Annual Financial Report

 

TIDMTRIP 
 
RNS Number : 2443W 
Triple Point VCT PLC 
24 July 2009 
 
 
 
 
 
 
 
 
 
FOR IMMEDIATE RELEASE 24 July 2009 
 
 
Triple Point VCT plc 
 
 
Audited Results Announcement 
for the year ended 31 March 2009 and Notice of AGM 
 
 
The directors of Triple Point VCT plc are pleased to announce their audited 
results for the year ended 31 March 2009. 
 
 
 
Copies of the full Report and Accounts and the Notice of AGM have been 
dispatched to the Shareholders. 
 
 
 
 
 
 
Financial summary 
For the year ended 31 March 2009 
 
 
+------------------------+---------------+------+---------------+ 
|                        |         2009  |      |         2008  | 
+------------------------+---------------+------+---------------+ 
|                        |      GBP'000  |      |      GBP'000  | 
+------------------------+---------------+------+---------------+ 
|                        |               |      |               | 
+------------------------+---------------+------+---------------+ 
| Net assets             |       25,255  |      |       30,534  | 
+------------------------+---------------+------+---------------+ 
| Net return / (loss)    |       (1,088) |      |          978  | 
| before tax             |               |      |               | 
+------------------------+---------------+------+---------------+ 
| Return / (loss) per    |       (3.71p) |      |        2.18p  | 
| share                  |               |      |               | 
+------------------------+---------------+------+---------------+ 
| Net asset value per    |       88.31p  |      |       95.45p  | 
| share                  |               |      |               | 
+------------------------+---------------+------+---------------+ 
 
 
Triple Point 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 January 2005 and raised over GBP3.3 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 GBP28.5 
million (GBP27.4 million net of expenses) by the closing date of 5 April 2006. 
With effect from 31 March 2007 the "C" class shares were converted into ordinary 
shares. 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 financial statements, 
those for the year ended 31 March 2009. 
 
 
The year has been a momentous one for the Company. HMRC confirmed that the 
Company had satisfied the criteria to secure its VCT status. The courts approved 
cancellation of the Company's share premium account facilitating distributions 
to shareholders. 
 
 
By 6 April 2008, the original ordinary shareholders had held their shares for 
the three years required to secure up front VCT income tax relief. During the 
summer of 2008 the Company made a tender offer to repurchase ordinary shares at 
92p per share which was accepted by 95% of shareholders who had satisfied the 
minimum three year holding period to secure up front VCT income tax relief. 
 
 
By 6 April 2009 all remaining shareholders had held their shares for the three 
years required to secure up front VCT income tax relief and so the Board has 
concentrated on planning realisations in order to return funds to remaining 
shareholders as soon as possible after 6 April 2009, in accordance with the 
Company's prospectuses. 
 
 
Further details of the investment realisation programme are given in the 
investment Manager's review. However, the year end balance sheet records the 
position where realisations where in process with the result that qualifying 
holdings were reduced from GBP22,202,000 at 31 March 2008 to GBP12,504,000 at 31 
March 2009. 
 
 
Realisations continued during April with the result that the Board has been able 
to pay two dividends subsequent to the year end, GBP19,419,000 (67.9p per share) 
on 8 April, 2009 and GBP2,174,000 (7.6p per share) on 13 May 2009. The Board has 
determined that the Company will have a short accounting period to 31 May 2009 
during which it is intended it would continue to have VCT status. 
 
 
In the meantime, the Board are circulating to shareholders proposals that the 
Company be placed in liquidation with the intention that the further funds are 
returned to shareholders by way of capital distribution by the liquidators. 
Assuming that shareholders accept the Board's recommendation that the Company is 
placed in liquidation, no further audited financial statements, half yearly 
reports or quarterly interim management statements will be issued by the 
Company. 
 
 
 
 
 
 
 
 
 
 
Michael Sherry 
 Chairman 
23 July 2009 
 
Investment Manager's review 
 
 
 
 
The year ended 31 March 2009 has been characterised by exceptional volatility. 
Despite this uncertainty and hostile market conditions, I am pleased to announce 
that market conditions have not impeded the Company's ability to achieve its 
objectives and realise assets in order to return funds to shareholders. 
 
 
At the beginning of the year the diverse portfolio of holdings built by the 
Company encompassed investments in seventeen unquoted companies in nine industry 
sectors. These VCT-qualifying investments ranged from the provision of ambulance 
refurbishment services for the NHS to a fully managed telephony service for a 
public sector body. 
 
 
The Company initiated a process of portfolio realisation, exiting its investment 
in fourteen of the seventeen companies, generating proceeds totalling GBP18 
million. The proceeds realised from qualifying holdings came from a variety of 
sources including sales of investments and cash generated from the operation of 
investee companies. This process of portfolio realisation has enabled the 
payment of significant dividend distributions to shareholders since the end of 
the period covered by these financial statements. 
 
 
Should you have any queries, or further questions regarding the above, please 
feel free to contact me. 
 
 
 
 
 
 
David Dick, 
Managing Partner Triple Point Investment Management LLP 
10 July 2009 
 
 
ABOUT TRIPLE POINT INVESTMENT MANAGEMENT LLP 
 
 
Triple Point Investment Management LLP (Triple Point) is a specialist in 
tax-efficient investments. As well as managing several market-leading VCTs, 
Triple Point also offers investors a range of investment products that qualify 
for government sponsored tax reliefs including the Enterprise Investment Scheme 
(EIS) and Business Property Relief (BPR). 
 
 
The Triple Point investment model - focused on capital security, liquidity and 
tax-enhanced returns - has been built around the group's capabilities in 
taxation, structured finance and investment to the benefit of every Triple Point 
product. 
 
 
For more information on Triple Point Investment Management LLP please call 020 
7201 8990. 
 
 
 
Investment Portfolio 
[*** UNPARSEABLE TABLE ***]
 
 
 
Investment Portfolio (continued) 
[*** UNPARSEABLE TABLE ***]
 
 
 
 
 
Directors' responsibility statement 
 
 
The directors are responsible for preparing the annual report and the financial 
statements in accordance with applicable law and regulations. 
 
 
Company law requires the directors to prepare financial statements for each 
financial year. Under that law the directors have elected to prepare the 
financial statements in accordance with UK Accounting Standards (UK GAAP). 
 
 The financial statements are required by law to give a true and fair view 
of the state of affairs of the Company at the end of the financial period and of 
the return of the Company for that period. 
 
 
In preparing these financial statements, the directors are required to: 
  *  select suitable accounting policies and then apply them consistently; 
  *  make judgements and estimates that are reasonable and prudent; 
  *  state whether applicable UK Accounting Standards (UK GAAP) have been followed, 
  subject to any material departures disclosed and explained in the financial 
  statements; and 
  *  prepare the financial statements on the going concern basis unless it is 
  inappropriate to presume that the Company will continue in business. 
 
 
 
The directors confirm that to the best of their knowledge the financial 
statements for the year ended 31 March 2009 comply with the requirements set out 
above and that suitable accounting policies, consistently applied and supported 
by reasonable and prudent judgement, have been used in their preparation. They 
also confirm that the annual report includes a fair review of the business 
together with a description of the principal risks and uncertainties faced by 
the Company. 
 
 
The directors are responsible for keeping proper accounting records that 
disclose with reasonable accuracy at any time the financial position of the 
Company and enable them to ensure that its financial statements comply with the 
Companies Act 1985. They have general responsibility for taking such steps as 
are reasonably open to them to safeguard the assets of the Company and to 
prevent and detect fraud and other irregularities. 
 
 
Under applicable law and regulations, the directors are also responsible for 
preparing a directors' report, directors' remuneration report and corporate 
governance statement that comply with that law and those regulations. 
 
 
In so far as the Directors are aware: 
 
 .  there is no relevant audit information of which the Company's auditor is 
unaware; and 
.   the Directors have taken all steps that they ought to have 
taken to make themselves aware of any relevant audit 
 

       information 
and to establish that the auditor is aware of that information. 
 
 
The Company's financial statements are published on the TPIM LLP website, 
www.triplepoint.co.uk. The maintenance and integrity of this website is the 
responsibility of TPIM and not of the Company. The work carried out by Grant 
Thornton UK LLP as independent auditor of the Company does not involve 
consideration of the maintenance and integrity of website and accordingly they 
accept no responsibility for any changes that have occurred to the financial 
statements since they were initially presented on the website. Visitors to the 
website should be aware that legislation in the United Kingdom governing the 
preparation and dissemination of the financial statements may differ from 
legislation in their jurisdiction. 
 
 
On behalf of the Board 
 
 
 
 
 
 
Michael Sherry 
Director 
10 July 2009 
 
 
 
 
 
Income statement 
for the year ended 31 March 2009 
 
 
+--------------------------+-----+---------+---------+---------+--+---------+---------+---------+ 
|                          |     |            2009             |  |            2008             | 
+--------------------------+-----+-----------------------------+--+-----------------------------+ 
|                          |     |    Rev. |    Cap. |    Tot. |  |    Rev. |    Cap. |    Tot. | 
+--------------------------+-----+---------+---------+---------+--+---------+---------+---------+ 
|                          |     | GBP'000 | GBP'000 | GBP'000 |  | GBP'000 | GBP'000 | GBP'000 | 
+--------------------------+-----+---------+---------+---------+--+---------+---------+---------+ 
|                          |     |         |         |         |  |         |         |         | 
+--------------------------+-----+---------+---------+---------+--+---------+---------+---------+ 
| Investment income        |     |    932  |     -   |    932  |  |  1,814  |     -   |  1,814  | 
+--------------------------+-----+---------+---------+---------+--+---------+---------+---------+ 
| Gains / (losses) on      |     |     -   | (1,217) | (1,217) |  |     -   |     -   |     -   | 
| investments              |     |         |         |         |  |         |         |         | 
+--------------------------+-----+---------+---------+---------+--+---------+---------+---------+ 
| Investment management    |     |   (159) |   (479) |   (638) |  |   (178) |   (534) |   (712) | 
| fees                     |     |         |         |         |  |         |         |         | 
+--------------------------+-----+---------+---------+---------+--+---------+---------+---------+ 
| Other expenses           |     |   (133) |    (32) |   (165) |  |   (124) |     -   |   (124) | 
+--------------------------+-----+---------+---------+---------+--+---------+---------+---------+ 
| Return / (loss) on       |     |    640  | (1,728) | (1,088) |  |  1,512  |   (534) |    978  | 
| ordinary activities      |     |         |         |         |  |         |         |         | 
| before taxation          |     |         |         |         |  |         |         |         | 
+--------------------------+-----+---------+---------+---------+--+---------+---------+---------+ 
| Taxation on return /     |     |   (132) |    105  |    (27) |  |   (434) |    153  |   (281) | 
| loss on ordinary         |     |         |         |         |  |         |         |         | 
| activities               |     |         |         |         |  |         |         |         | 
+--------------------------+-----+---------+---------+---------+--+---------+---------+---------+ 
| Return / (loss) on       |     |    508  | (1,623) | (1,115) |  |  1,078  |   (381) |    697  | 
| ordinary activities      |     |         |         |         |  |         |         |         | 
| after taxation           |     |         |         |         |  |         |         |         | 
+--------------------------+-----+---------+---------+---------+--+---------+---------+---------+ 
| Return / (loss) per      |     |   1.69p | (5.40p) | (3.71p) |  |   3.37p | (1.19p) |   2.18p | 
| share, basic and diluted |     |         |         |         |  |         |         |         | 
+--------------------------+-----+---------+---------+---------+--+---------+---------+---------+ 
 
 
 
 
The total column of this statement is the profit and loss account of this 
Company. The supplementary revenue return and capital return columns have been 
prepared under guidance published by the Association of Investment Companies. 
There are no recognised gains or losses other than those disclosed in the income 
statement. 
All revenue and capital items in the above statement derive from continuing 
operations. 
 
 
 
 
 
 
 
 
 
 
Reconciliation of movements in shareholders' funds 
for the year ended 31 March 2009 
 
 
+--------------------------+-----+-------+-------+---------+--+-------+-------+---------+ 
|                          |     |       |       |    2009 |  |       |       |    2008 | 
+--------------------------+-----+-------+-------+---------+--+-------+-------+---------+ 
|                          |     |       |       | GBP'000 |  |       |       | GBP'000 | 
+--------------------------+-----+-------+-------+---------+--+-------+-------+---------+ 
| Shareholders' funds at 1 April 2008            | 30,534  |  |       |       | 30,573  | 
+------------------------------------------------+---------+--+-------+-------+---------+ 
| Shares bought back by    |     |       |       | (3,163) |  |       |       |     -   | 
| company                  |     |       |       |         |  |       |       |         | 
+--------------------------+-----+-------+-------+---------+--+-------+-------+---------+ 
| Return on ordinary activities after taxation   | (1,115) |  |       |       |    697  | 
+------------------------------------------------+---------+--+-------+-------+---------+ 
| Dividends paid in period                       | (1,001) |  |       |       |   (736) | 
+------------------------------------------------+---------+--+-------+-------+---------+ 
| Shareholders' funds at 31 March 2009           | 25,255  |  |       |       | 30,534  | 
+--------------------------+-----+-------+-------+---------+--+-------+-------+---------+ 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of this statement. 
 
 
 
Balance sheet 
as at 31 March 2009 
 
 
+----------------------------------------+-------+----+---------+--------+---------+ 
|                                        |       |    |    2009 |        |    2008 | 
+----------------------------------------+-------+----+---------+--------+---------+ 
|                                        |       |    | GBP'000 |        | GBP'000 | 
+----------------------------------------+-------+----+---------+--------+---------+ 
|                                        |       |    |         |        |         | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Fixed Assets:                          |       |    |         |        |         | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Investments                            |       |    |     -   |        | 23,232  | 
+----------------------------------------+-------+----+---------+--------+---------+ 
|                                        |       |    |         |        |         | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Current assets:                        |       |    |         |        |         | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Current unlisted investments           |       |    | 12,504  |        |     -   | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Debtors                                |       |    |  1,129  |        |  2,042  | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Current asset investments              |       |    |     -   |        |  2,972  | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Cash at bank                           |       |    | 11,752  |        |  2,966  | 
+----------------------------------------+-------+----+---------+--------+---------+ 
|                                        |       |    | 25,385  |        |  7,980  | 
+----------------------------------------+-------+----+---------+--------+---------+ 
|                                        |       |    |         |        |         | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Creditors: amounts falling due within  |       |    |   (130) |        |   (678) | 
| one year                               |       |    |         |        |         | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Net current assets                     |       |    | 25,255  |        |  7,302  | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Net Assets                             |       |    | 25,255  |        | 30,534  | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Capital and reserves:                  |       |    |         |        |         | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Called up share capital                |       |    |    286  |        |    320  | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Share premium account                  |       |    |     -   |        | 28,799  | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Capital redemption reserve             |       |    |  1,172  |        |  1,138  | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Special distributable reserve          |       |    | 25,636  |        |     -   | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Capital reserve                        |       |    | (2,430) |        |   (807) | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Revenue reserve                        |       |    |    591  |        |  1,084  | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Shareholders' funds                    |       |    | 25,255  |        | 30,534  | 
+----------------------------------------+-------+----+---------+--------+---------+ 
|                                        |       |    |         |        |         | 
+----------------------------------------+-------+----+---------+--------+---------+ 
| Net asset value per share              |       |    |  88.31p |        |  95.45p | 
|                                        |       |    |         |        |         | 
+----------------------------------------+-------+----+---------+--------+---------+ 
 
 
 
 
 
 
The statements were approved by the directors and authorised for issue on 10 
July 2009 and are signed on their behalf by: 
 
 
 
 
 
 
 
 
 
 
 
 
Michael Sherry 
Chairman 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of this statement 
 
 
 
Cash flow statement 
for the year ended 31 March 2009 
 
 
+-------------------------------------------+----+---------+-------+----------+ 
|                                           |    |    2009 |       |     2008 | 
+-------------------------------------------+----+---------+-------+----------+ 
|                                           |    | GBP'000 |       |  GBP'000 | 
+-------------------------------------------+----+---------+-------+----------+ 
| Net cash inflow from operating activities |    |    494  |       |     140  | 
+-------------------------------------------+----+---------+-------+----------+ 
| Taxation:                                 |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
| Corporation tax charge for the period     |    |    (27) |       |    (281) | 
+-------------------------------------------+----+---------+-------+----------+ 
| Financial investment:                     |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
| Purchase of unquoted securities           |    |     -   |       | (15,448) | 
+-------------------------------------------+----+---------+-------+----------+ 
| Realisation of unquoted securities        |    |  9,511  |       |      -   | 
+-------------------------------------------+----+---------+-------+----------+ 
| Disposal of current asset investments     |    |  2,972  |       |  15,257  | 
+-------------------------------------------+----+---------+-------+----------+ 
| Net cash inflow / (outflow) before        |    | 12,483  |       |    (191) | 
| financing                                 |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
| Equity dividends paid                     |    | (1,001) |       |    (736) | 
+-------------------------------------------+----+---------+-------+----------+ 
| Financing:                                |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
| Purchase of own shares                    |    | (3,163) |       |      -   | 
+-------------------------------------------+----+---------+-------+----------+ 
| Net cash (outflow) from financing         |    | (3,163) |       |      -   | 
+-------------------------------------------+----+---------+-------+----------+ 
| Increase / (decrease) in cash             |    |  8,786  |       |  (1,068) | 
+-------------------------------------------+----+---------+-------+----------+ 
|                                           |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
|                                           |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
| Reconciliation of net cash flow to movements in cash and cash    |          | 
| equivalents                                                      |          | 
+------------------------------------------------------------------+----------+ 
| Net increase / (decrease) in cash and     |    |  8,786  |       |  (1,068) | 
| cash equivalents                          |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
| Cash and cash equivalents at 1 April 2008 |    |  2,966  |       |   4,034  | 
+-------------------------------------------+----+---------+-------+----------+ 
| Cash and cash equivalents at 31 March     |    | 11,752  |       |   2,966  | 
| 2009                                      |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
|                                           |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
|                                           |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
|                                           |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
|                                           |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
|                                           |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
|                                           |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
|                                           |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
|                                           |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
|                                           |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
| Reconciliation of loss before taxation to cash flow from operating          | 
| activities                                                                  | 
+-----------------------------------------------------------------------------+ 
|                                           |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
| Return / (loss) on ordinary activities    |    | (1,088) |       |     978  | 
| before tax                                |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
| Adjusted for:                             |    |         |       |          | 
+-------------------------------------------+----+---------+-------+----------+ 
| Decrease / (increase) in debtors          |    |    913  |       |  (1,224) | 
+-------------------------------------------+----+---------+-------+----------+ 
| (Decrease) / increase in creditors        |    |   (548) |       |     386  | 
+-------------------------------------------+----+---------+-------+----------+ 
| Losses on investments                     |    |  1,217  |       |      -   | 
+-------------------------------------------+----+---------+-------+----------+ 
|                                           |    |    494  |       |     140  | 
+-------------------------------------------+----+---------+-------+----------+ 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of this statement 
 
 
 
Notes to the financial statements 
 
 
 
 
1 Basis of preparation and accounting policies 
 
 
A summary of the principal accounting policies, all of which have been 
consistently applied throughout the year and the preceding year, is set out 
below. 
 
 
At the same time as circulating these financial statements the board have 
circulated proposals that the Company be wound up. In the circumstances it is no 
longer appropriate for the financial statements to be prepared on a going 
concern basis. The principal difference this makes is that investments in 
unquoted companies which in the comparatives for 31 March 2008 are shown as 
fixed asset investments at fair value, at 31 March 2009 are included as current 
assets which either were realised in the period after the year end or it is the 
intention of the board will be realised prior to the Company being wound up. 
 
 
Basis of accounting 
The financial statements have been prepared under the historical cost 
convention, except that investments are shown at fair value through profit and 
loss, and in accordance with UK Generally Accepted Accounting Practice (UK GAAP) 
and the Statement of Recommended Practice (SORP) 
"Financial Statements of Investment Trust Companies" as issued in January 2003 
and revised in December 2005. 
 
 
Valuation of Investments 
Purchases and sales of investments are recognised in the financial statements at 
the date of the transaction (trade date). 
 
 
These investments will be managed and their performance evaluated on a fair 
value basis in accordance with a documented investment strategy and information 
about them has to be provided internally on that basis to the Board. Accordingly 
as permitted by FRS 26, the investments will be designated as fair value through 
profit and loss ("FVTPL") on the basis that they qualify as a group of assets 
managed, and whose performance is evaluated, on a fair value basis in accordance 
with a documented investment strategy.The Company's investments are measured at 
subsequent reporting dates at fair value. 
In the case of unquoted investments, fair value is established in accordance 
with industry guidelines by using measurements of value such as price of recent 
transaction, earnings multiple and net assets. In the case of investments quoted 
on a recognised stock exchange, fair value is established by reference to the 
closing bid price on the relevant date or the last traded price, depending upon 
convention of the exchange on which the investment is quoted. 
Gains and losses arising from changes in fair value of investments are 
recognised as part of the capital return within the income statement and 
allocated to the realised or unrealised capital reserve as appropriate. 
 
 
Current Asset Investments 
Current asset investments comprise money market funds and are designated as 
FVTPL.  Gains and losses arising from changes in fair value of investments are 
recognised as part of the capital return within the income statement and 
allocated to the realised or unrealised capital reserve as appropriate. 
 
 
The current asset investments are held for trading, are actively managed and the 
performance is evaluated on a fair value basis in accordance with a documented 
investment strategy. Information about them has to be provided internally on 
that basis to the Board. 
 
 
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 when the Company's right to 
receive payment is established and there is no reasonable doubt that payment 
will be received. 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. 
 
 
Revenue and capital 
The revenue column of the income statement includes all income and revenue 
expenses of the Company. The capital column includes realised and unrealised 
gains and losses on investments. Gains and losses arising from changes in fair 
value are considered to be realised only to the extent that they are readily 
convertible to cash in full at the balance sheet date. 
 
 
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 return on the 
"marginal" basis as recommended in the SORP. 
 
 
Deferred tax is recognised on an undiscounted basis 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. 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. 
 
 
Dividends payable 
Dividends payable are recognised as distributions in the financial statements 
when the Company's liability to make payment has been established. 
 
 
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. 
 
 
 
 
2Loss per share 
The loss per share of 3.71p (2008: return 2.18p) is based on a loss from 
ordinary activities after tax of GBP1,115,000 (2008: return GBP697,000) and on 
the weighted average number of shares in issue during the period of 30,021,184 
(2008: 31,990,482). 
 
 
There are no potentially dilutive capital instruments in issue and, therefore, 
no diluted return per share figures are included in these financial statements. 
 
 
 
 
3    Net asset value per share 
 
 
The calculation of net asset value per share is based on Net Assets of 
GBP25,255,000 (2008: GBP30,534,000) divided by the 28,599,945 (2008: 31,990,482) 
Ordinary Shares in issue. 
 
 
 
 
4Financial instruments and management of risk 
 
 
The Company's financial instruments comprise equity and fixed-interest 
investments, cash balances and liquid resources including debtors and creditors. 
The Company holds financial assets in accordance with its investment policy of 
investing in a portfolio of unquoted companies whilst holding a proportion of 
its assets in cash or near-cash investments in order to provide a reserve of 
liquidity. 
 
 
Unquoted investments were carried at fair value in accordance with current 
venture capital industry guidelines. The fair value of all other financial 
assets and liabilities is represented by their carrying value in the balance 
sheet. 
 
 
In carrying on its investment activities, the Company is exposed to various 
types of risk associated in the financial instruments and markets in which it 
invests. The most significant types of financial risk facing the Company are 
market risk, interest rate risk, credit risk and liquidity risk. The Company's 
approach to managing these risks is set out below together with a description of 
the nature and amount of the financial instruments held at the balance sheet 
date. 
 
 
Market risk 
The Company's strategy for managing investment risk is determined with regard to 
the Company's investment objectives. The management of market risk is part of 
the investment management process and is a central feature of venture capital 
investment. The Company's portfolio is managed in accordance with the policies 
and procedures described in the corporate governance statement, having regard to 
the possible effects of adverse price movements, with the objective of 
maximising overall returns to shareholders. Investments in unquoted companies, 
by their nature, usually involve a higher degree of risk than investments in 
companies quoted on a recognised stock exchange, though the risk can be 
mitigated to a certain extent by diversifying the portfolio across business 
sectors and asset classes. The overall disposition of the Company's assets is 
monitored by the Board on a quarterly basis. 
 
 
Details of the Company's investment portfolio at the balance sheet date, 
including an analysis of investments between debt and equity instruments, is 
given on pages 7-10 of the financial statements. 
 
 
49.2% (31 March 2008: 76.1%) by value of the Company's securities and uninvested 
funds comprise investments in unquoted companies which were held at fair value 
in accordance with venture capital industry guidelines. A 5% overall increase in 
the valuation of the unquoted investments at 31 March 2009 would have increased 
net assets and the total return for the period by GBP625,000 (31 March 2008: 
GBP1,162,000); an equivalent change in the opposite direction would have reduced 
net assets and the total return for the period by the same amount. 
 
 
Interest rate risk 
Some of the Company's financial assets are interest-bearing, of which some are 
at fixed rates and some variable. As a result, the Company is exposed to fair 
value interest rate risk due to fluctuations in the prevailing levels of market 
interest rates. 
 
 
a) Fixed rate investments 
The table below summarises weighted average effective interest rates for the 
Company's fixed rate interest-bearing financial instruments: 
+----------------+-----------+----------+----------+----+-----------+----------+----------+ 
|                |              2009               |    |              2008               | 
+----------------+---------------------------------+----+---------------------------------+ 
|                |           |          | Weighted |    |           |          | Weighted | 
+----------------+-----------+----------+----------+----+-----------+----------+----------+ 
|                |           | Weighted |  average |    |           | Weighted |  average | 
+----------------+-----------+----------+----------+----+-----------+----------+----------+ 
|                |     Total |  average |   period |    |     Total |  average |   period | 
|                |           |          |      for |    |           |          |      for | 
+----------------+-----------+----------+----------+----+-----------+----------+----------+ 
|                |     fixed | interest |    which |    |     fixed | interest |    which | 
|                |      rate |          |     rate |    |      rate |          |     rate | 
+----------------+-----------+----------+----------+----+-----------+----------+----------+ 
|                | portfolio |     rate | is fixed |    | portfolio |     rate | is fixed | 
+----------------+-----------+----------+----------+----+-----------+----------+----------+ 
|                |  GBP'000s |        % |    Years |    |  GBP'000s |        % |    Years | 
+----------------+-----------+----------+----------+----+-----------+----------+----------+ 
| Fixed rate     |    8,512  |   10.65% |    3.16  |    |   15,135  |    8.26% |    4.20  | 
| investments in |           |          |          |    |           |          |          | 
| unquoted       |           |          |          |    |           |          |          | 
| companies      |           |          |          |    |           |          |          | 
+----------------+-----------+----------+----------+----+-----------+----------+----------+ 
 
 
Due to the relatively short period to maturity of the fixed rate investments 
held within the portfolio, it is considered that an increase or decrease of 25 
basis points in interest rates as at the reporting date would not have had a 
significant effect on the Company's net assets or total return for the period. 
 
 
b) Floating rate investments 
The Company's floating rate investments comprise investments in money market 
funds and cash held in interest-bearing deposit accounts. The benchmark rate 
which determines the rate of interest receivable on such investments is the UK 
bank base rate, which was 5.25% at 31 March 2009 (31 March 2007: 5.25%). The 
amounts held in floating rate investments at the balance sheet date were as 
follows: 
 
 
+----------------+---------+---------+---------+----+---------+---------+---------+ 
|                |         |         |    2009 |    |         |         |    2008 | 
+----------------+---------+---------+---------+----+---------+---------+---------+ 
|                |         |         | GBP'000 |    |         |         | GBP'000 | 
+----------------+---------+---------+---------+----+---------+---------+---------+ 
| Investments in money market funds  |     -   |    |         |         |  2,972  | 
+------------------------------------+---------+----+---------+---------+---------+ 
| Interest       |         |         | 11,752  |    |         |         |  2,966  | 
| bearing        |         |         |         |    |         |         |         | 
| deposit        |         |         |         |    |         |         |         | 
| accounts       |         |         |         |    |         |         |         | 
+----------------+---------+---------+---------+----+---------+---------+---------+ 
|                |         |         | 11,752  |    |         |         |  5,938  | 
+----------------+---------+---------+---------+----+---------+---------+---------+ 
 
 
Credit risk 
Credit risk is the risk that a counterparty to a financial instrument will fail 
to discharge an obligation or commitment that it has entered into with the 
Company. The Investment Manager and the Board carry out a regular review of 
counterparty risk. The carrying values in financial assets represent the maximum 
credit risk exposure at the balance sheet date. 
 
 
At 31 March 2009 the Company's financial assets exposed to credit risk comprised 
the following: 
+----------------+---------+---------+---------+----+---------+---------+---------+ 
|                |         |         |    2009 |    |         |         |    2008 | 
+----------------+---------+---------+---------+----+---------+---------+---------+ 
|                |         |         | GBP'000 |    |         |         | GBP'000 | 
+----------------+---------+---------+---------+----+---------+---------+---------+ 
| Fixed rate investments in unquoted |  8,512  |    |         |         | 15,135  | 
| companies                          |         |    |         |         |         | 
+------------------------------------+---------+----+---------+---------+---------+ 
| Interest bearing deposit accounts  | 11,752  |    |         |         |  2,966  | 
+------------------------------------+---------+----+---------+---------+---------+ 
| Accrued dividends and interest     |     -   |    |         |         |  1,003  | 
| receivable                         |         |    |         |         |         | 
+------------------------------------+---------+----+---------+---------+---------+ 
|                |         |         | 20,264  |    |         |         | 19,104  | 
+----------------+---------+---------+---------+----+---------+---------+---------+ 
 
 
Credit risk relating to loans to unquoted companies is considered to be part of 
market risk. 
 
 
The Company's interest-bearing deposit accounts are maintained with major UK 
clearing banks. 
 
 
There were no significant concentrations of credit risks to counterparties at 31 
March 2009 or 31 March 2008. No individual investment exceeded 7.6% of the 
Company's net assets at 31 March 2009 (31 March 2008: 6.6%). 
 
 
Liquidity risk 
The Company's financial assets include investments in unquoted equity securities 
which are not traded on a recognised stock exchange and which generally may be 
illiquid. As a result, the Company may not be able to realise some of its 
investments in these instruments quickly at an amount close to their fair value 
in order to meet its liquidity requirements, or to respond to specific events 
such as a deterioration in the creditworthiness of any particular issuer. 
 
 
The Company's liquidity risk is managed on a continuing basis by the investment 
Manager in accordance with policies and procedures laid down by the Board. The 
Company's overall liquidity risks are monitored on a quarterly basis by the 
Board. 
 
 
The Company maintains sufficient in cash and readily realisable securities to 
pay accounts payable and accrued expenses. At 31 March 2009 cash and readily 
realisable securities were GBP11,752,000 (31 March 2008: GBP5,938,000). 
 
 
 
 
 
 
6    Related party transactions 
 
 
Mr Michael Sherry, Chairman of the Company, is an equity Member of Triple Point 
LLP ("TPLLP"). TPLLP in turn holds an interest in TPIM LLP. During the year, 
TPIM LLP provided investment management and administrative services to the 
Company amounting to GBP639,000 (2007: GBP712,000). 
 
 
Notice of Annual General Meeting 
 
 
TRIPLE POINT VCT PLC 
(Registered in England and Wales No. 5304481) 
Notice of Annual General Meeting 
Notice is hereby given that the Annual General Meeting of Triple Point VCT plc 
will be held on 15 September 2009 at 4-5 Grosvenor Place, London SW1X 7HJ, 
commencing at 10 am for the transaction of the following business: 
ORDINARY BUSINESS 
 
 
As ordinary business to consider and, if thought fit, to pass the following 
resolutions, each of which will be proposed as ordinary resolutions: 
 
 
1That, the Company's audited financial statements for the year ended 31 March 
2009, together with the report of the auditors and the directors, be received 
and adopted. 
 
 
2    That, the Directors' remuneration report for the year ended 31 March 2009 
be approved. 
 
 
3    That, Robin Morrison, who retires in accordance with the Company's articles 
of association, be re-elected as a director. 
 
 
4    That, subject to resolutions 5-8 not being passed at the AGM, Grant 
Thornton UK LLP be re-appointed as auditors to the Company until the conclusion 
of the next Annual General Meeting at which financial statements of the Company 
are presented and the directors be authorised to fix their remuneration. 
 
SPECIAL BUSINESS 
As special business to consider and, if thought fit, to pass the following 
resolutions, of which resolutions 5, 6, 7, 9, 11 and 12 will be proposed as 
special resolutions and resolutions 8 and 10 as ordinary resolutions: 
 
 
5That, subject to resolutions 6-8 being passed at the AGM, the Company be 
wound-up voluntarily and Alan John Roberts and Adrian John Denis Rabet of 
Begbies Traynor Charles House, Charles Street, St Helier, Jersey JE2 4SF be and 
are hereby appointed Joint Liquidators for the purposes of such winding-up, and 
are to act jointly and severally. 
6    That, upon their appointment, the Liquidators be and are hereby authorised 
to make a final distribution in cash  to the shareholders in accordance with the 
Company's articles of association and that the amount to be received by each 
shareholder will be weighted proportionately to the number of shares held. 
7    That, upon their appointment, the Liquidators be authorised under the 
provisions of Section 165(2) of the Insolvency Act 1986 to exercise the powers 
laid down in Schedule 4, Part I, of the Insolvency Act 1986. 
8That, upon their appointment, the Liquidators be entitled to receive 
remuneration for their services by reference to the time properly given by them 
and their staff in attending to matters arising on the winding- up. 
9    That, subject to resolution 5 being passed at the AGM, the articles of 
association of the Company be amended by the deletion of article 175 and by the 
renumbering of article 176 as article 175. 
10.That, subject to resolution 5 not being passed at the AGM, the directors be 
and they are generally and unconditionally authorised for the purposes of 
section 80 of the Companies Act 1985 (the "Act") to exercise all the powers of 
the Company to allot relevant securities (within the meaning of that section) up 
to 10% of the issued capital during the period commencing on the passing of this 
resolution and expiring on the date of the next annual general meeting of the 
Company (unless previously revoked, varied or extended by the Company in general 
meeting), but so that the Company may before such expiry make an offer or 
agreement which would or might require relevant securities to be allotted after 
such expiry and the directors may allot relevant securities in pursuance of such 
offer or agreement notwithstanding that the authority conferred by this 
resolution has expired. This authority is in substitution for all subsisting 
authorities, to the extent unused. 
 
 
11    That, subject to resolution 5 not being passed at the AGM, the directors 
be and they are empowered to allot during the period commencing on the passing 
of this resolution and expiring on the date of the next annual general meeting 
of the Company (unless previously revoked, varied or extended by the Company in 
general meeting) pursuant to section 95 of the Act equity securities (within the 
meaning of section 94(2) of the Act) wholly for cash pursuant to the authority 
conferred by resolution 11 above as if section 89(1) of the Act did not apply to 
any such allotment, provided that this power shall be limited to: 
11.1    the allotment of equity securities for cash up to an aggregate nominal 
amount of 10 per cent of the issued share capital of the Company as at the date 
of the passing of this resolution; 
 
 
11.2the allotment of equity securities in connection with an offer of such 
securities by way of rights to holders of ordinary shares in proportion (as 
nearly as may be practicable) to their respective holdings of such shares, but 
subject to such exclusions or other arrangements as the directors may deem 
necessary or expedient in relation to fractional entitlements or any legal or 
practical problems under the laws of any territory, or the requirements of any 
regulatory body or stock exchange, 
 
 
but so that this authority shall allow the Company to make offers or agreements 
before the expiry and the directors may allot equity securities in pursuance of 
such offers or agreements as if the powers conferred hereby had not so expired. 
 
 
12    That, subject to resolution 5 not being passed at the AGM. the Company be 
generally and unconditionally authorised, pursuant to section 166 of the Act, to 
make market purchases (as defined in section 163 of the Act) of up to 10% of the 
Company's issued ordinary shares on such terms and in such manner as the 
Directors of the Company may from time to time determine, provided that the 
amount paid for each shares (exclusive of expenses) shall not be more than 5% 
above the average of the middle market quotation for the Company's ordinary 
shares as derived from the Daily Official List of London Stock Exchange Plc for 
the 5 business days before the purchase is made and in any event not less than 1 
penny per ordinary share; and the authority herein contained shall expire at the 
conclusion of the next Annual General Meeting of the Company or 15 months 
following the date of the passing of this Resolution, whichever is the first to 
occur, provided that the Company may, before such expiry, make a contract to 
purchase its own shares which would or might be executed wholly or partly after 
such expiry, and the Company may make a purchase of its own shares in pursuant 
of such contract as if the authority hereby conferred had not expired. 
 
 
Dated:24 July 2009 
+----------------------------------------------------+--------------------------+ 
| By order of the Board                              |       Registered Office: | 
| Peter Hargreaves                                   |    4-5 Grosvenor Place,  | 
| Company Secretary                                  |         London SW1X 7HJ  | 
+----------------------------------------------------+--------------------------+ 
 
 
Notes: 
i) Your attention is drawn to pages 3 to 8 of this Circular which contain the 
explanation for proposing the Resolutions. Resolutions 5-7, 9 and 11-12 are 
special resolutions which to be accepted must be passed by a majority of not 
less than 75% of Shareholders or their proxies present at the Annual General 
Meeting. An ordinary resolution must be passed by simple majority of 
Shareholders or their proxies at the Annual General Meeting. 
ii) A member entitled to attend and vote at the meeting convened by this notice 
is entitled to appoint one or more proxies to attend, speak and, on a poll, to 
vote in his or her stead. A proxy need not be a member of the Company. The 
appointment of a proxy will not preclude a member from being present at the 
meeting and voting in person if he or she should subsequently decide to do so. 
Completion of a Form of Proxy will not prevent you form attending and voting at 
the meeting in person. 
iii) A Form of Proxy is enclosed with this notice and instructions for use are 
shown on the form. To be valid, Forms of Proxy must be received by the Companys 
registrars at: 
Neville Registrars Limited, 
Neville House, 
18 Laurel Lane, 
Halesowen, 
West Midland B63 3DA 
 
not later than 5 pm on 11 September 2009. 
iv) Pursuant to regulation 41 of the Uncertificated Securities Regulations 2001, 
the Company has specified that only those holders of the Companys shares 
registered on the register of members of the Company as at close of business on 
11 September 2009, or, in the event that the meeting is adjourned, on the 
register of members 48 hours before the time of any adjourned meeting shall be 
entitled to attend and vote at the aforesaid general meeting in respect of the 
number of such shares registered in their name at the relevant time. Changes to 
entries on the register of members after close of business on 11 September 2009 
or, in the event that the meeting is adjourned, on the register of members less 
than 48 hours before the time of any adjourned meeting, shall be disregarded in 
determining the right of any person to attend and vote at the meeting. 
v) Alan John Roberts and Adrian John Denis Rabetare licensed to act as 
insolvency practitioners by the Institute of Chartered Accountants in England 
and Wales. 
 TRIPLE POINT VCT PLC 
Proxy Form 
ANNUAL GENERAL MEETING 15 SEPTEMBER 2009 
Please print clearly in BLACK INK and in BLOCK CAPITALS. Please read the NOTES 
below before completing this Proxy Form. 
 
 
+----------------+--------------------------------------------------------------+ 
| Name (full)    |                                                              | 
+----------------+--------------------------------------------------------------+ 
| Address (full) |                                                              | 
+----------------+--------------------------------------------------------------+ 
| Post code      |                                                              | 
+----------------+--------------------------------------------------------------+ 
| I/we the abovementioned shareholder(s) of Triple Point VCT plc, hereby        | 
| appoint the Chairman of the Annual General Meeting                            | 
| If you wish to appoint someone other than the Chairman of the Annual General  | 
| Meeting as your proxy, then please cross out the words the Chairman of the    | 
| Annual General Meeting and insert the full name(s) of the person(s) you wish  | 
| to appoint as your proxy below (note that a proxy need not be a member of the | 
| Company, but must attend the meeting in person                                | 
+-------------------------------------------------------------------------------+ 
| Name (full)    |                                                            1 | 
+----------------+--------------------------------------------------------------+ 
| Address (full) |                                                              | 
+----------------+--------------------------------------------------------------+ 
| Post code      |                                                              | 
+----------------+--------------------------------------------------------------+ 
| As my/our proxy to vote in my/our name(s) and on my/our behalf at the Annual  | 
| General Meeting of Triple Point VCT plc to be held at 10 am on 15 September   | 
| 2009 at 4-5 Grosvenor Place, London SW1X 7HJ and at any adjournment thereof.  | 
+----------------+--------------------------------------------------------------+ 
 
 
+----+----------------------------------------------+--+--------+---------+----------+ 
|    |                                              |  | For    | Against | Withheld | 
|    |                                              |  |        |         | 2        | 
+----+----------------------------------------------+--+--------+---------+----------+ 
| 1. | To receive, consider and adopt the financial |  |        |         |          | 
|    | statements for the year ended 31 March 2009  |  |        |         |          | 
+----+----------------------------------------------+--+--------+---------+----------+ 
| 2. | To approve the Directors' remuneration       |  |        |         |          | 
|    | report                                       |  |        |         |          | 
+----+----------------------------------------------+--+--------+---------+----------+ 
| 3. | To re-elect Robin Morrison as a director     |  |        |         |          | 
+----+----------------------------------------------+--+--------+---------+----------+ 
| 4. | To re-appoint Grant Thornton UK LLP as       |  |        |         |          | 
|    | auditor and authorise the directors to agree |  |        |         |          | 
|    | their remuneration                           |  |        |         |          | 
+----+----------------------------------------------+--+--------+---------+----------+ 
| 5. | THAT the Company be wound up voluntarily and |  |        |         |          | 
|    | Alan John Roberts  and Adrian John Denis     |  |        |         |          | 
|    | Rabet of Begbies Traynor Charles House,      |  |        |         |          | 
|    | Charles Street St Helier Jersey JE 2 4SF be  |  |        |         |          | 
|    | and are hereby appointed Joint Liquidators   |  |        |         |          | 
|    | for the purposes of such winding up, and are |  |        |         |          | 
|    | to act jointly and severally. (special       |  |        |         |          | 
|    | resolution)                                  |  |        |         |          | 
+----+----------------------------------------------+--+--------+---------+----------+ 
| 6. | THAT the Liquidators be and are hereby       |  |        |         |          | 
|    | authorised to make a final distribution in   |  |        |         |          | 
|    | cash to the shareholders in accordance with  |  |        |         |          | 
|    | the Company's articles of association and    |  |        |         |          | 
|    | that the amount to be received by each       |  |        |         |          | 
|    | shareholder will be weighted proportionately |  |        |         |          | 
|    | to the number of shares held  (special       |  |        |         |          | 
|    | resolution)                                  |  |        |         |          | 
+----+----------------------------------------------+--+--------+---------+----------+ 
| 7. | THAT the Liquidators be authorised under the |  |        |         |          | 
|    | provisions of Section 165(2) of the          |  |        |         |          | 
|    | Insolvency Act 1986 to exercise the powers   |  |        |         |          | 
|    | laid down in Schedule 4, Part 1 of the       |  |        |         |          | 
|    | Insolvency Act (special resolution)          |  |        |         |          | 
+----+----------------------------------------------+--+--------+---------+----------+ 
| 8. | THAT the Liquidators be entitled to receive  |  |        |         |          | 
|    | remuneration for their services by reference |  |        |         |          | 
|    | to the time properly given by them and their |  |        |         |          | 
|    | staff in attending to matters arising on the |  |        |         |          | 
|    | winding up (ordinary resolution)             |  |        |         |          | 
+----+----------------------------------------------+--+--------+---------+----------+ 
| 9  | THAT article 175 of the Company's articles   |  |        |         |          | 
|    | of association be deleted (special           |  |        |         |          | 
|    | resolution)                                  |  |        |         |          | 
+----+----------------------------------------------+--+--------+---------+----------+ 
| 10 | THAT the Directors be authorised to allot    |  |        |         |          | 
|    | shares under section 80 of the Companies Act |  |        |         |          | 
|    | 1985 (ordinary resolution)                   |  |        |         |          | 
+----+----------------------------------------------+--+--------+---------+----------+ 
| 11 | To disapply section 89(1) of the Companies   |  |        |         |          | 
|    | Act 1985 and to allot shares on a non-rights |  |        |         |          | 
|    | basis  (special resolution)                  |  |        |         |          | 
+----+----------------------------------------------+--+--------+---------+----------+ 
| 12 | THAT the Company be authorised to make       |  |        |         |          | 
|    | market purchases of its own shares (special  |  |        |         |          | 
|    | resolution)                                  |  |        |         |          | 
+----+----------------------------------------------+--+--------+---------+----------+ 
 
 
+--------------------+--------------------------+ 
| Shareholders       |                          | 
| signature          |                          | 
|                    |                          | 
+--------------------+--------------------------+ 
|                    |                          | 
+--------------------+--------------------------+ 
| Date:              |                          | 
|                    |                          | 
+--------------------+--------------------------+ 
 
 
NOTES: 
 
1.   You may appoint more than one proxy provided each proxy is appointed to 
exercise rights attached to different shares. You may not appoint more than one 
proxy to exercise rights attached to any one share. To appoint more than one 
proxy, (an) additional form(s) may be obtained by photocopying this form or 
contacting the Company Secretary on 0207 201 8989. 
2.  Please indicate next to the proxy holder's name the number of securities in 
relation to which they are authorised to act as your proxy. All multiple forms 
must be signed and returned in the same envelope. Please indicate above how you 
wish your votes to be cast in respect of each resolution placing an "X" (or 
entering the number of Shares which you are entitled to vote) in the appropriate 
box. If you sign this Form of Proxy and return it without an indication of as to 
how your proxy will vote on any particular matter, your proxy will exercise his 
or her discretion as to whether, and if so how, he/she votes and he/she may also 
vote on any other business (including any amendments to the resolutions) which 
may be properly conducted at the Annual General Meeting. A vote withheld is not 
a vote in law and will not be counted in the calculation of the proportion of 
votes for and against each resolution. 
This Proxy Form will only be used in the event of a poll being directed or 
demanded. 
3.   In the case of joint holders, the signature of one holder will be accepted 
but the names of all joint holders should be given. In the case of a 
corporation, this proxy should be either given under the corporation's common 
seal or signed for and on its behalf by a duly authorised officer or attorney of 
the corporation. 
Upon completing this Proxy Form, please sign and return it to the Company's 
registrars, Neville Registrars Limited, Neville House, 18 Laurel Lane, 
Halesowen, West Midlands B63 3DA using the reply paid envelope. This Proxy Form 
must be received by the Registrars by 5 pm on 11 September 2009 together with 
the power of attorney or other authority (if any) under which it is signed or a 
notarially certified or office copy of such power or authority. The completion 
and return of this Proxy Form will not, however, preclude (a) holder(s) of 
Shares from attending and voting at the meeting if he/she (they) so wish/wishes 
and is (are) so entitled. 
 
 
 
 
Financial Statements 
 
 
The financial information set out in this 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 2009, income statement and cash flow 
statement for the period then ended have been extracted from the Company's 2009 
statutory financial statements upon which the auditor's opinion is unqualified. 
 
 
The annual report & financial statements for the year ended 31 March 2009 will 
be filed with the Registrar of Companies and has been posted to shareholders 
today. 
Copies of the documents listed below have been submitted to the UK Listing 
Authority and will be available for inspection in the UK Listing Authority's 
Document Viewing Facility which is situated at: 
The Financial Services Authority 
25 The North Colonnade, 
Canary Wharf 
London E14 5HS 
 
Documents: 
·         Report and Financial Statements for the year ended 31 March 2009 
·         Notice of Annual General Meeting 
·         Annual General Meeting Proxy Card 
 
 
 
 
 
 
Enquiries :Triple Point Investment Management LLP on 020 7201 8989 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 FR SEDFSLSUSEDW