Triple Point VCT 2011 Plc Interim Management Statement (2315V)

TIDMTPO

RNS Number : 2315V

Triple Point VCT 2011 Plc

26 January 2017

Triple Point VCT 2011 plc

26 January 2017

Legal Entity Identifier: 213800AOOAQA5XQDEA89

Interim Management Statement for the quarter ended 30 November 2016

Highlights

The Company

The Company's funds at 30 November 2016 were 86% invested in a portfolio of VCT qualifying and non-qualifying unquoted investments. It continues to meet the condition that 70% of relevant funds must be invested in qualifying investments. At 30 November 2016 qualifying investments represented 64% of the total Investment Portfolio and 99% of the funds that are required to meet the 70% condition.

Ordinary Share Class

   --      The Net Asset Value ("NAV") at 30 November 2016 was 11.04p per share. 

-- Taking the NAV and the total dividends of 103.75p paid at 30 November 2016, the return to investors was 114.79p per share.

-- For the 9 month period to 30 November 2016 the share class made a loss of 0.22p per share. As investments are realised to exit the Ordinary Share class, income has reduced and the overheads are greater than the residual income resulting in this small loss.

   --      The Ordinary Share's unquoted investment portfolio by sector at 30 November 2016 is: 
   Hydro Electric Power                              58% 
   Gas Power                                            33% 
   Cinema Digitisation                                 9% 

-- A 24p dividend was paid to Ordinary Class shareholders on 11 November 2016. The Company and the Investment Manager are focused on the successful realisation of the remaining investments in this share class during the first half of 2017.

A Share Class

   --      The Net Asset Value at 30 November 2016 was 102.94p per share. 
   --      A profit of 2.40p per share was made for the 9 month period to 30 November 2016. 
   --      The A Share's unquoted investment portfolio by sector at 30 November 2016 is: 
   Hydro Electric Power                              57% 
   SME Funding - Hydro Electric Power       32% 
   SME Lending - Other                              11% 

New B Share Class

   --      The Net Asset Value at 30 November 2016 was 99.25p per share. 

-- A loss of 0.87p per share was made during the 9 month period to 30 November 2016. Two investments made by the B share class are working towards financial close, and are not yet earning a return. Therefore overheads were greater than revenue for the period.

   --      The B Share's unquoted investment portfolio by sector at 30 November 2016 is: 
   Gas Power                                            68% 
   SME Lending - Other                              32% 

Net Assets at 30 November 2016:

 
                                         30-Nov-16                           29-Feb-16 
                                         Unaudited                            Audited 
                           Ord.                                      Ord.        A 
                           Shares   A Shares   B Shares    Total     Shares    Shares    Total 
-----------------------  --------  ---------  ---------  --------  --------  --------  -------- 
                          GBP'000   GBP'000    GBP'000    GBP'000   GBP'000   GBP'000   GBP'000 
-----------------------  --------  ---------  ---------  --------  --------  --------  -------- 
 VCT qualifying 
  unquoted investments      1,501      5,463      4,600    11,564     5,269     5,403    10,672 
-----------------------  --------                                  --------  --------  -------- 
 VCT non qualifying 
  unquoted investments          5      4,069      2,160     6,234     1,274     4,063     5,337 
-----------------------  --------  ---------  ---------  --------  --------  --------  -------- 
 Cash and cash 
  equivalents                 150        184         31       365        30       307       337 
-----------------------                                            --------  --------  -------- 
 Total Investments          1,656      9,716      6,791    18,163     6,573     9,773    16,346 
-----------------------  --------  ---------  ---------  --------  --------  --------  -------- 
 Other assets 
  & liabilities               591        527        -17     1,101       603       232       835 
-----------------------                                            --------  --------  -------- 
 Net assets                 2,247     10,243      6,774    19,264     7,176    10,005    17,181 
                         --------  ---------  ---------  --------  --------  --------  -------- 
 Net asset 
  value per 
  share                     11.04     102.94      99.25       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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January 26, 2017 08:34 ET (13:34 GMT)