Triple Point VCT 2011 Plc Interim Management Statement (9073L)

TIDMTPO

RNS Number : 9073L

Triple Point VCT 2011 Plc

14 January 2016

Triple Point VCT 2011 plc

14 January 2016

Interim Management Statement for the quarter ended 30 November 2015

Highlights

The Company

The Company continues to meet the requirement that 70% of the portfolio must be invested in VCT qualifying investments. At 30 November qualifying holdings accounted for 59% of the overall investment portfolio and the VCT qualifying status was met in part by virtue of investments that were disposed of in the previous six months which continued to count towards the VCT qualifying status. Since 30 November 2015 distributions of realisation proceeds mean that at the date of this statement qualifying holdings accounted for over 80% of the overall investment portfolio.

Ordinary Share Class

   --      The Net Asset Value at 30 November 2015 was 55.04p per share. 

-- During the period the Ordinary Share Class realised an investment for GBP2.6million that was made in April 2015. The investment went into a company that intended to trade in the hydro electric power sector, but the deal did not come to fruition. The cash realised was repaid to shareholders as part of the dividend payment on 18 December 2015.

-- After the period end a further dividend of 20.7p per share was paid bringing the total dividends paid to 79.75p per share.

   --      The pie chart below shows the unquoted qualifying investment portfolio by sector: 
   Energy Generation and Infrastructure                   37% 
   Hydro Electric Power                                          26% 
   Hydro Project Management                                 18% 
   Landfill Gas                                                       16% 
   Cinema Digitisation                                              3% 
   --      A total return to shareholders of 114.09p per share is made up of: 
   Net asset value at 30 November 2015                  55.04p (at 18 December 2015 34.34p) 
   Dividends paid up to 30 November 2015   59.05p (at 18 December 2015 79.75p) 

A Share Class

   --      The Net Asset Value at 30 November 2015 was 100.17p per share. 

-- During the period the A Share Class realised an investment for GBP2.3 million that was made in March 2015. The investment was intended to go into a company that would trade in the hydro electric power sector, but the deal did not come to fruition. Alternative deals are being sought.

   --      100% of the unquoted investment portfolio is in Hydro Electric Power. 

New B Share Class

The Company issued a prospectus and circular on 23 December 2015 relating to a proposed offer for subscription to raise up to GBP10,000,000 by the issue of "B" ordinary shares of 1 pence each in the Company, with an over-allotment facility of up to a further GBP10,000,000.

Net Assets at 30 November 2015:

 
                                30-Nov-15                     31-Aug-15                     28-Feb-15 
                                Unaudited                     Unaudited                      Audited 
                        Ord.        A                 Ord.        A                 Ord. 
                        Shares    Shares    Total     Shares    Shares    Total     Shares   A Shares    Total 
--------------------  --------  --------  --------  --------  --------  --------  --------  --------- 
                       GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000    GBP'000 
--------------------  --------  --------  --------  --------  --------  --------  --------  ---------  -------- 
 VCT qualifying 
  unquoted 
  investments            5,065     5,403    10,468     7,659     7,653    15,312    18,311          0    18,311 
--------------------                                --------  --------  --------  --------  ---------  -------- 
 
 VCT non qualifying 
  unquoted 
  investments:           2,522     1,243     3,765     2,347        59     2,406     2,253          0     2,253 
                      --------  --------  --------  --------  --------  --------  --------  ---------  -------- 
 
 Cash and 
  cash equivalents         396     3,165     3,561       504     2,103     2,607        17          0        17 
--------------------                                --------  --------  --------  --------  ---------  -------- 
 Total Investments       7,983     9,811    17,794    10,510     9,815    20,325    20,581          0    20,581 
--------------------  --------  --------  --------  --------  --------  --------  --------  ---------  -------- 
 Other assets 
  & liabilities          3,217       157     3,374       585        94       679       -28          0       -28 
--------------------  --------  --------  --------  --------  --------  --------  --------  ---------  -------- 
 Net assets             11,200     9,968    21,168    11,095     9,909    21,004    20,553          0    20,553 
                      --------  --------  --------  --------  --------  --------  --------  ---------  -------- 
 Net asset 
  value per 
  share                  55.04    100.17       n/a     54.52     99.58       n/a    101.00        n/a       n/a 
--------------------  --------  --------  --------  --------  --------  --------  --------  ---------  -------- 
 

For further information, please contact Claire Ainsworth 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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January 14, 2016 08:58 ET (13:58 GMT)