TP10 VCT Plc Half Yearly Report (5342U)
16 Octobre 2014 - 4:32PM
UK Regulatory
TIDMTP10
RNS Number : 5342U
TP10 VCT Plc
16 October 2014
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 2014.
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
Financial Summary
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
28 February
31 August 2014 2014 31 August 2013
GBP'000 GBP'000 GBP'000
Net assets 25,366 26,227 26,007
Profit before tax 136 811 81
----------------- ------------- -----------------
Movement in net asset value
per share (p)
Opening net asset value per
share 87.05p 89.35p 89.35p
Dividends per share paid during
the year (3.31p) (5.00p) (3.31p)
Earnings per share 0.46p 2.70p 0.28p
Closing net asset value per
share 84.20p 87.05p 86.32p
----------------- ------------- -----------------
Cumulative return to shareholders
(p)
Net asset value per share 84.20p 87.05p 86.32p
Total dividends paid 11.62p 8.31p 3.31p
Net asset value plus dividends
paid 95.82p 95.36p 89.63p
----------------- ------------- -----------------
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.
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 2014.
Investment Portfolio
The Company's funds are 99% invested in a portfolio of both VCT
qualifying and non-qualifying unquoted investments.These
investments were all selected for their ability to yield high
quality, predictable cash flows.
Of the Company's overall portfolio, qualifying investments
account for 84% of its net assets, thus maintaining its VCT
qualifying status through satisfying the test of being at least 70%
invested in VCT qualifying investments. The sector composition of
the portfolio has remained stable for the period of this report,
and the Investment Manager's report on pages 3 to 4 gives an update
on the investments.
Dividend
We are pleased to report that on 25 July 2014 the Company paid
its fourth dividend to shareholders of GBP997,237 equal to 3.31p
per share. This takes the total paid by way of dividends to
shareholders to 11.62p per share.
Net Asset Value
The Company made a profit of 0.46p per share for the period and
as at 31 August 2014 the Net Asset Value ("NAV") per share stood at
84.20p per share. Taken together with the cumulative dividends of
11.62p per share paid this gives a NAV per share equivalent to
95.82p per share, a 6.19p per share increase from 31 August
2013.
Principal Risks
The Board believes that the principal risks facing the Company
are:
-- investment risk associated with the VCT's portfolio of unquoted investments;
-- risk of failure to maintain approval as a qualifying VCT;
-- risk of inability to realise investments in order to return
funds to investors after the five year holding period.
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
In June next year, all of the Company's shareholders will have
held their shares for the five years required in order to secure
the upfront income tax relief. In line with the VCT's investment
strategy, both your Board and Triple Point are planning to return
funds to shareholders as soon as practical after this point. We
will provide you with an update on the Company's realisation
proposals in our next report to you with the audited Financial
Statements, which we expect to publish next May.
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 2014
Investment Manager's Review
The Company continues to maintain a stable portfolio of
qualifying investments, which as at 31 August 2014 represented 84%
of net assets, ensuring that the Company continues to satisfy the
requirement to be 70% invested in qualifying investments.
The VCT was established to fund small and medium sized
enterprises and the overall portfolio now comprises investments in
23 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
Total
Industry Cinema Hydro Project Solar Anaerobic Unquoted
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 28
February
2014 6,265 903 11,888 2,240 1,021 3,754 26,071
--------------- --------------- --------- ------------ ---------- ------------- ---------------
Investments
made during
the period - - - - - 143 143
--------------- --------------- --------- ------------ ---------- ------------- ---------------
Investments
disposed of
during the
period (650) - - (15) (300) - (965)
--------------- --------------- --------- ------------ ---------- ------------- ---------------
Investments
at 31 August
2014 5,615 903 11,888 2,225 721 3,897 25,249
--------------- --------------- ---------------
Investments
% 22.24% 3.58% 47.08% 8.81% 2.86% 15.43% 100.00%
--------------- --------------- ------------ ---------- ---------------
VCT Sector Review
Cinema Digitisation
TP10's portfolio of cinema digitisation businesses continues to
perform as intended, with the companies benefitting from regular
and reliable revenues from their operations in the UK, Germany,
Italy and Ireland. The majority of these revenues come from the six
major investment grade Hollywood Studios under the globally
recognised Virtual Print Fee model, through which film studios pay
fees to book films on digital projection equipment in recognition
of the cost benefits it brings them. These include a reduction in
shipping costs and a reduction in piracy from tighter controls on
distribution. For the cinemas some of the advantages include
flexible scheduling and the ability to show alternative content
such as opera and sport.
Hydro Project Management
Highland Hydro Services Limited ("HHS") manages the planning and
environmental impact studies for a portfolio of new small scale
hydro electric power installations in the Scottish Highlands. All
nine of the initial applications went according to plan and
received planning consent. The return from each project is
dependent on concluding sales and HHS is now in the process of
selling the first five sites for development, with the remainder of
the sales expected to complete this year.
Solar PV
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