TIDMTP10
RNS Number : 6899Q
TP10 VCT Plc
16 October 2013
TP10 VCT plc
Interim Results
The directors of TP10 VCT plc are pleased to announce its
Interim results for the six months to 31 August 2013.
For further information please contact Triple Point Investment
Management LLP on 020 7201 8989. The Interim report will be
available in full at www.triplepoint.co.uk
Unaudited Interim Financial Report - Financial Summary
Unaudited Audited Unaudited
6 months
ended Year ended 6 months ended
31 August 2013 28 February 2013 31 August 2012
GBP'000 GBP'000 GBP'000
Net assets 26,007 26,965 26,603
Profit before tax 81 391 29
--------------------- ---------- ----------------- ----------------
Earnings per share 0.28p 1.29p 0.09p
Dividend paid (3.31p) (3.31p) (3.31p)
Net asset value per
share 86.32p 89.35p 88.15p
--------------------- ---------- ----------------- ----------------
TP10 VCT plc ("the Company") is a Venture Capital Trust ("VCT").
The Investment Manager is Triple Point Investment Management LLP.
The Company was launched in November 2009 and raised GBP28.6
million (net of expenses) through an offer for subscription which
closed on 31 May 2010.
Unaudited Interim Financial Report - Chairman's Statement
I am writing to you to present the unaudited Interim Financial
Report for TP10 VCT plc ("the Company") for the 6 months ended 31
August 2013.
Portfolio Construction
We are pleased to report that the Company's funds are 99%
invested, in a portfolio of qualifying and non-qualifying unquoted
investments. The qualifying investments include companies which
generate renewable electricity from roof-mounted solar photovoltaic
panels (investments which will benefit from long-term, index linked
revenues) and companies which provide cinema digitisation. These
investments were selected for their ability to yield high quality,
predictable cash flows.
The Company's portfolio of qualifying investments accounts for
86% of its net assets, thus maintaining its VCT qualifying status
by satisfying the test of being at least 70% invested in VCT
qualifying investments.
More information on the Company's investment portfolio is given
in the Investment Manager's Review.
Dividends
On 12 July 2013 the Company paid its second dividend to
shareholders of GBP1 million equal to 3.31p per share. This takes
the total paid by way of dividends to shareholders to 6.62p per
share.
Net Asset Value
With the portfolio established, loan interest from the
investments has exceeded running costs and the Company made a
profit of 0.28p per share for the period. At 31 August 2013 the Net
Asset Value ("NAV") per share stood at 86.32p per share. Taken
together with the dividend of 3.31p per share paid during the
period this gives a NAV per share equivalent to 89.63p per
share.
Principal Risks
The Board believes that the principal risks facing the Company
are:
-- investment risk associated with the VCT's portfolio of unquoted investments;
-- failure to maintain approval as a qualifying VCT.
The Board believes these risks are manageable and, with the
Investment Manager, continues to work to minimise either the
likelihood or potential impact of these risks within the scope of
the Company's established investment strategy.
Outlook
The Board is pleased that the Company continues to maintain a
diversified portfolio of stable investments, which are designed to
provide the Company with the returns it seeks for its
shareholders.
If you have any questions or comments, please do not hesitate to
telephone Triple Point Investment Management LLP on 020 7201
8989.
Robin Morrison
Chairman
16 October 2013
Unaudited Interim Financial Report - Investment Manager's
Review
At 31 August 2013, qualifying investments represented 86% of net
assets, ensuring that the Company continues to satisfy the
requirement to be 70% invested in qualifying investments.
The overall portfolio comprises investments in 26 small,
unquoted companies which operate in four sectors: cinema
digitisation; hydro project management; renewable electricity
generation from solar PV, anaerobic digestion and landfill gas; and
SME lending.
Each of these investments meets Triple Point's investment
criteria, with projected revenues generated by businesses with good
quality customers and the potential for steady returns. Investments
in each sector have been made with the benefit of rigorous
selection criteria, including extensive due diligence and expert
technical assessment and are subject to continuous stringent
review.
Sector Analysis
The unquoted investment portfolio can be analysed as
follows:
Electricity Generation
Cinema Hydro Project Solar Anaerobic Total Unquoted
Industry Sector Digitisation Management PV Digestion Landfill SME Lending Investments
-------------------- -------------- -------------- ------------ ---------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- -------------- -------------- -------- ----------- --------- ------------ ---------------
Investments
at 29 February
2013 6,900 813 11,200 3,262 1,000 3,292 26,467
-------------------- -------------- -------------- -------- ----------- --------- ------------ ---------------
Investments
made during
the period 36 - - - - - 36
-------------------- -------------- -------------- -------- ----------- --------- ------------ ---------------
Investments
disposed of
during the period - - - (735) - - (735)
-------------------- -------------- -------------- -------- ----------- --------- ------------ ---------------
Investments
at 31 August
2013 6,936 813 11,200 2,527 1,000 3,292 25,768
-------------------- -------------- -------------- -------- ----------- --------- ------------ ---------------
Investments
% 26.92% 3.16% 43.45% 9.81% 3.88% 12.78% 100.00%
-------------------- -------------- -------------- -------- ----------- --------- ------------ ---------------
VCT Sector Review
Solar PV
The Company's investment portfolio includes 13 holdings in
businesses generating renewable electricity from residential solar
PV panels. The solar businesses derive their revenues from the
receipt of index-linked Feed-in Tariffs (FiTs). The performance of
each of these businesses is closely monitored by Triple Point. We
are pleased to report that the solar investment portfolio continues
to perform in line with expectations.
Cinema Digitisation
The businesses in the portfolio that own, maintain and operate
digital equipment in cinemas in the UK, Germany, Austria, Italy and
Ireland continue to perform in line with their objectives. Digital
cinema projection conversion is paid for under the globally
recognised Virtual Print Fee model, through which film studios pay
for the cost of the deployment over a number of years. The majority
of the revenues come from the six major investment grade Hollywood
Studios. Film booking rates are significantly ahead of base line
projections.
Anaerobic Digestion
Funds are invested in two renewable energy generating companies
which both operate 1 MW anaerobic digestion plants. The plants use
agricultural feed stocks to generate electricity for sale to a
utility company. The electricity generation also attracts Feed-in
Tariffs which provide RPI linked revenues for a 20 year period from
commissioning. The high rainfall and resultant poor maize harvest
in 2012 contributed to underperformance of the plants over the last
year. Recent indicators are that this year's harvest will be
significantly better.
The Company is withdrawing from its investment in Drumnahare
Biogas Limited as its Anaerobic Digestion project did not
proceed.
Landfill Gas
The Company was able to take advantage of the opportunity to
fund businesses seeking to generate renewable electricity from
landfill gas from sites owned by public bodies in Northern Ireland,
which gives access to long term, reliable cash flows generated from
strong counterparties through Government enshrined legislation
(ROCs), the sale of electricity to a utility company and the
potential for sale of electricity to local authorities.
Craigahulliar Energy Ltd's plant started to generate electricity
for export to the National Grid in December 2012 and Aeris Power
Ltd's first project is under construction.
Hydro Project Management
Highland Hydro Services Limited manages the planning and
environmental impact studies for a portfolio of new small scale
hydro electric power installations in the Scottish Highlands. All
applications are proceeding according to plan with the first scheme
having received planning consent in February and the second in
March 2013.
SME Lending
The Company has a GBP3.3 million investment in Broadpoint
Limited, a finance company which provides short and medium term
funding to businesses in the telecoms, finance, cinema and
renewable energy sectors.
Outlook
We continue to work closely with all the management teams of all
the portfolio businesses to ensure that that they continue to meet
the Company's investment strategy and objectives for
shareholders.
If you have any questions, please do not hesitate to call us on
020 7201 8990.
Claire Ainsworth
Managing Partner
for Triple Point Investment Management LLP
16 October 2013
Unaudited Interim Financial Report - Investment Portfolio
31 August 2013 28 February 2013
------------------------------------ ------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted Qualifying Holdings 22,138 85.61 22,425 86.41 22,138 83.10 22,425 83.28
Unquoted Non-Qualifying
Holdings 3,553 13.74 3,343 12.88 4,042 15.18 4,042 15.02
Financial assets at fair
value through profit
or loss 25,691 99.35 25,768 99.29 26,180 98.28 26,467 98.30
Cash and cash equivalents 174 0.65 174 0.71 459 1.72 459 1.70
25,865 100.00 25,942 100.00 26,639 100.00 26,926 100.00
======== ======= ======== ======= ======== ======= ======== =======
Unquoted Qualifying Holdings
Cinema Digitisation
21st Century Cinema Ltd 1,000 3.87 1,000 3.85 1,000 3.75 1,000 3.71
Big Screen Digital Services
Ltd 900 3.48 900 3.47 900 3.38 900 3.34
Cinematic Services Ltd 2,000 7.73 2,000 7.71 2,000 7.51 2,000 7.43
Digima Ltd 1,000 3.87 1,000 3.85 1,000 3.75 1,000 3.71
Digital Screen Solutions
Ltd 1,000 3.87 1,000 3.85 1,000 3.75 1,000 3.71
DLN Digital Ltd 1,000 3.87 1,000 3.85 1,000 3.75 1,000 3.71
Hydro Project Management
Highland Hydro Services
Ltd 813 3.14 813 3.13 813 3.05 813 3.02
Electricity Generation
Solar
AH Power Ltd 800 3.09 770 2.97 800 3.00 770 2.86
Arraze Ltd 1,300 5.03 1,360 5.24 1,300 4.88 1,360 5.05
Bandspace Ltd 1,000 3.87 1,085 4.18 1,000 3.75 1,085 4.03
Bridge Power Ltd 750 2.90 782 3.01 750 2.82 782 2.90
Campus Link Ltd 1,000 3.87 1,061 4.09 1,000 3.75 1,061 3.94
Core Generation Ltd 750 2.90 782 3.01 750 2.82 782 2.90
Druman Green Ltd 750 2.90 777 3.00 750 2.82 777 2.89
Fellman Solar Ltd 750 2.90 767 2.96 750 2.82 767 2.85
Flowers Power Ltd 600 2.32 621 2.39 600 2.25 621 2.31
Haul Power Ltd 750 2.90 791 3.05 750 2.82 791 2.94
Helioflair Ltd 1,000 3.87 958 3.69 1,000 3.75 958 3.56
Ranmore Environmental
Ltd 1,000 3.87 960 3.70 1,000 3.75 960 3.57
Trym PowerLtd 750 2.90 773 2.98 750 2.82 773 2.87
Anaerobic Digestion
GreenTec Energy Ltd 1,500 5.80 1,500 5.78 1,500 5.63 1,500 5.57
Katharos Organic Ltd 725 2.80 725 2.79 725 2.72 725 2.69
Landfill
Aeris Power Ltd 500 1.93 500 1.93 500 1.88 500 1.86
Craigahulliar Energy
Ltd 500 1.93 500 1.93 500 1.88 500 1.86
22,138 85.61 22,425 86.41 22,138 83.10 22,425 83.28
======== ======= ======== ======= ======== ======= ======== =======
31 August 2013 28 February 2013
---------------------------------- ----------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted Non-Qualifying
Holdings
Cinema Digitisation
Big Screen Digital Services
Ltd 1 - 1 - - - - -
Digital Screen Solutions
Ltd 35 0.14 35 0.13 - - - -
Anaerobic digestion -
Drumnahare Biogas Ltd 225 0.87 15 0.06 750 2.82 750 2.79
SME lending -
Broadpoint Ltd: -
- shares and securities 3,292 12.73 3,292 12.69 3,292 12.36 3,292 12.23
3,553 13.74 3,343 12.88 4,042 15.18 4,042 15.02
======== ====== ======== ====== ======== ====== ======== ======
Unaudited Interim Financial Report - 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 Interim Financial Report for the 6 month period
to 31 August 2013, the Directors confirm that to the best of their
knowledge:
a) the Interim Financial Report has been prepared in accordance
with International Accounting Standard IAS34, "Interim Financial
Reporting" issued by the International Accounting Standards
Board;
b) the Interim Financial Report includes a fair review of
important events during the period and their effect on the
Financial Statements and a description of principal risks and
uncertainties for the remainder of the accounting period;
c) the Interim Financial Report gives a true and fair view in
accordance with IFRS of the assets, liabilities, financial position
and of the results of the Company for the period and complies with
IFRS and the Companies Act 2006;
d) the Interim Financial Report includes a fair review of
related party transactions and changes therein. There are no
related party transactions; and
e) The Directors believe that the Company has sufficient
financial resources to manage its business risks in the current
uncertain economic outlook.
The Directors have reasonable expectation that the Company has
adequate resources to continue in operational existence for the
foreseeable future. Thus they continue to adopt the going concern
basis of accounting in preparing the Financial Statements.
This Interim Financial Report has not been audited or reviewed
by the auditors.
Robin Morrison
Chairman
16 October 2013
Unaudited Statement of Comprehensive Income
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
31 August 2013 28 February 2013 31 August 2012
---------------------------- ---------------------------- ----------------------------
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income
Investment income 4 479 - 479 912 - 912 447 - 447
Loss arising on the
disposal of
investments
during the period - - - - (8) (8) - (8) (8)
Gain arising on the
revaluation of
investments
at the period end - - - - 287 287 - - -
Investment return 479 - 479 912 279 1,191 447 (8) 439
-------- -------- -------- -------- -------- -------- -------- -------- --------
Expenses
Investment
management fees 5 252 84 336 508 170 678 87 261 348
Financial and
regulatory costs 16 - 16 26 - 26 14 - 14
General
administration 7 - 7 19 - 19 7 - 7
Legal and
professional fees 19 - 19 37 - 37 21 - 21
Directors'
remuneration 6 20 - 20 40 - 40 20 - 20
Operating expenses 314 84 398 630 170 800 149 261 410
-------- -------- -------- -------- -------- -------- -------- -------- --------
Profit/(loss) before
taxation 165 (84) 81 282 109 391 298 (269) 29
Taxation 7 (33) 33 - (47) 47 - 50 (50) -
Profit/(loss) after
taxation 132 (51) 81 235 156 391 348 (319) 29
-------- -------- -------- -------- -------- -------- -------- -------- --------
Profit and total
comprehensive
income/(loss)
for the period 132 (51) 81 235 156 391 348 (319) 29
-------- -------- -------- -------- -------- -------- -------- -------- --------
Basic & diluted
earnings/(loss) per
share 8 0.45p (0.17p) 0.28p 0.78p 0.51p 1.29p 1.14p (1.05p) 0.09p
-------- -------- -------- -------- -------- -------- -------- -------- --------
The total column of this statement is the Statement of
Comprehensive Income of the Company prepared in accordance with
International Financial Reporting Standards (IFRS). The
supplementary revenue return and capital columns have been prepared
in accordance with the Association of Investment Companies
Statement of Recommended Practice (AIC SORP).
All revenue and capital items in the above statement derive from
continuing operations.
This Statement of Comprehensive Income includes all recognised
gains and losses.
The accompanying notes are an integral part of these
statements.
Unaudited Balance Sheet
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
28 February 31 August
31 August 2013 2013 2012
--------------- ------------ ---------------
GBP'000 GBP'000 GBP'000
Non Current Assets
Financial assets at fair
value through profit
or loss 25,768 26,467 26,478
--------------- ------------ ---------------
Current assets
Receivables 315 301 598
Cash and cash equivalents 9 174 459 133
489 760 731
--------------- ------------ ---------------
Total assets 26,257 27,227 27,209
--------------- ------------ ---------------
Current liabilities
Payables and accrued
expenses 250 262 606
250 262 606
--------------- ------------ ---------------
Net Assets 26,007 26,965 26,603
=============== ============ ===============
Equity attributable to
equity holders of the
Company
Share capital 10 301 302 302
Special distributable
reserve 26,483 27,342 27,342
Share redemption reserve 1 - -
Capital reserve (910) (859) (1,334)
Revenue reserve 132 180 293
Total equity 26,007 26,965 26,603
=============== ============ ===============
Net asset value per share
(pence) 11 86.32p 89.35p 88.15p
=============== ============ ===============
The accompanying notes are an integral part of this
statement.
Unaudited Statement of Changes in Shareholders' Equity
Special Share
Issued Distributable Redemption Capital Revenue
Capital Reserve Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
6 months ended 31 August
2013
Balance at 28 February 2013 302 27,342 - (859) 180 26,965
-------- -------------- ----------- -------- -------- --------
Purchase of own shares (1) (40) 1 - - (40)
Dividends paid - (819) - - (180) (999)
--------
Transactions with owners (1) (859) 1 - (180) (1,039)
-------- -------------- ----------- -------- -------- --------
(Loss)/profit after tax - - - (51) 132 81
Total comprehensive (loss)/profit
for the period - - - (51) 132 81
-------- -------------- ----------- -------- -------- --------
Balance at 31 August 2013 301 26,483 1 (910) 132 26,007
======== ============== =========== ======== ======== ========
Capital reserve consists
of:
Investment holding gains 77
Other realised losses (987)
(910)
========
Year ended 28 February 2013
Balance at 1 March 2012 302 28,341 - (1,015) (55) 27,573
-------- -------------- ----------- -------- -------- --------
Dividends paid - (999) - - - (999)
--------
Transactions with owners - (999) - - - (999)
-------- -------------- ----------- -------- -------- --------
Profit after tax - - - 156 235 391
Total comprehensive profit
for the year - - - 156 235 391
-------- -------------- ----------- -------- -------- --------
Balance at 28 February 2013 302 27,342 - (859) 180 26,965
======== ============== =========== ======== ======== ========
Capital reserve consists
of:
Investment holding gains 287
Other realised losses (1,146)
(859)
========
6 months ended 31 August
2012
Balance at 1 March 2012 302 28,341 - (1,015) (55) 27,573
-------- -------------- ----------- -------- -------- --------
Dividends paid - (999) - - - (999)
--------
Transactions with owners - (999) - - - (999)
-------- -------------- ----------- -------- -------- --------
(Loss)/profit after tax - - - (319) 348 29
Total comprehensive (loss)/profit
for the period - - - (319) 348 29
-------- -------------- ----------- -------- -------- --------
Balance at 31 August 2012 302 27,342 - (1,334) 293 26,603
======== ============== =========== ======== ======== ========
Capital reserve consists
of:
Other realised losses (1,334)
========
The capital reserve represents the proportion of investment
management fees charged against capital and realised/unrealised
gains or losses on the disposal/revaluation of investments. The
capital reserve is not distributable. The special distributable
reserve was created on court cancellation of the share premium
account. The revenue and special distributable reserves are
distributable by way of dividend.
The accompanying notes are an integral part of this
statement.
Unaudited Statement of Cash Flows
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
31 August 28 February 31 August
2013 2013 2012
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit before taxation 81 391 29
Loss arising on the disposal
of investments during the period - 8 8
(Gain) arising on the revaluation
of investments at the period
end - (287) -
Cash generated by operations 81 112 37
(Increase) in receivables (14) (123) (420)
(Decrease)/Increase in payables
and accruals (12) (1) 343
Net cash flow from operating
activities 55 (12) (40)
---------- ------------ ---------------
Cash flow from investing activities
Purchase of financial assets
at fair value through profit
or loss (36) (8,300) (8,800)
Sales of financial assets at
fair value through profit or
loss 735 2,235 2,437
Net cash flows from investing
activities 699 (6,065) (6,363)
---------- ------------ ---------------
Cash flows from financing activities
Purchase of own shares (40) - -
Dividends paid (999) (999) (999)
Net cash flows from financing
activities (1,039) (999) (999)
---------- ------------ ---------------
Net decrease in cash and cash
equivalents (285) (7,076) (7,402)
========== ============ ===============
Reconciliation of net cash
flow to movements in cash and
cash equivalents
Cash and cash equivalents at
28 February 2013 459 7,535 7,535
Net decrease in cash and cash
equivalents (285) (7,076) (7,402)
Cash and cash equivalents at
31 August 2013 174 459 133
========== ============ ===============
The accompanying notes are an integral part of this
statement.
Notes to the Unaudited Interim Financial Report
1. Corporate information
The Unaudited Interim Financial Report of the Company for the
six months ended 31 August 2013 was authorised for issue in
accordance with a resolution of the Directors on 16 October
2013.
The Company is listed on the London Stock Exchange.
TP10 VCT plc is incorporated and domiciled in Great Britain. The
address of TP10 VCT plc's registered office, which is also its
principal place of business, is 4-5 Grosvenor Place, London, SW1X
7HJ.
TP10 VCT plc's Unaudited Interim Financial Report is presented
in Pounds Sterling (GBP) which is also the functional currency of
the Company, rounded to the nearest thousand.
The financial information set out in this report does not
constitute statutory accounts as defined in S434 of the Companies
Act 2006.
The principal activity of the Company is investment. The
Company's investment strategy is to offer combined exposure to cash
or cash based funds and venture capital investments focused on
companies with contractual revenues from financially secure
counterparties.
2. Basis of preparation and accounting policies
Basis of preparation
The Unaudited Interim Financial Report of the Company for the 6
months ended 31 August 2013 has been prepared in accordance with
IAS 34: 'Interim Financial Reporting'. It does not include all of
the information required for full Financial Statements and should
be read in conjunction with the Financial Statements for the year
ended 28 February 2013.
Estimates
The preparation of the Unaudited Interim Financial Report
requires management to make judgements, estimates and assumptions
that reflect the application of accounting policies and the
reported amounts of assets and liabilities, income and expenditure.
However, actual results may differ from these estimates.
3. Segmental reporting
The Company only has one class of business, being investment
activity. All revenues and assets are generated and held in the
UK.
4. Investment income
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
31 August 2013 28 February 2013 31 August 2012
---------------------------- ---------------------------- ----------------------------
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
Interest receivable
on cash and cash
equivalents 1 - 1 2 - 2 - - -
Dividends receivable
on money market
funds - - - 1 - 1 1 - 1
Short term loan
interest - - - 18 - 18 17 - 17
Loan stock interest 478 - 478 891 - 891 429 - 429
479 - 479 912 - 912 447 - 447
-------- -------- -------- -------- -------- -------- -------- -------- --------
5. Investment management fees
Triple Point Investment Management LLP provides investment
management and administration services to the Company under an
Investment Management Agreement effective 29 January 2010. The
agreement provides for an administration and investment management
fee of 2.50% per annum of net assets calculated and payable
quarterly in arrear and runs for a period of 5 years and may be
terminated at any time thereafter by not less than twelve months'
notice given by either party. Should notice of termination be
given, the Investment Manager would perform its duties under the
Investment Management Agreement and receive its management fee
during the notice period.
6. Directors' remuneration
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
31 August 2013 28 February 2013 31 August 2012
---------------------------- ---------------------------- ----------------------------
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
Robin Morrison,
Chairman 8 - 8 15 - 15 8 - 8
Robert Reid 6 - 6 13 - 13 6 - 6
Alexis Prenn 6 - 6 12 - 12 6 - 6
20 - 20 40 - 40 20 - 20
-------- -------- -------- -------- -------- -------- -------- -------- --------
7. Taxation
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
31 August 2013 28 February 2013 31 August 2012
---------------------------- ---------------------------- ---------------------
Rev. Cap. Total Rev. Cap. Total Rev. Cap. Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Profit/(loss) on ordinary
activities before tax 165 (84) 81 282 109 391 298 (269) 29
-------- -------- -------- -------- -------- -------- ----- ------ ------
Corporation tax @ 20% 34 (17) 17 56 22 78 60 (54) 6
Effect of:
Utilisation of tax losses
b/fwd - (16) (16) (9) (13) (22) (9) - (9)
Non taxable items - - - - (56) (56) - 2 2
Unrelieved tax losses
arsing in the period (1) - (1) - - - (1) 2 1
Tax charge/credit for
the period 33 (33) - 47 (47) - 50 (50) -
-------- -------- -------- -------- -------- -------- ----- ------ ------
Capital gains and losses are exempt from corporation tax due to
the Company's status as a Venture Capital Trust.
8. Earnings per share
The earnings per share is based on a profit from ordinary
activities after tax of GBP81,000 and on the weighted average
number of shares in issue during the period of 30,175,568. The
table below shows the weighted average number of shares used in the
above calculation.
Shares No. of Weighted
Issued Days Average
01-Mar-13 30,178,014 184 30,178,014
05-Aug-13 (50,000) 27 (2,446)
----------- ------- -----------
31-Aug-13 30,128,014 184 30,175,568
----------- ------- -----------
9. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank
of Scotland plc.
10. Share capital
Unaudited Audited Unaudited
28 February
31 August 2013 2013 31 August 2012
Ordinary Shares of
1p
Authorised
Number of shares 60,000,000 60,000,000 60,000,000
Par Value GBP'000 600 600 600
Issued & Fully Paid
Number of shares 30,128,014 30,178,014 30,178,014
Par Value GBP'000 301 302 302
On 23 August 2013 50,000 Ordinary Shares were purchased by the
Company for cancellation.
11. Net asset value per share
The calculation of net asset value per share is based on net
assets of GBP26,007,000 divided by the 30,128,014 shares in
issue.
12. Commitments and contingencies
The Company has no contingent liabilities or commitments.
13. Relationship with Investment Manager
During the period, TPIM received GBP336,616 which has been
expensed, for providing management and administrative services to
the Company. At 31 August 2013 GBP168,426 was owing to TPIM.
14. Related party transactions
There have been no related party transactions during the
period.
15 . Post balance sheet events
There were no post balance sheet events.
16. Dividend
On 12 July 2013 the Company paid a dividend of GBP1 million
equal to 3.31p per share.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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