REG - Triple Point Inc VCT - Interim Management Statement <Origin Href="QuoteRef">TPV1.L</Origin>

Triple Point Income VCTAnnouncement

30/07/2015 16:10

RNS Number : 6285U
Triple Point Income VCT PLC
30 July 2015
Triple Point Income VCT plc
30 July 2015
Interim Management Statement for the quarter ended 30 June 2015
Highlights 
Ordinary Share Class
 Net Asset Value ("NAV") has increased from 85.49 to 87.93p per share as a result of successful disposals during the last quarter.
 At 30 June 2015 the total paid by way of dividends to shareholders was 4.11p per share, bringing the total return to 92.04p per share. This compares to a weighted average share price at acquisition of 83.6p per share. 
 A second dividend was paid on 24 July 2015 equal to 5p per share.
 83% of the unquoted investments are invested in qualifying investments.
 At 30 June 2015 the share class had 2.5 million of short term borrowing that has now been repaid.
 The unquoted qualifying investment portfolio by sector at 30 June 2015 is made up of:
Cinema Digitisation 25%
Hydro Electric Power 58%
Solar PV 17%
A Share Class
 NAV has decreased from 87.01p to 86.82p per share during the last quarter. The small decrease in the NAV resulted from a provision and general overheads exceeding income for a short period. This was offset by the sale of the Anaerobic Digestion companies which is detailed below.
 At 30 June 2015 the total paid by way of dividends to shareholders was 11.20p per share, bringing the total return to 98.02p. This compares to a weighted average share price at acquisition of 86.4p per share. 
 A third dividend was paid on 24 July 2015 equal to 5p per share.
 Following the disposal of the share class's investments in the solar PV and Anaerobic Digestion sectors, 100% of the remaining unquoted qualifying investment portfolio is in two companies generating electricity through Landfill Gas.
 The Board has resolved to pay a fourth dividend to A Shareholders of 2,052,541 equal to 40p per share which will be paid on 21 August 2015 to shareholders on the register on 7 August 2015.
Ordinary Share Class and A Share Class
 During the period the solar PV companies in which the Company invested disposed of a significant part of their portfolios of roof-mounted solar systems. The disposal resulted in an aggregate 1.4 million up-lift to the valuation of the investee companies, equivalent to 
4.26p per Ordinary Share and 10.55p per A Share. Both increases were recognised at 31 March 2015. During the period the Company sold all but two of these companies.
 On 30 June 2015, the Company completed the sale of its investment in three Anaerobic Digestion companies for 4.8 million resulting in an up-lift to the valuation of 598,000, equivalent to 2.63p per Ordinary Share and 1.69p per A Share.
C Share Class
 NAV has increased from 99.76p to 100.46p per share during the last quarter. This compares to a subscription price of 1.
 70% of the unquoted investments are in VCT qualifying investments.
 100% of the VCT qualifying investments are into Hydro Electric Power.
D Share Class
 Last year Shareholders approved the issue of a new share class which closed on 30 April 2015. During the period 8,405,062 shares were issued bringing the total shares issued to 13,701,636. Funds have been deployed into companies in the hydro electric power sector. 
 NAV has increased from 98.15p to 99.21p per share during the last quarter. This compares to a subscription price of 1.
 95% of the unquoted investments are in VCT qualifying investments.
 100% of the VCT qualifying investments are into Hydro Electric Power.
Net Assets at 30 June 2015:

30-Jun-15

31-Mar-15

Unaudited

Audited

Ord. Shares
A Shares
C Shares
D Shares
Total

Ord. Shares
A Shares
C Shares
D Shares
Total

'000
'000
'000
'000
'000

'000
'000
'000
'000
'000
VCT qualifying unquoted investments
13,030
818
9,430
12,847
36,125

15,064
4,188
9,430
7,427
36,109
VCT non qualifying unquoted investments
1,334
-
3,871
65
5,270

1,380
-
3,696
5
5,081

14,364
818
13,301
12,912
41,395
16,444
4,188
13,126
7,432
41,190
Cash and cash equivalents
1,375
2,695
242
626
4,938

334
301
331
27
993
Total Investments
15,739
3,513
13,543
13,538
46,333

16,778
4,489
13,457
7,459
42,183
Other assets & liabilities
1,385
943
(39)
56
2,345

(129)
(24)
(48)
(2,261)
(2,462)
Net assets
17,124
4,456
13,504
13,594
48,678

16,649
4,465
13,409
5,198
39,721
Net asset value per share
87.93p
86.82p
100.46p
99.21p
n/a

85.49p
87.01p
99.76p
98.15p
n/a
For further information, please contact Claire Ainsworth or David Burton 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
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