TP70 2008(ii) VCT

Half Yearly Report

RNS Number : 2567W
TP70 2008 (ii) VCT PLC
16 November 2010
 



TP70 2008 (II) VCT plc

 

Interim Results

 

The directors of TP70 2008 (II) VCT plc are pleased to announce its Interim results for the six months to 30 September 2010.

 

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

 

6 months ended


Year  ended

6 months ended


30-Sep-10


31-Mar-09


30-Sep-09


£'000


£'000


£'000

Net assets

18,936


19,809


19,703

Net asset value per share

82.69p


86.51p


86.05p

Net (loss) / profit before tax

(586)


480


358

(Loss) / earnings per share

(2.58p)


1.97p


1.51p







For a £1 investment per share investors, with a sufficient income tax liability in the relevant year, can expect to have received a 30p tax credit, a first dividend of 1.76p and a second dividend of 1.23p, which taken together with the current NAV of 82.69p per share totals 115.68p.

 

Chairman's Statement  

 

I am writing to you to present the unaudited interim results for TP70 2008 (II) VCT plc ("the Company") for the six months ended 30 September 2010.

 

The first note is one of great sadness in that David Dick, who was Managing Partner of the Investment Manager, died on 5 September 2010. The Board's condolences go to David's family. He will be sadly missed.

 

Investment Strategy

 

The Company's investment strategy offers combined exposure to GAM's fund of hedge funds GAM Diversity and venture capital investments focused on companies with contractual revenues from financially secure counterparties.  

 

By 31 March 2011 in order to secure the VCT qualifying status, the Company's intention is that at least 70% of total investments will be committed to VCT qualifying holdings. The balance of up to 30% is exposed to GAM Diversity 2.5 XL. As detailed in the Investment Manager's Report, the Board is pleased to note that during the period £2m of further VCT qualifying investments were made. VCT qualifying investments now account for some 57.43% of investments at original cost and as such the Company is on course to meet the 70% threshold. In the meantime, pending deployment into qualifying investments, 11.8% of funds by value are held in money market funds.

 

Board Changes

 

With effect from 15 October 2010 Sir John Lucas Tooth and Robert Reid retired as Directors of the Company and Michael Stanes was appointed to the Board. These changes took place as part of an overall reordering of the composition of the boards of the VCTs managed by Triple Point Investment Management LLP, to comply with a listing rule necessitating a change to the boards requiring a majority of the boards to be both independent of the manager, and not to sit on the boards of other VCTs managed by the Manager. 

 

Michael Stanes joined Warburg Investment Management (which became Mercury Asset Management) where he ran equity portfolios in London and Tokyo. He then moved to the US where he founded a business on behalf of Merrill Lynch offering equity portfolio management to high net worth individuals. For

five years he worked at Goldman Sachs Asset Management in London running global equity portfolios for a range of institutional and individual clients before leaving in late 2007 to pursue other opportunities.

 

The remaining Board members are very grateful for the considerable contributions of Sir John and Robert to TP70 2008 (II) since its establishment. Following these changes the Company's Board will thus comprise Chad Murrin, Peter Hargreaves and Michael Stanes.

 

Results

 

Over the period the Company made a loss before tax of £586,000 or 2.58p per share of which £611,000 was attributable to the performance of GAM Diversity 2.5XL. At 30 September 2010 the NAV per share stood at 82.69p. The performance of GAM Diversity 2.5XL is detailed in the Investment Managers' Report.

 

The Company paid a dividend of 1.23p per share to shareholders. This brings the total dividends paid to shareholders to date to 2.99p per share.

 

Risks and Uncertainties

 

The Board believes that the principal risks facing the Company over the remainder of the financial period are:

·      investment risk associated with exposure to GAM Diversity 2.5 XL

·      investment risk associated with undertaking VCT qualifying investments

·      failure to secure final approval as a VCT

 

The Board believe these risks are as expected for a company with TP70 2008 (II) VCT plc's strategy. The Board continues to work closely with the Investment Manager to endeavour 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 with the progress the Company continues to make in building up its portfolio of VCT qualifying holdings and is confident that the Company is on track for VCT qualification and is encouraged by the progress of the VCT portfolio that has been established.

 

If you have any queries or comments, please do not hesitate to telephone Triple Point Investment Management LLP on 020 7201 8990.

 

 

Chad Murrin

Chairman

11 November 2010


Investment Manager's Report

 

The Company's objective is to deploy at least 70% of its funds into VCT qualifying investments and, with the remainder of its funds, to offer leveraged exposure to GAM's flagship fund of hedge funds; Diversity, via GAM Diversity GBP 2.5XL.

 

Over the period of this review, the Company has continued to make progress with its investment programme and at 30 September 2010 the Company had deployed 57.43% of investments in VCT qualifying investments. The Company's effective exposure to GAM Diversity 2.5XL stands at 21.7% of NAV.

 

GAM Diversity Review and Outlook

 

Over the period GAM Diversity 2.5XL lost 12.90% which resulted in a 2.67p loss per share impact on the NAV. This disappointing return was mainly attributable to two specific funds held in the Arbitrage sector of GAM Diversity, one of which has exposure to commercial and the other to residential real estate. These asset classes faced significant challenges throughout the second quarter due to the weaker than expected macro environment in both Europe and the US. During the period, TPIM and the Board have maintained an active dialogue with GAM and remain of the view that exposure to Diversity 2.5XL should be maintained.

 

During the remainder of this year, GAM expects financial markets to face the headwind of further disappointing economic data from the US and, to a lesser degree, Europe (where expectations are lower) as the key factors that hampered the recovery of both the private sector and consumption growth persist. Consumers are likely to remain reluctant to consume and banks conservative in their lending policies, despite the best efforts of some administrations to force them to lend more.

 

Against such a backdrop, GAM has reported that Diversity is positioned with a portfolio of experienced, high conviction managers who do not rely on overall market direction in order to generate returns. The fund aims to maintain a lower correlation to equity and credit markets than many of its peers in order that the portfolio should be well placed to perform, particularly in volatile and uncertain markets.

 

VCT Qualifying Investments - Review and Outlook

 

The Company holds 57.43% of its funds in VCT qualifying investments. These investments cover services to the cinema industry, provision of satellite broadband capacity, telecommunications, medical gas supplies and crematorium management.

 

Over the period of this review, a further two investments of £1 million each were made in cinema digitisation companies. All of the above qualifying investments were described in more detail in the Financial Statements for the year ended 31 March 2010.

 

Our primary focus for the next six months is to deploy further funds into VCT qualifying investments to meet the 70% qualifying investment threshold. There are a number of target companies in the pipeline comprising businesses in particular in the leisure, environment and energy sectors. With this promising pipeline we are confident that the Company will meet its target.

 

CLAIRE AINSWORTH

Managing Partner

Triple Point Investment Management LLP

 

11 November 2010

 

 

ABOUT TRIPLE POINT INVESTMENT MANAGEMENT LLP

 

Triple Point is a specialist in tax-efficient investments. As well as managing several market-leading VCTs, Triple Point offers investors a range of investment products that qualify for government sponsored tax reliefs including the Enterprise Investment Scheme (EIS) and Business Property Relief (BPR).

 

The Triple Point investment model focused on capital security, liquidity and tax-enhanced returns has been built around the group's capabilities in taxation, structured finance and investment to the benefit of every Triple Point product.

 

For more information please call 020 7201 8990.

 

 

Investment Portfolio Review

 


30 September 2010


31 March 2010


        Cost 

     Valuation


        Cost 

     Valuation


£'000

£'000


£'000

£'000

Qualifying holdings

12,342

57.43

12,342

65.00


10,342

47.05

10,342

51.43

Non-qualifying holdings

3,504

16.31

2,243

11.81


3,501

15.92

2,549

12.67


15,846

73.74

14,585

76.81


13,843

62.97

12,891

64.10

Derivative

3,292

15.32

2,058

9.58


3,292

14.97

2,361

11.74

Fixed assets at fair value through the income statement

19,138

89.06

16,643

86.39


17,135

77.94

15,252

75.84

Money market funds

2,228

10.37

2,228

10.37


3,360

15.28

3,360

16.71

Cash and cash equivalents

118

0.57

118

3.24


1,493

6.78

1,493

7.45


21,484

100.00

18,989

100.00


21,988

100.00

20,105

100.00











Unquoted Qualifying Holdings









£'000

£'000


£'000

£'000

Provision of satellite capacity








Broadsword Satellite Communications Ltd

563

2.62

563

2.96


563

2.56

563

2.80

Satellite Broadband Access Solutions Ltd

871

4.05

871

4.59


871

3.96

871

4.33

Telecommunications










Per Port Services Ltd

310

1.44

310

1.63


310

1.41

310

1.54

WAN Solutions Ltd

436

2.03

436

2.30


436

1.98

436

2.17

Wide Area Network Services Ltd

564

2.63

564

2.97


564

2.57

564

2.81

Wide Area Network Solutions Ltd

357

1.66

357

1.88


357

1.62

357

1.78

Cinema digitisation










21 Century Cinema Ltd

1,000

4.65

1,000

5.27


1,000

4.55

1,000

4.97

Big Screen Digital Services Ltd

1,000

4.65

1,000

5.27


1,000

4.55

1,000

4.97

Cinematic Services Ltd

1,000

4.65

1,000

5.27


1,000

4.55

1,000

4.97

Digima Ltd

2,000

9.31

2,000

10.53


1,000

4.55

1,000

4.97

Digital Screen Solutions Ltd

2,000

9.31

2,000

10.53


1,000

4.55

1,000

4.97

Crematorium management








Furnace Management Services Ltd

910

4.24

910

4.79


910

4.14

910

4.53

Medical gas supplies










MGS NW Ltd

703

3.27

703

3.70


703

3.20

703

3.50

MGS WM Ltd

628

2.92

628

3.31


628

2.86

628

3.12


12,342

57.43

12,342

65.00


10,342

47.05

10,342

51.43

 

 

Unquoted Non-qualifying Holdings









£'000

£'000


£'000

£'000

Ambulance refurbishment








Cranmer Lawrence Engineering Services Limited

196

0.91

196

1.03


196

0.89

196

0.97

Investment holding










Lorngreen Limited *

3,308

15.40

2,047

10.78


3,305

15.03

2,353

11.70


3,504

16.31

2,243

11.81


3,501

15.92

2,549

12.67











 

 

*Lorngreen holds 50% of the Company's exposure to GAM Diversity 2.5XL

 

The Company holds 50% of the issued share capital of Lorngreen. However the Company does not account for its investments in associates using equity accounting, as IAS28 "Investments in Associates" does not apply to venture capital organisations. They are instead treated as portfolio investments.

 

VCT qualifying investments are stated at cost which is considered to represent fair value

 

 

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 report for the 6 month period to 30 September 2010, the Directors confirm that to the best of their knowledge:

a)  the interim report has been prepared in accordance with international accounting standard IAS34,"Interim Financial Reporting" issued by the International Accounting Standards Board;

b)  the interim report includes a fair review of important events during the period and their effect on the financial report and a description of principal risks and uncertainties for the remainder of the accounting period;

c)  the interim report gives a true and fair view in accordance with IFRS of the assets, liabilities, financial position and of the profit or loss of the company for the period and comply with IFRS and the Companies Act 2006;

d)  the interim report includes a fair review of related party transactions and changes therein. There were no related party transactions during the period other than detailed in note 16; and

 e) the Company's business activities, together with the factors likely to affect the future development, performance and position, are set out in the Business Review in the 31 March 2010 Annual Report. The financial position of the Company's cash flows and liquidity position are described in the Business Review and notes to the accounts for the period ended 31 March 2010. In addition the Annual Report includes the objectives, policies and processes for managing its capital, its financial risk management objectives, details of its financial instruments and its exposure to credit and liquidity risk.

     As a consequence, the Directors believe that the Company has sufficient financial resources to manage its business risks successfully 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 report has not been audited or reviewed by the auditors.

 

 

 

Chad Murrin

Chairman

11 November 2010



TP70 2008 (II) VCT plc       

Unaudited Statement of Comprehensive Income

for the 6 months ended 30 September 2010

 



Unaudited


Audited


Unaudited



6 months ended


Year ended


6 months ended



30-Sep-10


31-Mar-10


30-Sep-09


Note

Rev.

Cap.

Total


Rev.

Cap.

Total


Rev.

Cap.

Total



£'000

£'000

£'000


£'000

£'000

£'000


£'000

£'000

£'000














Investment income

6

251

-  

251


584

-  

584


301

-  

301

Unrealised (loss) / gain on investments


-  

(308)

(308)


-  

182

182


-  

149

149

Unrealised (loss) / gain on derivative transaction


-  

(303)

(303)


-  

195

195


-  

158

158

Investment return


251

(611)

(360)


584

377

961


301

307

608














Investment management fees

7

42

127

169


88

263

351


43

130

173

Financial and regulatory costs


12

-  

12


24

-  

24


11

-  

11

General administration


7

-  

7


11

-  

11


6

-  

6

Legal and professional fees


18

-  

18


32

23

55


17

23

40

Directors' remuneration


20

-  

20


40

-  

40


20

-  

20

Operating expenses


99

127

226


195

286

481


97

153

250

(Loss) / profit before taxation


152

(738)

(586)


389

91

480


204

154

358

Taxation

8

(32)

27

(5)


(107)

77

(30)


(43)

30

(13)

(Loss) / profit after taxation


120

(711)

(591)


282

168

450


161

184

345

 

Total comprehensive (loss) / income


120

(711)

(591)


282

168

450


161

184

345

Basic and diluted (loss) / earnings per share

9

0.53p

(3.11p)

(2.58p)


1.23p

0.73p

1.97p


0.70p

0.81p

1.51p














 

The loss per share shown above is both basic and diluted as there are no potentially dilutive financial instruments in issue.

 

The total column of this statement is the Company's income statement prepared in accordance with International Financial Reporting Standards ("IFRS").  The supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.

 

The accompanying notes on pages 12 to 15 form an integral part of this interim financial report.

 

TP70 2008 (II) VCT plc       

Unaudited Balance Sheet

at 30 September 2010

 



Unaudited

Audited

Unaudited

 


Note

30-Sep-10

31-Mar-10

30-Sep-09




£'000


£'000









Non current assets







Financial assets at fair value through the



income statement



16,643


15,252


19,492















Current assets







Receivables



43


71


Money market funds

10


2,228


3,360


Cash and cash equivalents

11


118


1,493





2,389


4,924


252








Total assets



19,032


20,176


19,744















Current liabilities







Trade and other payables



63


339


Current taxation payable



33


28





96


367


41















Net assets


18,936


19,809


19,703

















Equity attributable to equity holders of the parent





Share capital

12


229


229


229

Capital redemption reserve



2


2


Special distributable reserve



21,608


21,608


Capital reserve



(3,024)


(2,313)


Revenue reserve



121


283


Total equity



18,936


19,809


19,703








Net asset value per share (pence)

13


82.69p


86.51p


86.05p









 

This financial report was agreed by the board and authorised for issue on 11 November 2010 and was signed on its behalf by:

 

 

 

Chad Murrin

Director

 

The accompanying notes on pages 12 to 15 form an integral part of this interim financial report.



TP70 2008 (II) VCT plc   

Unaudited Statement of Changes in Equity

for the 6 months ended 30 September 2010


Issued Capital

Share Redem. Reserve

Special Distrib. Reserve

Capital Reserve

Revenue Reserve

Total



£'000

£'000

£'000

£'000

£'000

£'000


6 months ended 30 September 2010






Opening balance

229

2

21,608

(2,313)

283

19,809


Dividend paid

-  

-  

-  

-  

(282)

(282)


Transactions with owners

-  

-  

-  

-  

(282)

(282)


Loss for the period

-  

-  

-  

(711)

120

(591)


Total comprehensive loss for the period

-  

-  

-  

(711)

120

(591)


Balance at 30 September 2010

229

2

21,608

(3,024)

121

18,936


Capital reserve consists of:








Unrealised losses on investments




(2,494)




Other realised losses




(530)








(3,024)




Year ended 31 March 2010








Opening balance

229

2

21,608

(2,481)

404

19,762


Dividend paid

-  

-  

-  

-  

(403)

(403)


Transactions with owners

-  

-  

-  

-  

(403)

(403)


Profit for the period

-  

-  

-  

168

282

450


Total comprehensive income for the period

-  

-  

-  

168

282

450


Balance at 31 March 2010

229

2

21,608

(2,313)

283

19,809


Capital reserve consists of:








Unrealised losses on investments




(1,883)




Other realised losses




(430)








(2,313)




6 months ended 30 September 2009





Opening balance

229

2

21,608

(2,481)

404

19,762


Dividend paid

-  

-  

-  

-  

(404)

(404)


Transactions with owners

-  


-  

-  

(404)

(404)


Profit for the period

-  

-  

-  

184

161

345


Total comprehensive income for the period

-  

-  

-  

184

161

345


Balance at 30 September 2009

229

2

21,608

(2,297)

161

19,703


Capital reserve consists of:








Unrealised losses on investments




(1,954)




Other realised losses




(343)








(2,297)




 

The accompanying notes on pages 12 to 15 form an integral part of this interim financial report.

 

TP70 2008 (II) VCT plc       

Unaudited Cash Flow Statement

for the 6 months ended 30 September 2010

 

 


Unaudited

Audited

Unaudited


6 months ended

Year ended

6 months ended


30-Sep-10

31-Mar-10

30-Sep-09



£'000


£'000


£'000

Cash flows from operating activities







(Loss) / profit before taxation


(586)


480


358

Unrealised loss / (gain) on investments


611


(377)


(307)

Cash flow generated by operations


25


103


51

Decrease in receivables


28


2,452


2,412

(Decrease) / increase in payables


(276)


224


(100)

Taxation paid


-  


(50)


(35)

Net cash flows from operating activities


(223)


2,729


2,328








Cash flow from investing activities







Purchase of financial assets at fair value through profit or loss account


(2,670)


(2,385)


(6,195)

Proceeds of sale of financial assets at fair value through profit and loss account


668


950


450

Decrease / (increase) in money market funds


1,132


(3,360)


-  

Net cash flows from investing activities


(870)


(4,795)


(5,745)








Cash flows from financing activities







Dividends paid


(282)


(403)


(404)

Net cash flows from financing activities


(282)


(403)


(404)

Net (decrease) in cash and cash equivalents


(1,375)


(2,469)


(3,821)






















Reconciliation of net cash flow to movements in cash and cash equivalents







Opening cash and cash equivalents


1,493


3,962


3,962

Net (decrease) in cash and cash equivalents


(1,375)


(2,469)


(3,821)

Closing cash and cash equivalents


118


1,493


141








 

 

The accompanying notes on pages 12 to 15 form an integral part of this interim financial report.



TP70 2008 (II) VCT plc

Notes to the Unaudited Interim Financial Report

for the 6 months ended 30 September 2010

 

 

1   Corporate Information  

 

The interim report of the Company for the 6 months ended 30 September 2010 was authorised for issue in accordance with a resolution of the directors on 11 November 2010.

 

The Company was admitted for listing on the London Stock Exchange on 6 February 2008.

 

The Company is incorporated and domiciled in Great Britain.  The address of its registered office, which is also its principal place of business, is 4-5 Grosvenor Place, London, SW1X 7HJ.

 

The Company's interim report is presented in Pounds Sterling (£) which is also the functional currency of the Company.

 

The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006 and has been neither audited nor reviewed by the Company's auditors. Statutory accounts in respect of the period ended 31 March 2010 have been audited and reported on by the Company's auditor and delivered to the Registrar of Companies and included the report of the auditor, which was unqualified and did not contain a statement under section 498 (2) or section 498 (3) of the Companies Act 2006. No Statutory accounts in respect of any period after 31 March 2010 have been reported on by the Company's auditor or delivered to the Registrar of Companies.

 

 The principal activity of the Company is investment.  The Company's investment strategy is to offer combined exposure to GAM Diversity Inc (GAM's fund of hedge funds) and venture capital investments focused on companies with contractual revenues from financially secure counterparties.

 

 

2   Basis of preparation and accounting policies          

 

The interim report of the Company for the 6 months ended 30 September 2010 has been prepared in accordance with IAS 34: Interim Financial Reporting.  They do 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 31 March 2010.

 

The accounting policies applied by the Company in the condensed consolidated financial statements are the same as those applied by the Company in its financial statements for the year ended 31 March 2010.

 

 

3   Estimates

 

The preparation of interim 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 expense. Actual results may differ from these estimates.

 

 

4   Segmental reporting

 

The Company only has one class of business, being investment activity.  All revenues and assets are generated and held in the UK.

 

 

5   Seasonality

 

The Company's activities are not seasonal.


 

6      Investment Income

 


Unaudited


Audited


Unaudited


6 months ended


year ended


6 months ended


30-Sep-10


31-Mar-10


30-Sep-09


Rev.

Cap.

Total


Rev.

Cap.

Total


Rev.

Cap.

Total


£'000

£'000

£'000


£'000

£'000

£'000


£'000

£'000

£'000

Loan stock interest

239

-  

239


558

-  

558


-  

-  

-  

Interest receivable on money market funds

12

-  

12


25

-  

25


300

-  

300

Interest receivable on bank balances

-  

-  

-  


1

-  

1


1

-  

1

Total

251

-  

251


584

-  

584


301

-  

301

 

 

7      Investment management fees

 

Triple Point Investment Management LLP provides investment management and administration services to the Company under an Investment Management Agreement dated 14 December 2007 which 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 1.75% per annum of net assets calculated and payable quarterly in arrears.

 

 

8     Taxation on ordinary activities

 


Unaudited


Audited


Unaudited


6 months ended


Year ended


6 months ended


30-Sep-10


31-Mar-10


30-Sep-09


Rev.

Cap.

Total


Rev.

Cap.

Total


Rev.

Cap.

Total


£'000

£'000

£'000


£'000

£'000

£'000


£'000

£'000

£'000

Loss / (profit) on ordinary activities before tax

152

(738)

(586)


389

91

480


204

154

358

Capital losses / (gains) not taxable

-  

611

611


-  

(377)

(377)


-  

(307)

(307)


152

(127)

25


389

(286)

103


204

(153)

51

UK corporation tax at an effective rate of 21% (27%)

32

(27)

5


105

(77)

28


43

(30)

13

Adjustment re prior year

-  

-  

-  


2

-  

2


-  

-  

-  

Total charged in Statement of comprehensive income

32

(27)

5


107

(77)

30


43

(30)

13

 

 

Capital gains and losses are exempt from corporation tax due to the Company's status as a Venture Capital Trust.

 

 

9     Loss/earnings per share

 

The loss per share is based on a comprehensive loss after tax of £591,000, and on the weighted average number of shares in issue during the period of 22,898,626.

 

  

10    Money market funds

                                   


30-Sep-10


31-Mar-10


30-Sep-09



£'000



£'000



£'000

Henderson Liquid Assets Sterling Institutional Class

 


1,114



1,680



-  

 Ignis Sterling Liquidity Fund Share Class 2

 


1,114



1,680



-  



2,228



3,360



-  

 

 

11    Cash and cash equivalents

 

Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc.

 

 

12     Share Capital


30-Sep-10

30-Mar-10

30-Sep-09



£'000


£'000


£'000

Ordinary Shares of 1p







Authorised







No. Of Shares

50,000,000

50,000,000

50,000,000

Par Value £'000


500


500


500

Issued & Fully Paid







No. Of Shares

22,898,626

22,898,626

22,898,626

Par Value £'000


229


229


229

 

 

13     Net asset value per share

 

The calculation of net asset value per share is based on net assets of £18,936,000 divided by the shares in issue of £22,898,626

 

 

14     Derivative transaction

 

The Company has made a payment of £3,292,000 to Julius Baer and in return will receive back an equivalent sum plus or minus the leveraged performance of GAM Diversity 2.5XL. A provision of £303,000 against the Julius Baer note has been made during the period to reflect the negative performance of GAM Diversity. The loss on the transaction is deemed to be a capital item and is therefore included in the capital column of the income statement.

 

 

15     Commitments and contingencies                                                                                                 

                                                                                                                                                             

The Company has no outstanding commitments or contingent liabilities.

 

 

16      Related party transactions                        

 

Peter Hargreaves, a director of the Company, has an equity interest in Triple Point LLP (TPLLP).  TPLLP in turn has a controlling interest in Triple Point Investment Management LLP (TPIMLLP).  During the period, TPIMLLP received £169,000 for providing management and administrative services to the Company.

  

 

17     Post balance sheet events

 

There have been no significant post balance sheet events.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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