REG - Triple Point Inc VCT - Annual Financial Report <Origin Href="QuoteRef">TPV1.L</Origin> - Part 4
15/06/2017 15:10
- Part 4: For the preceding part double click ID:nRSO2322Ic
2,179 2,118
Equity attributable to equity holders 2,179 2,118
Net asset value per share 42.46p 41.28p
Statement of Changes in Shareholders' Equity Year ended Year ended
31 March 2017 31 March 2016
£'000 £'000
Opening shareholders' funds 2,118 4,465
Profit/(loss) for the year 61 (38)
Dividends paid - (2,309)
Closing shareholders' funds 2,179 2,118
Investment Portfolio
31 March 2017 31 March 2016
Cost Valuation Cost Valuation
£'000 % £'000 % £'000 % £'000 %
Unquoted qualifying holdings 875 44.40 789 41.70 875 45.98 789 43.43
Unquoted non-qualifying holdings 950 48.20 957 50.58 950 49.92 950 52.28
Financial assets at fair value through profit or loss 1,825 92.60 1,746 92.28 1,825 95.90 1,739 95.71
Cash and cash equivalents 146 7.40 146 7.72 78 4.10 78 4.29
1,971 100.00 1,892 100.00 1,903 100.00 1,817 100.00
Unquoted Qualifying Holdings
Landfill Gas* -
Aeris Power Ltd 525 26.64 424 22.41 525 27.59 424 23.34
Craigahulliar Energy Ltd 350 17.76 365 19.29 350 18.39 365 20.09
875 44.40 789 41.70 875 45.98 789 43.43
Unquoted Non-Qualifying Holdings
SME Funding
Other:
Funding Path Ltd 950 48.20 957 50.58 950 49.92 950 52.28
950 48.20 957 50.58 950 49.92 950 52.28
* Assets held for sale
Unaudited Non-Statutory Analysis of - The C Ordinary Share Fund
Year ended Year ended
31 March 2017 31 March 2016
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investment income 804 - 804 832 - 832
Unrealised gain on investments - 514 514 - 325 325
Investment return 804 514 1,318 832 325 1,157
Investment management fees (244) (70) (314) (230) (77) (307)
Other expenses (45) (2) (47) (43) - (43)
Profit before taxation 515 442 957 559 248 807
Taxation (103) 14 (89) (113) 15 (98)
Profit after taxation 412 456 868 446 263 709
Profit and total comprehensive income for the year 412 456 868 446 263 709
Basic and diluted earnings per share 3.06p 3.40p 6.46p 3.31p 1.96p 5.27p
Year ended Year ended
Balance Sheet 31 March 2017 31 March 2016
£'000 £'000
Non current assets
Financial assets at fair value through profit or loss 14,160 14,132
Current assets
Receivables 76 2
Cash and cash equivalents 257 246
333 248
Current liabilities
Payables (179) (262)
Net assets 14,314 14,118
Equity attributable to equity holders 14,314 14,118
Net asset value per share 106.49p 105.03p
Statement of Changes in Year ended Year ended
Shareholders' Equity 31 March 2017 31 March 2016
£'000 £'000
Opening shareholders' funds 14,118 13,409
Profit for the year 868 709
Dividends paid (672) -
Closing shareholders' funds 14,314 14,118
Investment Portfolio
31 March 2017 31 March 2016
Cost Valuation Cost Valuation
£'000 % £'000 % £'000 % £'000 %
Unquoted qualifying holdings 9,430 69.45 10,269 71.23 9,430 67.10 9,755 67.85
Unquoted non-qualifying holdings 3,891 28.66 3,891 26.99 4,377 31.15 4,377 30.45
Financial assets at fair value through profit or loss 13,321 98.11 14,160 98.22 13,807 98.25 14,132 98.30
Cash and cash equivalents 257 1.89 257 1.78 246 1.75 246 1.70
13,578 100.00 14,417 100.00 14,053 100.00 14,378 100.00
Unquoted Qualifying Holdings
Hydroelectric Power
Green Highland Allt Choire A Bhalachain (225) Ltd 3,130 23.05 3,038 21.07 3,130 22.27 3,130 21.77
Green Highland Allt Phocachain (1015) Ltd 2,000 14.73 2,031 14.09 2,000 14.23 2,000 13.91
Green Highland Renewables (Achnacarry) Ltd 4,300 31.67 5,200 36.07 4,300 30.60 4,625 32.17
9,430 69.45 10,269 71.23 9,430 67.10 9,755 67.85
Unquoted Non-Qualifying Holdings
Hydroelectric Power
Green Highland Allt Choire A Bhalachain (225) Ltd 342 2.52 342 2.37 341 2.43 341 2.37
Green Highland Allt Garbh Ltd ST Loan - - - - 30 0.21 30 0.21
Green Highland Allt Phocachain (1015) Ltd 161 1.19 161 1.12 175 1.25 175 1.22
Green Highland Renewables (Achnacarry) Ltd 100 0.74 100 0.69 133 0.95 133 0.93
SME Funding
Hydroelectric Power:
Broadpoint 2 Ltd 2,484 18.29 2,484 17.23 2,894 20.59 2,894 20.13
Broadpoint 3 Ltd 804 5.92 804 5.58 804 5.72 804 5.59
3,891 28.66 3,891 26.99 4,377 31.15 4,377 30.45
Unaudited Non-Statutory Analysis of - The D Ordinary Share Fund
Year ended Year ended
31 March 2017 31 March 2016
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investment income 972 - 972 687 - 687
Realised gain on investments - - - - 1 1
Unrealised gain on investments - 36 36 - - -
Investment return 972 36 1,008 687 1 688
Investment management fees (239) (68) (307) (141) (46) (187)
Other expenses (47) (2) (49) (76) (48) (124)
Profit/(loss) before taxation 686 (34) 652 470 (93) 377
Taxation (137) 23 (114) (94) 9 (85)
Profit/(loss) after taxation 549 (11) 538 376 (84) 292
Profit/(loss) and total comprehensive income for the year 549 (11) 538 376 (84) 292
Basic and diluted earnings/(loss) per share 4.01p (0.08p) 3.93p 2.82p (0.63p) 2.19p
Year ended Year ended
Balance Sheet 31 March 2017 31 March 2016
£'000 £'000
Non current assets
Financial assets at fair value through profit or loss 13,125 13,090
Current assets
Receivables 1,005 561
Cash and cash equivalents 499 382
1,504 943
Current liabilities
Payables (216) (158)
Net assets 14,413 13,875
Equity attributable to equity holders 14,413 13,875
Net asset value per share 105.19p 101.26p
Statement of Changes in Year ended Year ended
Shareholders' equity 31 March 2017 31 March 2016
£'000 £'000
Opening shareholders' funds 13,875 5,198
Issue of new shares - 8,385
Profit for the year 538 292
Closing shareholders' funds 14,413 13,875
Investment Portfolio
31 March 2017 31 March 2016
Cost Valuation Cost Valuation
£'000 % £'000 % £'000 % £'000 %
Unquoted qualifying holdings 10,898 80.20 10,928 80.21 10,137 75.25 10,137 75.25
Unquoted non-qualifying holdings 2,191 16.13 2,197 16.13 2,953 21.92 2,953 21.92
Financial assets at fair value through profit or loss 13,089 96.33 13,125 96.34 13,090 97.17 13,090 97.17
Cash and cash equivalents 499 3.67 499 3.66 382 2.83 382 2.83
13,588 100.00 13,624 100.00 13,472 100.00 13,472 100.00
Unquoted Qualifying Holdings
Hydroelectric Power
Green Highland Allt Garbh Ltd 2,710 19.94 2,710 19.89 2,710 20.12 2,710 20.12
Green Highland Allt Ladaidh (1148) Ltd 3,500 25.76 3,500 25.69 3,500 25.98 3,500 25.98
Green Highland Allt Luaidhe (228) Ltd 1,995 14.68 2,047 15.02 1,995 14.81 1,995 14.81
Green Highland Allt Phocachain (1015) Ltd 1,932 14.22 1,910 14.02 1,932 14.34 1,932 14.34
Green Highland Shenval Ltd 761 5.60 761 5.59 - - - -
10,898 80.20 10,928 80.21 10,137 75.25 10,137 75.25
Unquoted Non-Qualifying Holdings
Hydroelectric Power
Green Highland Allt Luaidhe (228) Ltd 185 1.36 185 1.36 185 1.37 185 1.37
Kinlochteacius Hydro Limited - - - - 762 5.66 762 5.66
SME Funding
Hydroelectric Power:
Broadpoint 3 Ltd 1,206 8.88 1,206 8.85 1,206 8.95 1,206 8.95
Other:
Funding Path Ltd 800 5.89 806 5.92 800 5.94 800 5.94
2,191 16.13 2,197 16.13 2,953 21.92 2,953 21.92
Statement of Comprehensive Income
Year ended Year ended
31 March 2017 31 March 2016
Note Rev. Cap. Total Rev. Cap. Total
£'000 £'000 £'000 £'000 £'000 £'000
Income
Investment income 4 2,307 - 2,307 2,703 - 2,703
(Loss) arising on the disposal of investments during the year - - - - (19) (19)
Gain arising on the revaluation of investments at the year end - 815 815 - 304 304
Investment return 2,307 815 3,122 2,703 285 2,988
Expenses
Investment management fees 5 676 189 865 593 197 790
Financial and regulatory costs 32 - 32 24 - 24
General administration 9 - 9 16 - 16
Legal and professional fees 6 51 4 55 55 68 123
Directors' remuneration 7 50 - 50 48 - 48
Interest payable - - - 113 - 113
Operating expenses 818 193 1,011 849 265 1,114
Profit/(loss) before taxation 1,489 622 2,111 1,854 20 1,874
Taxation 8 (298) 52 (246) (241) 38 (203)
Profit after taxation 1,191 674 1,865 1,613 58 1,671
Profit and total comprehensive income for the year 1,191 674 1,865 1,613 58 1,671
Basic and diluted earnings per share 9 n/a n/a n/a n/a n/a n/a
The total column of this statement is the Statement of Comprehensive Income of the Company prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European Union. The supplementary revenue return and
capital columns have been prepared in accordance with the Association of Investment Companies Statement of Recommended
Practice (AIC SORP 2014).
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 these statements.
Balance Sheet
31 March 2017 31 March 2016
Note £'000 £'000
Non-current assets
Financial assets at fair value through profit or loss 10 39,947 40,164
Current assets
Assets held for sale 11 789 1,397
Receivables 12 1,726 1,210
Cash and cash equivalents 13 2,534 1,032
5,049 3,639
Total Assets 44,996 43,803
Current liabilities
Payables and accrued expenses 14 253 316
Current taxation payable 264 201
517 517
Net Assets 44,479 43,286
Equity attributable to equity holders of the parent
Share capital 15 518 518
Share redemption reserve 2 2
Share premium 16,307 16,307
Special distributable reserve 27,301 27,447
Capital reserve (841) (1,515)
Revenue reserve 1,192 527
Total equity 44,479 43,286
Net asset value per share 17 n/a n/a
The statements were approved by the Directors and authorised for issue on 15 June 2017 and are signed on their behalf by:
David Frank
Chairman
15 June 2017
Company registration number 6421083.
The accompanying notes are an integral part of this statement.
Statement of Changes in Shareholders' Equity
Issued Capital Share Redemption Reserve Share Premium Special Distributable Reserve Capital Reserve Revenue Reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Year ended 31 March 2017
Opening balance 518 2 16,307 27,447 (1,515) 527 43,286
Dividends paid - - - (146) - (526) (672)
Transactions with owners - - - (146) - (526) (672)
Profit for the year - - - - 674 1,191 1,865
Profit and total comprehensive income for the year - - - - 674 1,191 1,865
Balance at 31 March 2017 518 2 16,307 27,301 (841) 1,192 44,479
Capital reserve consists of:
Investment holding gains 1,390
Other realised losses (2,231)
(841)
Year ended 31 March 2016
Opening balance 434 451 32,405 6,997 (1,573) 1,007 39,721
Issue of new shares 84 - 8,687 (383) - - 8,388
Purchase of own shares - - - (7) - - (7)
Cancellation of share premium - (449) (24,785) 25,234 - - -
Dividend paid - - - (4,394) - (2,093) (6,487)
Transactions with owners 84 (449) (16,098) 20,450 - (2,093) 1,894
Profit for the year - - - 58 1,613 1,671
Profit and total comprehensive income for the year - - - 58 1,613 1,671
Balance at 31 March 2016 518 2 16,307 27,447 (1,515) 527 43,286
Capital reserve consists of:
Investment holding gains 575
Other realised losses (2,090)
(1,515)
The capital reserve represents the proportion of Investment Management fees charged against capital and realised/unrealised
gains or losses on the disposal/revaluation of investments. The unrealised capital reserve, share redemption reserve and
share premium reserve are not distributable. The special distributable reserve was created on court cancellation of the
share premium account. The revenue, special distributable and realised capital reserves are distributable by way of
dividend.
Statement of Cash Flows
Year ended Year ended
31 March 2017 31 March 2016
£'000 £'000
Cash flows from operating activities
Profit before taxation 2,111 1,874
Loss arising on the disposal of investments during the period - 19
(Gain) arising on the revaluation of investments at the period end (815) (304)
Cashflow generated by operations 1,296 1,589
(Increase) in receivables (571) (428)
(Decrease) in payables (63) (2,196)
Taxation (183) (118)
Net cash flows from operating activities 479 (1,153)
Cash flow from investing activities
Purchase of financial assets at fair value through profit or loss - (16,707)
Proceeds of sale of financial assets at fair value through profit or loss 1,695 16,005
Net cash flows from investing activities 1,695 (702)
Cash flows from financing activities
Issue of new shares - 8,388
Purchase of own shares - (7)
Dividends paid (672) (6,487)
Net cash flows from financing activities (672) 1,894
Net increase/(decrease) in cash and cash equivalents 1,502 39
Reconciliation of net cash flow to movements in cash and cash equivalents
Opening cash and cash equivalents 1,032 993
Net increase/(decrease) in cash and cash equivalents 1,502 39
Closing cash and cash equivalents 2,534 1,032
The accompanying notes are an integral part of these statements.
Notes to the Financial Statements
1. Corporate Information
The Financial Statements of the Company for the year ended 31 March 2017 were authorised for issue in accordance with a
resolution of the Directors on 15 June 2017.
The Company was admitted for listing on the London Stock Exchange on 6 February 2008.
The Company is incorporated and domiciled in Great Britain and registered in England and Wales. The address of its
registered office, which is also its principal place of business, is 18 St Swithin's Lane, London EC4N 8AD.
The Company is required to nominate a functional currency, being the currency in which the Company predominantly operates.
The functional and reporting currency is sterling, reflecting the primary economic environment in which the Company
operates.
The principal activity of the Company is investment. The Company's investment strategy is that at least 70% of the
Company's net assets are or will be invested in VCT qualifying unquoted companies. The remaining assets are exposed either
to cash or cash-based similar liquid investments or investments originated in line with the Company's VCT Qualifying
Investment Policy.
2. Basis of Preparation and Accounting Policies
Basis of Preparation
After making the necessary enquiries, the Directors confirm that they are satisfied that the Company has adequate resources
to continue in business for the foreseeable future. The Board receives regular reports from the Investment Manager and the
Directors believe that, as no material uncertainties leading to significant doubt about going concern have been identified,
it is appropriate to continue to apply the going concern basis in preparing the Financial Statements.
The Financial Statements of the Company for the year to 31 March 2017 have been prepared in accordance with International
Financial Reporting Standards ("IFRS") adopted for use in the European Union and complied with the Statement of Recommended
Practice: "Financial Statements of Investment Trust Companies and Venture Capital Trusts" (SORP) issued by the Association
of Investment Companies (AIC) in November 2014 and updated in January 2017, in so far as this does not conflict with IFRS.
The Financial Statements are prepared on a historical cost basis except that investments are shown at fair value through
profit or loss.
The preparation of Financial Statements 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 assumptions that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities relate to:
· the valuation of unlisted financial investments held at fair value through profit or loss, which are valued on the
basis noted below (under the heading Non Current Asset Investments) and in note 10.
· the recognition or otherwise of accrued income on loan notes and similar instruments granted to investee companies
which is assessed in conjunction with the overall valuation of unlisted financial investments as noted above.
The key judgements made by Directors are in the valuation of unquoted investments. 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 affects both
current and future periods. The carrying value of investments is disclosed in note 10 and 11.
The Directors do not believe that there are any further key judgements made in applying accounting policies or estimates in
respect of the Financial Statements.
These Financial Statements have 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).
These accounting policies have been applied consistently in preparing these Financial Statements.
Standards issued but not yet effective
The following new standards, amendments to standards and interpretations are not yet effective for the year ended 31 March
2017, and have not been applied in preparing these Financial Statements.
· IFRS 9 Financial Instruments (effective 1 January 2018)
· IFRS Revenue from contracts with customers (effective 1 January 2018)
All of these changes will be applied by the Company from the effective date but none of them are expected to have a
significant impact on the Company's Financial Statements.
Presentation of 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.
Capital Management
Capital management is monitored and controlled using the internal control procedures set out on page 32. The capital being
managed includes equity and fixed interest VCT qualifying investments, cash balances and liquid resources including debtors
and creditors.
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.
· to enter into short term finance only to enhance short term liquidity.
All capital is represented by the value of share capital, distributable and other reserves. Total Shareholder equity at 31
March 2017 was £44.5 million (2016: £43.3 million).
Non-Current Asset Investments
The Company invests in financial assets with a view to profiting from their total return through income and capital growth.
These investments are managed and their performance is evaluated on a fair value basis in accordance with the investment
policy detailed in the Strategic Report on pages 5 and 6 and information about the portfolio is provided internally on that
basis to the Company's Board of Directors. Accordingly upon initial recognition the investments are designated by the
Company as "at fair value through profit or loss" in accordance with IAS39 "Financial instruments recognition and
measurement". They are included initially at fair value, which is taken to be their cost (excluding expenses incidental to
the acquisition which are written off in the Statement of Comprehensive Income and allocated to "capital" at the time of
acquisition). Subsequently the investments are valued at "fair value" which is the price that would be received to sell an
asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement
date. This is measured as follows:
· unlisted investments are fair valued by the Directors in accordance with the International Private Equity and
Venture Capital Valuation Guidelines. Fair value is established by using measurements of value such as price of recent
transactions, discounted cash flows, cost, and initial cost of investment.
· listed investments are fair valued at bid price on the relevant date.
Where securities are designated upon initial recognition as at fair value through profit or loss, gains and losses arising
from changes in fair value are included in the Statement of Comprehensive Income for the year as capital items in
accordance with the AIC SORP 2014. The profit or loss on disposal is calculated net of transaction costs of disposal.
Investments are recognised as financial assets on legal completion of the investment contract and are de-recognised on
legal completion of the sale of an investment.
Assets Held for Sale
Current assets classified as held for sale are presented separately and measured at the value expected to be realised on
disposal, which is equivalent to fair value.
Income
Investment income includes interest earned on bank balances and investment loans and includes income tax withheld at
source. Dividend income is shown net of any related tax credit and is brought into account on the ex-dividend date.
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 has been charged 75% to the revenue account and 25% to the capital account (2016: 75% revenue, 25%
capital) 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.
The Company's general expenses are split between the share classes using their net asset value divided by the Company's net
asset value.
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 AIC SORP 2014.
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 the 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 accounting 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, A shares, C Shares, D Shares and E 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.
Cash and Cash Equivalents
Cash and cash equivalents representing cash available at less than 3 months' notice are classified as loans and receivables
under IAS 39.
Reserves
The revenue reserve (retained earnings) and capital reserve reflect the guidance in the AIC SORP 2014. The capital reserve
represents the proportion of Investment Management fees charged against capital and realised/unrealised gains or losses on
the disposal/revaluation of investments. The unrealised capital reserve, share redemption reserve and share premium reserve
are not distributable. The special distributable reserve was created on court cancellation of the share premium account.
The revenue, special distributable and realised capital reserves are distributable by way of 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 Income *
Year ended Year ended
31 March 2017 31 March 2016
Ord. A C D Ord. A C D
Shares Shares Shares Shares Total Shares Shares Shares Shares Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Loan stock interest 421 110 804 972 2,307 458 55 828 683 2,024
Dividends receivable - - - - - 232 434 - - 666
Interest receivable on bank balances - - - - - 4 1 4 4 13
421 110 804 972 2,307 694 490 832 687 2,703
5. Investment Management Fees
TPIM provides investment management and administration services to the Company under an Investment Management Agreement
effective 6 February 2008 and deeds of variation to that agreement effective 21 November 2012, 28 October 2014 and 7
October 2016.
Ordinary Shares: The agreement provides for an investment management fee of 1.50% per annum of net assets payable quarterly
in arrear for the Ordinary Shares. For the Ordinary Shares issued under the 2007 offer the agreement ran until 6 February
2014 after which the management fee of 1.5% has not been charged. For all other Ordinary Shares the appointment shall
continue until at least 30 April 2018. Thereafter there is a 1% exit fee on all funds returned to shareholders.
A Shares: The agreement provides for an investment management fee of 1.50% per annum of net assets payable quarterly in
arrear. The appointment shall continue until at least 30 April 2017. Thereafter there is a 1% exit fee on all funds
returned to shareholders.
C shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable
quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions
to the C Shareholders exceeding the C Share hurdle, the Investment Manager will be entitled to a performance incentive fee
of 20%.
D shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable
quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions
to the D Shareholders exceeding the D Share hurdle, the Investment Manager will be entitled to a performance incentive fee
of 20%.
E shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable
quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions
to the E Shareholders exceeding the E Share hurdle, the Investment Manager will be entitled to a performance incentive fee
of 20%.
To date there have been no performance fees paid.
An administration fee equal to 0.25% per annum of the Company's net assets is payable quarterly in arrear.
Year ended Year ended
31 March 2017 31 March 2016
Ord. A C D Ord. A C D
Shares Shares Shares Shares Total Shares Shares Shares Shares Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investment Management Fees 173 32 279 273 757 209
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