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Name | Symbol | Market | Type |
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Travelusacc | LSE:TRIP | London | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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2.00 | 0.35% | 575.10 | 573.10 | 577.10 | 1,204 | 16:35:05 |
RNS Number:8182I Triple Point VCT PLC 29 November 2007 FOR IMMEDIATE RELEASE 29 November 2007 TRIPLE POINT VCT PLC INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007 The directors of Triple Point VCT plc today announce their interim results for the six months ended 30 September 2007. For further information, please contact : Peter Hargreaves, Company Secretary 01534 814806 Triple Point VCT plc Chairman's statement Introduction I am pleased to be writing to you to present the unaudited interim results for Triple Point VCT plc ("the Company") for the six months ended 30 September 2007. The investment strategy of the Company is to build a diversified portfolio of investments in smaller unquoted companies whilst at the same time structuring transactions so as to limit the risk normally associated with such investments. Investment review The important feature of the 6 months under review is that as detailed in the portfolio summary appearing on page 2, qualifying holdings now comprise 44.4% of holdings compared to 25.9% at 31 March 2007 representing substantial further progress towards meeting our target of being 70% invested in qualifying holdings. The increase in the 6 months reflects a new investment in Cranmer Lawrence Engineering Solutions Limited together with five follow on investments in existing holdings. Since 30 September 2007 the company has invested #900,000 in another new investment Per-Port Services Limited which will be providing ultra-thin client network services comprising hardware and services ultimately to a government agency. As a result qualifying investments now stand at 47.4% approximately of all holdings. Investment pipeline The pipeline of potential investments presently totals some #65 million with the range of activities including services for crematoria, combined heat and power generation, telephony and diagnostic services for the NHS. For the Company to be 70% invested in qualifying holdings implies investments costing #20.651m compared to #13.061m of qualifying holdings achieved by 30 September 2007. The Company is thus realistically optimistic of achieving its target of being 70% invested before the end date by which this should be achieved. In order that this target is achieved the investment manager has increased its origination staff by three individuals. Conversion of C Shares The interim results reflects conversion of the C shares into new ordinary shares, so that, for the current period the results are reported for a single class of ordinary shareholders which hopefully makes the figures more understandable. Dividends During the period the Company declared and paid a dividend of 2.3p per share in respect of the year ended 31 March 2007. The Directors do not propose to declare a dividend in respect of the half year to 30 September 2007. Results As at 30 September 2007, the net asset value of the Company's Ordinary Shares, after payment of a dividend of 2.3p per share, was #30.198 million or 94.40p per share (2006: Ordinary shares, #3.150 million or 94.73p per share and C Shares, #27.224 million or 95.52p per share). The profit after taxation was #0.361 million (2006 #0.162 million). As always, please do not hesitate to call us on 020 7404 7403 or email me at michael.sherry@triplepoint.co.uk. Michael Sherry Chairman 21 November 2007 Triple Point VCT plc Financial Summary Unaudited Unaudited Audited 6 months Ended 6 months Ended Year Ended 30 September 2007 30 September 2006 31 March 2007 _________________ ___________________________ ___________________________ Ord. Ord. "C" Ord. "C" Shares Shares Shares Total Shares Shares Total #'000 #'000 #'000 #'000 #'000 #'000 #'000 Net assets 30,198 3,150 27,224 30,374 3,178 27,395 30,573 Net profit before tax 506 20 169 189 45 407 455 Share Price at end of period 100.00p 100.00p 100.00p 100.00p 100.00p 100.00p 100.00p Earnings per share 1.13p 0.51p 0.51p 0.51p 1.35p 1.12p 1.14p Net asset value per share 94.40p 94.73p 95.52p 95.43p 95.57p 96.12p 96.06p Dividend per share 2.30p - - - - - - Total return per share 96.70p 94.73p 95.52p 95.43p 95.57p 96.12p 96.06p Portfolio summary (unaudited) As at 30 September 2007 Security Activity Cost & Valuation Cost & Valuation 31-Mar-07 30-Sep-07 #'000 % #'000 % Qualifying holdings 7,784 25.91 13,061 44.36 Non-qualifying holdings 18,230 60.67 15,572 52.88 Uninvested funds 4,034 13.43 812 2.76 _____________________________________ 30,048 100.01 29,445 100.00 ===================================== Qualifying Holdings (All Unquoted) Beam Carrier Trading Ltd Provision of satellite Equity capacity 315 4.05 600 4.59 Debt 685 8.80 1,350 10.33 Broadsword Satellite Communications Ltd Provision of satellite Equity capacity 385 4.95 685 5.24 Debt 615 7.90 1,315 10.07 Cranmer Lawrence Engineering Solutions Ltd Ambulance Equity refurbishment - - 475 3.64 Debt - - 475 3.64 High Definition Broadcast Services Ltd Provision of satellite Equity capacity 270 3.47 532 4.07 Debt 730 9.38 1,343 10.28 Meaujo 732 Ltd Provision of virtual Equity communications 288 3.70 288 2.20 Debt systems 650 8.35 657 5.03 Satellite Broadband Access Solutions Ltd Provision of satellite Equity capacity 280 3.60 526 4.03 Debt 720 9.25 1,359 10.41 WAN Solutions Ltd (formerly Meaujo 731) Provision of virtual Equity communications 328 4.21 328 2.51 Debt systems 672 8.63 672 5.15 Wide Area Network Services Ltd (formerly Meaujo 733) Provision of virtual Equity communications 265 3.40 265 2.03 Debt systems 600 7.71 1,203 9.21 Wide Area Network Solutions Ltd (formerly Meaujo 734) Provision of virtual Equity communications 300 3.85 300 2.30 Debt systems 681 8.75 688 5.27 _____________________________________ 7,784 100.00 13,061 100.00 _____________________________________ Triple Point VCT plc Profit & Loss Account Unaudited Unaudited Audited 6 months Ended 6 months Ended Year Ended 30 September 2007 30 September 2006 31 March 2007 _________________________ _________________________ _________________________ Rev. Cap. Tot. Rev. Cap. Tot. Rev. Cap. Tot. #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 Ordinary Shares Investment income 934 - 934 63 - 63 135 - 135 Investment management fees (90) (271) (361) (8) (24) (32) (19) (57) (76) Other expenses (67) - (67) (11) - (11) (11) - (11) _________________________ _________________________ _________________________ Return on ordinary activities before taxation 777 (271) 506 44 (24) 20 105 (57) 48 Taxation on ordinary activities (223) 78 (145) (6) 3 (3) (7) 4 (3) _________________________ _________________________ _________________________ Profit/(loss) on ordinary activities after taxation 554 (193) 361 38 (21) 17 98 (53) 45 _________________________ _________________________ _________________________ Earnings/(loss) per share 1.73p (0.60p) 1.13p 1.13p (0.62p) 0.51p 2.94p (1.59p) 1.35p _________________________ _________________________ _________________________ "C" Shares Investment income - - - 539 - 539 1,142 - 1,142 Investment management fees - - - (68) (205) (273) (160) (480) (640) Other expenses - - - (97) - (97) (95) - (95) _________________________ _________________________ _________________________ Return on ordinary activities - - - 374 (205) 169 887 (480) 407 Taxation on ordinary activities - - - (54) 30 (24) (198) 107 (91) _________________________ _________________________ _________________________ Profit/(loss) on ordinary activities after taxation - - - 320 (175) 145 689 (373) 316 _________________________ _________________________ _________________________ Earnings/(loss) per share - - - 1.13p (0.62p) 0.51p 2.44p (1.32p) 1.12p _________________________ _________________________ _________________________ Total Investment income 934 - 934 602 - 602 1,277 - 1,277 Investment management fees (90) (271) (361) (76) (229) (305) (179) (537) (716) Other expenses (67) - (67) (108) - (108) (106) - (106) _________________________ _________________________ _________________________ Return on ordinary activities before taxation 777 (271) 506 418 (229) 189 992 (537) 455 Taxation on ordinary activities (223) 78 (145) (60) 33 (27) (205) 111 (94) _________________________ _________________________ _________________________ Profit/(loss)on ordinary activities after taxation 554 (193) 361 358 (196) 162 787 (426) 361 _________________________ _________________________ _________________________ Earnings/(loss) per share 1.73p (0.60p) 1.13p 1.13p (0.62p) 0.51p 2.49p (1.35p) 1.14p _________________________ _________________________ _________________________ All earnings / (loss) per share figures are basic as there are no potentially dilutitive instruments in issue. Triple Point VCT plc Statement of Movements in Shareholders' Funds Unaudited Unaudited Audited 6 months Ended 6 months Ended Year Ended 30 September 2007 30 September 2006 31 March 2007 _________________ ___________________________ ___________________________ Ord. Ord. "C" Ord. "C" Shares Shares Shares Total Shares Shares Total #'000 #'000 #'000 #'000 #'000 #'000 #'000 Shareholders' funds at 1 April 2007 30,573 3,133 10,114 13,247 3,133 10,114 13,247 Total gain recognised in period 361 17 145 162 45 316 361 Net proceeds of share issues - - 16,965 16,965 - 16,965 16,965 Dividends declared (736) - - - - - - _________________ ___________________________ ___________________________ Shareholders' funds at 30 September 2007 30,198 3,150 27,224 30,374 3,178 27,395 30,573 _________________ ___________________________ ___________________________ Balance Sheet Unaudited Unaudited Audited 6 months Ended 6 months Ended Year Ended 30 September 2007 30 September 2006 31 March 2007 _________________ ___________________________ ___________________________ Ord. Ord. "C" Ord. "C" Shares Shares Shares Total Shares Shares Total #'000 #'000 #'000 #'000 #'000 #'000 #'000 Fixed Assets: Investments 13,061 393 3,607 4,000 797 6,987 7,784 _________________ ___________________________ ___________________________ Current assets: Debtors 1,184 3 22 25 86 732 818 Current asset investments 15,572 1,899 16,275 18,174 1,905 16,325 18,230 Cash at bank 812 877 7,513 8,390 422 3,612 4,034 _________________ ___________________________ ___________________________ 17,568 2,779 23,810 26,589 2,413 20,669 23,082 _________________ ___________________________ ___________________________ Creditors: amounts falling due within one year (431) (22) (193) (215) (32) (261) (293) _________________ ___________________________ ___________________________ Net current assets 17,137 2,757 23,617 26,374 2,381 20,408 22,789 _________________ ___________________________ ___________________________ Total assets less current liabilities 30,198 3,150 27,224 30,374 3,178 27,395 30,573 _________________ ___________________________ ___________________________ Capital and reserves: Share capital 320 33 1,425 1,458 33 1,425 1,458 Share premium 28,798 3,134 25,665 28,799 3,134 25,665 28,799 Capital redemption reserve 1,139 - - - - - - Capital reserve (619) (21) (175) (196) (53) (373) (426) Revenue reserve 560 4 309 313 64 678 742 _________________ ___________________________ ___________________________ Shareholders' funds 30,198 3,150 27,224 30,374 3,178 27,395 30,573 _________________ ___________________________ ___________________________ Net asset value per share pence 94.40p 94.73p 95.52p 95.43p 95.57p 96.12p 96.06p Dividends paid 2.30p - - - - - - Total return to shareholders 96.70p 94.73p 95.52p 95.43p 95.57p 96.12p 96.06p Triple Point VCT plc Cash Flow Statement Unaudited Unaudited Audited 6 months Ended 6 months Ended Year Ended 30 September 2007 30 September 2006 31 March 2007 _________________ ___________________________ ___________________________ Ord. Ord. "C" Ord. "C" Shares Shares Shares Total Shares Shares Total #'000 #'000 #'000 #'000 #'000 #'000 #'000 Net cash inflow from operating activities Profit on ordinary activities before tax 506 20 169 189 48 407 455 Adjusted for: Taxation charge for the period (145) (3) (24) (27) (3) (91) (94) Realised gains on investment disposals - - - - - - - Unrealised appreciation in investment values - - - - - - - _________________ ___________________________ ___________________________ Cash generated from operations before changes in working capital 361 17 145 162 45 316 361 Increase in debtors (366) (3) (20) (23) (86) (730) (816) (Decrease)/Increase in creditors 138 (71) (105) (176) (62) (37) (99) _________________ ___________________________ ___________________________ Net cash (outflow)/inflow from operating activities 133 (57) 20 (37) (103) (451) (554) _________________ ___________________________ ___________________________ Financial investment: Purchase of unquoted securities (5,277) (393) (3,607) (4,000) (797) (6,987) (7,784) _________________ ___________________________ ___________________________ Net cash outflow from financial investment (5,277) (393) (3,607) (4,000) (797) (6,987) (7,784) _________________ ___________________________ ___________________________ Equity dividends paid (736) - - - - - - _________________ ___________________________ ___________________________ Management of liquid resources: Investment in cash investments 2,658 (544) (630) (1,174) (549) (680) (1,229) _________________ ___________________________ ___________________________ Financing: Issue of own shares - - 17,812 17,812 - 17,812 17,812 Share issue expenses - - (847) (847) - (847) (847) Subscriptions received but not allotted - - (11,249) (11,249) - (11,249) (11,249) _________________ ___________________________ ___________________________ Net cash inflow from financing - - 5,716 5,716 - 5,716 5,716 _________________ ___________________________ ___________________________ Net (decrease)/increase in cash and cash equivalents (3,222) (994) 1,499 505 (1,449) (2,402) (3,851) Opening Cash and cash equivalents 4,034 1,871 6,014 7,885 1,871 6,014 7,885 _________________ ___________________________ ___________________________ Closing Cash and cash equivalents 812 877 7,513 8,390 422 3,612 4,034 _________________ ___________________________ ___________________________ Triple Point VCT plc Notes to the interim report for the six months ended 30 September 2007 1. The unaudited interim results cover the six months to 30 September 2007 and have been drawn up in accordance with the Accounting Standard Board's (ASB) Statement on Half-yearly Financial Reports (July 2007) and adopting the accounting policies set out in the statutory accounts for the year ended 31 March 2007 which were prepared under UK GAAP and in accordance with the Statement of Recommended Practice for Investment Companies issued by the Association of Investment Trust Companies in January 2003, revised December 2005. 2. The financial information set out in this report has not been audited and does not comprise full financial statements within the meaning of Section 240 of the Companies Act 1985. Statutory accounts for the year ended 31 March 2007, which were unqualified, have been lodged with the Registrar of Companies. No statutory accounts in respect of any period after 31 March 2007 have been reported on by the Company's auditors or delivered to the Registrar of Companies. 3. Taxation has been provided for at a rate of 28.63% based on the assumption that income for the second half of the year will be equal to that for the first half. Given that the business is not seasonal the directors regard this as a reasonable assumption. 4. Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company's Registered Office: 10-11 Gray's Inn Square, Gray's Inn, London WC1R 5JD or from Woodside Corporate Services, 4th Floor, 150-152 Fenchurch Street, London EC3M 6BB 5. During the period under review, the Company did not issue any new shares. 6. The earnings per share is based on income from ordinary activities after tax of #0.361m and on 31,990,482 ordinary shares of 1p, being the weighted average number of shares in issue during the period. The net assets per share is based on total net assets of #30.198m and 31,990,482 ordinary shares of 1p in issue at the period end. 7. Related party transactions Mr Michael Sherry, Chairman of the Company, is an equity Member of Triple Point LLP (TPLLP). TPLLP in turn holds a controlling interest in Triple Point Investment Management LLP (TPIMLLP). During the period, TPIMLLP provided management and administrative services to the Company amounting to #361,147 (2006 - #304,854) Triple Point VCT plc Responsibility statement of the Directors in respect of the interim report for the six months ended 30 September 2007 We confirm to the best of our knowledge: * the condensed set of financial statements have been prepared in accordance with the Statement Half-yearly financial reports issued by the UK Accounting Standards Board; * the interim management report includes a fair review of the information required by: * DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of the important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and * DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that may have materially effected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so. By order of the Board Peter Hargreaves Secretary 21 November 2007 Triple Point VCT plc Directors Michael Gabriel Sherry James Chadwick Murrin Robin David Morrison Secretary and Registered Office Peter William Hargreaves 10-11 Gray's Inn Square, Gray's Inn, London WC1R 5JD Company Registered Number 05304481 Solicitors Howard Kennedy 19a Cavendish Square London W1A 2AW Bankers HSBC 60 Queen Victoria Street London, EC4 Investment Manager and Administrator Triple Point Investment Management LLP 10-11 Gray's Inn Square, Gray's Inn, London WC1R 5JD VCT Tax Adviser PricewaterhouseCoopers LLP 1 Embankment Place London WC2N 6RH Independent Auditor Grant Thornton UK LLP 1 Westminster Way Oxford OX2 0PZ Registrars Neville Registrars Limited Neville House 18 Laurel Lane Halesowen West Midlands, B63 3DA This information is provided by RNS The company news service from the London Stock Exchange END IR QKLFLDFBBFBQ
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