Final Results -2-
08 June 2010 - 1:37AM
UK Regulatory
UP, as well as the significant reduction in both distribution and printing costs
over celluloid; avoiding piracy is another driver towards digital.
The major Hollywood film studios, as well as other second tier distributers, are
willing to pay 'Virtual Print Fees' in return for the ability to distribute
digital rather than celluloid films, providing revenues which flow through to
digital deployment companies such as those into which the Company has invested.
Digital opportunities are scheduled to commence at an accelerated pace during
2010, and the portfolio companies may have opportunities to raise further
investment capital.
In the year to 31 March 2010 the Company invested in a business which trades
satellite capacity providing for two-way broadband communications and digital
channels access to remote, rural regions across the UK and Europe. This
investment seeks to benefit from potential increases in demand for such
capacity, together with a degree of downside protection.
The Company also increased its investment in a business that provides medical
gas services for the NHS, and also has investments in a crematorium management
company, a business which provides telecommunications services to a public
sector body, and three businesses supplying telecoms services to a large,
corporate customer. Each of these qualifying investments is aligned with the
investment criteria prioritising predictable revenues from financially sound
customers and counterparties.
During the year GBP712,000 of loan repayments were made to the Company from its
qualifying investment portfolio. In summary movements in the qualifying
investments for the year were;
+--------------+------------------+------------+------+------------------+------------+
| | Year ended | | Period ended |
+--------------+-------------------------------+------+-------------------------------+
| | 31 March 2010 | | 31 March 2009 |
+--------------+-------------------------------+------+-------------------------------+
| | | GBP'000 | | | GBP'000 |
+--------------++------------+------++------------+
| Brought | | 9,108 | | | - |
| forward | | | | | |
+--------------++------------+------++------------+
| New | | 1,434 | | | 9,247 |
| investments | | | | | |
+--------------++------------+------++------------+
| Follow on | | 512 | | | - |
| investments | | | | | |
+--------------++------------+------++------------+
| Loan | | (712) | | | - |
| repayments | | | | | |
+--------------++------------+------++------------+
| Carried | | 10,342 | | | 9,247 |
| forward | | | | | |
+--------------+------------------+------------+------+------------------+------------+
Investment Manager's review (continued)
GAM Diversity
Over the year under review, GAM Diversity 2.5XL rose by 8.63% with all three
strategies (equity hedge, trading and arbitrage) generating positive returns.
Having navigated the turmoil of 2008, Diversity was cautiously positioned at the
beginning of 2009 with the majority of assets in trading strategies and the
lowest historic allocation to equity hedge of 14%. This stance enabled the fund
to achieve its core objective of producing absolute returns. In the third
quarter Diversity's asset allocation was moved to more equal weightings in the
three strategies, as GAM felt that the markets had moved to a more "normalised"
environment and, therefore, were willing to increase the equity hedge exposure
but remaining focussed on less directional managers.
GAM believes that 2010 will see a clear differentiation between regions and
countries combined with sharp fluctuations in investor sentiment and has
positioned Diversity to take advantage of such a changing landscape.
Outlook
Our focus for the year ahead is twofold: to continue to make qualifying
investments to meet the minimum 70% threshold required to secure VCT
qualification and to monitor closely the performance of the investee companies
to ensure that the investments are profitable for the Company and shareholders.
Claire Ainsworth
Triple Point Investment Management LLP
3 June 2010
About Triple Point Investment Management LLP (Triple Point)
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).
With its focus on capital security, liquidity and tax-enhanced returns, the
Triple Point investment model 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 on Triple Point please call 020 7201 8990.
Report of the Directors - Investment Portfolio
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+
| Security | 2010 | | 2009 |
+--------------------------+---------------------------------------+-------+---------------------------------------+
| | Cost | | | Cost | |
| | | Valuation | | | Valuation |
+--------------------------+-------------------+-------------------+-------+-------------------+-------------------+
| | GBP'000 | % | GBP'000 | % | | GBP'000 | % | GBP'000 | % |
| | | | | | | | | | |
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+
| Qualifying holdings | 10,342 | 47.05 | 10,342 | 51.43 | | 9,108 | 46.35 | 9,108 | 52.37 |
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+
| Non-qualifying holdings | 3,501 | 15.92 | 2,549 | 12.67 | | 3,300 | 16.78 | 2,166 | 12.45 |
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+
| | 13,843 | 62.97 | 12,891 | 64.10 | | 12,408 | 63.13 | 11,274 | 64.82 |
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+
| Derivative | 3,292 | 14.97 | 2,361 | 11.74 | | 3,292 | 16.74 | 2,166 | 12.45 |
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+
| Total holdings | 17,135 | 77.94 | 15,252 | 75.84 | | 15,700 | 79.87 | 13,440 | 77.27 |
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+
| Money market funds | 3,360 | 15.28 | 3,360 | 16.71 | | - | - | - | - |
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+
| Uninvested funds | 1,493 | 6.78 | 1,493 | 7.45 | | 3,962 | 20.13 | 3,962 | 22.73 |
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+
| | 21,988 | 100.00 | 20,105 | 100.00 | | 19,662 | 100.00 | 17,402 | 100.00 |
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+
| Activity | | | | | | | | | |
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+
| Unquoted Qualifying Holdings | | | | | |
+------------------------------------------------------------------+-------+---------+---------+---------+---------+
| Provision of satellite | | | | | | | | | |
| capacity | | | | | | | | | |
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+
| Beam Carrier Trading Ltd | 563 | 2.56 | 563 | 2.80 | | - | - | - | - |
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+
| Satellite Broadband | 871 | 3.96 | 871 | 4.33 | | - | - | - | - |
| Access Solutions Ltd | | | | | | | | | |
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+
| Telecommunications | | | | | | | | | |
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+
| Per Port Services Ltd | 310 | 1.41 | 310 | 1.54 | | 310 | 1.58 | 310 | 1.78 |
+--------------------------+---------+---------+---------+---------+-------+---------+---------+---------+---------+
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