We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Travelusacc | LSE:TRIP | London | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.00 | 0.35% | 575.10 | 573.10 | 577.10 | 1,204 | 16:35:05 |
RNS Number:8663A Triple Point VCT PLC 25 July 2007 Triple Point VCT plc Preliminary Announcement for the year ended 31 March 2007 Financial summary for the year ended 31 March 2007 Year ended 16 month period ended 31 March 2007 31 March 2006 Ordinary 'C' Total Ordinary 'C' Total Shares Shares Shares Shares # # # # # # Financial Summary Net assets 3,178,000 27,395,000 30,573,000 3,133,000 10,115,000 13,248,000 Net profit/(loss) 48,000 407,000 455,000 (34,000) (10,000) (44,000) before tax Share price at end 100.0p 100.0p 100.0p 100.0p 100.0p 100.0p of period Earnings/ (loss) 1.35p 1.12p 1.14p (1.11p) (1.11p) (1.11p) per share Net asset value 95.57p 96.12p 96.06p 94.23p 94.62p 94.52p per share Triple Point VCT plc ("the Company") is a Venture Capital Trust ("VCT"). The investment manager is Triple Point Investment Management LLP. The Company was launched in January 2005 and raised over #3.3 million through an offer for subscription. Further money was raised for Triple Point VCT through a 'C' Share issue (i.e. the issue of a new class of share) and reached #28.5 million (#27 million net of expenses) by the closing date of 5 April 2006. The Company invests in businesses with contractual revenues from financially sound customers and aims to generate an attractive income stream and modest but accessible capital growth to shareholders. Chairman's statement I am pleased to be writing to you enclosing the Company's second annual report and accounts to 31 March 2007. This year's principal feature is that the Company made #7.8million of qualifying VCT holdings representing some 25.9% of its investments, with a futher # 4.7m of qualifying holdings made after the year end so that the Company is now some 41.6% invested, representing significant progress towards the target for VCT status of the Company being 70% invested in qualifying holdings. Further details of the investments made and the investment pipeline are given in the Investment Manager's review. Results for the current year are shown separately for the Ordinary and C Share classes. The directors resolved to merge the two share classes as provided for in the Company's articles of association. The special resolutions approved at company and class extraordinary meetings held on 27 April 2007 mean that the merger was effective from the Company's year end 31 March 2007, rather than taking effect at a later date which would have meant continuing the two class presentation of the results for part of the year ending 31 March 2008. I am therefore delighted to report that there is now a single class of ordinary shareholders comprising 31,990,482 Ordinary Shares and that, subject to shareholder's approval, the Company's first dividend totalling #742,000 equal to 2.3p per share was proposed on 23 July 2007 and will be paid at the same rate to all shareholders following the Annual General Meeting scheduled for 3 September 2007. During the year Triple Point Investment Management LLP (TPIMLLP) replaced Triple Point Investment Management Limited (now called Triple Point Investment Services Limited) as investment manager - At the same time, following a helpful tax ruling the administration services formerly provided by Triple Point LLP were bundled together with the investment management services provided by TPIMLLP with the result that the company has been able to save irrecoverable VAT not only on investment fees which it was previously able to do but now also on administration fees. The change was therefore made for purely technical reasons, the team acting for the Investment Manager remains the same. Finally, I am sorry to report that Louis Greig stood down from the Company's board on 15 June 2007 due to conflicting presures on his time and I would like to thank him for his contribution during the Company's formative period. However I am pleased to introduce his replacement Robin Morrison. Robin was a senior executive of Mars Incorporated. A summary of his career appears in the Accounts and we believe he will make a real contribution to your company. Michael Sherry, Chairman 23 July 2007 Details of Advisers Bankers HSBC Bank plc PO Box 648 27-32 Poultry London EC2P 2BX Solicitors Howard Kennedy 19a Cavendish Square London W1A 2AW Registrars Neville Registars Limited Neville House 18 Laurel Lane, Halesowen, West Midlands B63 3DA VCT Taxation Advisers PriceWaterhouseCoopers 1 Embankment Place London WC2N 6RN Directors Michael Gabriel Sherry (Chairman) Robin David Morrison James Chadwick Murrin Secretary and Registered Office Peter Hargreaves 10 Gray's Inn Square London WC1R 5JD Registered Number 45304481 Investment Manager and Administrator Triple Point Investment Management LLP ("TPIMLLP") 10 Gray's Inn Square London WC1R 5JD Tel: 020 7404 7403 Independent Auditor Grant Thornton UK LLP 1 Westminster Way Oxford OX2 0PZ Profit & Loss Account for the year ended 31 March 2007 Year ended 31 March 2007 Sixteen months 31 March 2006 Revenue Capital Total Revenue Capital Total #'000 #'000 #'000 #'000 #'000 #'000 Ordinary Shares Investment income 135 - 135 110 - 110 Investment management fees (19) (57) (76) (101) - (101) Other expenses (11) - (11) (43) - (43) Return on ordinary activities 105 (57) 48 (34) - (34) before taxation Taxation on ordinary activities (7) 4 (3) - - - Profit/(loss) on ordinary 98 (53) 45 (34) - (34) activities after taxation Transfer to/(from) reserves 98 (53) 45 (34) - (34) Earnings / (loss) per share 2.94p (1.59p) 1.35p (1.11p) - (1.11p) 'C' Shares Investment income 1,142 - 1,142 34 - 34 Investment management fees (160) (480) (640) (31) - (31) Other expenses (95) - (95) (14) - (14) Return on ordinary activities 887 (480) 407 (11) - (11) before taxation Taxation on ordinary activities (198) 107 (91) - - - Profit/(loss) on ordinary 689 (373) 316 (11) - (11) activities after taxation Transfer to/(from) reserves 689 (373) 316 (11) - (11) Earnings / (loss) per share 2.44p (1.32p) 1.12p (1.11p) - (1.11p) Total Investment income 1,277 - 1,277 144 - 144 Investment management fees (179) (537) (716) (132) - (132) Other expenses (106) - (106) (57) - (57) Return on ordinary activities 992 (537) 455 (45) - (45) before taxation Taxation on ordinary activities (205) 111 (94) - - - Profit/(loss) on ordinary 787 (426) 361 (45) - (45) activities after taxation Transfer to/(from) reserves 787 (426) 361 (45) - (45) Earnings/(loss) per share 2.50p (1.35p) 1.14p (1.11p) - (1.11p) The Total column of this statement is the profit and loss account of this Company. All revenue and capital items in the above statement derive from continuing operations. The Company has only one class of business and derives its income from investments made in shares and securities and from cash at bank and money market funds. Balance sheet as at 31 March 2007 31 March 2007 31 March 2006 Ordinary 'C' Total Ordinary 'C' Shares Total Shares Shares Shares #'000 #'000 #'000 #'000 #'000 #'000 Fixed Assets: Investments 797 6,987 7,784 - - - Current Assets: Debtors 86 732 818 - 2 2 Current asset investments 1,905 16,325 18,230 1,355 15,645 17,000 Cash at bank 422 3,612 4,034 1,871 6,014 7,885 2,413 20,669 23,082 3,226 21,661 24,887 Creditors: amounts falling due (32) (261) (293) (93) (11,547) (11,640) within on year Net current assets 2,381 20,408 22,789 3,133 10,114 13,247 Total assets less current 3,178 27,395 30,573 3,133 10,114 13,247 liabilities Capital and reserves: Share capital 33 1,425 1,458 33 534 567 Share premium 3,134 25,665 28,799 3,134 9,591 12,725 Capital reserve (53) (373) (426) - - - Revenue reserve 64 678 742 (34) (11) (45) Shareholders' funds 3,178 27,395 30,573 3,133 10,114 13,247 Net asset value per share 95.57p 96.12p 96.06p 94.22p 94.62p 94.52p Cash flow statement for the year ended 31 March 2007 Year ended 31 March 2007 Sixteen months ended 31 March 2006 Ordinary 'C' Total Ordinary 'C' Shares Total Shares Shares Shares #'000 #'000 #'000 #'000 #'000 #'000 Net Cash inflow from operating activities Profit/(loss) on ordinary 48 407 455 (34) (11) (45) activities before tax Taxation charge for the period (3) (91) (94) - - - Cash generated from operations 45 316 361 (34) (11) (45) before changes in working capital Increase in debtors (86) (730) (816) - (2) (2) (Decrease)/Increase in creditors (61) (37) (99) 93 298 391 Cash (outflow)/inflow from (102) (451) (553) 59 285 344 operating activities Financial investment: Purchase of fixed asset (797) (6,987) (7,784) - - - investments Cash outflow from financial (797) (6,987) (7,784) - - - investment Management of liquid resources: Invested in current asset (550) (680) (1,230) (1,355) (15,645) (17,000) investments Financing: Issue of own shares - 17,812 17,812 3,325 10,649 13,974 Share issue expenses - (847) (847) (158) (524) (682) Subscription received but not - (11,249) (11,249) alloted at 31 March 2006 - 11,249 11,249 Cash inflow from financing - 5,716 5,716 3,167 21,374 24,541 Increase/(decrease) in cash at (1,449) (2,402) (3,851) 1,871 6,014 7,885 bank Reconciliation of net cash flow to movements in cash at bank Increase/(decrease) in cash at (1,449) (2,402) (3,851) 1,871 6,014 7,885 bank Cash at bank at 31 March 2006 1,871 6,014 7,885 - - - Cash at bank at 31 March 2007 422 3,612 4,034 1,871 6,014 7,885 Notes: 1 Accounting policies Basis of accounting The financial statements have been prepared under the historical cost convention, and in accordance with applicable accounting standards in the UK and with the Statement of Recommended Practice (SORP) for "Financial Statements of Investment Trust Companies" as issued in January 2003 and revised in December 2005. The principal accounting policies of the Company are set out below. The policies have remained unchanged from the previous year apart from the adoption of FRS 25 'Financial Instruments: Disclosure and Presentation' and FRS 26 'Financial Instruments: Measurement'. Neither of these standards has had an impact upon the financial statements. Fixed Asset Investments The Company invests in financial assets with a view to profiting from their total return through income and capital growth. These investments are managed and their performance is evaluated on a fair value basis in accordance with a documented investment strategy. Accordingly as permitted by FRS 26, the investments and loan notes are designated as fair value through the profit and loss ("FVTPL"). Unlisted investments are fair valued by the Directors in accordance with the International Private Equity and Venture Capital Valuation Guidelines. The Directors' policy in valuing unlisted investments is as follows: a) investments which have been made within the last twelve months are valued at cost, except where a company's under performance against plan indicates a diminution in the value of the investment. b) where a company is in the early stage of development, it will normally continue to be held at cost on the basis described above or at a value indicated by a material arms length transaction by a third party in the securities. c) where a company is well established and profitable the shares may be valued by applying a suitable price earnings ratio to the company's historic post tax earnings. The ratio used is based on a comparable listed company or sector. Where securities are designated upon initial recognition as at fair value through the profit and loss account, gains and losses arising from changes in fair value are included in net profit or loss for the period as a capital item. The profit or loss on disposal is calculated net of transaction costs of disposal. Current Asset Investments Current asset investments comprise money market funds and are shown at cost. Income Investment income includes interest earned on bank balances and money market securities and includes income tax withheld at source. Dividend income is shown net of any related tax credit. Dividends receivable are brought into account on the ex-dividend date. Fixed returns on debt and money market securities are recognised on a time apportionment basis so as to reflect the effective yield, provided there is no reasonable doubt that payment will be received in due course. Expenses All expenses are accounted for on the accruals basis. Expenses are charged to revenue with the exception of the investment management fee, which has been charged 25% to the revenue account and 75% to the capital account to reflect, in the Directors' opinion, the expected long term split of returns in the form of income and capital gains respectively form the investment portfolio. Taxation Corporation tax payable is applied to profits chargeable to corporation tax, if any, at the current rate. The tax effect of different items of income/gain and expenditure/loss is allocated between capital and revenue on the same basis as the particular item to which it relates, using the Company's effective rate of tax for the accounting period. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less tax, with the exception that deferred tax assets are recognised only to the extent that the Directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing can be deducted. Cash and liquid resources Cash, for the purposes of the cash flow statement, comprises cash in hand and money market funds repayable on demand, less overdrafts payable on demand. Liquid resources are current asset investments which are disposable without curtailing or disrupting the business and are either readily convertible into known amounts of cash at or close to their carrying values or traded in an active market. Liquid resources comprise term deposits of less than one year (other than cash), government securities and investments in money market funds. Financial instruments The Company's principal financial assets are its investments and the policies in relation to those assets are set out above. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. 2 Profit per share Ordinary Share The profit per share is based on a profit from ordinary activities after tax of #44,826 and on 3,324,964 shares, being the weighted average number of shares in issue during the year. 'C' Share The profit per share is based on a profit from ordinary activities after tax of #315,725 and on 28,183,871 shares, being the weighted average number of shares in issue during the period. There are no potentially dilutive capital instruments in issue and, therefore, no diluted return per share figures are relevant. 3 Fixed asset investments Year ended 31 March 2007 Sixteen months ended 31 March 2006 Ordinary 'C' Total Ordinary 'C' Shares Total Shares Shares Shares #'000 #'000 #'000 #'000 #'000 #'000 Purchases at cost 797 6,987 7,784 - - - Valuation at 31 March 2007 797 6,987 7,784 - - - Cost at 31 March 2007 797 6,987 7,784 - - - All investments relate to investments in unquoted companies and comprise equity investments of #2,431,000 and debt of #5,353,000. Further details of these investments are provided in the Investment Manager's review. 4 Current asset investments Current asset investments comprised investments in the following money market funds all of which are shown at cost:- 31 March 2007 31 March 2006 Ordinary 'C' Total Ordinary 'C' Shares Total Shares Shares Shares #'000 #'000 #'000 #'000 #'000 #'000 BGI Sterling Liquidity Fund 317 2,721 3,038 120 1,380 1,500 GS Sterling Liquid Fund 318 2,721 3,039 247 2,853 3,100 HSBC Sterling Liquidity Fund 317 2,721 3,038 247 2,853 3,100 Insight Liquidity Fund 317 2,721 3,038 247 2,853 3,100 Merrill Lynch Instant Fund 318 2,721 3,039 247 2,853 3,100 RBOS Global Treasury Fund 318 2,720 3,038 247 2,853 3,100 Total 1,905 16,325 18,230 1,355 15,645 17,000 5 Reserves 31 March 2007 31 March 2006 Share Capital Revenue Share Capital Revenue Premium Reserve Reserve Reserve Premium Reserve #'000 #'000 #'000 #'000 #'000 #'000 Ordinary Shares: Premium on allotment 3,292 during the period - - - - - Share issue costs - - - (158) - - Issue of shares - - - 3,134 - - - Profit/(loss) for the - (53) 98 - (34) period Balance brought forward 3,134 - (34) - - - Balance carried forward 3,134 (53) 64 3,134 - (34) 'C' Shares: Premium on allotment 10,115 during the period 16,921 - - - - Share issue costs (847) - - (524) - - Issue of shares 16,074 - - 9,591 - Profit/(loss) for the - (373) 689 - (11) period 16,074 (360) 665 9,591 (11) Balance brought forward 9,591 - (11) - - Balance carried forward 25,665 (373) 678 9,591 (11) Total: Premium on allotment during the period 16,921 - - 13,407 - - Share issue costs (847) - - (682) - - Issue of shares 16,074 - - 12,725 - - Profit/(loss) for the - (426) 787 - - (45) period 16,074 (426) 787 12,725 - (45) Balance brought forward 12,725 - (45) - - - Balance carried forward 28,799 (426) 742 12,725 - (45) All balances on capital reserve represent realised losses. 6 Net asset value per share 31 March 2007 31 March 2006 Ordinary 'C' Total Ordinary 'C' Shares Total Shares Shares Shares The calculation of net asset value per share is based on net assets of #3,177,583 #27,395,027 #30,572,610 #3,132,757 #10,114,680 #13,247,437 and divided by the shares in issue 3,324,964 28,501,776 31,826,740 3,324,962 10,689,837 14,014,799 Net asset value 95.57p 96.12p 96.06p 94.22p 94.62p 94.52p per share 7 Dividend The directors are proposing a final dividend of 2.3p per share for the year ended 31 March 2007. 8 Related party transactions Mr Michael Sherry, Chairman of the Company, is an equity Member of Triple Point LLP ("TPLLP"). TPLLP in turn owns TPIMLLP and TPIML. During the year, TPLLP provided administrative services to the Company amounting to #53,770 (2006 - #17,000) TPIML provided investment management services to the Company amounting to #305,078 (2006 - #115,000) and TPIMLLP, in succession to TPILLP and TPIML (now Triple Point Investment Services Ltd) provided bundled investment management and administration services to the Company amounting to #356,063. There are agreements under which TPLLP underwrote the issue costs of both the original and 'C' share allotments issue in excess of 4.75% of the value of the applications in consideration of a payment to TPLLP to the extent that the other issue costs were less than 4.75% of the aggregate value of accepted agreements. 9 Post balance sheet events Following a resolution of the directors to merge the ordinary and C share classes, on 27 April 2007 special resolutions were passed at company and class meetings which mean that the merger was effective from the company's year ended 31 March 2007. As a result of the merger the 28,501,776 C shares in issue at the year end were converted into 28,665,518 new ordinary shares and 113,843,362 deferred shares and under the terms of the articles the deferred shares were immediately repurchased for 1p for every 1 million deferred shares. As a result there are now 31,990,482 ordinary shares in issue, made up as follows: Existing ordinary shares 3,324,964 New ordinary shares issued on conversion of C shares 28,665,518 Ordinary shares in issue following conversion 31,990,482 On 23 July 2007 the Directors proposed a dividend of 2.3p per share in respect of the year ended 31 March 2007, totalling #742,000, which will be paid to shareholders following the Annual General Meeting to be held on 3 September 2007. 10 Accounts The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985 ('the Act'). The balance sheet as at 31 March 2007, profit and loss account, cash flow statement and Note 1 for the year then ended have been extracted from the Company's 2007 statutory financial statements upon which the auditors' opinion is unqualified and does not include any statement under section 237 of the Act. The Annual Report & Accounts for the year ended 31 March 2007 will be filed at the Registrar of Companies and will be posted to shareholders shortly. 11 Announcement A copy of this announcement will be available at the offices of the Company for 14 days from the date of this announcement. The preliminary announcement is not being posted to shareholders. This information is provided by RNS The company news service from the London Stock Exchange END FR EASXSASFXEFE
1 Year Travelusacc Chart |
1 Month Travelusacc Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions