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Citi Fun 32 | LSE:TP10 | London | Medium Term Loan |
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TIDMTP10
RNS Number : 2947C
TP10 VCT Plc
14 October 2015
TP10 VCT plc
Interim Results
The directors of TP10 VCT plc are pleased to announce its Interim results for the six months to 31 August 2015.
For further information please contact Triple Point Investment Management LLP on 020 7201 8989. The Interim report will be available in full at www.triplepoint.co.uk
Financial Summary
Unaudited Audited Unaudited 6 months ended Year ended 6 months ended 28 February 31 August 2015 2015 31 August 2014 GBP'000 GBP'000 GBP'000 Net assets 13,447 27,933 25,366 Profit before tax 72 3,212 136 ----------------- ------------- ----------------- Movement in net asset value per share (p) Opening net asset value per share 92.72p 87.05p 87.05p Dividends per share paid during the period (48.32p) (5.00p) (3.31p) Earnings per share 0.23p 10.67p 0.46p Closing net asset value per share 44.63p 92.72p 84.20p ----------------- ------------- ----------------- Cumulative return to shareholders (p) Net asset value per share 44.63p 92.72p 84.20p Total dividends paid 61.63p 13.31p 11.62p Net asset value plus dividends paid 106.26p 106.03p 95.82p ----------------- ------------- -----------------
TP10 VCT plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP. The Company was launched in November 2009 and raised GBP28.6 million (net of expenses) through an offer for subscription which closed on 31 May 2010.
Chairman's Statement
I am writing to you to present the Unaudited Interim Financial Report for TP10 VCT plc ("the Company") for the 6 months ended 31 August 2015.
Investment Portfolio
At the period end, the Company's funds are 86% invested in a portfolio of both VCT qualifying and non-qualifying unquoted investments.
During the period the solar PV companies in which the Company invested disposed of a significant part of their portfolios of roof-mounted solar systems. The disposal resulted in an up-lift to the valuation of these investee companies of an aggregate GBP2.9 million, equivalent to 9.77p per share, which was recognised at 28 February 2015. Subsequently the Company has sold all of these investments.
In June, the Company completed the sale of its investment in two Anaerobic Digestion companies for GBP2.6 million resulting in an up-lift to the valuation of GBP335,000, equivalent to 1.11p per share.
As shown on page 6, qualifying holdings accounted for 56% of the overall investment portfolio at 31 August 2015. Qualifying investments that have been disposed of continue to count towards the VCT qualifying status for six months after disposal. Therefore the Company continues to meet the requirement that 70% of the portfolio must be invested in VCT qualifying investments.
Dividend
We are pleased to report that during the period the Company paid two further dividends. A dividend of GBP1.3 million equal to 4.32p per share was paid on 19 June 2015 and a dividend of GBP13.3 million equal to 44.0p per share was paid on 31 July 2015. This takes the total paid by way of dividends to shareholders to 61.63p per share.
Net Asset Value
Following the sales detailed above, investment income has reduced, so that the Company's recurring income is less than the running costs for the period. The uplift on the sale of the Anaerobic Digestion companies has however resulted in a profit for the period of 0.23p per share. At 31 August 2015 the Net Asset Value ("NAV") per share stood at 44.63p per share. Taken together with the cumulative dividends of 61.63p per share paid this gives a NAV per share equivalent to 106.26p per share.
Principal Risks
The Board believes that the principal risks facing the Company are:
-- risk of failure to maintain approval as a qualifying VCT;
-- risk of inability to realise investments in order to return funds to investors after the five year holding period;
-- investment risk associated with the VCT's portfolio of unquoted investments.
The Board believes these risks are manageable and, with the Investment Manager, continues to work to minimise either the likelihood or potential impact of these risks within the scope of the Company's established investment strategy.
Outlook
In June this year, all of the Company's shareholders had held their shares for the five years required in order to secure the upfront income tax relief. In line with the VCT's investment strategy distributions have been made and both your Board and Triple Point are planning to return all remaining funds to shareholders as soon as is practicable.
The Unaudited Interim Financial Report has been prepared on a break up basis to reflect the intention to realise the assets of the Company within the next six months after which the Directors will seek shareholders approval to place the Company into Members' Voluntary Liquidation.
If you have any questions or comments, please do not hesitate to telephone Triple Point Investment Management LLP on 020 7201 8989.
Robin Morrison
Chairman
14 October 2015
Investment Manager's Review
In June 2015, the 13 investee companies which generated renewable electricity from residential solar PV panels were sold and as a result of the sale, the Company realised a total of GBP14.8m. This was the first large scale sale of its kind in the UK VCT sector, and we are pleased to report that this contributed to a significant uplift of 9.77p per share, equivalent to GBP2.9m on the net asset value of the Company.
The two anaerobic digestion companies were also successfully sold in June 2015, which resulted in a realisation of GBP1.6m. This contributed to an uplift of 1.11p per share, equivalent to GBP0.3m.
As shown on page 6, qualifying holdings accounted for 56% of the overall investment portfolio at 31 August 2015. Qualifying investments that have been disposed of continue to count towards the VCT qualifying status for six months after disposal. Therefore the Company continues to meet the requirement that 70% of the portfolio must be invested in VCT qualifying investments.
The remaining portfolio comprises investments in companies active in four sectors, cinema digitisation, hydro project management, renewable energy and SME leasing.
Sector Analysis
The unquoted investment portfolio can be analysed as follows:
Electricity Generation Total Industry Cinema Hydro Project Solar Anaerobic Unquoted Sector Digitisation Management PV Digestion Landfill SME Lending Investments --------------- --------------- ------------- -------------- GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 --------------- --------------- ------------ ------------- -------------- Investments at 28 February 2015 5,649 903 14,858 2,225 721 3,600 27,956 --------------- --------------- ---------- ------------ ---------- ------------- -------------- Investments made during the period - - - - - 143 143 --------------- --------------- ---------- ------------ ---------- ------------- -------------- Investments disposed of during the period - - (13,462) (2,571) - - (16,033) --------------- --------------- ---------- ------------- -------------- Investment revaluations during the period - - (1,396) 346 (96) - (1,146) --------------- --------------- ---------- ------------ ------------- -------------- Investments at 31 August 2015 5,649 903 - - 625 3,743 10,920 --------------- --------------- -------------- Investments % 51.73% 8.27% 0.00% 0.00% 5.72% 34.28% 100.00% --------------- --------------- ------------ ---------- --------------
Remaining Investments
Cinema Digitisation
Over the six month period, TP10's portfolio of cinema digitisation businesses continued to perform as intended, with the companies benefitting from regular and reliable revenues from their operations in the UK, Germany, Italy and Ireland. It is expected that this portfolio will be realised by the end of the year.
Hydro Project Management
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Highland Hydro Services Limited ("HHS") manages the planning and environmental impact studies for a portfolio of new small scale run-of-river hydroelectric schemes in the Scottish Highlands. All nine of the initial applications went according to plan and received planning consent. HHS has successfully sold the rights to the first six schemes and is expecting to conclude the final sales this calendar year.
Landfill Gas
Craigahulliar Energy Ltd (CEL) and Aeris Power Ltd (APL) each generates renewable electricity from landfill gas at sites operated respectively by local councils and a large waste management company in Northern Ireland. Both businesses continue to generate electricity for export to the Grid, earning long term cash flows through the sale of electricity to a utility company and potentially to the site owners, and through the sale of the Renewables Obligation Certificates. CEL is generating in line with expectations while APL's generation is running slightly lower than expected due to lower than expected gas extraction. Management have taken actions to address this and while the company continues to be comfortably able to meet the VCT's interest payments, we have deemed it is prudent to reflect slightly lower cash flow projections in the recent valuation.
SME Lending
The Company has a GBP3.7 million investment in Broadpoint Limited, a finance company which provides short and medium term funding to a range of small and medium sized businesses. The Company is able to withdraw its funds from Broadpoint with one months' notice.
Outlook
Following the fifth anniversary of TP10 in June 2015, the realisation of the Company's remaining investments is now at an advanced stage. We are working to realise the remaining balance of the portfolio and we expect the Company to pay further dividends and enter into a Members' Voluntary Liquidation in the coming months. This process is designed to deliver an exit for investors as soon as practicable, and we continue to work closely with the Board and all the portfolio companies to meet investors' expectations.
If you have any questions, please do not hesitate to call us on 020 7201 8989.
Claire Ainsworth
Managing Partner
for Triple Point Investment Management LLP
15 October 2015
Investment Portfolio
Unaudited Audited 31 August 2015 28 February 2015 ---------------------------------------- ---------------------------------------- Cost Valuation Cost Valuation GBP'000 % GBP'000 % GBP'000 % GBP'000 % Unquoted investments Qualifying holdings 7,013 55.69 7,141 56.14 20,438 84.68 24,320 86.78 Non-qualifying holdings 3,779 30.01 3,779 29.71 3,636 15.07 3,636 12.97 Financial assets at fair value through profit or loss 10,792 85.70 10,920 85.85 24,074 99.75 27,956 99.75 Cash and cash equivalents 1,802 14.30 1,802 14.15 62 0.25 62 0.25 12,594 100.00 12,722 100.00 24,136 100.00 28,018 100.00 ========= ======== ========= ======== ========= ======== ========= ======== Unquoted Qualifying Holdings Cinema Digitisation Cinematic Services Ltd 1,855 14.73 1,855 14.58 1,855 7.69 1,855 6.62 Digima Ltd 1,620 12.86 1,620 12.73 1,620 6.71 1,620 5.78 Digital Screen Solutions Ltd 1,025 8.14 1,025 8.06 1,025 4.25 1,025 3.66 DLN Digital Ltd 1,000 7.94 1,113 8.75 1,000 4.14 1,113 3.97 Hydro Project Management - - - Highland Hydro Services Ltd 813 6.46 903 7.10 813 3.37 903 3.22 Electricity Generation Solar AH Power Ltd - - - - 800 3.31 1,004 3.58 Arraze Ltd - - - - 1,300 5.39 1,733 6.19 Bandspace Ltd - - - - 1,000 4.14 1,375 4.91 Bridge Power Ltd - - - - 750 3.11 1,002 3.58 Campus Link Ltd - - - - 1,000 4.14 1,293 4.61 Core Generation Ltd - - - - 750 3.11 1,029 3.67 Druman Green Ltd - - - - 750 3.11 1,009 3.60 Fellman Solar Ltd - - - - 750 3.11 1,005 3.59 Flowers Power Ltd - - - - 600 2.49 819 2.92 Haul Power Ltd - - - - 750 3.11 1,035 3.69 Helioflair Ltd - - - - 1,000 4.14 1,270 4.53 Ranmore Environmental Ltd - - - - 1,000 4.14 1,256 4.48 Trym Power Ltd - - - - 750 3.11 1,028 3.67 Anaerobic Digestion GreenTec Energy Ltd - - - - 1,500 6.21 1,500 5.35 Katharos Organic Ltd - - - - 725 3.00 725 2.59 Landfill Aeris Power Ltd 500 3.97 404 3.18 500 2.07 500 1.78 Craigahulliar Energy Ltd 200 1.59 221 1.74 200 0.83 221 0.79 7,013 55.69 7,141 56.14 20,438 84.68 24,320 86.78 ========= ======== ========= ======== ========= ======== ========= ======== GBP'000 % GBP'000 % GBP'000 % GBP'000 % Unquoted Non-Qualifying Holdings Cinema Digitisation Digima Ltd 1 0.01 1 0.01 1 - 1 - Digital Screen Solutions Ltd 35 0.28 35 0.28 35 0.15 35 0.12 SME lending - Broadpoint Ltd 3,743 29.72 3,743 29.42 3,600 14.92 3,600 12.85 3,779 30.01 3,779 29.71 3,636 15.07 3,636 12.97 ========= ======== ========= ======== ========= ======== ========= ========
Directors' Responsibility Statement
The Directors have elected to prepare the Interim Financial Report for the Company in accordance with International Financial Reporting Standards ("IFRS").
In preparing the Interim Financial Report for the 6 month period to 31 August 2015, the Directors confirm that to the best of their knowledge:
a) the Interim Financial Report has been prepared in accordance with International Accounting Standard IAS34, "Interim Financial Reporting" issued by the International Accounting Standards Board;
b) the Interim Financial Report includes a fair review of important events during the period and their effect on the Financial Statements and a description of principal risks and uncertainties for the remainder of the accounting period;
c) the Interim Financial Report gives a true and fair view in accordance with IFRS of the assets, liabilities, financial position and of the results of the Company for the period and complies with IFRS and the Companies Act 2006;
d) the Interim Financial Report includes a fair review of related party transactions and changes therein. There are no related party transactions; and
e) The Directors believe that the Company has sufficient financial resources to manage its business risks in the current uncertain economic outlook.
After the completion of the shareholders' five year holding period in June this year, steps have been taken to realise the Company's investments. In the circumstances this Interim Financial Report has been prepared on a break-up basis taking into account the expected costs of the Company's liquidation.
This Interim Financial Report has not been audited or reviewed by the auditors.
Robin Morrison
Chairman
14 October 2015
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Statement of Comprehensive Income
Unaudited Audited Unaudited 6 months ended Year ended 6 months ended 31 August 2015 28 February 2015 31 August 2014 ------------------------------- ------------------------------- ------------------------------- Note Revenue Capital Total Revenue Capital Total Revenue Capital Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Income Investment income 4 1,735 - 1,735 1,022 - 1,022 523 - 523 Loss arising on the disposal of investments in the period - (1,050) (1,050) - (4) (4) - (4) (4) (Loss)/gain arising on the revaluation of investments at the period end - (96) (96) - 3,004 3,004 - - - Investment return 1,735 (1,146) 589 1,022 3,000 4,022 523 (4) 519 --------- --------- --------- --------- --------- --------- --------- --------- --------- Expenses Investment management fees 5 240 211 451 483 161 644 246 82 328 Financial and regulatory costs 12 - 12 24 - 24 12 - 12 General administration 3 - 3 7 - 7 5 - 5 Legal and professional fees 31 - 31 95 - 95 18 - 18 Directors' remuneration 6 20 - 20 40 - 40 20 - 20 Operating expenses 306 211 517 649 161 810 301 82 383 --------- --------- --------- --------- --------- --------- --------- --------- --------- Profit/loss before taxation 1,429 (1,357) 72 373 2,839 3,212 222 (86) 136 Taxation 7 (12) 12 - (60) 60 - (18) 18 - Profit/loss after taxation 1,417 (1,345) 72 313 2,899 3,212 204 (68) 136 --------- --------- --------- --------- --------- --------- --------- --------- --------- Profit and total comprehensive income/loss for the period 1,417 (1,345) 72 313 2,899 3,212 204 (68) 136 --------- --------- --------- --------- --------- --------- --------- --------- --------- Basic & diluted earnings/(loss) per share 8 4.70p (4.47p) 0.23p 1.05p 9.62p 10.67p 0.69p (0.23p) 0.46p --------- --------- --------- --------- --------- --------- --------- --------- ---------
The total column of this statement is the Statement of Comprehensive Income of the Company prepared in accordance with International Financial Reporting Standards (IFRS). The supplementary revenue return and capital columns have been prepared in accordance with the Association of Investment Companies Statement of Recommended Practice (AIC SORP).
All revenue and capital items in the above statement derive from continuing operations. This Statement of Comprehensive Income includes all recognised gains and losses.
The accompanying notes are an integral part of these statements.
Balance Sheet
Unaudited Audited Unaudited 6 months ended Year ended 6 months ended 28 February 31 August 2015 2015 31 August 2014 ---------------- ------------- ---------------- GBP'000 GBP'000 GBP'000 Non Current Assets Financial assets at fair value through profit or loss 10,920 10,873 25,249 ---------------- ------------- ---------------- Current assets Assets held for sale - 17,083 - Receivables 9 953 165 240 Cash and cash equivalents 1,802 62 58 2,755 17,310 298 ---------------- ------------- ---------------- Total assets 13,675 28,183 25,547 ---------------- ------------- ---------------- Current liabilities Payables and accrued expenses 228 250 181 228 250 181 ---------------- ------------- ---------------- Net Assets 13,447 27,933 25,366 ================ ============= ================ Equity attributable to equity holders of the Company Share capital 10 301 301 301 Special distributable reserve 10,530 24,775 25,284 Share redemption reserve 1 1 1 Capital reserve 1,198 2,543 (424) Revenue reserve 1,417 313 204 Total equity 13,447 27,933 25,366 ================ ============= ================ Net asset value per share (pence) 11 44.63p 92.72p 84.20p ================ ============= ================
The accompanying notes are an integral part of this statement.
Statement of Changes in Shareholders' Equity
Special Share Issued Distributable Redemption Capital Revenue Capital Reserve Reserve Reserve Reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 6 months ended 31 August 2015 Opening balance 301 24,775 1 2,543 313 27,933 --------- --------------- ------------ --------- --------- ---------- Dividends paid - (14,245) - - (313) (14,558) ---------- Transactions with owners - (14,245) - - (313) (14,558) --------- --------------- ------------ --------- --------- ---------- (Loss)/profit after tax - - - (1,345) 1,417 72 Total comprehensive (loss)/income for the period - - - (1,345) 1,417 72 --------- --------------- ------------ --------- --------- ---------- Balance at 31 August 2015 301 10,530 1 1,198 1,417 13,447 ========= =============== ============ ========= ========= ========== Capital reserve consists of: Investment holding gains 128 Other realised gains 1,070 1,198 ========= Year ended 28 February 2015 Opening balance 301 25,973 1 (356) 308 26,227 --------- --------------- ------------ --------- --------- ---------- Purchase of own shares - - - - - - Dividends paid - (1,198) - - (308) (1,506) ---------- Transactions with owners - (1,198) - - (308) (1,506)
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--------- --------------- ------------ --------- --------- ---------- Profit after tax - - - 2,899 313 3,212 Total comprehensive income for the year - - - 2,899 313 3,212 --------- --------------- ------------ --------- --------- ---------- Balance at 28 February 2015 301 24,775 1 2,543 313 27,933 ========= =============== ============ ========= ========= ========== Capital reserve consists of: Investment holding gains 3,882 Other realised losses (1,339) 2,543 ========= 6 months ended 31 August 2014 Opening balance 301 25,973 1 (356) 308 26,227 --------- --------------- ------------ --------- --------- ---------- Purchase of own shares - - - - - - Dividends paid - (689) - - (308) (997) Transactions with owners - (689) - - (308) (997) --------- --------------- ------------ --------- --------- ---------- (Loss)/profit after tax - - - (68) 204 136 Total comprehensive (loss)/income for the period - - - (68) 204 136 --------- --------------- ------------ --------- --------- ---------- Balance at 31 August 2014 301 25,284 1 (424) 204 25,366 ========= =============== ============ ========= ========= ========== Capital reserve consists of: Investment holding gains 878 Other realised losses (1,302) (424) =========
The capital reserve represents the proportion of Investment Management fees charged against capital and realised/unrealised gains or losses on the disposal/revaluation of investments. The capital reserve is not distributable. The special distributable reserve was created on court cancellation of the share premium account. The revenue and special distributable reserves are distributable by way of dividend.
The accompanying notes are an integral part of this statement.
Statement of Cash Flows
Unaudited Audited Unaudited 6 months ended Year ended 6 months ended 31 August 28 February 31 August 2015 2015 2014 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Profit before taxation 72 3,212 136 Loss arising on the disposal of investments during the period 1,050 4 4 Loss/(gain) arising on the revaluation of investments at the period end 96 (3,004) - Cash generated by operations 1,218 212 140 (Increase)/decrease in receivables (788) 187 112 (Decrease) in payables and accruals (22) (7) (76) Net cash flow from operating activities 408 392 176 ----------- ------------- ---------------- Cash flow from investing activities Purchase of financial assets at fair value through profit or loss (143) (296) (143) Sales of financial assets at fair value through profit and loss 16,033 1,411 961 Net cash flows from investing activities 15,890 1,115 818 ----------- ------------- ---------------- Cash flows from financing activities Dividends paid (14,558) (1,506) (997) Net cash flows from financing activities (14,558) (1,506) (997) ----------- ------------- ---------------- Net increase/(decrease) in cash and cash equivalents 1,740 1 (3) =========== ============= ================ Reconciliation of net cash flow to movements in cash and cash equivalents Cash and cash equivalents at 28 February 2015 62 61 61 Net increase/(decrease) in cash and cash equivalents 1,740 1 (3) Cash and cash equivalents at 31 August 2015 1,802 62 58 =========== ============= ================
The accompanying notes are an integral part of this statement.
Notes to the Unaudited Interim Financial Report
1. Corporate information
The Unaudited Interim Financial Report of the Company for the six months ended 31 August 2015 was authorised for issue in accordance with a resolution of the Directors on 14 October 2015.
The Company applied for listing on the London Stock Exchange on 29 January 2010.
TP10 VCT plc is incorporated and domiciled in Great Britain. The address of TP10 VCT plc's registered office, which is also its principal place of business, is 18 St. Swithin's Lane, London EC4N 8AD.
TP10 VCT plc's Unaudited Interim Financial Report is presented in Pounds Sterling (GBP) which is also the functional currency of the Company, rounded to the nearest thousand.
The financial information set out in this report does not constitute statutory accounts as defined in S434 of the Companies Act 2006.
The principal activity of the Company is investment. The Company's investment strategy is to offer combined exposure to cash or cash based funds and venture capital investments focused on companies with contractual revenues from financially secure counterparties.
2. Basis of preparation and accounting policies
Basis of preparation
In preparation for the completion of shareholders five year holding period, steps have been taken to realise the Company's investments. The Board's intention will be to propose resolutions to place the Company into Members Voluntary Liquidation after completion of the realisation of unquoted investments which will require shareholders approval. Thereafter all funds will be returned to shareholders by way of capital distribution by the liquidators. In the circumstances these Financial Statements have been prepared on a break up basis taking into account the expected costs of the Company's liquidation.
The Unaudited Interim Financial Report of the Company for the 6 months ended 31 August 2015 has been prepared in accordance with IAS 34: 'Interim Financial Reporting'. It does not include all of the information required for full Financial Statements and should be read in conjunction with the Financial Statements for the year ended 28 February 2015.
Estimates
The preparation of the Unaudited Interim Financial Report requires management to make judgements, estimates and assumptions that reflect the application of accounting policies and the reported amounts of assets and liabilities, income and expenditure. However, actual results may differ from these estimates.
3. Segmental reporting
The Company only has one class of business, being investment activity. All revenues and assets are generated and held in the UK.
4. Investment income Unaudited Audited Unaudited 6 months ended Year ended 6 months ended 31 August 2015 28 February 2015 31 August 2014 ------------------------------- ------------------------------- ------------------------------- 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 Dividends received 1,369 - 1,369 - - - - - - Loan stock interest 366 - 366 1,022 - 1,022 523 - 523
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