Triple Point Income VCT PLC Interim Management Statement (9054V)

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RNS Number : 9054V

Triple Point Income VCT PLC

26 July 2018

LEI: 213800IXD8S5WY88L245

Triple Point Income VCT plc

26 July 2018

Interim Management Statement for the quarter ended 30 June 2018

Highlights

The Company

The Company continues to meet all VCT qualifying conditions in respect of its portfolio of VCT unquoted qualifying investments and unquoted and quoted non-qualifying investments.

Ordinary Share Class

   --      The Net Asset Value ("NAV") at 30 June 2018 was 65.83p per share. 

-- During the three month period to 30 June 2018 the Ordinary Share Class made a profit of 0.09p per share.

-- On 1 April 2018 the Ordinary Share Class transferred its investments in eight companies, across five sectors, to the E Share Class at the valuations in the audited financial statements to 31 March 2018. The transfer is in line with the Company's strategy to realise Ordinary Share Class investments and return funds as soon as practicable after the end of the 5 year holding period which was on 15 May 2018. The VCT retains an investment in Green Energy for Education Limited, which owns and operates a portfolio of Solar PV assets, in its Ordinary Share Class and will look to realise this later in 2018.

-- On 26 July 2018 a dividend was paid to the Ordinary Class Shareholders of 60.74p per share bringing total dividends paid to Ordinary Class Shareholders to 93.8p per share. This compares to a minimum target return of 90.4p per share.

-- It is the intention to pay a final dividend later this year and cancel the Ordinary Shares by the end of the Company's financial year ending 31 March 2019.

C Share Class

   --      The NAV at 30 June 2018 was 116.30p per share. 

-- During the three month period to 30 June 2018 the C Share Class made a profit of 3.46p per share. This includes a dividend from one of its investments in the hydro electric power sector for GBP393,000, equivalent to 2.9p per share.

-- 100% of the C Share Class investments are in the hydro-electric power sector, in line with the investment strategy.

-- On 26 July 2018 a dividend of 5p per share was paid bringing total dividends to the C Class Shareholders to 15p per share.

   --      The chart below shows the C Share Class investment portfolio by sector at 30 June 2018: 

Hydro Electric Power - 80%

SME Funding - Hydro Electric Power - 20%

D Share Class

   --      The NAV at 30 June 2018 was 108.94p per share. 

-- During the three month period to 30 June 2018 the D Share Class made a profit of 0.96p per share.

-- 94% of the D Share investments are in the Hydro Electric Power sector, in line with the investment strategy.

-- On 26 July 2018 a dividend of 5p per share was paid bringing total dividends to the D Class Shareholders to 10p per share.

   --      The chart below shows the D Share Class investment portfolio by sector at 30 June 2018: 

Hydro Electric Power - 85%

SME Funding - Hydro Electric Power - 9%

SME Funding - Other - 6%

E Share Class

   --      The NAV at 30 June 2018 was 99.21p per share. 

-- During the three month period to 30 June 2018 the E Share Class made a profit of 0.89p per share.

-- During the period the E Share Class acquired a portfolio of Qualifying and Non-Qualifying Investments in eight companies from the Ordinary Share Class. The portfolio comprises investments across five sectors, giving the E Share Class the benefit of the income and returns on a portfolio of established diversified investments. The E Share Class total deployment is 80%.

   --      The chart below shows the E Share Class investment portfolio by sector at 30 June 2018: 

Crematorium Management - 3%

Vertical Growing - 22%

Quoted Investments - 27%

Hydro Electric Power - 12%

SME Funding - Hydro Electric Power - 3%

SME Funding - Other - 8%

Electricity Generation - 25%

Net Assets at 30 June 2018:

 
                                                            30-Jun-18 
                                                            Unaudited 
                                Ord. Shares   A Shares   C Shares   D Shares   E Shares     Total 
                               ------------  ---------  ---------  ---------  ---------  -------- 
                                    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000   GBP'000 
 VCT qualifying unquoted 
  investments                           963          -     11,176     11,532     13,404    37,075 
 VCT non qualifying unquoted 
  investments                             -          -      3,405      2,191      3,580     9,176 
 VCT non qualifying quoted 
  investments                             -          -          -          -      6,130     6,130 
                                             ---------  ---------  ---------  --------- 
                                        963          -     14,581     13,723     23,114    52,381 
                               ------------  ---------  ---------  ---------  --------- 
 Cash and cash equivalents           11,987          -        982        337      5,726    19,032 
                                             --------- 
 Total Investments                   12,950          -     15,563     14,060     28,840    71,413 
                               ------------  ---------  ---------  ---------  --------- 
 Other assets & liabilities           (138)          -         70        867      (120)       679 
                               ------------  ---------  ---------  ---------  --------- 
 Net assets                          12,812          -     15,633     14,927     28,720    72,092 
                               ------------  ---------  ---------  ---------  --------- 
 Net asset value per 
  share (p)                           65.83       0.00     116.30     108.94      99.21       n/a 
                               ------------  ---------  ---------  ---------  --------- 
 
 
                                                            31-Mar-18 
                                                             Audited 
                                Ord. Shares   A Shares   C Shares   D Shares   E Shares     Total 
                               ------------  ---------  ---------  ---------  ---------  -------- 
                                    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000   GBP'000 
 VCT qualifying unquoted 
  investments                         9,367          -     11,176     11,532      5,000    37,075 
 VCT non qualifying unquoted 
  investments                         1,731          -      3,414      2,191      1,849     9,185 
 VCT non qualifying quoted 
  investments                             -          -          -          -      5,884     5,884 
                                             ---------  ---------  ---------  --------- 
                                     11,098          -     14,590     13,723     12,733    52,144 
                               ------------  ---------  ---------  ---------  --------- 
 Cash and cash equivalents            1,868          -        551        253     15,776    18,448 
                                             --------- 
 Total Investments                   12,966          -     15,141     13,976     28,509    70,592 
                               ------------  ---------  ---------  ---------  --------- 
 Other assets & liabilities           (171)          -         25        818       (46)       626 
                               ------------  ---------  ---------  ---------  --------- 
 Net assets                          12,795          -     15,166     14,794     28,463    71,218 
                               ------------  ---------  ---------  ---------  --------- 
 Net asset value per 
  share (p)                           65.74       0.00     112.84     107.98      98.32       n/a 
                               ------------  ---------  ---------  ---------  --------- 
 

For further information, please contact Ben Beaton or Belinda Thomas at Triple Point Investment Management LLP on 0207 201 8989.

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July 26, 2018 07:52 ET (11:52 GMT)