16th Oct 2014 16:22
LONDON (Alliance News) - TP10 VCT PLC, which was established to fund small- and medium-sized enterprises, late Thursday said it is planning to return funds to shareholders as soon as practical after the point in June next year when shareholders will have held their shares for the five years required in order to secure upfront income tax relief.
The news came alongside interim results for the six months to August 31, which showed that net assets fell to GBP25.4 million from GBP26.2 million over the course of the period.
Over the period, net asset value per share fell to 84.20 pence from 87.05p. Net asset value and dividends paid amounted to 95.82p, against 95.36p at the end of February. First-half pretax profit fell to GBP136,000 from GBP811,000.
Separately, Triple Point VCT2011, another VCT managed by Triple Point Investment Management LLP, said it intends to raise GBP10 million through an offer for A ordinary shares. If the offer is oversubscribed it may be increased to GBP20 million, the VCT said. The offer is expected to close on April 30 2015.
By Samuel Agini; [email protected]; @samuelagini
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