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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 |
TIDMTPV2
RNS Number : 0324S
TP70 2008 (ii) VCT PLC
14 November 2011
TP70 2088 (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 2011.
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
For the 6 months ended 30 September 2011
Unaudited Audited Unaudited 6 months ended Year ended 6 months ended 30 September 30 September 2011 31 March 2011 2010 GBP'000 GBP'000 GBP'000 Net assets 18,362 19,193 18,936 Net asset value per share 80.33p 83.96p 82.69 --------------------- ------------------ -------------- ---------------- Net loss before tax (464) (287) (586) Loss per share (2.09p) (1.32p) (2.58p) --------------------- ------------------ -------------- ----------------
TP70 2008 (II) VCT plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP ("TPIM"). The Company was launched in November 2007 and raised GBP23 million through an offer for subscription. Initially 70% of the Company's net assets were to be invested in cash and liquid assets prior to investment in VCT qualifying holdings. The remaining 30% of net assets were to be exposed directly or indirectly to a leveraged version of GAM Diversity, a fund of hedge funds. The Company's policy is to hold qualifying investments in businesses with predictable revenue streams from financially sound customers and aim to generate an attractive income stream and modest growth for shareholders.
Chairman's Statement
For the 6 months ended 30 September 2011
I am writing to present the Unaudited Interim Financial Report for TP70 2008 (II) VCT plc ("the Company") for the. 6 months ended 30 September 2011.
Investment Strategy
The Company's strategy offers combined exposure to a leveraged version of GAM Diversity and to VCT qualifying venture capital investments with contractual revenues from financially secure counterparties.
Results
At 30 September 2011 the Company has in place a diversified portfolio of VCT qualifying investments, representing 78% of the value of its investments. Further details of the portfolio are given in the Investment Manager's Review on page 3.
The Company's exposure to GAM Diversity 2.5XL now stands at 21% of net assets, which with leverage
represents 53% of net assets.
During the period GAM Diversity 2.5XL contributed a loss of GBP535,000 to the Company which overall made a loss before taxation of GBP464,000. The performance of GAM is detailed further in the Investment Manager's Review on page 3. At the year end the Company's Net Asset Value per share stood at 80.33p and the loss per share for the six month period was 2.09p.
Dividend
A third dividend of GBP352,000 was paid to shareholders on 29 July 2011 equal to 1.54 p per share.
Board Composition
The Board regularly reviews the independence of its members and as a result a decision was taken that Peter Hargreaves, who has an interest in TPIM, should be replaced by a Director who is independent of TPIM. Therefore Peter resigned as a Director and Baroness Valentine was appointed on 2 June 2011.
Risks
The Board believes that the principal risks facing the Company are:
-- investment risk associated with exposure to GAM Diversity 2.5XL -- investment risk associated with undertaking VCT qualifying investments -- failure to maintain approval as a VCT -- counterparty risk relating to the Bank Julius Baer note
The first and fourth risks are a consequence of the Company's investment strategy to which the Company committed in its Prospectus. The Board and the Investment Manager continue to work to minimise either the likelihood or potential impact of the second and third risks which also follow from the Company's investment strategy.
Outlook
With the VCT qualifying investment portfolio in place the Company's principal focus will be on monitoring and managing the performance of these investments, as well as maintaining the required level of qualifying investments taking realisations and loan repayments into account.
If you have any queries or comments, please do not hesitate to telephone Triple Point Investment Management LLP on 020 7201 8989.
Chad Murrin
Chairman
10 November 2011
Investment Manager's Review
For the 6 months ended 30 September 2011
TP70 2008 (II) VCT plc'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 fund of hedge funds, Diversity, via GAM Diversity GBP 2.5XL.
VCT Qualifying Investment Portfolio
As at 30 September 2011, the Company had GBP14.6 million deployed in VCT qualifying investments. Under the VCT qualification rules the Company is continuing to exceed the 70% target. These investments are spread across a range of companies and sectors, with a focus on businesses that derive predictable revenue streams from a financially sound customer base. All of these investments are HMRC approved for VCT qualifying purposes.
The Company has investments in five companies active in the renewable energy sector. Three of these companies, including a new investment, Trinity Hall Biogas Limited, are developing opportunities in anaerobic digestion. Their customers will be either electricity utility companies via a National Grid connection, or a business located close to the generators. Energy generation from biomass is also underpinned by the Feed-in Tariff or Renewables Obligation Certificate regime.
The other two companies are pursuing opportunities in electricity generation from solar photo voltaic panels ("PV") for private and social housing. The panels will be placed on suitable roofs and used to generate electricity for the residents or occupiers, with any surplus electricity exported to the National Grid. The generation of electricity from solar PV falls within the Government's Feed-in Tariff regime and the companies will benefit from this framework. Feed-in Tariffs are linked to inflation and rates for solar PV arrays installed before 2012 have been set for 25 periods, which will provide the companies with a long term, predictable cash flow. The recently announced proposed changes to the Feed-in Tariff regime are not expected to have an adverse effect on the Company's qualifying investments.
The Company has invested in five companies which specialise in the deployment of digital projection technology and they continue to expand their operations in the UK and Continental Europe.
The Company's other investments are companies active in satellite trading (providing for two-way broadband communications and digital channels access to remote, rural regions across the UK and Europe), supplying medical gas services for the NHS, crematorium management for a local authority, providing telecommunications services to a public sector body, and delivering telecoms services to the corporate sector. Receipt of cash from the contracts for the supply of medical gas, crematorium management and telecoms services have meant that the investee companies involved in those businesses have made partial loan repayments to the Company.
The following commentary is based on information provided by GAM.
GAM Review
Over the six months to 30 September 2011, GAM Diversity 2.5 XL lost 12.33%. Over the same period the FTSE All Share lost 11.85% and the MSCI World Index lost 13.52%.
GAM report that the second quarter of 2011 proved to be another eventful period for equities. Although equity markets were relatively unchanged for the quarter, there was significant volatility throughout the period.
The third quarter was characterised as a stressed extension of the uncertain environment of the first half of 2011. The appetite for risk, which began to deteriorate at the end of July, continued through August and September. Risk aversion occurred against an almost unchanged economic backdrop: the latest data has demonstrated continuing low nominal GDP growth in both the US and Europe, with inflationary pressures in emerging markets and yet unresolved debt issues in Europe. What did change, however, was the markets' expectations, which turned more bearish after July. The continued lack of a coordinated policy response towards the euro zone debt crisis meant that the issues began to impact on core markets, such as Italy. This, and the recognition that China would accept a lower rate of growth in return for greater control of inflation, triggered a move by investors towards perceived safe havens. In broad market terms, this translated into an S&P 500 index decline of 13.9% and a MSCI World index fall of 16.5% for the quarter. The underlying managers in GAM's allocation to trading strategies posted positive absolute returns via exposure to government bonds and select emerging market assets. GAM's relative value managers also protected capital over the period, but GAM report that they were disappointed by the level of correlation that their equity hedge managers demonstrated to the general equity market sell-off.
GAM Outlook
It is GAM's view that the current political backdrop is unlikely to disappear anytime soon, with markets over the medium term moving consistently with fundamentals, but with sizeable interim reversals. Ultimately, GAM expect greater resolution on the issues in Europe and the US, which will provide opportunities for managers to generate more significant returns in multiple markets, whether they be bullish or bearish on any particular asset class and market. While there is the possibility that the environment may normalise, GAM believe it is prudent for managers to find ways to enhance their positioning rather than simply wait for resolution, which could take quarters or years, rather than weeks.
GAM expect the focus to shift incrementally towards these approaches. However, it is clear that volatility and correlation will remain elevated and this will continue to present challenges for all hedge fund managers, requiring them to manage this increased risk appropriately.
Should the current uncertainty eventually stabilise and translate into more sustained market movements, GAM expect the opportunity set to increase.
Outlook
Some additional investment in VCT qualifying companies may be necessary to replace realisations and loan repayments, but with the VCT qualifying investment portfolio in place our intention for the remainder of the Company's life is to focus primarily on monitoring and managing the performance of these investments and monitoring the Company's exposure to GAM Diversity.
Claire Ainsworth
Managing Partner
for Triple Point Investment Management LLP
10 November 2011
Directors' Responsibility Statement
For the 6 months ended 30 September 2011
The Directors have prepared 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 30 September 2011, 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. Other than detailed in note 14 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.
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 Financial Report has not been audited or reviewed by the auditors.
Chad Murrin
Chairman
10 November 2011
Unaudited Statement of Comprehensive Income
For the 6 months ended 30 September 2011
Unaudited Audited Unaudited 6 months ended Year ended 6 months ended 30 September 2011 31 March 2011 30 September 2010 ---------------------------- ---------------------------- ---------------------------- 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 income 5 286 - 286 553 - 553 251 - 251 Realised loss on investments - - - - (5) (5) - - - Unrealised loss on investments - (270) (270) - (198) (198) - (308) (308) Unrealised loss on derivative transaction - (265) (265) - (186) (186) - (303) (303) Investment return 286 (535) (249) 553 (389) 164 251 (611) (360) -------- -------- -------- -------- -------- -------- -------- -------- -------- Investment management fees 42 125 167 84 252 336 42 127 169 Financial and regulatory costs 13 - 13 23 - 23 12 - 12 General administration - - - 17 - 17 7 - 7 Legal and professional fees 15 - 15 34 - 34 18 - 18 Directors' remuneration 7 20 - 20 41 - 41 20 - 20 Operating expenses 90 125 215 199 252 451 99 127 226 -------- -------- -------- -------- -------- -------- -------- -------- -------- Profit / (loss) before taxation 196 (660) (464) 354 (641) (287) 152 (738) (586) Taxation 8 (41) 26 (15) (68) 53 (15) (32) 27 (5) Profit/(loss) after taxation 155 (634) (479) 286 (588) (302) 120 (711) (591) -------- -------- -------- -------- -------- -------- -------- -------- -------- Total comprehensive income/(loss) 155 (634) (479) 286 (588) (302) 120 (711) (591) -------- -------- -------- -------- -------- -------- -------- -------- -------- Basic and diluted earnings/(loss) per share 9 0.68p (2.77p) (2.09p) 1.25p (2.57p) (1.32p) 0.53p (3.11p) (2.58p) -------- -------- -------- -------- -------- -------- -------- -------- --------
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 under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations.
This Statement of Comprehensive Income includes all recognised gains and losses.
The accompanying notes are an integral part of this statement.
Unaudited Balance Sheet
At 30 September 2011
Unaudited Audited Unaudited 30 September 31 March 30 September Note 2011 2011 2010 GBP'000 GBP'000 GBP'000 Non current assets Financial assets at fair value through the income statement 18,360 19,096 18,871 ------------- --------- ------------- Current assets Receivables 266 46 43 Cash and cash equivalents 10 195 125 118 461 171 161 ------------- --------- ------------- Total assets 18,821 19,267 19,032 ------------- --------- ------------- Current liabilities Payables and accrued expenses 423 53 63 Current taxation payable 36 21 33 459 74 96 ------------- --------- ------------- Net assets 18,362 19,193 18,936 ============= ========= ============= Equity attributable to equity holders Share capital 11 229 229 229 Capital redemption reserve 2 2 2 Special distributable reserve 21,576 21,576 21,608 Capital reserve (3,535) (2,901) (3,024) Revenue reserve 90 287 121 Total equity 18,362 19,193 18,936 ------------- --------- ------------- Net asset value per share (pence) 12 80.33p 83.96p 82.69p ============= ========= =============
The accompanying notes are an integral part of this statement.
Uanaudited Statement of Changes in Shareholders' Equity
For the 6 months ended 30 September 2011
Special Issued Share Redemption Distributable Capital Revenue Capital Reserve Reserve Reserve Reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 6 months ended 30 September 2011 Opening balance 229 2 21,576 (2,901) 287 19,193 --------- ----------------- --------------- --------- --------- -------- Dividend paid - - - - (352) (352) Transactions with owners - - - - (352) (352) --------- ----------------- --------------- --------- --------- -------- (Loss) / profit for the period - - - (634) 155 (479) Total comprehensive (loss) / income for the period - - - (634) 155 (479) --------- ----------------- --------------- --------- --------- -------- Balance at 30 September 2011 229 2 21,576 (3,535) 90 18,362 ========= ================= =============== ========= ========= ======== Capital reserve consists of: Unrealised losses on investments (2,802) Other realised losses (733) (3,535) ========= Year ended 31 March 2011 Opening balance 229 2 21,608 (2,313) 283 19,809 --------- ----------------- --------------- --------- --------- -------- Purchase of own shares - - (32) - - (32) Dividend paid - - - - (282) (282) Transactions with owners - - (32) - (282) (314) --------- ----------------- --------------- --------- --------- -------- (Loss) / profit for the period - - - (588) 286 (302) Total comprehensive (loss)/ income for the period - - - (588) 286 (302) --------- ----------------- --------------- --------- --------- -------- Balance at 31 March 2011 229 2 21,576 (2,901) 287 19,193 ========= ================= =============== ========= ========= ======== Capital reserve consists of: Unrealised losses on investments (2,267) Other realised losses (634) (2,901) ========= 6 months ended 30 September 2010 Opening balance 229 2 21,608 (2,313) 283 19,809 --------- ----------------- --------------- --------- --------- -------- Dividend paid - - - - (282) (282) Transactions with owners - - - (282) (282) --------- ----------------- --------------- --------- --------- -------- (Loss)/ profit for the period - - - (711) 120 (591) Total comprehensive (loss) / income for the period - - - (711) 120 (591) --------- ----------------- --------------- --------- --------- -------- Balance at 30 September 2010 229 2 21,608 (3,024) 121 18,936 ========= ================= =============== ========= ========= ======== Capital reserve consists of: Unrealised losses on investments (2,494) Other realised losses (530) (3,024) =========
The accompanying notes are an integral part of this statement.
Unaudited Statement of Cash Flows
For the 6 months ended 30 September 2011
Unaudited Audited Unaudited 6 months ended Year ended 6 months ended 30 September 31 March 30 September 2011 2011 2010 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Loss before taxation (464) (287) (586) Realised loss on investments - 5 - Unrealised loss on investments 535 384 611 Cashflow generated by operations 71 102 25 (Increase)/ decrease in receivables (220) 25 28 Increase/ (decrease) in payables 370 (286) (276) Taxation paid - (22) - Net cash flows from operating activities 221 (181) (223) --------------- ----------- --------------- Cash flow from investing activities Purchase of financial assets at fair value through profit or loss (508) (6,563) (2,670) Proceeds of sale of financial assets at fair value through profit or loss account 709 5,690 1,800 Net cash flows from investing activities 201 (873) (870) --------------- ----------- --------------- Cash flows from financing activities Purchase of own shares - (32) - Dividends paid (352) (282) (282) Net cash flows from financing activities (352) (314) (282) --------------- ----------- --------------- Net Increase/ (decrease) in cash and cash equivalents 70 (1,368) (1,375) =============== =========== =============== Reconciliation of net cash flow to movements in cash and cash equivalents Opening cash and cash equivalents 125 1,493 1,493 Net Increase/ (decrease) in cash and cash equivalents 70 (1,368) (1,375) Closing cash and cash equivalents 195 125 118 =============== =========== ===============
The accompanying notes are an integral part of this statement.
Notes to the Unaudited Interim Financial Report
For the 6 months ended 30 September 2011
1 Corporate Information
The Interim Financial Report of the Company for the 6 months ended 30 September 2011 was authorised for issue in accordance with a resolution of the Directors on 10 November 2011.
The Company applied for listing on the London Stock Exchange on 6 February 2008.
TP70 2008 (II) VCT plc is incorporated and domiciled in Great Britain. The address of TP70 2008 (II) VCT plc's registered office, which is also its principal place of business, is 4-5 Grosvenor Place, London, SW1X 7HJ.
TP70 2008 (II) VCT plc's 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 Interim Financial 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 a leveraged version of GAM Diversity and venture capital investments focused on companies with contractual revenues from financially secure counterparties.
2 Basis of preparation and accounting policies
Basis of preparation
The Interim Financial Report of the Company for the 6 months ended 30 September 2011 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 31 March 2011.
Estimates
The preparation of the Interim Financial Report requires the Board to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenditure. Actual results may differ from these estimates.
3. Seasonality of operations
The Company's operations are not seasonal.
4. Segmental reporting
The Company's segments are defined by the financial information provided to the Board. The Company only has one class of business, being investment activity.
5. Investment Income Unaudited Audited Unaudited 6 months ended Year ended 6 months ended 30 September 30 September 2011 31 March 2010 2010 ---------------------------- ---------------------------- ---------------------------- 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 interest 285 - 285 537 - 537 239 - 239 Income receivable on money market funds 1 - 1 16 - 16 12 - 12 Interest receivable on bank balances - - - - - - - - - Total 286 - 286 553 - 553 251 - 251 -------- -------- -------- -------- -------- -------- -------- -------- -------- 6. Investment management fees
TPIM provides investment management and administration services to the Company under an Investment Management Agreement effective 6 February 2008. The agreement runs until 6 February 2013 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 payable quarterly in arrears. Should such notice be given the Investment Manager would continue to perform its duties under the Investment Management Agreement and to receive its management fee during the notice period.
7. Directors' Remuneration Directors' remuneration Unaudited Audited Unaudited 6 months ended Year ended 6 months ended 30 September 30 September 2011 31 March 2011 2010 ---------------------------- ---------------------------- ---------------------------- 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 Chad Murrin (Chairman) 8 - 8 15 - 15 15 - 15 Michael Stanes 6 - 6 6 - 6 - - - Baroness Valentine 4 - 4 - - - - - - Peter Hargreaves 2 - 2 6 - 6 - - - Sir John Lucas-Tooth - - - 8 - 8 13 - 13 Robert Reid - - - 6 - 6 12 - 12 Total 20 - 20 41 - 41 40 - 40 -------- -------- -------- -------- -------- -------- -------- -------- -------- 8. Taxation Unaudited Audited Unaudited 6 months ended Year ended 6 months ended 30 September 30 September 2011 31 March 2011 2010 ---------------------------- ---------------------------- ---------------------------- 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 Profit / (loss) on ordinary activities before tax 196 (660) (464) 354 (641) (287) 152 (738) (586) Capital losses not taxable - 535 535 - 389 389 - 611 611 196 (125) 71 354 (252) 102 152 (127) 25 -------- -------- -------- -------- -------- -------- -------- -------- -------- UK corporation tax at an effective rate of 21% (21%) 41 (26) 15 74 (53) 21 32 (27) 5 Adjustment re prior year - - - (6) - (6) - - - Total charged in statement of comprehensive income 41 (26) 15 68 (53) 15 32 (27) 5 -------- -------- -------- -------- -------- -------- -------- -------- --------
Capital gains and losses are exempt from corporation tax due to the Company's status as a Venture Capital Trust.
9. Loss per share
The loss per share is based on a loss from ordinary activities after tax of GBP479,000 and on the weighted average number of shares in issue during the period of 22,858,626.
10. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc.
11. Share Capital Unaudited Audited Unaudited 30 September 31 March 2011 2011 30 September 2010 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 22,858,626 22,858,626 22,898,626 Par Value GBP'000 229 229 229 12. Net asset value per share
The calculation of net asset value per share is based on net assets of GBP18,362,000 divided by the 22,858,626 shares in issue.
13. Commitments and contingencies
The Company has no commitments or contingent liabilities.
14. Related party transactions
Peter Hargreaves, who was a Director of the Company. has an equity interest in Triple Point LLP (TPLLP), which in turn has a controlling interest in TPIM. During the period TPIM provided investment management and administration services to the Company for a fee amounting to GBP167,000.
15. Post balance sheet events
There were no post balance sheet events.
15. Dividends
During the period a dividend of GBP352, 000 was paid equal to 1.54p per share on 22,858,626 shares.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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