REG - Triple Point Inc VCT - Half-year Report <Origin Href="QuoteRef">TPV1.L</Origin> - Part 3

Triple Point Income VCTAnnouncement

09/11/2017 16:35

- Part 3: For the preceding part double click  ID:nRSI0981Wb 

Management Fees        89          3         145       145       281         663    
 Administration Fees               17          3         18        18        35          91     
 Exit Fees                         3           22        -         -         -           25     
                                   109         28        163       163       316         779    
                                                                                                
                                                                                                
 Year ended 31 March 2017                                                                       
 Audited                                                                                        
 Investment Management Fees        173         32        279       273       -           757    
 Administration Fees               33          6         35        34        -           108    
 Exit Fees                         -           -         -         -         -           -      
                                   206         38        314       307       -           865    
                                                                                                
 
 
6.      Directors' remuneration 
 
                                   Ord Shares  A Shares  C Shares  D Shares  E Shares    Total  
 Unaudited                         £'000       £'000     £'000     £'000     £'000       £'000  
 6 months ended 30 September 2017                                                               
 David Frank                       2           -         2         2         4           10     
 Simon Acland                      2           -         2         2         3           9      
 Michael Stanes                    1           1         1         1         4           8      
                                   5           1         5         5         11          27     
 Audited                                                                                        
 Year ended 31 March 2017                                                                       
 David Frank                       6           1         6         5         -           18     
 Simon Acland                      5           1         5         5         -           16     
 Michael Stanes                    5           -         5         6         -           16     
                                   16          2         16        16        -           50     
 
 
Directors' remuneration is allocated proportionately against each share class. 
 
7.      Taxation 
 
                                                  Ord Shares  A Shares  C Shares  D Shares  E Shares    Total  
                                                  £'000       £'000     £'000     £'000     £'000       £'000  
 Unaudited                                                                                                     
 6 months ended 30 September 2017                                                                              
 Profit/(loss) on ordinary activities before tax  109         69        499       289       (266)       700    
                                                                                                               
 Corporation tax @ 19%                            21          13        95        55        (51)        133    
 Effect of:                                                                                                    
 Capital (gains) not taxable                      (8)         (18)      -         -         -           (26)   
 Income received not taxable                      -           -         (57)      -         -           (57)   
 Disallowed expenditure                           -           6         -         -         -           6      
 Tax charge/(credit)                              13          1         38        55        (51)        56     
                                                                                                               
 Audited                                                                                                       
 Year ended 31 March 2017                                                                                      
 Profit on ordinary activities before tax         429         73        957       652       -           2,111  
                                                                                                               
 Corporation tax @ 20%                            86          15        192       130       -           423    
 Effect of:                                                                                                    
 Capital (gains) not taxable                      (52)        (2)       (103)     (7)       -           (164)  
 Prior year adjustment                            (3)         (1)       -         (9)       -           (13)   
 Tax charge                                       31          12        89        114       -           246    
 
 
Capital gains and losses are exempt from corporation tax due to the Company's status as a Venture Capital Trust. 
 
8.      Earnings/(loss) per share 
 
The earnings per share for Ordinary Shares is based on the profit after tax of £97,000, and on the weighted average number
of shares in issue during the period of 19,463,120, which is equal to the number of shares at 30 September 2017. 
 
The earnings per share for A Shares is based on the profit after tax of £68,000, and on the weighted average number of
shares in issue during the period of 5,131,353, which is equal to the number of shares at 30 September 2017. 
 
The earnings per share for C Shares is based on the profit after tax of £461,000, and on the weighted average number of
shares in issue during the period of 13,441,438, which is equal to the number of shares at 30 September 2017. 
 
The earnings per share for D Shares is based on the profit after tax of £234,000, and on the weighted average number of
shares in issue during the period of 13,701,636, which is equal to the number of shares at 30 September 2017. 
 
The loss per share for E Shares is based on the loss after tax of £216,000, and on the weighted average number of shares in
issue during the period of 28,125,594. 
 
9.      Cash and cash equivalents 
 
Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc. 
 
10.    Share capital 
 
                                  30 September 2017  31 March 2017  
 Ordinary Shares of £0.01 each                                      
 Issued & Fully Paid                                                
 No. Of Shares                    19,463,120         19,463,120     
 Par Value £'000                  195                195            
                                                                    
 A Ordinary Shares of £0.01 each                                    
 Issued & Fully Paid                                                
 Number of shares                 5,131,353          5,131,353      
 Par Value £'000                  51                 51             
                                                                    
 C Ordinary Shares of £0.01 each                                    
 Issued & Fully Paid                                                
 Number of shares                 13,441,438         13,441,438     
 Par Value £'000                  135                135            
                                                                    
 D Ordinary Shares of £0.01 each                                    
 Issued & Fully Paid                                                
 Number of shares                 13,701,636         13,701,636     
 Par Value £'000                  137                137            
                                                                    
 E Ordinary Shares of £0.01 each                                    
 Issued & Fully Paid                                                
 Number of shares                 28,949,575         -              
 Par Value £'000                  290                -              
                                                                    
 
 
11.    Net asset value per share 
 
The calculation of the Company's net asset value per share for Ordinary Shares is based on the Company's net assets
attributable to the Ordinary Shares of £12,210,000 divided by the 19,463,120 Ordinary Shares in issue. 
 
The calculation of the Company's net asset value per share for A Shares is based on the Company's net assets attributable
to the A Shares of £964,000 divided by the 5,131,353 A Shares in issue. 
 
The calculation of the Company's net asset value per share for C Shares is based on the Company's net assets attributable
to the C Shares of £14,103,000 divided by the 13,441,438 C Shares in issue. 
 
The calculation of the Company's net asset value per share for D Shares is based on the Company's net assets attributable
to the D Shares of £13,962,000 divided by the 13,701,636 D Shares in issue. 
 
The calculation of the Company's net asset value per share for E Shares is based on the Company's net assets attributable
to the E Shares of £28,734,000 divided by the 28,949,575 E Shares in issue. 
 
12.    Commitments and contingencies 
 
The Company had no commitments or contingent liabilities at 30 September 2017. 
 
13.    Relationship with Investment Manager 
 
During the period TPIM provided investment management and administration services to the Company for a fee amounting to
£778,554.  At 30 September 2017 £466,121 was due to TPIM. 
 
14.    Related party transactions 
 
There are no related party transactions. 
 
15.    Post balance sheet events 
 
There were no post balance sheet events. 
 
16.    Dividends 
 
Ordinary Shares: 
 
The Company paid a dividend to Ordinary Class Shareholders of £1,459,734, equal to 7.5p per share, on 14 July 2017. This
included a special dividend of 2.5p per share in addition to the regular annual dividend of 5p per share. 
 
A Shares: 
 
The Company paid a dividend to A Class Shareholders of £1,282,838, equal to 25p per share, on 14 July 2017. The Board has
resolved to pay a further dividend to A Class Shareholders of £912,868, equal to 17.79p per share on 8 December 2017 to
shareholders on the register on 24 November 2017. Following payment of this dividend the shares will be cancelled and a
final distribution of 1p per share paid in the first quarter of 2018. 
 
C Shares: 
 
The Company paid a dividend to C Class Shareholders of £672,072, equal to 5p per share, on 14 July 2017. 
 
D Shares: 
 
The Company paid the first dividend to D Class Shareholders of £685,082, equal to 5p per share, on 14 July 2017. 
 
This information is provided by RNS
The company news service from the London Stock Exchange