989 | 100.00 | | 21,988 | 100.00 | 20,105 | 100.00 |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Unquoted Qualifying Holdings | | | | | | | |
+----------------------------------------+---------+---------+--+---------+---------+---------+---------+
| | GBP'000 | % | GBP'000 | % | | GBP'000 | % | GBP'000 | % |
| | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Provision of satellite | | | | | | | |
| capacity | | | | | | | |
+----------------------------------------+---------+---------+--+---------+---------+---------+---------+
| Broadsword | 563 | 2.62 | 563 | 2.96 | | 563 | 2.56 | 563 | 2.80 |
| Satellite | | | | | | | | | |
| Communications Ltd | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Satellite | 871 | 4.05 | 871 | 4.59 | | 871 | 3.96 | 871 | 4.33 |
| Broadband Access | | | | | | | | | |
| Solutions Ltd | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Telecommunications | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Per Port Services | 310 | 1.44 | 310 | 1.63 | | 310 | 1.41 | 310 | 1.54 |
| Ltd | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| WAN Solutions Ltd | 436 | 2.03 | 436 | 2.30 | | 436 | 1.98 | 436 | 2.17 |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Wide Area Network | 564 | 2.63 | 564 | 2.97 | | 564 | 2.57 | 564 | 2.81 |
| Services Ltd | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Wide Area Network | 357 | 1.66 | 357 | 1.88 | | 357 | 1.62 | 357 | 1.78 |
| Solutions Ltd | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Cinema | | | | | | | | | |
| digitisation | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| 21 Century Cinema | 1,000 | 4.65 | 1,000 | 5.27 | | 1,000 | 4.55 | 1,000 | 4.97 |
| Ltd | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Big Screen Digital | 1,000 | 4.65 | 1,000 | 5.27 | | 1,000 | 4.55 | 1,000 | 4.97 |
| Services Ltd | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Cinematic Services | 1,000 | 4.65 | 1,000 | 5.27 | | 1,000 | 4.55 | 1,000 | 4.97 |
| Ltd | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Digima Ltd | 2,000 | 9.31 | 2,000 | 10.53 | | 1,000 | 4.55 | 1,000 | 4.97 |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Digital Screen | 2,000 | 9.31 | 2,000 | 10.53 | | 1,000 | 4.55 | 1,000 | 4.97 |
| Solutions Ltd | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Crematorium management | | | | | | | |
+----------------------------------------+---------+---------+--+---------+---------+---------+---------+
| Furnace Management | 910 | 4.24 | 910 | 4.79 | | 910 | 4.14 | 910 | 4.53 |
| Services Ltd | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| Medical gas | | | | | | | | | |
| supplies | | | | | | | | | |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| MGS NW Ltd | 703 | 3.27 | 703 | 3.70 | | 703 | 3.20 | 703 | 3.50 |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| MGS WM Ltd | 628 | 2.92 | 628 | 3.31 | | 628 | 2.86 | 628 | 3.12 |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
| | 12,342 | 57.43 | 12,342 | 65.00 | | 10,342 | 47.05 | 10,342 | 51.43 |
+--------------------+---------+---------+---------+---------+--+---------+---------+---------+---------+
+---------------------+---------+--------+---------+--------+--+---------+--------+---------+--------+
| Unquoted Non-qualifying | | | | | | | |
| Holdings | | | | | | | |
+----------------------------------------+---------+--------+--+---------+--------+---------+--------+
| | GBP'000 | % | GBP'000 | % | | GBP'000 | % | GBP'000 | % |
| | | | | | | | | | |
+---------------------+---------+--------+---------+--------+--+---------+--------+---------+--------+
| Ambulance refurbishment | | | | | | | |
+----------------------------------------+---------+--------+--+---------+--------+---------+--------+
| Cranmer Lawrence | 196 | 0.91 | 196 | 1.03 | | 196 | 0.89 | 196 | 0.97 |
| Engineering | | | | | | | | | |
| Services Limited | | | | | | | | | |
+---------------------+---------+--------+---------+--------+--+---------+--------+---------+--------+
| Investment holding | | | | | | | | | |
+---------------------+---------+--------+---------+--------+--+---------+--------+---------+--------+
| Lorngreen Limited * | 3,308 | 15.40 | 2,047 | 10.78 | | 3,305 | 15.03 | 2,353 | 11.70 |
+---------------------+---------+--------+---------+--------+--+---------+--------+---------+--------+
| | 3,504 | 16.31 | 2,243 | 11.81 | | 3,501 | 15.92 | 2,549 | 12.67 |
+---------------------+---------+--------+---------+--------+--+---------+--------+---------+--------+
| | | | | | | | | | |
+---------------------+---------+--------+---------+--------+--+---------+--------+---------+--------+
*Lorngreen holds 50% of the Company's exposure to GAM Diversity 2.5XL
The Company holds 50% of the issued share capital of Lorngreen. However the
Company does not account for its investments in associates using equity
accounting, as IAS28 "Investments in Associates" does not apply to venture
capital organisations. They are instead treated as portfolio investments.
VCT qualifying investments are stated at cost which is considered to represent
fair value
Directors' Responsibility Statement
The Directors have chosen to prepare the interim financial report for the
Company in accordance with International Financial Reporting Standards ("IFRS").
In preparing the interim report for the 6 month period to 30 September 2010, the
Directors confirm that to the best of their knowledge:
a) the interim report has been prepared in accordance with international
accounting standard IAS34,"Interim Financial Reporting" issued by the
International Accounting Standards Board;
b) the interim report includes a fair review of important events during the
period and their effect on the financial report and a description of principal
risks and uncertainties for the remainder of the accounting period;
c) the interim report gives a true and fair view in accordance with IFRS of the
assets, liabilities, financial position and of the profit or loss of the company
for the period and comply with IFRS and the Companies Act 2006;
d) the interim report includes a fair review of related party transactions and
changes therein. There were no related party transactions during the period
other than detailed in note 16; and
e) the Company's business activities, together with the factors likely to
affect the future development, performance and position, are set out in the
Business Review in the 31 March 2010 Annual Report. The financial position of
the Company's cash flows and liquidity position are described in the Business
Review and notes to the accounts for the period ended 31 March 2010. In addition
the Annual Report includes the objectives, policies and processes for managing
its capital, its financial risk management objectives, details of its financial
instruments and its exposure to credit and liquidity risk.
As a consequence, the Directors believe that the Company has sufficient
financial resources to manage its business risks successfully 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 report has not been audited or reviewed by the auditors.
Chad Murrin
Chairman
11 November 2010
TP70 2008 (II) VCT plc
Unaudited Statement of Comprehensive Income
for the 6 months ended 30 September 2010
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| | | Unaudited | | Audited | | Unaudited |
+----------------+------+-----------------------------+----------+-----------------------------+----------+-----------------------------+
| | | 6 months | | Year | | 6 months |
| | | ended | | ended | | ended |
+----------------+------+-----------------------------+----------+-----------------------------+----------+-----------------------------+
| | | 30-Sep-10 | | 31-Mar-10 | | 30-Sep-09 |
+----------------+------+-----------------------------+----------+-----------------------------+----------+-----------------------------+
| |Note | 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 |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| Investment | 6 | 251 | - | 251 | | 584 | - | 584 | | 301 | - | 301 |
| income | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| Unrealised | | - | (308) | (308) | | - | 182 | 182 | | - | 149 | 149 |
| (loss) / | | | | | | | | | | | | |
| gain on | | | | | | | | | | | | |
| investments | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| Unrealised | | - | (303) | (303) | | - | 195 | 195 | | - | 158 | 158 |
| (loss) / | | | | | | | | | | | | |
| gain on | | | | | | | | | | | | |
| derivative | | | | | | | | | | | | |
| transaction | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| Investment | | 251 | (611) | (360) | | 584 | 377 | 961 | | 301 | 307 | 608 |
| return | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| Investment | 7 | 42 | 127 | 169 | | 88 | 263 | 351 | | 43 | 130 | 173 |
| management | | | | | | | | | | | | |
| fees | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| Financial | | 12 | - | 12 | | 24 | - | 24 | | 11 | - | 11 |
| and | | | | | | | | | | | | |
| regulatory | | | | | | | | | | | | |
| costs | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| General | | 7 | - | 7 | | 11 | - | 11 | | 6 | - | 6 |
| administration | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| Legal and | | 18 | - | 18 | | 32 | 23 | 55 | | 17 | 23 | 40 |
| professional | | | | | | | | | | | | |
| fees | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| Directors' | | 20 | - | 20 | | 40 | - | 40 | | 20 | - | 20 |
| remuneration | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| Operating | | 99 | 127 | 226 | | 195 | 286 | 481 | | 97 | 153 | 250 |
| expenses | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| (Loss) / | | 152 | (738) | (586) | | 389 | 91 | 480 | | 204 | 154 | 358 |
| profit | | | | | | | | | | | | |
| before | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| Taxation | 8 | (32) | 27 | (5) | | (107) | 77 | (30) | | (43) | 30 | (13) |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| (Loss) / | | 120 | (711) | (591) | | 282 | 168 | 450 | | 161 | 184 | 345 |
| profit | | | | | | | | | | | | |
| after | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| | | 120 | (711) | (591) | | 282 | 168 | 450 | | 161 | 184 | 345 |
| Total | | | | | | | | | | | | |
| comprehensive | | | | | | | | | | | | |
| (loss) / | | | | | | | | | | | | |
| income | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| Basic and | 9 | 0.53p | (3.11p) | (2.58p) | | 1.23p | 0.73p | 1.97p | | 0.70p | 0.81p | 1.51p |
| diluted | | | | | | | | | | | | |
| (loss) / | | | | | | | | | | | | |
| earnings | | | | | | | | | | | | |
| per share | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
| | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+----------+---------+---------+---------+----------+---------+---------+---------+
The loss per share shown above is both basic and diluted as there are no
potentially dilutive financial instruments in issue.
The total column of this statement is the Company's income statement prepared in
accordance with International Financial Reporting Standards ("IFRS"). The
supplementary revenue return and capital return columns have been prepared under
guidance published by the Association of Investment Companies.
The accompanying notes on pages 12 to 15 form an integral part of this interim
financial report.
TP70 2008 (II) VCT plc
Unaudited Balance Sheet
at 30 September 2010
+---------------------+------+----------+----------+------------+------------+------------+------------+
| | | Unaudited | Audited | Unaudited |
+---------------------+------+---------------------+-------------------------+-------------------------+
| |Note | 30-Sep-10 | 31-Mar-10 | 30-Sep-09 |
| | | | | |
+---------------------+------+---------------------+-------------------------+-------------------------+
| | | | GBP'000 | | GBP'000 | | GBP'000 |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| Non current assets | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| Financial assets at fair value through the | | | |
+---------------------------------------------------------------+------------+------------+------------+
| income statement | | | 16,643 | | 15,252 | | 19,492 |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| Current assets | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| Receivables | | | 43 | | 71 | | 111 |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| Money market funds | 10 | | 2,228 | | 3,360 | | - |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| Cash and cash | 11 | | 118 | | 1,493 | | 141 |
| equivalents | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| | | | 2,389 | | 4,924 | | 252 |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| Total assets | | | 19,032 | | 20,176 | | 19,744 |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| Current liabilities | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| Trade and other | | | 63 | | 339 | | 15 |
| payables | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| Current taxation | | | 33 | | 28 | | 26 |
| payable | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| | | | 96 | | 367 | | 41 |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| | | | | | | | |
+---------------------+ +----------+----------+------------+------------+------------+------------+
| Net assets | | | 18,936 | | 19,809 | | 19,703 |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| Equity attributable to equity holders of the | | | | |
| parent | | | | |
+--------------------------------------------------+------------+------------+------------+------------+
| Share capital | 12 | | 229 | | 229 | | 229 |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| Capital redemption | | | 2 | | 2 | | 2 |
| reserve | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| Special | | | 21,608 | | 21,608 | | 21,608 |
| distributable | | | | | | | |
| reserve | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| Capital reserve | | | (3,024) | | (2,313) | | (2,297) |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| Revenue reserve | | | 121 | | 283 | | 161 |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| Total equity | | | 18,936 | | 19,809 | | 19,703 |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| Net asset value per | 13 | | 82.69p | | 86.51p | | 86.05p |
| share (pence) | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
| | | | | | | | |
+---------------------+------+----------+----------+------------+------------+------------+------------+
This financial report was agreed by the board and authorised for issue on 11
November 2010 and was signed on its behalf by:
Chad Murrin
Director
The accompanying notes on pages 12 to 15 form an integral part of this interim
financial report.
TP70 2008 (II) VCT plc
Unaudited Statement of Changes in Equity
for the 6 months ended 30 September 2010
+----------------------+---------+---------+----------+---------+---------+---------+----+
| | Issued | Share | Special | Capital | Revenue | Total | |
| | Capital | Redem. | Distrib. | Reserve | Reserve | | |
| | | Reserve | Reserve | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| 6 months ended 30 September 2010 | | | | | |
+------------------------------------------+----------+---------+---------+---------+----+
| Opening balance | 229 | 2 | 21,608 | (2,313) | 283 | 19,809 | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Dividend paid | - | - | - | - | (282) | (282) | |
| | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Transactions with | - | - | - | - | (282) | (282) | |
| owners | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Loss for the period | - | - | - | (711) | 120 | (591) | |
| | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Total comprehensive | - | - | - | (711) | 120 | (591) | |
| loss for the period | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Balance at 30 | 229 | 2 | 21,608 | (3,024) | 121 | 18,936 | |
| September 2010 | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Capital reserve | | | | | | | |
| consists of: | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Unrealised losses on | | | | (2,494) | | | |
| investments | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Other realised | | | | (530) | | | |
| losses | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| | | | | (3,024) | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Year ended 31 March | | | | | | | |
| 2010 | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Opening balance | 229 | 2 | 21,608 | (2,481) | 404 | 19,762 | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Dividend paid | - | - | - | - | (403) | (403) | |
| | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Transactions with | - | - | - | - | (403) | (403) | |
| owners | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Profit for the | - | - | - | 168 | 282 | 450 | |
| period | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Total comprehensive | - | - | - | 168 | 282 | 450 | |
| income for the | | | | | | | |
| period | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Balance at 31 March | 229 | 2 | 21,608 | (2,313) | 283 | 19,809 | |
| 2010 | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Capital reserve | | | | | | | |
| consists of: | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Unrealised losses on | | | | (1,883) | | | |
| investments | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Other realised | | | | (430) | | | |
| losses | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| | | | | (2,313) | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| 6 months ended 30 September 2009 | | | | |
+-----------------------------------------------------+---------+---------+---------+----+
| Opening balance | 229 | 2 | 21,608 | (2,481) | 404 | 19,762 | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Dividend paid | - | - | - | - | (404) | (404) | |
| | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Transactions with | - | | - | - | (404) | (404) | |
| owners | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Profit for the | - | - | - | 184 | 161 | 345 | |
| period | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Total comprehensive | - | - | - | 184 | 161 | 345 | |
| income for the | | | | | | | |
| period | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Balance at 30 | 229 | 2 | 21,608 | (2,297) | 161 | 19,703 | |
| September 2009 | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Capital reserve | | | | | | | |
| consists of: | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Unrealised losses on | | | | (1,954) | | | |
| investments | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| Other realised | | | | (343) | | | |
| losses | | | | | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
| | | | | (2,297) | | | |
+----------------------+---------+---------+----------+---------+---------+---------+----+
The accompanying notes on pages 12 to 15 form an integral part of this interim
financial report.
TP70 2008 (II) VCT plc
Unaudited Cash Flow Statement
for the 6 months ended 30 September 2010
+-------------------------+------+---------+---------------------------+----------+------+---------+
| | Unaudited | Audited | Unaudited |
+-------------------------+----------------+--------------------------------------+----------------+
| | 6 months | Year ended | 6 months |
| | ended | | ended |
+-------------------------+----------------+--------------------------------------+----------------+
| | 30-Sep-10 | 31-Mar-10 | 30-Sep-09 |
+-------------------------+----------------+--------------------------------------+----------------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
| | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Cash flows from | | | | | | |
| operating activities | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| (Loss) / profit before | | (586) | | 480 | | 358 |
| taxation | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Unrealised loss / | | 611 | | (377) | | (307) |
| (gain) on investments | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Cash flow generated by | | 25 | | 103 | | 51 |
| operations | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Decrease in receivables | | 28 | | 2,452 | | 2,412 |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| (Decrease) / increase | | (276) | | 224 | | (100) |
| in payables | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Taxation paid | | - | | (50) | | (35) |
| | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Net cash flows from | | (223) | | 2,729 | | 2,328 |
| operating activities | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Cash flow from | | | | | | |
| investing activities | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Purchase of financial | | (2,670) | | (2,385) | | (6,195) |
| assets at fair value | | | | | | |
| through profit or loss | | | | | | |
| account | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Proceeds of sale of | | 668 | | 950 | | 450 |
| financial assets at | | | | | | |
| fair value through | | | | | | |
| profit and loss account | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Decrease / (increase) | | 1,132 | | (3,360) | | - |
| in money market funds | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Net cash flows from | | (870) | | (4,795) | | (5,745) |
| investing activities | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Cash flows from | | | | | | |
| financing activities | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Dividends paid | | (282) | | (403) | | (404) |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Net cash flows from | | (282) | | (403) | | (404) |
| financing activities | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Net (decrease) in cash | | (1,375) | | (2,469) | | (3,821) |
| and cash equivalents | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Reconciliation of net | | | | | | |
| cash flow to movements | | | | | | |
| in cash and cash | | | | | | |
| equivalents | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Opening cash and cash | | 1,493 | | 3,962 | | 3,962 |
| equivalents | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Net (decrease) in cash | | (1,375) | | (2,469) | | (3,821) |
| and cash equivalents | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| Closing cash and cash | | 118 | | 1,493 | | 141 |
| equivalents | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
| | | | | | | |
+-------------------------+------+---------+---------------------------+----------+------+---------+
The accompanying notes on pages 12 to 15 form an integral part of this interim
financial report.
TP70 2008 (II) VCT plc
Notes to the Unaudited Interim Financial Report
for the 6 months ended 30 September 2010
1 Corporate Information
The interim report of the Company for the 6 months ended 30 September 2010 was
authorised for issue in accordance with a resolution of the directors on 11
November 2010.
The Company was admitted for listing on the London Stock Exchange on 6 February
2008.
The Company is incorporated and domiciled in Great Britain. The address of its
registered office, which is also its principal place of business, is 4-5
Grosvenor Place, London, SW1X 7HJ.
The Company's interim report is presented in Pounds Sterling (GBP) which is also
the functional currency of the Company.
The financial information set out in this interim report does not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006 and has
been neither audited nor reviewed by the Company's auditors. Statutory accounts
in respect of the period ended 31 March 2010 have been audited and reported on
by the Company's auditor and delivered to the Registrar of Companies and
included the report of the auditor, which was unqualified and did not contain a
statement under section 498 (2) or section 498 (3) of the Companies Act 2006. No
Statutory accounts in respect of any period after 31 March 2010 have been
reported on by the Company's auditor or delivered to the Registrar of Companies.
The principal activity of the Company is investment. The Company's investment
strategy is to offer combined exposure to GAM Diversity Inc (GAM's fund of hedge
funds) and venture capital investments focused on companies with contractual
revenues from financially secure counterparties.
2 Basis of preparation and accounting policies
The interim report of the Company for the 6 months ended 30 September 2010 has
been prepared in accordance with IAS 34: Interim Financial Reporting. They do
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
31 March 2010.
The accounting policies applied by the Company in the condensed consolidated
financial statements are the same as those applied by the Company in its
financial statements for the year ended 31 March 2010.
3 Estimates
The preparation of 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 expense. Actual
results may differ from these estimates.
4 Segmental reporting
The Company only has one class of business, being investment activity. All
revenues and assets are generated and held in the UK.
5 Seasonality
The Company's activities are not seasonal.
6 Investment Income
+-------------------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| | Unaudited | | Audited | | Unaudited |
+-------------------+-----------------------------+--+-----------------------------+--+-----------------------------+
| | 6 months | | year | | 6 months |
| | ended | | ended | | ended |
+-------------------+-----------------------------+--+-----------------------------+--+-----------------------------+
| | 30-Sep-10 | | 31-Mar-10 | | 30-Sep-09 |
+-------------------+-----------------------------+--+-----------------------------+--+-----------------------------+
| | 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 |
| | | | | | | | | | | | |
+-------------------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Loan stock | 239 | - | 239 | | 558 | - | 558 | | - | - | - |
| interest | | | | | | | | | | | |
+-------------------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Interest | 12 | - | 12 | | 25 | - | 25 | | 300 | - | 300 |
| receivable on | | | | | | | | | | | |
| money market | | | | | | | | | | | |
| funds | | | | | | | | | | | |
+-------------------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Interest | - | - | - | | 1 | - | 1 | | 1 | - | 1 |
| receivable on | | | | | | | | | | | |
| bank balances | | | | | | | | | | | |
+-------------------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Total | 251 | - | 251 | | 584 | - | 584 | | 301 | - | 301 |
| | | | | | | | | | | | |
+-------------------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
7 Investment management fees
Triple Point Investment Management LLP provides investment management and
administration services to the Company under an Investment Management Agreement
dated 14 December 2007 which 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 and which provides for an administration and investment management fee of
1.75% per annum of net assets calculated and payable quarterly in arrears.
8 Taxation on ordinary activities
+-------------------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| | Unaudited | | Audited | | Unaudited |
+-------------------+-----------------------------+--+-----------------------------+--+-----------------------------+
| | 6 months | | Year | | 6 months |
| | ended | | ended | | ended |
+-------------------+-----------------------------+--+-----------------------------+--+-----------------------------+
| | 30-Sep-10 | | 31-Mar-10 | | 30-Sep-09 |
+-------------------+-----------------------------+--+-----------------------------+--+-----------------------------+
| | 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 |
| | | | | | | | | | | | |
+-------------------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Loss / (profit) | 152 | (738) | (586) | | 389 | 91 | 480 | | 204 | 154 | 358 |
| on ordinary | | | | | | | | | | | |
| activities before | | | | | | | | | | | |
| tax | | | | | | | | | | | |
+-------------------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Capital losses / | - | 611 | 611 | | - | (377) | (377) | | - | (307) | (307) |
| (gains) not | | | | | | | | | | | |
| taxable | | | | | | | | | | | |
+-------------------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| | 152 | (127) | 25 | | 389 | (286) | 103 | | 204 | (153) | 51 |
+-------------------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| UK corporation | 32 | (27) | 5 | | 105 | (77) | 28 | | 43 | (30) | 13 |
| tax at an | | | | | | | | | | | |
| effective rate of | | | | | | | | | | | |
| 21% (27%) | | | | | | | | | | | |
+-------------------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Adjustment re | - | - | - | | 2 | - | 2 | | - | - | - |
| prior year | | | | | | | | | | | |
+-------------------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Total charged in | 32 | (27) | 5 | | 107 | (77) | 30 | | 43 | (30) | 13 |
| Statement of | | | | | | | | | | | |
| comprehensive | | | | | | | | | | | |
| income | | | | | | | | | | | |
+-------------------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
Capital gains and losses are exempt from corporation tax due to the Company's
status as a Venture Capital Trust.
9 Loss/earnings per share
The loss per share is based on a comprehensive loss after tax of GBP591,000, and
on the weighted average number of shares in issue during the period of
22,898,626.
10 Money market funds
+-----------------------+-------+-----------+---+-------+---------+---+-------+----------+
| | 30-Sep-10 | | 31-Mar-10 | | 30-Sep-09 |
+-----------------------+-------------------+---+-----------------+---+------------------+
| | | GBP'000 | | | GBP'000 | | | GBP'000 |
+-----------------------++-----------+---++---------+---++----------+
| Henderson Liquid | | 1,114 | | | 1,680 | | | - |
| Assets Sterling | | | | | | | | |
| Institutional Class | | | | | | | | |
| | | | | | | | | |
+-----------------------++-----------+---++---------+---++----------+
| Ignis Sterling | | 1,114 | | | 1,680 | | | - |
| Liquidity Fund Share | | | | | | | | |
| Class 2 | | | | | | | | |
| | | | | | | | | |
+-----------------------++-----------+---++---------+---++----------+
| | | 2,228 | | | 3,360 | | | - |
+-----------------------+-------+-----------+---+-------+---------+---+-------+----------+
11 Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc.
12 Share Capital
+----------------------------+-------+----------+-------+----------+-------+----------+
| | 30-Sep-10 | 30-Mar-10 | 30-Sep-09 |
+----------------------------+------------------+------------------+------------------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------------++----------++----------++----------+
| Ordinary Shares of 1p || | | | | |
+----------------------------++----------++----------++----------+
| Authorised || | | | | |
+----------------------------++----------++----------++----------+
| No. Of Shares | 50,000,000 | 50,000,000 | 50,000,000 |
+----------------------------+------------------+------------------+------------------+
| Par Value GBP'000 | | 500 | | 500 | | 500 |
+----------------------------++----------++----------++----------+
| Issued & Fully Paid | | | | | | |
+----------------------------++----------++----------++----------+
| No. Of Shares | 22,898,626 | 22,898,626 | 22,898,626 |
+----------------------------+------------------+------------------+------------------+
| Par Value GBP'000 | | 229 | | 229 | | 229 |
+----------------------------+-------+----------+-------+----------+-------+----------+
13 Net asset value per share
The calculation of net asset value per share is based on net assets of
GBP18,936,000 divided by the shares in issue of GBP22,898,626
14 Derivative transaction
The Company has made a payment of GBP3,292,000 to Julius Baer and in return will
receive back an equivalent sum plus or minus the leveraged performance of GAM
Diversity 2.5XL. A provision of GBP303,000 against the Julius Baer note has been
made during the period to reflect the negative performance of GAM Diversity. The
loss on the transaction is deemed to be a capital item and is therefore included
in the capital column of the income statement.
15 Commitments and contingencies
The Company has no outstanding commitments or contingent liabilities.
16 Related party transactions
Peter Hargreaves, a director of the Company, has an equity interest in Triple
Point LLP (TPLLP). TPLLP in turn has a controlling interest in Triple Point
Investment Management LLP (TPIMLLP). During the period, TPIMLLP received
GBP169,000 for providing management and administrative services to the Company.
17 Post balance sheet events
There have been no significant post balance sheet events.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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