Triple Point Income VCT PLC Interim Management Statement (5473L)

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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 GBP30 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.        A         C         D         E                 Ord.        A         C         D 
                 Shares   Shares    Shares    Shares    Shares     Total     Shares   Shares    Shares    Shares     Total 
-------------  --------  --------  --------  --------  --------  --------  --------  --------  --------  --------  -------- 
                GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'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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July 19, 2017 11:00 ET (15:00 GMT)