TIDMTPV2
RNS Number : 1986D
TP70 2008 (ii) VCT PLC
27 November 2009
INTERIM RESULTS
The directors of TP70 2008 (ii) VCT plc are pleased to announce its Interim
Results for the six months ended 30 September 2009.
For further information, please contact :
Triple Point Investment Management LLP on 020 7201 8989
+------------------------------------------------------------------------+
| TP70 2008 (II) VCT plc |
+------------------------------------------------------------------------+
| Summarised interim financial report (unaudited) |
+------------------------------------------------------------------------+
| for the six months ended 30 September 2009 |
+------------------------------------------------------------------------+
TP70 2008 (II) VCT plc
+--------------------------------+-------------------------------------+
| | |
+--------------------------------+-------------------------------------+
| Company Information | |
+--------------------------------+-------------------------------------+
Directors
Chad Murrin
Sir John Lucas-Tooth
Robert Reid
Peter Hargreaves
Secretary and Registered Office
Triple Pont Investment Management LLP ("TPIM LLP")
4-5 Grosvenor Place
London, SW1X 7HJ
Company Registered Number
6421355
Solicitors
Howard Kennedy
19 Cavendish Square
London, W1A 2AW
Bankers
Royal Bank of Scotland PLC
54 Lime Street
London, EC3M 7NQ
Allied Irish Bank
4 Tenterden Street
London
W1S 1TE
Investment Manager and Administrator
Triple Point Investment Management LLP
4-5 Grosvenor Place
London, SW1X 7HJ
VCT Tax Advisor
PricewaterhouseCoopers
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
TP70 2008 (II) VCT plc
Summarised interim financial report
for the six months ended 30 September 2009
IndexPage
Financial summary 1
Chairman's statement 1
Investment managers' review 3
Investment portfolio review 4
Responsibility statement6
Summary statement of comprehensive income 7
Summary balance sheet8
Summary statement of changes in equity9
Summary cash flow statement 10
Notes to the summarised financial report 11-16
TP70 2008 (II) VCT plc
Summarised interim financial report
for the six months ended 30 September 2009
Financial summary
+------------------------------------+---------+
| | GBP'000 |
| | |
+------------------------------------+---------+
| Net assets | 19,703 |
+------------------------------------+---------+
| Profit before tax | 358 |
+------------------------------------+---------+
| Earnings per share | 1.51p |
+------------------------------------+---------+
| Net asset value per share | 86.05p |
| | |
+------------------------------------+---------+
For a GBP1 investment per share investors, with a sufficient income tax
liability in the relevant tax year, can expect to have received a 30p tax credit
and a first dividend of 1.76p, which taken together with the current NAV of
86.05p per share totals 117.81p.
Chairman's statement
I am pleased to be writing to you to present the unaudited interim results for
TP70 2008 (II) VCT plc ("the Company") for the six months ended 30 September
2009.
Investment Strategy
The Company's investment strategy offers combined exposure to GAM's fund of
hedge funds - GAM Diversity - and venture capital investments focused on
companies with contractual revenues from financially secure counterparties. 30%
of the Company's funds at cost were exposed to GAM Diversity 2.5XL.
By March 2011 in order to meet the VCT-qualifying criteria, the Company's
intention is that at least 70% of the original cost of investments will be
committed to VCT-qualifying holdings with the balance of up to 30% exposed to
GAM Diversity 2.5 XL. As detailed in the investment manager's review, the Board
is pleased to note that during the period further VCT-qualifying investments
were made. VCT-qualifying investments now account for some 51% of original cost
and as such the company is on course to meet the 70% threshold. In the meantime,
pending deployment into qualifying investments, 17% of funds by value are held
in money market funds.
Results
I am pleased to report that the post-tax profits during the six months were
GBP345,000. During the period the Company also paid its first dividend of
GBP404,000 representing revenue profits from the audited financial statements to
31 March 2009 equivalent to 1.76p per share. As at 30 September 2009, the Net
Asset Value per share stood at 86.05p.
Risks and Uncertainties
The Board believes that the principal risks facing the company over the
remainder of the financial period are:
* investment risk associated with exposure to GAM Diversity 2.5 XL
* investment risk associated with undertaking VCT-qualifying investments
* failure to secure final approval as a VCT
The Board believe these risks are manageable and expected for a company with
TP70 2008 (II) VCT plc's strategy. The Board continues to work closely with the
Investment Manager to endeavour to minimise either the likelihood or potential
impact of these risks, within the scope of the Company's established investment
strategy.
Outlook
The Board is pleased with the progress the Company continues to make in building
up its portfolio of VCT-qualifying holdings. It is confident that the Company is
on track for VCT qualification, in particular with the strong deal pipeline, and
furthermore with increasing signs of stability in the markets, that exposure to
GAM Diversity 2.5XL will be profitable for the Company and shareholders.
If you have any queries or comments, please do not hesitate to telephone Triple
Point Investment Management LLP on 020 7201 8990 or email me at
chad.murrin@triplepoint.co.uk.
Chad Murrin
Chairman
19 November 2009
TP70 2008 (II) VCT plc
Summarised interim financial report
for the six months ended 30 September 2009
Investment manager's review
During the six months under review, TP70 2008(II) VCT plc (the "Company") has
made steady progress with its investment strategy. The Company'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 flagship fund of
hedge funds, Diversity, via GAM Diversity GBP 2.5XL.
VCT-Qualifying Investments
As at 1 April 2009, 46% of the Company's net asset value ("NAV") had been
invested into HMRC-approved VCT-qualifying companies. I am pleased to report
that since that date a further 10% of the Company's NAV has been invested in
HMRC-approved VCT-qualifying companies with creditworthy and contractual
revenues. These companies' activities comprise the provision of broadband
satellite capacity (backed by a global bank guarantee) and the supply of medical
gases to the NHS. Therefore the Company is well on the way to satisfying the 70%
invested in VCT qualifying investments test by 31 March 2011 in order to
secure VCT status. With over 16 months to go, the Company is confident it can
achieve this target.
Non VCT-Qualifying Investments
24% of the Company's funds by value are exposed to GAM Diversity 2.5XL, which
gives the Company a leveraged exposure of approximately 2.5 times the value of
GAM Diversity GBP. As at 30 September 2009, the value of the Company's exposure
to GAM Diversity GBP 2.5XL had risen 6.96% since 31 March 2009. Although this
rise is more conservative than some of the rises seen in the equity markets over
the same period (the MSCI World Index has risen 27.54% and the FTSE All Share
has gained 35.68%), Diversity aims to give non-correlated returns and, as such,
this is a welcome positive contribution.
Outlook
The Manager's primary focus for the next six months is to continue deploying
funds into creditworthy VCT-qualifying companies, thereby securing the Company's
VCT tax status. There are a number of investments in the pipeline including
companies that provide educational management services and services to the
cinema industry.
David Dick
Managing Partner
Triple Point Investment Management LLP
19 November 2009
ABOUT TRIPLE POINT INVESTMENT MANAGEMENT LLP
Triple Point Investment Management LLP (TPIM) is a specialist in tax-efficient
investments. As well as managing several market-leading VCTs, TPIM 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 TPIM please call 020 7201 8990.
TP70 2008 (II) VCT plc
Summarised interim financial report
for the six months ended 30 September 2009
Investment portfolio review
+--------------------------+---------+---------+---------+---------+
| Security | Cost | Valuation |
+--------------------------+-------------------+-------------------+
| Activity | GBP'000 | % | GBP'000 | % |
| | | | | |
+--------------------------+---------+---------+---------+---------+
| Qualifying holdings | | | | |
+--------------------------+---------+---------+---------+---------+
| Equity | 3,533 | 16.37 | 3,533 | 17.99 |
+--------------------------+---------+---------+---------+---------+
| Loan | 7,522 | 34.84 | 7,522 | 38.34 |
+--------------------------+---------+---------+---------+---------+
| | 11,055 | 51.21 | 11,055 | 56.33 |
+--------------------------+---------+---------+---------+---------+
| Non-qualifying holdings | | | | |
+--------------------------+---------+---------+---------+---------+
| Equity | 2,836 | 13.14 | 1,851 | 9.43 |
+--------------------------+---------+---------+---------+---------+
| Other | 4,262 | 19.74 | 4,262 | 21.72 |
+--------------------------+---------+---------+---------+---------+
| | 7,098 | 32.88 | 6,113 | 31.15 |
+--------------------------+---------+---------+---------+---------+
| Deposit as security for | 3,292 | 15.25 | 3,292 | 16.77 |
| derivative | | | | |
+--------------------------+---------+---------+---------+---------+
| Impairment in value of | - | - | (968) | (4.93) |
| derivative | | | | |
+--------------------------+---------+---------+---------+---------+
| Total holdings | 21,445 | 99.34 | 19,492 | 99.32 |
+--------------------------+---------+---------+---------+---------+
| Uninvested funds | 141 | 0.66 | 141 | 0.68 |
+--------------------------+---------+---------+---------+---------+
| | 21,586 | 100.00 | 19,633 | 100.00 |
+--------------------------+---------+---------+---------+---------+
| Qualifying holdings | | | | |
+--------------------------+---------+---------+---------+---------+
| 21 Century Cinema Ltd | | | | |
+--------------------------+---------+---------+---------+---------+
| Cinema digitalisation | | | | |
+--------------------------+---------+---------+---------+---------+
| Equity | 300 | 1.39 | 300 | 1.53 |
+--------------------------+---------+---------+---------+---------+
| Loan | 700 | 3.24 | 700 | 3.57 |
+--------------------------+---------+---------+---------+---------+
| Beam Carrier Trading Ltd | | | | |
+--------------------------+---------+---------+---------+---------+
| Provision of satellite | | | | |
| capacity | | | | |
+--------------------------+---------+---------+---------+---------+
| Equity | 281 | 1.30 | 281 | 1.43 |
+--------------------------+---------+---------+---------+---------+
| Loan | 282 | 1.31 | 282 | 1.44 |
+--------------------------+---------+---------+---------+---------+
| Big Screen Digital | | | | |
| Services Ltd | | | | |
+--------------------------+---------+---------+---------+---------+
| Cinema digitalisation | | | | |
+--------------------------+---------+---------+---------+---------+
| Equity | 300 | 1.39 | 300 | 1.53 |
+--------------------------+---------+---------+---------+---------+
| Loan | 700 | 3.24 | 700 | 3.57 |
+--------------------------+---------+---------+---------+---------+
| Cinematic Services Ltd | | | | |
+--------------------------+---------+---------+---------+---------+
| Cinema digitalisation | | | | |
+--------------------------+---------+---------+---------+---------+
| Equity | 300 | 1.39 | 300 | 1.53 |
+--------------------------+---------+---------+---------+---------+
| Loan | 700 | 3.24 | 700 | 3.57 |
+--------------------------+---------+---------+---------+---------+
| Digima Ltd | | | | |
+--------------------------+---------+---------+---------+---------+
| Cinema digitalisation | | | | |
+--------------------------+---------+---------+---------+---------+
| Equity | 300 | 1.39 | 300 | 1.53 |
+--------------------------+---------+---------+---------+---------+
| Loan | 700 | 3.24 | 700 | 3.57 |
+--------------------------+---------+---------+---------+---------+
| Digital Screen Solutions | | | | |
| Ltd | | | | |
+--------------------------+---------+---------+---------+---------+
| Cinema digitalisation | | | | |
+--------------------------+---------+---------+---------+---------+
| Equity | 300 | 1.39 | 300 | 1.53 |
+--------------------------+---------+---------+---------+---------+
| Loan | 700 | 3.24 | 700 | 3.57 |
+--------------------------+---------+---------+---------+---------+
| Furnace Management | | | | |
| Services Ltd | | | | |
+--------------------------+---------+---------+---------+---------+
| Crematorium management | | | | |
+--------------------------+---------+---------+---------+---------+
| Equity | 273 | 1.26 | 273 | 1.39 |
+--------------------------+---------+---------+---------+---------+
| Loan | 637 | 2.95 | 637 | 3.24 |
+--------------------------+---------+---------+---------+---------+
| Balance carried forward | 6,473 | 29.97 | 6,473 | 33.00 |
+--------------------------+---------+---------+---------+---------+
TP70 2008 (II) VCT plc
Summarised interim financial report
for the six months ended 30 September 2009
Investment portfolio review (continued)
+--------------------------+---------+--------+---------+--------+
| Security | Cost | Valuation |
+--------------------------+------------------+------------------+
| Activity | GBP'000 | % | GBP'000 | % |
| | | | | |
+--------------------------+---------+--------+---------+--------+
| Qualifying holdings (continued) | | | |
+------------------------------------+--------+---------+--------+
| Balance brought forward | 6,473 | 29.97 | 6,473 | 33.00 |
+--------------------------+---------+--------+---------+--------+
| MGS NW Ltd | | | | |
+--------------------------+---------+--------+---------+--------+
| Medical gas supplies | | | | |
+--------------------------+---------+--------+---------+--------+
| Equity | 317 | 1.47 | 317 | 1.61 |
+--------------------------+---------+--------+---------+--------+
| Loan | 521 | 2.41 | 521 | 2.65 |
+--------------------------+---------+--------+---------+--------+
| MGS WM Ltd | | | | |
+--------------------------+---------+--------+---------+--------+
| Medical gas supplies | | | | |
+--------------------------+---------+--------+---------+--------+
| Equity | 248 | 1.15 | 248 | 1.26 |
+--------------------------+---------+--------+---------+--------+
| Loan | 550 | 2.55 | 550 | 2.80 |
+--------------------------+---------+--------+---------+--------+
| Per Port Services Ltd | | | | |
+--------------------------+---------+--------+---------+--------+
| Servicing and supply of | | | |
| telephone equipment | | | |
+------------------------------------+--------+---------+--------+
| Equity | 124 | 0.57 | 124 | 0.63 |
+--------------------------+---------+--------+---------+--------+
| Loan | 186 | 0.86 | 186 | 0.95 |
+--------------------------+---------+--------+---------+--------+
| Satellite Broadband Access | | | |
| Solutions Ltd | | | |
+------------------------------------+--------+---------+--------+
| Provision of satellite | | | | |
| capacity | | | | |
+--------------------------+---------+--------+---------+--------+
| Equity | 261 | 1.21 | 261 | 1.33 |
+--------------------------+---------+--------+---------+--------+
| Loan | 610 | 2.83 | 610 | 3.11 |
+--------------------------+---------+--------+---------+--------+
| WAN Solutions Ltd | | | | |
+--------------------------+---------+--------+---------+--------+
| Provision of virtual | | | |
| communications systems | | | |
+------------------------------------+--------+---------+--------+
| Equity | 183 | 0.85 | 183 | 0.93 |
+--------------------------+---------+--------+---------+--------+
| Loan | 428 | 1.98 | 428 | 2.18 |
+--------------------------+---------+--------+---------+--------+
| Wide Area Network | | | | |
| Services Ltd | | | | |
+--------------------------+---------+--------+---------+--------+
| Provision of virtual | | | |
| communications systems | | | |
+------------------------------------+--------+---------+--------+
| Equity | 213 | 0.99 | 213 | 1.08 |
+--------------------------+---------+--------+---------+--------+
| Loan | 498 | 2.31 | 498 | 2.54 |
+--------------------------+---------+--------+---------+--------+
| Wide Area Network | | | | |
| Solutions Ltd | | | | |
+--------------------------+---------+--------+---------+--------+
| Provision of virtual | | | |
| communications systems | | | |
+------------------------------------+--------+---------+--------+
| Equity | 133 | 0.62 | 133 | 0.68 |
+--------------------------+---------+--------+---------+--------+
| Loan | 310 | 1.44 | 310 | 1.58 |
+--------------------------+---------+--------+---------+--------+
| | 11,055 | 51.21 | 11,055 | 56.33 |
+--------------------------+---------+--------+---------+--------+
| Non-qualifying holdings | | | | |
+--------------------------+---------+--------+---------+--------+
| Henderson Liq Ass GBP | 1,680 | 7.78 | 1,680 | 8.56 |
| Inst | | | | |
+--------------------------+---------+--------+---------+--------+
| Money market fund | | | | |
+--------------------------+---------+--------+---------+--------+
| Ignis Liquidity Fund | 1,680 | 7.78 | 1,680 | 8.56 |
+--------------------------+---------+--------+---------+--------+
| Money market fund | | | | |
+--------------------------+---------+--------+---------+--------+
| | 3,360 | 15.56 | 3,360 | 17.12 |
+--------------------------+---------+--------+---------+--------+
| Cranmer Lawrence Engineering Services | | |
| Limited | | |
+---------------------------------------------+---------+--------+
| Ambulance refurbishment | | | | |
+--------------------------+---------+--------+---------+--------+
| Equity | 196 | 0.91 | 196 | 1.00 |
+--------------------------+---------+--------+---------+--------+
| Loan | 237 | 1.10 | 237 | 1.21 |
+--------------------------+---------+--------+---------+--------+
| Lorngreen Limited | | | | |
+--------------------------+---------+--------+---------+--------+
| Investment | | | | |
+--------------------------+---------+--------+---------+--------+
| Equity | 2,640 | 12.23 | 1,655 | 8.43 |
+--------------------------+---------+--------+---------+--------+
| Loan | 665 | 3.08 | 665 | 3.39 |
+--------------------------+---------+--------+---------+--------+
| | 7,098 | 32.88 | 6,113 | 31.15 |
+--------------------------+---------+--------+---------+--------+
TP70 2008 (II) VCT plc
Summarised interim financial report
for the six months ended 30 September 2009
Directors' Responsibility Statement
The Directors have chosen to prepare the interim financial report for the
company in accordance with International Financial Reporting Standards ("IFRS").
In preparing the summarised interim financial report for the 6 month period to
30 September 2009, the Directors confirm that to the best of their knowledge:
a) the summarised 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 management report includes a fair review of important events
during the period and their effect on the financial report and a description of
principal risks and uncertainties for the remainder of the accounting period;
c) the summarised financial report gives a true and fair view in accordance
with IFRS of the assets, liabilities, financial position and of the profit or
loss of the company for the period and comply with IFRS and the Companies Acts
1985 and 2006; and
d) the interim management report includes a fair review of related party
transactions and changes therein. There were no related party transactions
during the period.
This interim financial report has not been audited or reviewed by the auditor.
Chad Murrin
Chairman
19 November 2009
TP70 2008 (II) VCT plc
Summary statement of comprehensive income
for the six months ended 30 September 2009
+----------------+------+---------+---------+---------+---+---------+---------+---------+---+---------+----------+----------+
| | | 6 months ended | | Period | | Period 08-Nov-07 |
| | | | | 08-Nov-07 to | | to |
+----------------+------+-----------------------------+---+-----------------------------+---+-------------------------------+
| | | 30 September | | 30 September | | 31 March 2009 |
| | | 2009 | | 2008 | | |
+----------------+------+-----------------------------+---+-----------------------------+---+-------------------------------+
| |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 | 5 | 301 | - | 301 | | 386 | - | 386 | | 720 | - | 720 |
| income | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+---+---------+---------+---------+---+---------+----------+----------+
| Unrealised | 10 | - | 149 | 149 | | - | (647) | (647) | | - | (1,134) | (1,134) |
| gain / (loss) | | | | | | | | | | | | |
| on investments | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+---+---------+---------+---------+---+---------+----------+----------+
| Derivative | 10 | - | 158 | 158 | | - | (645) | (645) | | - | (1,126) | (1,126) |
| transaction | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+---+---------+---------+---------+---+---------+----------+----------+
| Investment | | 301 | 307 | 608 | | 386 | (1,292) | (906) | | 720 | (2,260) | (1,540) |
| return | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+---+---------+---------+---------+---+---------+----------+----------+
| | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+---+---------+---------+---------+---+---------+----------+----------+
| Investment | 6 | 43 | 130 | 173 | | 49 | 148 | 197 | | 93 | 279 | 372 |
| management | | | | | | | | | | | | |
| fees | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+---+---------+---------+---------+---+---------+----------+----------+
| Financial and | | 11 | - | 11 | | 7 | - | 7 | | 12 | - | 12 |
| regulatory | | | | | | | | | | | | |
| costs | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+---+---------+---------+---------+---+---------+----------+----------+
| General | | 6 | - | 6 | | 10 | - | 10 | | 21 | - | 21 |
| administration | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+---+---------+---------+---------+---+---------+----------+----------+
| Legal and | | 17 | 23 | 40 | | 13 | - | 13 | | 32 | - | 32 |
| professional | | | | | | | | | | | | |
| fees | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+---+---------+---------+---------+---+---------+----------+----------+
| Directors' | 7 | 20 | - | 20 | | 32 | - | 32 | | 52 | - | 52 |
| remuneration | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+---+---------+---------+---------+---+---------+----------+----------+
| Operating | | 97 | 153 | 250 | | 111 | 148 | 259 | | 210 | 279 | 489 |
| expenses | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+---+---------+---------+---------+---+---------+----------+----------+
| Profit / | | 204 | 154 | 358 | | 275 | (1,440) | (1,165) | | 510 | (2,539) | (2,029) |
| (loss) before | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+---+---------+---------+---------+---+---------+----------+----------+
| Taxation | 8 | (43) | 30 | (13) | | (27) | - | (27) | | (106) | 58 | (48) |
+----------------+------+---------+---------+---------+---+---------+---------+---------+---+---------+----------+----------+
| Profit / | | 161 | 184 | 345 | | 248 | (1,440) | (1,192) | | 404 | (2,481) | (2,077) |
| (loss) after | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+---+---------+---------+---------+---+---------+----------+----------+
| Other | | - | - | - | | - | - | - | | - | - | - |
| comprehensive | | | | | | | | | | | | |
| income | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+---+---------+---------+---------+---+---------+----------+----------+
| Total | | 161 | 184 | 345 | | 248 | (1,440) | (1,192) | | 404 | (2,481) | (2,077) |
| comprehensive | | | | | | | | | | | | |
| income | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+---+---------+---------+---------+---+---------+----------+----------+
| Earnings / | 9 | 0.70p | 0.81p | 1.51p | | 1.35p | (7.81p) | (6.46p) | | 1.98p | (12.18p) | (10.20p) |
| (loss) per | | | | | | | | | | | | |
| share (basic & | | | | | | | | | | | | |
| diluted) | | | | | | | | | | | | |
+----------------+------+---------+---------+---------+---+---------+---------+---------+---+---------+----------+----------+
The earnings per share shown above is both basic and diluted as there are no
potentially dilutive financial instruments in issue.
The column of this statement headed up "total" is the company's income statement
prepared in accordance with International Financial Reporting Standards
("IFRS"). The supplementary revenue return and capital return columns have been
prepared under guidance published by the Association of Investment Companies
("AIC").
The accompanying notes on pages 11 to 16 form an integral part of this interim
financial report.
.
TP70 2008 (II) VCT plc
Summary balance sheet
as at 30 September 2009
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| | | 30-Sep-09 | 30-Sep-08 | 31-Mar-09 |
+-----------------------------+----------+-----------------------------+-----------------------------+-----------------------------+
| | Note | | GBP'000 | | GBP'000 | | GBP'000 |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| | | | | | | | |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| Non Current Assets | | | | | | | |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| Financial assets at fair | 10 | | 19,492 | | 5,301 | | 13,440 |
| value through profit and | | | | | | | |
| loss | | | | | | | |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| | | | | | | | |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| | | | | | | | |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| Current assets: | | | | | | | |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| Receivables | | | 111 | | 8 | | 2,523 |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| Cash and cash equivalents | 11 | | 141 | | 15,386 | | 3,962 |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| | | | 252 | | 15,394 | | 6,485 |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| | | | | | | | |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| TOTAL ASSETS | | | 19,744 | | 20,695 | | 19,925 |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| | | | | | | | |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| Current Liabilities | | | | | | | |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| Payables | | | 15 | | 21 | | 115 |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| Current taxation payable | | | 26 | | 27 | | 48 |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| | | | 41 | | 48 | | 163 |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| | | | | | | | |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| | | | | | | | |
+-----------------------------+ +--------------+--------------+--------------+--------------+--------------+--------------+
| NET ASSETS | | | 19,703 | | 20,647 | | 19,762 |
+-----------------------------+ +----------+--------------+--------------+--------------+--------------+--------------+
| | | | | | | | |
+-----------------------------+----------+----------+--------------+--------------+--------------+--------------+--------------+
| | | | | | | | |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| EQUITY | | | | | | | |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| Share capital | | | 229 | | 229 | | 229 |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| Capital redemption reserve | 12 | | 2 | | 2 | | 2 |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| Share premium | | | - | | 21,781 | | - |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| Special distributable | | | 21,608 | | - | | 21,608 |
| reserve | | | | | | | |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| Capital reserve | | | (2,297) | | (1,440) | | (2,481) |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| Revenue reserve | | | 161 | | 75 | | 404 |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| Total equity | | | 19,703 | | 20,647 | | 19,762 |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| | | | | | | | |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
| Net asset value per share | 13 | | 86.05p | | 90.17p | | 86.30p |
| (pence) | | | | | | | |
+-----------------------------+----------+--------------+--------------+--------------+--------------+--------------+--------------+
This financial report was agreed by the board and authorised for issue on 19
November 2009 and was signed on its behalf by:
Chad Murrin
Director
The accompanying notes on pages 11 to 16 form an integral part of this interim
financial report.
TP70 2008 (II) VCT plc
Summary statement of changes in equity
for the six months ended 30 September 2009
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| | Issued | Share | Share | Special | Capital | Revenue | Total |
| | Capital | Redem. | Prem. | Distrib. | Reserve | Reserve | |
| | | Reserve | | Reserve | | | |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| 6 months ended 30 September 2009 | | | | |
+-----------------------------------------------------+----------+---------+---------+---------+
| Opening balance | 229 | 2 | - | 21,608 | (2,481) | 404 | 19,762 |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Profit for the | - | | - | | 184 | 161 | 345 |
| period | | | | | | | |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Dividends paid | - | - | - | - | - | (404) | (404) |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Balance at 30 | 229 | 2 | - | 21,608 | (2,297) | 161 | 19,703 |
| September 2009 | | | | | | | |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| | | | | | | | |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Profit for the period is made | | | | | | |
| up of: | | | | | | |
+--------------------------------+---------+----------+----------+---------+---------+---------+
| Recognised income | | | | | - | 301 | 301 |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Recognised expenses | | | | | (153) | (97) | (250) |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Taxation | | | | | 30 | (43) | (13) |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Recognised changes in the fair value of | | 307 | - | 307 |
| investments | | | | |
+-----------------------------------------------------+----------+---------+---------+---------+
| | | | | | 184 | 161 | 345 |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Period from 8 November 2007 to 30 September 2008 | | | |
+----------------------------------------------------------------+---------+---------+---------+
| Issue of share | 231 | | 22,818 | - | - | - | 23,049 |
| capital | | | | | | | |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Share issue costs | - | | (1,037) | - | - | - | (1,037) |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Purchase of own | (2) | 2 | - | - | - | (173) | (173) |
| shares | | | | | | | |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Profit / (loss) for | - | | - | - | (1,440) | 248 | (1,192) |
| the period | | | | | | | |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Balance at 30 | 229 | 2 | 21,781 | - | (1,440) | 75 | 20,647 |
| September 2008 | | | | | | | |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| | | | | | | | |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Profit / (loss) for the period is made | | | | | |
| up of: | | | | | |
+------------------------------------------+----------+----------+---------+---------+---------+
| Recognised income | | | | | - | 386 | 386 |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Recognised expenses | | | | | (148) | (111) | (259) |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Taxation | | | | | - | (27) | (27) |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Recognised changes in the fair value of | | (1,292) | - | (1,292) |
| investments | | | | |
+-----------------------------------------------------+----------+---------+---------+---------+
| | | | | | (1,440) | 248 | (1,192) |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Period from 8 November 2007 to 31 March 2009 | | | |
+----------------------------------------------------------------+---------+---------+---------+
| Issue of share | 231 | | 22,818 | - | - | - | 23,049 |
| capital | | | | | | | |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Share issue costs | - | | (1,037) | - | - | - | (1,037) |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Purchase of own | (2) | 2 | - | (173) | - | | (173) |
| shares | | | | | | | |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Cancellation of | - | | (21,781) | 21,781 | - | - | - |
| share premium | | | | | | | |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Profit / (loss) for | - | | - | | (2,481) | 404 | (2,077) |
| the period | | | | | | | |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Balance at 31 March | 229 | 2 | - | 21,608 | (2,481) | 404 | 19,762 |
| 2009 | | | | | | | |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| | | | | | | | |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Profit / (loss) for the period is made | | | | | |
| up of: | | | | | |
+------------------------------------------+----------+----------+---------+---------+---------+
| Recognised income | | | | | - | 720 | 720 |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Recognised expenses | | | | | (279) | (210) | (489) |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Taxation | | | | | 58 | (106) | (48) |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
| Recognised changes in the fair value of | | (2,260) | - | (2,260) |
| investments | | | | |
+-----------------------------------------------------+----------+---------+---------+---------+
| | | | | | (2,481) | 404 | (2,077) |
+----------------------+---------+---------+----------+----------+---------+---------+---------+
The accompanying notes on pages 11 to 16 form an integral part of this interim
financial report.
TP70 2008 (II) VCT plc
Summary cash flow statement
for the six months ended 30 September 2009
+-----------------------------------+-+-------------+--+------------+--+------------+
| | 6 months | Period | Period |
+-----------------------------------+---------------+---------------+---------------+
| | ended | 08-Nov-07 to | 08-Nov-07 to |
+-----------------------------------+---------------+---------------+---------------+
| | 30-Sep-09 | 30-Sep-08 | 31-Mar-09 |
+-----------------------------------+---------------+---------------+---------------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Cash flows from operating | | | | | | |
| activities | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Loss before taxation | | 358 | | (1,165) | | (2,029) |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Unrealised (gain) / loss on | | (307) | | 1,292 | | 2,260 |
| investments | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Cashflow generated by operations | | 51 | | 127 | | 231 |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Decrease / (increase) in | | 2,412 | | (8) | | (2,523) |
| receivables | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| (Increase) / decrease in payables | | (100) | | 21 | | 115 |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Taxation paid | | (35) | | - | | - |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Net cash flows from operating | | 2,328 | | 140 | | (2,177) |
| activities | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Cash flow from investing | | | | | | |
| activities | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Purchase of financial assets at | | (6,195) | | (6,593) | | (15,700) |
| fair value through profit and | | | | | | |
| loss account | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Sales proceeds of financial | | 450 | | - | | - |
| assets at fair value through | | | | | | |
| profit and loss account | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Net cash flows from investing | | (5,745) |- | (6,593) |- | (15,700) |
| activities | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Cash flows from financing | | | | | | |
| activities | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Proceeds from issue of share | | - | | 23,049 | | 23,049 |
| capital | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Share issue expenses | | - | | (1,037) | | (1,037) |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Buyback of own shares | | - | | (173) | | (173) |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Dividends paid | | (404) | | - | | - |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Net cash flows from financing | | (404) | | 21,839 | | 21,839 |
| activities | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Net (decrease) / increase in cash | | (3,821) | | 15,386 | | 3,962 |
| and cash equivalents | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Reconciliation of net cash flow | | | | | | |
| to movements in cash and cash | | | | | | |
| equivalents | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Cash and cash equivalents at 1 | | 3,962 | | - | | - |
| April 2009 | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Net (decrease) / increase in cash | | (3,821) | | 15,386 | | 3,962 |
| and cash equivalents | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
| Cash and cash equivalents at 30 | | 141 | | 15,386 | | 3,962 |
| September 2009 | | | | | | |
+-----------------------------------+-+-------------+--+------------+--+------------+
The accompanying notes on pages 11 to 16 form an integral part of this interim
financial report.
TP70 2008 (II) VCT plc
Notes to the summarised interim financial report
for the six months ended 30 September 2009
1. Corporate Information
The interim summarised financial report of the company for the 6 months ended 30
September 2009 was authorised for issue in accordance with a resolution of the
directors on 19 November 2009.
The company was admitted for listing on the London Stock Exchange on 6 February
2008.
The company is incorporated and domiciled in Great Britain. The address of its
registered office, which is also its principal place of business, is 4-5
Grosvenor Place, London, SW1X 7HJ.
The company's summarised financial report is presented in Pounds Sterling (GBP)
which is also the functional currency of the company.
The financial information set out in this interim report does not constitute
statutory accounts as defined in Section 240 of the Companies Act 1985.
The principal activity of the company is investment. The company's investment
strategy is to offer combined exposure to GAM Diversity Inc (GAM's fund of hedge
funds) and venture capital investments focused on companies with contractual
revenues from financially secure counterparties.
2. Basis of preparation and accounting policies
Basis of preparation
The summarised interim financial report of the Company for the period to 30
September 2009 has been prepared in accordance with IAS 34: Interim Financial
Reporting and other accounting policies consistent with IFRS adopted for use in
the European Union and therefore complies with the articles of the EU IAJ
regulation and with the statement of recommended practice: Financial Statements
of Investment Trust Companies (SORP) issued by the Association of Investment
Companies ("AIC") in January 2003 and revised in December 2005, in so far as
this does not conflict with IFRS. The information in this document does not
include all of the disclosures required by IFRS and the SORP in full annual
financial statements. The interim financial information has been prepared
applying the accounting policies and presentation that will be adopted in the
preparation of the company's financial statements for the period ending 31 March
2009.
The summarised financial report has been prepared on a historical cost basis
except that investments are shown at fair value through profit and loss.
The preparation of financial statements in conformity with IFRS requires
management to make judgements, estimates and assumptions that affect the
application of policies and the reported amounts of assets and liabilities,
income and expenses. The estimates and associated assumptions are based on
historical experience and various other factors believed to be reasonable under
the circumstances, the results of which form the basis of making judgements
about the carrying value of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these judgements.
The key judgements made by directors are in the valuation of non-current assets
where they accept the independent expert valuation of professional valuers and
the independently prepared summary of market prices for equity investments. The
estimates and underlying assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognised in the period in which the estimate is
revised if the revision affects that period, or in the period of revision and
future periods if the revision affects both current and future periods.
TP70 2008 (II) VCT plc
Notes to the summarised interim financial report
for the six months ended 30 September 2009
2. Basis of preparation and accounting policies (continued)
Presentation of income statement
In order to reflect better the activities of an investment trust company, and in
accordance with the guidance issued by the AIC, supplementary information which
analyses the Income Statement between items of a revenue and capital nature has
been presented alongside the Income Statement. In accordance with the Company's
status as a UK investment company under section 266 of the Companies Act 1985,
net capital returns may not be distributed by way of dividend.
Non-current Asset Investments
The Company invests in financial assets with a view to profiting from their
total return through income and capital growth. These investments are managed
and their performance is evaluated on a fair value basis in accordance with a
documented investment strategy, and information about the portfolio is provided
internally on that basis to the company's board of directors. Accordingly upon
initial recognition the investments and loan notes are designated as "at fair
value through the profit and loss" ("FVTPL"). They are included initially at
fair value which is taken to be their cost (excluding expenses incidental to the
acquisition which are written off in the income statement and allocated to
"capital" at the time of acquisition). Subsequently the investments are valued
at "fair value" which is measured as follows:
Unlisted investments are fair valued by the Directors in accordance with the
International Private Equity and Venture Capital Valuation Guidelines.
Listed investments are fair valued at bid price.
Where securities are designated upon initial recognition as at fair value
through the profit or loss, gains and losses arising from changes in fair value
are included in net profit or loss for the period as a capital item in
accordance with the AIC SORP. The profit or loss on disposal is calculated net
of transaction costs of disposal.
Investments are recognised as financial assets on legal completion of the
investment contract and are de-recognised on legal completion of the sale of an
investment
It is not the Company's policy to exercise control or significant influence over
investee companies. Therefore, in accordance with IAS 27 Consolidated and
separate financial statements, those undertakings in which the Group holds more
than 20% of the equity are not regarded as associated undertakings.
Income
Investment income includes interest earned on bank balances and money market
securities and includes income tax withheld at source. Dividend income is shown
net of any related tax credit.
Dividends receivable are brought into account on the ex-dividend date. Fixed
returns on debt and money market securities are recognised on a time
apportionment basis so as to reflect the effective yield, provided there is no
reasonable doubt that payment will be received in due course.
Expenses
All expenses are accounted for on the accruals basis. Expenses are charged to
revenue with the exception of the investment management fee, which has been
charged 25% to the revenue account and 75% to the capital account to reflect, in
the Directors' opinion, the expected long term split of returns in the form of
income and capital gains respectively from the investment portfolio.
TP70 2008 (II) VCT plc
Notes to the summarised interim financial report
for the six months ended 30 September 2009
2. Basis of preparation and accounting policies (continued)
Taxation
Corporation tax payable is applied to profits chargeable to corporation tax, if
any, at the current rate.
Deferred tax is recognised in respect of all timing differences that have
originated but not reversed at the balance sheet date where transactions or
events have occurred at that date that will result in an obligation to pay more,
or a right to pay less tax, with the exception that deferred tax assets are
recognised only to the extent that the Directors consider that it is more likely
than not that there will be suitable taxable profits from which the future
reversal of the underlying timing can be deducted.
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.
Derivatives are classified at fair value through profit and loss.
Provisions
A provision is recognised when the Company has a legal or constructive
obligation as a result of a past event and it is probable that an outflow of
economic benefits will be required to settle the obligation. If the effect is
material, expected future cash flows are discounted using a current pre-tax rate
that reflects, where appropriate, the risks specific to the liability.
Where the Company expects some or all of a provision to be reimbursed, for
example under an insurance policy, the reimbursement is recognised as a separate
asset but only when recovery is virtually certain. The expense relating to any
provision is presented in the income statement net of any reimbursement. Where
discounting is used, the increase in the provision due to unwinding the discount
is recognised as a finance cost.
Issued share capital
Ordinary shares are classified as equity because they do not contain an
obligation to transfer cash or another financial asset.
Cash
Cash represents cash available at less than 3 months notice.
Other receivables
Other receivables are recognised at fair value on initial recognition and
subsequently at amortised cost. An impairment loss is recognised whenever the
carrying amount of an asset exceeds its recoverable amount.
Other payables
Other payables are recognised at fair value on initial recognition and
subsequently at amortised cost.
TP70 2008 (II) VCT plc
Notes to the summarised interim financial report
for the six months ended 30 September 2009
Segment reporting
A segment is a distinguishable component of the group that is engaged in
generating income and expenses (business segment) which is subject to risks and
rewards that are different from those of other segments.
3 Seasonality of operations
The Company's operations are not seasonal.
4 Segmental reporting
The Company currently has only one class of business, investment activity, and
its only geographical segment is Europe.
5 Investment Income
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
| | 6 months | Period from | Period from |
+----------------------------------+-------------------------+-------------------------+-------------------------+
| | ended | 07-Nov-07 to | 07-Nov-07 to |
+----------------------------------+-------------------------+-------------------------+-------------------------+
| | 30-Sep-09 | 30-Sep-08 | 31-Mar-09 |
+----------------------------------+-------------------------+-------------------------+-------------------------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
| Income from short term | | 300 | | 107 | | 336 |
| investments | | | | | | |
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
| Bank interest | | 1 | | 279 | | 384 |
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
| Total | | 301 | | 386 | | 720 |
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
6 Investment management fees
Triple Point Investment Management LLP provides investment management and
administration services to the Company under an Investment Management Agreement
dated 14 December 2007 which runs for a period of 6 years 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 calculated and payable quarterly in arrears.
7 Directors' remuneration
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
| | 6 months | Period from | Period from |
+----------------------------------+-------------------------+-------------------------+-------------------------+
| | ended | 08-Nov-07 to | 08-Nov-07 to |
+----------------------------------+-------------------------+-------------------------+-------------------------+
| | 30-Sep-09 | 30-Sep-08 | 31-Mar-09 |
+----------------------------------+-------------------------+-------------------------+-------------------------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
| Chad Murrin (Chairman) | | 8 | | 12 | | 20 |
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
| Sir John Lucas-Tooth | | 6 | | 10 | | 16 |
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
| Robert Reid | | 6 | | 10 | | 16 |
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
| Peter Hargreaves | | - | | - | | - |
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
| Total | | 20 | | 32 | | 52 |
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
TP70 2008 (II) VCT plc
Notes to the summarised interim financial report
for the six months ended 30 September 2009
8 Taxation on ordinary activities
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
| | 6 months | Period from | Period from |
+----------------------------------+-------------------------+-------------------------+-------------------------+
| | ended | 07-Nov-07 to | 07-Nov-07 to |
+----------------------------------+-------------------------+-------------------------+-------------------------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
| Loss on ordinary activities | | 358 | | (1,165) | | (2,029) |
| before tax | | | | | | |
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
| Add back capital (gains) / | | (307) | | 1,292 | | 2,260 |
| losses | | | | | | |
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
| Taxable income | | 51 | | 127 | | 231 |
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
| UK corporation tax at 24% (21%) | | 13 | | 27 | | 48 |
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
Capital gains and losses are exempt from corporation tax due to the company's
status as a Venture Capital Trust.
9Earnings per share
The earnings per share is based on a comprehensive income after tax of
GBP345,000 and on the weighted average number of shares in issue during the
period of 22,898,626.
10 Financial assets at fair value through profit and loss account
+------------------------+---------+----------+---------+-+-------------+-+-------------+
| | 30-Sep-09 | 30-Sep-08 | 31-Mar-09 |
+------------------------+------------------------------+---------------+---------------+
| | Quoted | Unquoted | Total | Unquoted | Unquoted |
+------------------------+---------+----------+---------+---------------+---------------+
| | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | | GBP'000 |
| | | | | | | | |
+------------------------+---------+----------+---------+-+-------------+-+-------------+
| Valuation at 1 April | - | 13,440 | 13,440 | | - | | - |
| 2009 | | | | | | | |
+------------------------+---------+----------+---------+-+-------------+-+-------------+
| Purchases at cost | 3,360 | 2,835 | 6,195 | | 6,593 | | 15,700 |
+------------------------+---------+----------+---------+-+-------------+-+-------------+
| Disposal proceeds | (450) | - | (450) | | | | |
+------------------------+---------+----------+---------+-+-------------+-+-------------+
| Unrealised gain / | - | 307 | 307 | | (1,292) | | (2,260) |
| (loss) on revaluation | | | | | | | |
+------------------------+---------+----------+---------+-+-------------+-+-------------+
| Valuation at 30 | 2,910 | 16,582 | 19,492 | | 5,301 | | 13,440 |
| September 2009 | | | | | | | |
+------------------------+---------+----------+---------+-+-------------+-+-------------+
| Cost at 30 September | 3,360 | 18,085 | 21,445 | | 6,593 | | 15,700 |
| 2009 | | | | | | | |
+------------------------+---------+----------+---------+-+-------------+-+-------------+
| Unrealised loss at 30 | (450) | (1,503) | (1,953) | | (1,292) | | (2,260) |
| September 2009 | | | | | | | |
+------------------------+---------+----------+---------+-+-------------+-+-------------+
The company holds 50% of the issued share capital of Lorngreen Ltd, but is
accounting for this in accordance with IAS 27 as it does not exercise control.
Included in unquoted investments is a deposit of GBP3,292,000 with Julius Baer,
which is the subject of the derivative transaction described in note 14.
Further details of these investments are provided in the Investment portfolio
review.
11 Cash and cash equivalents
Cash and cash equivalents comprise deposits with Royal Bank of Scotland plc and
Allied Irish Bank.
TP70 2008 (II) VCT plc
Notes to the summarised interim financial report
for the six months ended 30 September 2009
12 Share Capital
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
| | 30-Sep-09 | 30-Sep-08 | 31-Mar-09 |
+----------------------------------+-------------------------+-------------------------+-------------------------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
| 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 | 22,898,626 | 22,898,626 | 22,898,626 |
+----------------------------------+-------------------------+-------------------------+-------------------------+
| Par Value GBP'000 | | 229 | | 229 | | 229 |
+----------------------------------+----------+--------------+----------+--------------+----------+--------------+
13 Net asset value per share
The calculation of net asset value per share is based on net assets of
GBP19,703,000 divided by the 22,898,626 shares in issue.
14 Derivative transaction
The company has made a payment of GBP3,292.000 to Julius Baer and in return will
receive back an equivalent sum plus or minus the performance in the intervening
time of GAM Diversity 2.5XL. The transaction will run for a maximum of 5 years
but may be terminated by the company at any time before then.
15 Commitments and contingencies
The company has no outstanding commitments or contingent liabilities.
16 Related party transactions
Peter Hargreaves, a director of the Company, has an equity interest in Triple
Point LLP (TPLLP). TPLLP in turn has a controlling interest in Triple Point
Investment Management LLP (TPIMLLP). During the period, TPIMLLP received
GBP173,000 for providing management and administrative services to the Company.
17 Post balance sheet events
There have been no significant post balance sheet events.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR CKOKQKBDDKDB
TP70 2008 (II) (LSE:TPV2)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
TP70 2008 (II) (LSE:TPV2)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
