TIDMTPV1
RNS Number : 5473L
Triple Point Income VCT PLC
19 July 2017
LEI: 213800IXD8S5WY88L245
Triple Point Income VCT plc
19 July 2017
Interim Management Statement for the quarter ended 30 June
2017
Highlights
The Company
The Company's funds at 30 June 2017 were 55% invested in a
portfolio of VCT qualifying and non-qualifying unquoted
investments. The remaining 45% is held in cash, which is primarily
derived from the E Share Class offer that closed on 15 May 2017. At
30 June 2017 qualifying investments represented 44% of the total
investment portfolio including cash, and represented 77% of the
funds that are required to meet the 70% condition.
Ordinary Share Class
-- Net Asset Value ("NAV") has increased to 70.09p per share by
the profit generated during the period of 0.35p.
-- At 30 June 2017 the total paid by way of dividends to
shareholders was 25.56p per share, bringing the total return to
95.65p per share. This compares to a weighted average subscription
share price of 83.6p per share.
-- A special dividend of 2.5p as well as a regular dividend of
5p per share was paid on 14 July 2017.
-- The Ordinary Share's unquoted investment portfolio split by sector at 30 June 2017 is:
Electricity Generation - other 36%
Cinema Digitisation 29%
Hydro Electric Power 23%
Crematorium Management 5%
SME Funding - other 4%
SME Funding - Hydro Electric Power 3%
A Share Class
-- Net Asset Value ("NAV") has decreased to 42.03p per share by
the loss generated during the period of 0.43p. This was due to a
fall in income after assets were realised to facilitate the A Share
Class exit.
-- At 31 March 2017 the total paid by way of dividends to
shareholders was 56.20p per share, bringing the total return to
98.23p. This compares to a weighted average subscription share
price of 86.4p per share.
-- April 2017 marked the end of the five year anniversary and in
line with A Shareholders' expectations we are now focused on
returning funds as soon as possible. A further dividend of 25p per
share was paid on 14 July 2017.
-- The remaining investment portfolio consists of two
investments in landfill gas companies. The sale of these
investments is expected to take place during the summer, after
which there will be a final dividend declared followed by the
capital value of the shares being returned on their
cancellation.
C Share Class
-- Net Asset Value ("NAV") has increased to 109.37p per share as
a result of profit generated during the period of 2.88p per share,
of which 2.2p is derived from dividend income.
-- At 31 March 2017 the total paid by way of dividends to
shareholders was 5p per share, bringing the total return to 114.37p
per share.
-- A second dividend of 5p per share was paid on 14 July 2017.
-- 100% of the VCT qualifying investments are in the hydro-electric power sector.
-- The C Share Class unquoted investment portfolio split by sector at 30 June 2017 is:
Hydro Electric Power 80%
SME Funding - hydro electricpower 20%
D Share Class
-- Net Asset Value ("NAV") has increased to 106.04p per share by
the profit generated during the period of 0.85p per share.
-- The first dividend to D Share Class Holders of 5p per share was paid on 14 July 2017.
-- 94% of the VCT qualifying investments are in the Hydro Electric Power sector.
-- The D Share Class unquoted investment portfolio split by sector at 30 June 2017 is:
Hydro Electric Power 85%
SME Funding - hydro electric power 9%
SME Funding - other 6%
E Share Class
-- The E Share Class offer closed on 15 May 2017 raising just
under GBP30 million with a total of 28,949,575 E Shares being
issued. Whilst the Investment Manager is seeking investment
opportunities the main focus is on cash management.
-- During the period the E Share Class acquired two non
qualifying investments, expected to return 7.75% per annum. Both
investments are in companies providing SME funding.
-- The Net Asset Value ("NAV") at 30 June 2017 was 99.6p per
share. The loss during the period of 0.4p per share was due to
fixed overheads exceeding income, which will start to reverse as
further investments are made.
-- The E Share Class unquoted investment portfolio split by sector at 30 June 2017 is:
SME Funding - hydro electricpower 29%
SME Funding - other 71%
Net Assets at 30 June 2017:
30 June 17 31 March 17
Unaudited Audited
Ord. A C D E Ord. A C D
Shares Shares Shares Shares Shares Total Shares Shares Shares Shares Total
------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
VCT
qualifying
unquoted
investments 10,000 789 10,269 10,928 - 31,986 10,000 789 10,269 10,928 31,986
VCT non
qualifying
unquoted
investments 1,705 - 3,478 2,197 1,357 8,737 1,705 957 3,891 2,197 8,750
--------
11,705 789 13,747 13,125 1,357 40,723 11,705 1,746 14,160 13,125 40,736
------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Cash and
cash
equivalents 2,027 1,370 1,064 735 27,567 32,763 1,632 146 257 499 2,534
-------------
Total
Investments 13,732 2,159 14,811 13,860 28,924 73,486 13,337 1,892 14,417 13,624 43,270
------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Other assets
&
liabilities (90) (3) (110) 670 (90) 377 236 287 (103) 789 1,209
------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net assets 13,642 2,156 14,701 14,530 28,834 73,863 13,573 2,179 14,314 14,413 44,479
------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net asset
value per
share (p) 70.09 42.03 109.37 106.04 99.60 n/a 69.74 42.46 106.49 105.19 n/a
------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
For further information, please contact Ben Beaton or Belinda
Thomas at Triple Point Investment Management LLP on 0207 201
8989.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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