TIDMTP12
RNS Number : 4630E
TP12 (I) VCT PLC
30 May 2012
TP12(I) VCT plc
Interim Results
The directors of TP12(I) VCT plc are pleased to announce its
Interim results for the period from 19 September 2011 to 31 March
2012.
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
For the period ended 31 March 2012
Unaudited
Period ended
31 March
2012
GBP'000
Net assets -
Net profit before tax -
-------------------------- -------------
Net asset value per share -
Profit per share -
-------------------------- -------------
TP12(I) VCT plc ("the Company") is a Venture Capital Trust
("VCT"). The Investment Manager is Triple Point Investment
Management LLP ("TPIM"). The Company was incorporated in September
2011 and had raised GBP4.4 million when it closed on 4 April
2012.
Unaudited Interim Financial Report - Chairman's Statement
For the period ended 31 March 2012
I am writing to present the Company's first Interim Financial
Report for the period ended 31 March 2012.
Some explanation is required for the provision of the Interim
Financial Report covering a period whilst the Company's offer for
subscription for shares was open and indeed before any ordinary
shares were issued. The Company was incorporated on 19 September
2011 and this Interim Financial Report, which covers the period
from incorporation to 31 March 2012, is a requirement of the
Listing Rules.
On 9 January 2012 the Company issued its Prospectus offering
subscription for up to 10,000,000 ordinary shares of 1p each at an
issue price of GBP1 per share. However, as the first share
allotment took place on 2 April 2012, there is no activity recorded
for the accounting period to 31 March 2012.
Results
Following the period of this report, the Company's offer for
subscription closed on 2 April 2012 having received subscriptions
for GBP4,419,200 with the share proceeds net of costs being
GBP4,190,414. The Company was listed on 12 April 2012 and it was
this post balance sheet event which has meant the Company has had
to produce this report for an effectively dormant period.
In line with its investment strategy, I am pleased to report
that the Company invested in VCT qualifying companies on 5 April
2012. These investments were in cash generative businesses in the
renewable energy sector which are detailed in the Investment
Manager's Review. The swift completion of the Company's investment
programme means that the Company's VCT investment portfolio at the
time of writing stands at 95% of net assets, comfortably satisfying
the requirement of being 70% invested in qualifying investments to
secure its VCT status.
Risks
The Board believes that the principal risks facing the Company
are:
-- Investment risk associated with VCT qualifying
investments;
-- Failure to maintain approval as a qualifying VCT.
The Board believes these risks are manageable and, with the
Investment Manager, will work to minimise both the likelihood and
potential impact of these risks, within the scope of the Company's
investment strategy.
Outlook
With its VCT qualifying investment portfolio in place, the focus
for the Company is on monitoring and managing the performance of
the business into which it has invested.
If you have any queries or comments, please do not hesitate to
telephone Triple Point Investment Management LLP on 020 7201
8989.
Vaughan Williams
Chairman
TP12(I) VCT plc
30 May 2012
Interim Financial Report - Investment Manager's Review
For the period ended 31 March 2012
I am writing to you on behalf of Triple Point Investment
Management LLP with your Company's first Investment Manager's
Review.
I am pleased to report that the Company's investment programme
was executed as planned and VCT qualifying investments were made on
5 April 2012. These investments were in cash generative businesses
in the renewable energy sector and at the time of writing the VCT
qualifying investment portfolio makes up 95% of net assets.
Each of these investments meets Triple Point's investment
criteria, with projected revenue generated by good quality
customers and the potential for attractive returns. Investments are
subject to rigorous selection criteria, including extensive due
diligence and expert technical assessment.
VCT Investment Portfolio
Solar PV
The Company has investments in four companies that own solar PV
panels which were installed on residential properties. These
tariffs are index-linked and have been set for 25 years, providing
the companies with a long term, inflation protected cash flow.
Anaerobic Digestion (AD)
AD is the production of biogas through the biological treatment
of organic materials using naturally occurring organisms. The
Company has invested in farm-based businesses, one of the most
stable sub-sectors. The process takes place inside sealed tanks and
produces methane which is burned to generate electricity, and sold
to utility companies via a National Grid connection, or to
businesses located close to the generator. Income will be derived
from the production and sale of electricity which will attract
Feed-in Tariffs (FITs). The technology used in AD is tried and
tested. The equipment has been supplied by one of Europe's leading
technology suppliers, Envitec.
Landfill Gas
Investments were also made in companies in Northern Ireland
intending to generate electricity from landfill gas. The technology
used to recover landfill gas is efficient and well-established.
Landfill gas is recovered by drilling a series of wells into the
waste in a grid pattern across a site. The gas then powers
electricity generators and the electricity is exported to the Grid.
The companies' revenues are derived from the generation of
electricity supported by the Renewable Obligation Certificate
incentive.
Outlook
With the VCT qualifying portfolio in place, our focus turns to
portfolio management, and we are confident that the Company is well
positioned to benefit from the performance of the businesses in
which it has invested.
Claire Ainsworth
Managing Partner
for Triple Point Investment Management LLP
30 May 2012
Unaudited Interim Financial Report - Directors' Responsibility
Statement
For the period ended 31 March 2012
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 period to 31
March 2012, 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. Apart from those
detailed in note 8 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.
Vaughan Williams
Chairman
TP12(I) VCT plc
30 May 2012
Unaudited Statement of Comprehensive Income
For the period ended 31 March 2012
Unaudited
Period ended 31 March
2012
----------------------------
Revenue Capital Total
GBP'000 GBP'000 GBP'000
Investment income - - -
Investment return - - -
-------- -------- --------
Operating expenses - - -
-------- -------- --------
Profit before taxation - - -
Taxation - - -
Profit after taxation - - -
-------- -------- --------
Total comprehensive income
for the year - - -
-------- -------- --------
Basic & diluted earnings
per share - - -
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
under guidance published by the Association of Investment
Companies.
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 this
statement.
Unaudited Balance Sheet
For the period ended 31 March 2012
Unaudited
31 March 2012
Note GBP'000
Non current assets -
--------------
Current assets
Receivables 5 13
Cash and cash equivalents -
13
--------------
Total assets 13
--------------
Current liabilities
Payables and accrued expenses 6 13
13
--------------
Net assets -
==============
Equity attributable to equity holders
Share capital -
Total equity -
==============
Net asset value per share (pence) -
==============
The accompanying notes are an integral part of this
statement.
Uaudited Statement of Changes in Shareholders' Equity
For the period ended 31 March 2012
Issued Share Capital Revenue
Capital Premium Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Issue of share capital - - - - -
Cost of issue of shares - - - - -
Transactions with owners - - - - -
--------- --------- --------- --------- --------
Total comprehensive
gain for the period - - - - -
--------- --------- --------- --------- --------
Balance at 31 March
2012 - - - - -
========= ========= ========= ========= ========
The accompanying notes are an integral part of this
statement.
Unaudited Statement of Cash Flows
For the period ended 31 March 2012
Unaudited
Period ended
31 March
2012
GBP'000
Cash flows from operating activities
Profit before taxation -
Cash absorbed by operations -
Increase in receivables (13)
Increase in payables and accruals 13
Net cash flows from operating activities -
-----------------------
Cash flow from investing activities
Purchase of financial assets at fair
value through the income statement -
Sales of financial assets at fair value
through profit and loss account -
Net cash flows from investing activities -
-----------------------
Cash flows from financing activities
Issue of shares -
Net cash flows from financing activities -
-----------------------
Net (decrease)/ increase in cash and
cash equivalents -
=======================
Reconciliation of net cash flow to movements in cash
and cash equivalents
Cash and cash equivalents at 19 September
2011 -
Net increase in cash and cash equivalents -
Cash and cash equivalents at 31 March
2012 -
=======================
The accompanying notes are an integral part of this
statement.
Notes to the Unaudited Interim Financial Report
For the period ended 31 March 2012
1 Corporate Information
The Unaudited Interim Financial Report of the Company for the
period ended 31 March 2012 was authorised for issue in accordance
with a resolution of the Directors on 30 May 2012.
The Company applied for listing on the London Stock Exchange on
12 April 2012.
The Company is incorporated and domiciled in Great Britain. The
address of TP12(I) VCT plc's registered office, which is also its
principal place of business, is 4-5 Grosvenor Place, London, SW1X
7HJ.
The Company's 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 Interim Financial Report of the Company for the period ended
31 March 2012 has been prepared in accordance with IAS 34: Interim
Financial Reporting
The interim report is prepared on a historical cost basis except
that investments are shown at fair value through profit or
loss.
The preparation of interim reports 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 the
judgements about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ
from these judgements.
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 effects both current and future periods.
The Interim report has been prepared in accordance with the
accounting policies set out below which are based on the
recognition and measurement principles of IFRS in issue as adopted
by the European Union (EU).
Presentation of the Statement of Comprehensive Income
In order better to reflect the activities of a Venture Capital
Trust, and in accordance with the guidance issued by the
Association of Investment Companies, supplementary information
which analyses the Statement of Comprehensive Income between items
of a revenue and capital nature has been presented alongside the
Income Statement. Prior to 6 April 2012 in accordance with the
Company's status as a UK Investment Company under S833 of the
Companies Act 2006, net capital returns could not be distributed by
way of dividend. This restriction has been removed which means that
distributions can now be made from capital returns.
Capital Management
The Company's objectives when managing capital are:
-- to safeguard its ability to continue as a going concern, so
that it can continue to provide returns to shareholders and
benefits for other stakeholders;
-- to ensure sufficient liquid resources are available to meet
the funding requirements of its investments and to fund new
investments where identified.
The Company has no external debt; consequently all capital is
represented by the value of share capital, distributable and other
reserves. Total Shareholder equity at 31 March 2012 is GBPnil.
Estimates
The preparation of the Interim Financial Report requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expenditure. Actual
results may differ from these estimates.
Income
Investment income includes interest earned on bank balances in
the period.
Fixed returns on investment loans and debt 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 will be 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.
Taxation
Corporation tax payable is applied to profits chargeable to
corporation tax, if any, at the current rate in accordance with IAS
12 "Income Taxes". The tax effect of different items of income/gain
and expenditure/loss is allocated between capital and revenue on
the "marginal" basis as recommended by the SORP.
In accordance with IAS 12, deferred tax is recognised using the
balance sheet method providing for temporary differences between
the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation purposes. A
deferred tax asset is recognised to the extent that it is probable
that future taxable profits will be available against which
temporary difference can be utilised. Deferred tax is measured at
the tax rates that are expected to be applied to the temporary
differences when they reverse, based on the laws that have been
enacted or substantively enacted by the reporting date. The
Directors have considered the requirements of IAS 12 and do not
believe that any provision should be made.
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.
Issued Share Capital
Ordinary shares are classified as equity because they do not
contain an obligation to transfer cash or another financial asset.
Issue costs associated with the allotment of shares have been
deducted from the share premium account in accordance with IAS 32,
"Financial Instruments: Presentation".
Cash and Cash Equivalents
Cash and cash equivalents represent cash available at less than
3 months' notice are classified as loans and receivables under IAS
39, "Financial Instruments: Recognition and Measurement"
Receivables
Receivables are classified as loans and receivables under IAS 39
and 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.
Trade and Other Payables
Trade and other payables are recognised at fair value on initial
recognition and subsequently at amortised cost.
Reserves
There have been no realised or unrealised gains or losses on
investments credited/charged to capital reserve in the period.
Neither the share premium nor the capital reserve are
distributable. The revenue reserve is distributable by way of a
dividend.
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 management fees
TPIM provides investment management and administration services
to the Company under an Investment Management Agreement effective 9
January 2012. This agreement 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 and which provides for an
administration and investment management fee of 2.5% per annum of
net assets calculated and payable quarterly in arrears. Should such
notice be given, the Investment Manager would perform its duties
under the Investment Management Agreement and receive its
management fee during the notice period.
5. Receivables
Unaudited
31 March 2012
GBP'000
Preference share subscription outstanding 13
13
--------------
6. Payables
Unaudited
31 March 2012
GBP'000
Redeemable preference shares 13
13
--------------
The preference shares were redeemed following the period
end.
7. Share Capital
Unaudited
31 March 2012
Ordinary Shares of 1p
Authorised
Number of shares 10,000,000
Par Value GBP'000 100
--------------
Issued & Fully Paid
Number of shares 2
Par Value GBP'000 -
--------------
8. Related Party transactions
There have been no related party transactions during the
period.
9. Post balance sheet events
On 2 April 2012 3,648,456 shares were allotted and on 5 April
2012 a further 795,350 were allotted.
The Company made VCT qualifying investments on 5 April 2012 as
detailed in the Investment Manager's Review on page 3.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SDEFMSFESEDI
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