Triple Point Inc VCT - Interim Management Statement

Triple Point Income VCT

19/07/2017 16:00

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 30 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. Shares
A Shares
C Shares
D Shares
E Shares
Total
Ord. Shares
A Shares
C Shares
D Shares
Total
'000
'000
'000
'000
'000
'000
'000
'000
'000
'000
'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

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