Triple Point VCT 2011 Plc Interim Management Statement (2446E)

TIDMTPO

RNS Number : 2446E

Triple Point VCT 2011 Plc

14 July 2016

Triple Point VCT 2011 plc

14 July 2016

Interim Management Statement for the quarter ended 31 May 2016

Highlights

The Company

The Company's funds at 31 May 2016 were 97% invested in a portfolio of VCT qualifying and non-qualifying unquoted investments. It continues to meet the condition that 70% of funds must be invested in VCT qualifying investments within three years. At 31 May 2016 qualifying investments represented 59% of the total Investment Portfolio and 79% of the funds that are required to meet that condition.

Ordinary Share Class

   --      The Net Asset Value ("NAV") at 31 May 2016 was 35.11p per share. 

-- Taking the NAV and the total dividends of 79.75p paid at 31 May 2016, the return to investors was 114.86p per share.

-- A provision of GBP35,000 was made during the quarter to recognise the cost of exiting the Ordinary Shareholders. This resulted in a loss of 0.15p per share this quarter.

   --      The Ordinary Share's unquoted investment portfolio by sector at 31 May 2016 is shown below: 
 
 Energy Generation           45% 
--------------------------  ---- 
 SME Lending - Other         21% 
--------------------------  ---- 
 Hydro Project Management    18% 
--------------------------  ---- 
 Hydro Electric Power        14% 
--------------------------  ---- 
 Cinema Digitisation         2% 
--------------------------  ---- 
 
   --      Since the quarter end the funds in SME Lending have been repaid. 

-- Over the next six months the Company and the Investment Manager will continue to focus on the successful realisation of the remaining investments in this share class.

-- We will write to Ordinary Class shareholders by the end of August 2016 on the timing of distributions following the completion of their five year holding period.

A Share Class

   --      The Net Asset Value at 31 May 2016 was 101.13p per share. 
   --      A profit of 0.59p per share was made during the quarter. 
   --      The A Share's unquoted investment portfolio by sector at 31 May 2016 is shown below: 
 
 Hydro Electric Power                  71% 
------------------------------------  ---- 
 SME Lending - Hydro Electric Power    19% 
------------------------------------  ---- 
 SME Lending - Other                   10% 
------------------------------------  ---- 
 

New B Share Class

-- During the quarter the Company raised circa GBP7 million under an offer for subscription and issued 6,824,266 B Ordinary shares.

   --      The Net Asset Value at 31 May 2016 was 99.64p per share. 

-- A loss of 0.62p per share was made during the quarter due to an allocation of the Company's running costs.

   --      The B Share's unquoted investment portfolio by sector at 31 May 2016 is shown below: 
 
 Energy Generation                 55% 
---------------------  --------------- 
 SME Lending - Other               45% 
---------------------  --------------- 
 

Net Assets at 31 May 2016:

 
                                             31 May 2016                         29 February 2016 
                                              Unaudited                              Audited 
                                Ord. 
                                Shares   A Shares   B Shares    Total    Ord. Shares   A Shares    Total 
----------------------------  --------  ---------  ---------  --------  ------------  ---------  -------- 
                               GBP'000   GBP'000    GBP'000    GBP'000     GBP'000     GBP'000    GBP'000 
----------------------------  --------  ---------  ---------  --------  ------------  ---------  -------- 
 VCT qualifying unquoted 
  investments                    4,813      5,463      3,200    13,476         5,269      5,403    10,672 
----------------------------  --------                                  ------------  ---------  -------- 
 
 VCT non qualifying 
  unquoted investments           1,265      4,069      2,650     7,984         1,274      4,063     5,337 
                              --------  ---------  ---------  --------  ------------  ---------  -------- 
 
 Cash and cash equivalents         437        260        970     1,667            30        307       337 
----------------------------                                            ------------  ---------  -------- 
 Total Investments               6,515      9,792      6,820    23,127         6,573      9,773    16,346 
----------------------------  --------  ---------  ---------  --------  ------------  ---------  -------- 
 Other assets & liabilities        629        272       (20)       881           603        232       835 
----------------------------  --------  ---------  ---------  --------  ------------  ---------  -------- 
 Net assets                      7,144     10,064      6,800    24,008         7,176     10,005    17,181 
                              --------  ---------  ---------  --------  ------------  ---------  -------- 
 Net asset value per 
  share                          35.11     101.13      99.64       n/a         35.26     100.54       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 14, 2016 10:15 ET (14:15 GMT)