4th Jul 2006 11:44
Triple Point VCT PLC04 July 2006 Triple Point VCT plc Preliminary announcement of results for the period ended 31 March 2006 Chairman's Statement I am pleased to be writing to you for the first time since the completion ofyour Company's 'C' share issue in April to present Triple Point VCT's accountsfor the period ended 31 March 2006. To those new shareholders among you, of which there are many, may I begin byformally welcoming you to the Triple Point fold. Your investment and your trustare appreciated and our objective is to repay both in full. We hope this is thebeginning of a long and fruitful relationship and that you will always be proudof your association with Triple Point. It has been a busy time for Triple Point VCT, the highlight of which has beenour 'C' share issue which raised over £28 million of new capital for thebusiness. Thanks to you, this placed our issue among the largest in the VCTmarket place in 2005-06, despite (or because of!) a distribution strategy whichcharacteristically focused on a tightly selected group of high end financial andtax advisory businesses. There is little doubt that Triple Point's - by VCT standards - now substantialcapital base has opened doors to a wider range of investments, as well asproviding a broad asset base across which the Company's fixed costs are spread.I have previously written to Ordinary shareholders about specific opportunitiesin the public sector arena, for example funding businesses providing services toambulance trusts and local authority-owned crematoria, and the investmentmanager continues to make encouraging progress developing both these and other,new opportunities. We will, of course, keep you informed of your Company'sinvestment activity and you should expect to hear from us between formal reportsin the anticipated event of material investments being made. One of our stated objectives is to return moneys to shareholders as quickly aspossible. However, income was insufficient in the initial accounting period toallow any distribution at this very early stage of the Company's development. Finally, I would like to thank John Curchod, who is resigning as a director ofTriple Point Investment Management Limited ("TPIML), for his substantialcontribution as a founder of Triple Point to the establishment of your Company.I am also delighted by the news of the arrival at TPIML of James Cranmer andAlexis Prenn, both of impressive pedigree, to further strengthen TPIML's dealorigination capability. As always, please do not hesitate to call us on 020 7404 7403 or email me at: [email protected] Qualifying status The Directors believe that Triple Point VCT complies with conditions laid downby HM Revenue & Customs for maintaining its approval as a Venture Capital Trust. Michael Sherry, Chairman 3 July 2006 Triple Point VCT plc Income statement For the period 3 December 2004 to 31 March 2006 Ordinary Shares 'C' Shares Total Period Period Period ended ended ended 31 March 31 March 31 March 2006 2006 2006 Revenue & Total Revenue & Total Revenue & Total £'000 £'000 £'000Income 110 34 144Investment management fees (88) (27) (115)Other expenses (56) (18) (74) Loss on ordinary activities before taxation (34) (11) (45)Taxation on ordinary activities - - - Loss on ordinary activities after taxation (34) (11) (45) Note 1 (1.11)p (1.11)p (1.11)pLoss per share The Company has no gains or losses other than the results for the period as setout above. There are no capital items. The revenue and total columns represent theCompany's profit and loss account. Triple Point VCT plc Balance sheetAs at 31 March 2006 Ordinary Shares 'C' Shares Total Period Period Period ended ended ended 31 March 31 March 31 March 2006 2006 2006 £'000 £'000 £'000Current assets:Current asset investments 1,355 15,645 17,000Debtors - 2 2Cash 1,871 6,014 7,885 3,226 21,661 24,887 Creditors: amounts falling due within one year 93 11,547 11,640 Net current assets 3,133 10,114 13,247Total assets less current 3,133 10,114 13,247liabilitiesCapital and reserves:Share capital 33 534 567Share premium 3,134 9,591 12,725Profit and loss account (34) (11) (45) Shareholders' funds 3,133 10,114 13,247 Net asset value per share 94.23p 94.62p 94.52p Triple Point VCT plc Cash flow statementFor the period 3 December 2004 to 31 March 2006 Ordinary Shares 'C' Shares Total Period Period Period ended ended ended 31 March 31 March 31 March 2006 2006 2006 £'000 £'000 £'000Net cash inflow from operating activities 59 285 344Management of liquid resources:Investment in cash investments (1,355) (15,645) (17,000)Financing:Issue of own shares 3,325 10,649 13,974Share issue expenses (158) (524) (682)Subscriptions received but not allotted - 11,249 11,249 Net cash inflow from financing 3,167 21,374 24,541 Increase in cash resources 1,871 6,014 7,885 Notes: 1 Loss per share Ordinary Share The loss per share is based on a loss from ordinary activities after tax of£34,237 and on 3,075,976 shares, being the weighted average number of shares inissue during the period. 'C' Share The loss per share is based on a loss from ordinary activities after tax of£10,501 and on 939,823 shares, being the weighted average number of shares inissue during the period. There are no potentially dilutive capital instruments in issue and, therefore,no diluted return per share figures are relevant. 2 Dividend The directors are not proposing a dividend for the period ended 31March 2006. 3 Accounts The financial information set out in this preliminary announcement doesnot constitute statutory accounts as defined in section 240 of the Companies Act1985 ('the Act'). The balance sheet as at 31 March 2006, income statement, cashflow statement and Note 1 for the period then ended have been extracted from theCompany's 2006 statutory financial statements upon which the auditors' opinionis unqualified and does not include any statement under section 327 of the Act. The Annual Report & Accounts for the period ended 31 March 2006 will be filed atthe Registrar of Companies and will be posted to shareholders shortly. 4 Announcement A copy of this announcement will be available at the offices of theCompany for 14 days from the date of this announcement. The preliminaryannouncement is not being posted to shareholders. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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