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Name | Symbol | Market | Type |
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Travelusacc | LSE:TRIP | London | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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3.20 | 0.58% | 556.15 | 554.90 | 557.40 | 102 | 16:35:18 |
RNS Number : 1685J Triple Point VCT PLC 28 November 2008 The directors of Triple Point VCT plc are pleased to announce the Reults of the Company for the six months ended 30 September 2008-11-28 Please address any queires to : David Dick 020 7201 8989 or Graham Urquhart 020 3216 2000 Chairman's Statement Introduction I am pleased to be writing to you to present the unaudited interim results for Triple Point VCT plc ("the Company") for the six months ended 30 September 2008. Investment strategy and review The investment strategy of the Company was to build and hold a diversified portfolio of VCT qualifying holdings. Having achieved the threshold of being 70% invested in VCT qualifying holdings, there have been no changes in such holdings during the period and the Company retains its VCT status. The Company's priority is now to manage the portfolio with the intention of returning value to shareholders within the minimum time consistent with VCT rules. Dividends and buyback During the period the Company declared and paid a dividend of 3.13p per share in respect of the year ended 31 March 2008. The total value of dividends paid so far is 5.43p per share. The Directors do not propose to declare a dividend in respect of the half year to 30 September 2008. 53 Shareholders accepted the buyback Tender Offer made by the Company and 3,390,537 shares were purchased at 92.0p each which is reflected in the reduction in money market funds and uninvested funds recorded in the balance sheet. Results The Company continues to perform satisfactorily and made a profit after taxation of £0.271 million during the period. The Net Asset Value (NAV) of the Company increased during the period and, following the payment of the dividend of 3.13p per share, the NAV of the Company at 30 September was £26.64 million. The NAV per share at 30 September was 93.15p. Risks and Uncertainties The board confirms that the principal risks facing the Company over the remainder of the financial period are: a) investment risk associated with investing in small and immature businesses b) failure to maintain approval as a VCT. The Board believe these principal risks are manageable and to expected for a company with Triple Point VCT plc's strategy. The Board continues to work closely with the Investment Manager to endeavour to minimise either their likelihood or potential impact. A more detailed explanation of the risks faced by the Company can be found in note 20 on page 30 of the Annual Financial Statements for the period ended 31 March 2008. Conclusion The financial markets have experienced unprecedented difficulties but the board is pleased to announce that your Company, thus far, has been largely unaffected and hopes to be able to announce a substantial return of funds to shareholders in 2009. If you have any queries or comments, please do not hesitate to telephone Triple Point Investment Management LLP on 020 7201 8989 or email me at michael.sherry@triplepoint.co.uk. Michael Sherry Chairman 28 November 2008 Triple Point VCT plc Financial Summary Unaudited Unaudited Audited 6 Months 6 Months Year Ended Ended Ended 30 Sep 2008 30 Sep 2007 31 Mar 2008 £'000 £'000 £'000 Net assets 26,640 30,198 30,534 Net profit before tax 364 506 978 Return per share 0.86p 1.13p 2.18p Net asset value per share 93.15p 94.40p 95.45p Triple Point VCT plc Portfolio summary (unaudited) As at 30 September 2008 Cost & Valuation Cost & Valuation Security Activity 30-Sep-08 31-Mar-08 £'000 % £'000 % Unquoted Qualifying holdings 22,202 91.24 22,202 76.11 Holdings whose VCT qualifying 1,030 4.23 1,030 3.53 status has yet to be determined Money market funds 1,094 4.50 2,972 10.19 Uninvested funds 7 0.03 2,966 10.17 24,333 100.00 29,170 100.00 Qualifying Holdings (All Unquoted) Beam Carrier Trading Ltd Provision of satellite capacity Equity 600 2.70 600 2.70 Debt 1,350 6.08 1,350 6.08 Bereavement Facilities and Crematorium Services Ltd maintenance Equity 530 2.39 530 2.39 Debt 500 2.25 500 2.25 Broadsword Satellite Provision of Communications Ltd satellite capacity Equity 685 3.09 685 3.09 Debt 1,315 5.92 1,315 5.92 Cranmer Lawrence Engineering Ambulance Solutions Ltd refurbishment Equity 475 2.14 475 2.14 Debt 475 2.14 475 2.14 Furnace Management Services Crematorium Ltd management Equity 530 2.39 530 2.39 Debt 500 2.25 500 2.25 High Definition Broadcast Provision of Services Ltd satellite capacity Equity 532 2.40 532 2.40 Debt 1,343 6.05 1,343 6.05 HTI Private Patient Services Clinical care and Ltd administration Equity 530 2.39 530 2.39 Debt 500 2.25 500 2.25 Meaujo 732 Ltd Provision of virtual communications systems Equity 302 1.36 302 1.36 Debt 1,132 5.10 1,132 5.10 Partners in Healthcare Clinical care and Technology London Ltd administration Equity 530 2.39 530 2.39 Debt 500 2.25 500 2.25 Per Port Services Ltd Servicing & supply of telephony equipment Equity 312 1.40 312 1.40 Debt 615 2.77 615 2.77 Carried Forward 13,256 59.71 13,256 59.71 Triple Point VCT plc Portfolio summary (unaudited) As at 30 September 2008 Cost & Valuation Cost & Valuation Security Activity 30-Sep-08 31-Mar-08 £'000 % £'000 % Brought Forward 13,256 59.71 13,256 59.71 Satellite Broadband Access Provision of satellite Solutions Ltd capacity Equity 526 2.37 526 2.37 Debt 1,359 6.12 1,359 6.12 Simply Coffee Services Ltd Coffee shops Equity 530 2.39 530 2.39 Debt 500 2.25 500 2.25 Telecom Network Management Ltd Provision of virtual communications systems Equity 530 2.39 530 2.39 Debt 500 2.25 500 2.25 WAN Solutions Ltd Provision of virtual communications systems Equity 352 1.59 352 1.59 Debt 1,472 6.63 1,472 6.63 Wide Area Network Services Ltd Provision of virtual communications systems Equity 282 1.27 282 1.27 Debt 1,186 5.34 1,186 5.34 Wide Area Network Solutions Provision of virtual Ltd communications systems Equity 321 1.45 321 1.45 Debt 1,388 6.24 1,388 6.24 22,202 100.00 22,202 100.00 Holdings whose VCT qualifying status has yet to be determined (All Unquoted) Delanic Films Ltd Film distribution Equity 530 51.46 530 51.46 Debt 500 48.54 500 48.54 1,030 100.00 1,030 100.00 Money Market Funds (non-qualifying) BGI Sterling Liquidity Fund 182 16.64 495 16.66 GS Stg Liquid Res Fund 182 16.64 495 16.66 HSBC Sterling Liquidity Fund 183 16.73 495 16.66 Insight Liquidity Fund 182 16.64 495 16.66 Merrill Lynch Inst Liq Fund 182 16.63 496 16.68 RBOS Global Treasury Fund 183 16.72 496 16.68 1,094 100.00 2,972 100.00 Triple Point VCT plc Income Statement Unaudited Unaudited Audited 6 months ended 6 months ended Year ended 30-Sep-08 30-Sep-07 31-Mar-08 Rev. Cap. Tot. Rev. Cap. Tot. Rev. Cap. Tot. £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Investment income 764 - 764 934 - 934 1,814 - 1,814 Investment management fees (84) (250) (334) (90) (271) (361) (178) (534) (712) Other expenses (66) - (66) (67) - (67) (124) - (124) Return / (loss) on ordinary 614 (250) 364 777 (271) 506 1,512 (534) 978 activities before taxation Taxation on return on ordinary (157) 64 (93) (223) 78 (145) (434) 153 (281) activities Return / (loss) on ordinary 457 (186) 271 554 (193) 361 1,078 (381) 697 activities after taxation Return / (loss) per share, 1.46p (0.59p) 0.86p 1.73p (0.60p) 1.13p 3.37p (1.19p) 2.18p basic and diluted The total column of this statement is the company's profit and loss account. The supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies. All the items in the above statement derive from continuing operations. There are no recognised gains or losses other that those disclosed in the income statement. Statement of Movements in Shareholders' Funds Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 30-Sep-08 30-Sep-07 31-Mar-08 £'000 £'000 £'000 Shareholders' funds at 1 April 2008 30,534 30,573 30,573 Shares bought back by company (3,164) - - Return on ordinary activities after taxation 271 361 697 Dividends paid in period (1,001) (736) (736) Shareholders' funds at 30 September 2008 26,640 30,198 30,534 Triple Point VCT plc Balance Sheet Unaudited Unaudited Audited 30-Sep-08 30-Sep-07 31-Mar-08 £'000 £'000 £'000 Fixed Assets: Investments 23,232 13,061 23,232 Current assets: Debtors 2,691 1,184 2,042 Money market funds 1,094 15,572 2,972 Cash at bank 7 812 2,966 3,792 17,568 7,980 Creditors: amounts falling due within one (384) (431) (678) year Net current assets 3,408 17,137 7,302 Total assets less current liabilities 26,640 30,198 30,534 Capital and reserves: Share capital 286 320 320 Share premium - 28,799 28,799 Capital redemption reserve 1,172 1,138 1,138 Special distributable reserve 25,635 - - Capital reserve - realised (993) (619) (807) Revenue reserve 540 560 1,084 Shareholders' funds 26,640 30,198 30,534 Net asset value per share 93.15p 94.40p 95.45p Triple Point VCT plc Cash Flow Statement Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 30-Sep-08 30-Sep-07 31-Mar-08 £'000 £'000 £'000 Net cash inflow from operating activities Return on ordinary activities 364 506 978 before tax Adjusted for: Increase in debtors (649) (366) (1,224) (Decrease) / increase in (294) 138 386 creditors Net cash outflow from (579) 278 140 operating activities Taxation: Corporation tax charge for the (93) (145) (281) period Financial investment: Purchase of unquoted - (5,277) (15,448) investments Disposal of current asset 1,878 2,658 15,257 investments Equity dividends paid (1,001) (736) (736) Net cash outflow before 205 (3,222) (1,068) financing Financing: Repurchase of own shares (3,164) - - Net cash outflow from (3,164) - - financing Decrease in cash (2,959) (3,222) (1,068) Reconciliation of net cash flow to movements in cash and cash equivalents Net decrease in cash and cash (2,959) (3,222) (1,068) equivalents Cash and cash equivalents at 1 2,966 4,034 4,034 April 2008 Cash and cash equivalents at 30 September 7 812 2,966 2008 Triple Point VCT plc Notes to the half yearly report for the six months ended 30 September 2008 1. The unaudited half yearly results cover the six months to 30 September 2008 and have been drawn up in accordance with the Accounting Standard Board's (ASB) Statement on Half-yearly Financial Reports (July 2007) and adopting the accounting policies set out in the statutory accounts for the year ended 31 March 2008 which were prepared under UK GAAP and in accordance with the Statement of Recommended Practice for Investment Companies issued by the Association of Investment Companies in January 2003, revised December 2005. 2. The financial information set out in this report has not been audited and does not comprise full financial statements within the meaning of Section 240 of the Companies Act 1985 and have not been delivered to the Registrar of Companies. Statutory accounts for the year ended 31 March 2008, which were unqualified, have been lodged with the Registrar of Companies. No statutory accounts in respect of any period after 31 March 2008 have been reported on by the Company's auditor or delivered to the Registrar of Companies. 3. Taxation has been provided for at a rate of 25.50% based on the assumption that income for the second half of the year will be equal to that for the first half. Given that the business is not seasonal the directors regard this as a reasonable assumption. 4. Copies of the Half Yearly Report to Shareholders have been sent to shareholders and are available at the Company's Registered Office: 4-5 Grosvenor Place, London SW1X 7HJ or from Woodside Corporate Services Limited, 4th Floor, 150-152 Fenchurch Street, London EC3M 6BB 5. During the period under review, the Company did not issue any new shares but bought back 3,390,537 shares at a cost of £3,163,171. 6. The return per share is based on income from ordinary activities after tax of £0.271m and on 31,434,656 ordinary shares of 1p, being the weighted average number of shares in issue during the period. The net assets per share is based on total net assets of £26.640m and 28,599,945 ordinary shares of 1p in issue at the period end. 7. Related party transactions Mr Michael Sherry, Chairman of the Company, is an equity Member of Triple Point LLP (TPLLP). TPLLP in turn holds a controlling interest in Triple Point Investment Management LLP (TPIMLLP). During the period, TPIMLLP provided management and administrative services to the Company amounting to £334,497 (2007 - £361,147). Triple Point VCT plc Responsibility statement of the Directors in respect of the half yearly report for the six months ended 30 September 2008 We confirm to the best of our knowledge: * the half yearly financial statements have been prepared in accordance with the Statement Half-yearly financial reports issued by the UK Accounting Standards Board; * the half yearly management report includes a fair review of the information required by the Financial Services Authority Disclosure and Transparency rules, being: - an indication of the important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and - related party transactions that have taken place in the first six months of the current financial year and that may have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual report that could do so. By order of the Board Michael Sherry Director 28 November 2008 Triple Point VCT plc Directors Michael Gabriel Sherry James Chadwick Murrin Robin David Morrison Secretary and Registered Office Peter William Hargreaves 10-11 Gray's Inn Square, Gray's Inn, London WC1R 5JD Company Registered Number 05304481 Solicitors Howard Kennedy 19a Cavendish Square London W1A 2AW Bankers HSBC 60 Queen Victoria Street London, EC4 Investment Manager and Administrator Triple Point Investment Management LLP 4-5 Grosvenor Place, London SW1X 7HJ VCT Tax Adviser PricewaterhouseCoopers LLP 1 Embankment Place London WC2N 6RH Independent Auditor Grant Thornton UK LLP 1 Westminster Way Oxford OX2 0PZ Registrars Neville Registrars Limited Neville House 18 Laurel Lane Halesowen West Midlands, B63 3DA This information is provided by RNS The company news service from the London Stock Exchange END IR FVLFLVFBZFBB
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