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TPOA Triple Point Vct 2011 Plc

1.505
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Triple Point Vct 2011 Plc LSE:TPOA London Ordinary Share GB00BNCBFM82 A ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.505 0.01 3.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Triple Point VCT 2011 PLC Half-year Report (8012D)

11/10/2018 4:07pm

UK Regulatory


Triple Point Vct 2011 (LSE:TPOA)
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RNS Number : 8012D

Triple Point VCT 2011 PLC

11 October 2018

Triple Point VCT 2011 plc

LEI: 213800AOOAQA5XQDEA89

Interim Results

The directors of Triple Point VCT 2011 VCT plc are pleased to announce its Interim results for the six months to 31 August 2018.

For further information please contact Triple Point Investment Management LLP on 020 7201 8989. The Interim report will be available in full at www.triplepoint.co.uk

Financial Summary

 
  6 months ended 31 August 2018 
  Unaudited                                      Ord Shares    A Shares    B Shares    Total 
  Net assets                         GBP'000     -             10,524      6,823       17,347 
  Net asset value per share          Pence       -             105.77p     99.93p      n/a 
                                                             ----------  ----------  -------- 
  Profit/(loss) before tax           GBP'000     -             198         (4)         194 
  Earnings/(loss) per share          Pence       -             1.62p       (0.07p)     n/a 
                                               ------------  ----------  ----------  -------- 
 
  Cumulative return to shareholders 
   (p) 
  Net asset value per share                      -             105.77p     99.93p 
  Total dividends paid                           -             6.75p       - 
  Net asset value plus dividends 
   paid                                          -             112.52p     99.93p 
---------------------------------------------  ------------  ----------  ----------  -------- 
 
  Year ended 28 February 2018 
  Audited                                        Ord Shares    A Shares    B Shares    Total 
  Net assets                         GBP'000     -             10,637      6,826       17,463 
  Net asset value per share          Pence       -             106.90p     100.00p     n/a 
                                               ------------  ----------  ----------  -------- 
  (Loss)/profit before tax           GBP'000     (2)           783         16          797 
  (Loss)/earnings per share          Pence       (0.03p)       6.83p       0.24p       n/a 
                                               ------------  ----------  ----------  -------- 
 
  Cumulative return to shareholders 
   (p) 
  Net asset value per share                      -             106.90p     100.00p 
  Total dividends paid                           115.05p       4.00p       - 
  Net asset value plus dividends 
   paid                                          115.05p       110.90p     100.00p 
---------------------------------------------  ------------  ----------  ----------  -------- 
 
  6 months ended 31 August 2017 
  Unaudited                                      Ord Shares    A Shares    B Shares    Total 
  Net assets                         GBP'000     875           10,190      6,806       17,871 
  Net asset value per share          Pence       4.30p         102.41p     99.73p      n/a 
                                               ------------  ----------  ----------  -------- 
  (Loss)/profit before tax           GBP'000     (2)           286         (3)         281 
  (Loss)/earnings per share          Pence       (0.02p)       2.34p       (0.03p)     n/a 
                                               ------------  ----------  ----------  -------- 
 
  Cumulative return to shareholders 
   (p) 
  Net asset value per share                      4.30p         102.41p     99.73p 
  Total dividends paid                           110.75p       4.00p       - 
  Net asset value plus dividends 
   paid                                          115.05p       106.41p     99.73p 
---------------------------------------------  ------------  ----------  ----------  -------- 
 

Triple Point VCT 2011 plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP ("TPIM" and "Triple Point"). The Company was incorporated in July 2010.

-- A Shares: On 30 April 2015 the A Share Class offer closed having raised GBP10.3 million with a total of 9,951,133 A Shares being issued.

-- B Shares: On 29 April 2017 the B Share Class offer closed having raised GBP6.97 million with a total of 6,824,266 B Shares being issued.

Chairman's Statement

I am writing to present the Interim Financial Report for Triple Point VCT 2011 plc ("the Company") for the period ended 31 August 2018.

During the period the Company continued to monitor the ongoing operation of the A Share Class investments and completed the commissioning of the gas power plants in the B Share Class portfolio. We are pleased to report, both the A Share Class and the B Share Class portfolios remain fully invested and are performing in line with expectations.

Furthermore during the period, the Company and Investment Manager were pleased to announce, subject to Shareholder approval, the launch of an Offer for subscription into the Venture Fund, a newly established share class within the Company. The new share class aims to invest in a portfolio of early stage businesses, with the potential for significant long term tax-free capital growth and long term tax-free income. Launching an Offer for the Venture Fund within the Company, as opposed to an offer by a new VCT, has amongst others, the benefit of cost savings for all shareholders.

Investment Portfolio

The Company's funds at 31 August 2018 were 98% 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.

The Investment Manager's review on pages 4 to 7 gives an update on the portfolio of investments in 12 small unquoted businesses.

A Share Class

The A Share Class has investments in six companies in the Hydroelectric Power sector which between them own seven hydroelectric schemes in the Scottish Highlands.

I am pleased to report the A Share Class has recorded a profit over the period of 1.62p per share and as at 31 August 2018 the NAV per share stood at 105.77p. On 28 June 2018 the A Class Shareholders were paid their second dividend of GBP273,656 equal to 2.75p per share, taking total dividends paid to A Shareholders to 6.75p per share. As previously reported, the Company's distributable reserves are restricted until March 2019, after which the Board expects the Company to be able to pay dividends at higher levels in order to meet the A Share Class target.

B Share Class

The B Share Class has investments in two companies that have each constructed a gas fired energy centre. In May 2018 both energy centres were successfully commissioned and are now fully operational.

The B Share Class has recorded a small loss over the period of 0.07p per share due to running costs of the Share Class exceeding income while investments are in their start up periods. At 31 August 2018 the NAV per share stood at 99.93p.

Specific Risks

The Board believes that the specific risks facing the Company are:

   --    Investment risk associated with the VCT's portfolio of unquoted investments; 
   --    Risk of failure to maintain approval as a qualifying VCT; and 

-- Risk of inability to realise investments in order to return funds to investors in line with expectations.

The Board believes these risks are manageable and, with the Investment Manager, continues to work to minimise either the likelihood or potential impact of these risks within the scope of the Company's established investment strategy.

Outlook

In the Financial Accounts for the period ended 28 February 2018 we highlighted changes to the VCT landscape with the government, through its 'Financing Growth in Innovative Firms' consultation ("the Patient Capital Review") which emphasised the importance of VCT's in helping to provide investments into SMEs. Several changes proposed, including increasing a VCT's minimum qualifying percentage threshold from 70% to 80% which will come into effect for the Company from 6 April 2020.

Another key finding of the Patient Capital Review is that qualifying investments (from 6 April 2018) must now adhere to new deployment timelines with 30% of new funds required to be invested within the first 12 months compared to the previous timeframe of 3 years.

The Company, along with the Investment Manager, has identified and is currently in the process of introducing new procedures to ensure the transition required will have a minimal effect on the Company. The Board is pleased to report good progress has been made and the Company is on track to implement the required changes.

Venture Fund

In September 2018 the Company launched a new Venture Fund Offer of up to GBP15 million with an over-allotment facility of a further GBP15 million. Subject to shareholder approval, the intention of the Offer is to raise capital to acquire a portfolio of Qualifying Investments in early stage companies, capable of generating significant long term capital growth, whilst enabling investors to take advantage of the substantial tax reliefs available to Investors in VCT's, including 30% income tax relief on amounts invested.

The new Venture Fund share class targets significant capital growth by investing in innovative companies. These companies are sourced from Triple Point's Venture Network and have the potential to deliver ground-breaking technology or products, at scale, and to transform markets. The Offer builds on the Investment Manager's strong track record of early stage investing with a distinct approach.

If you have any questions about your investment, please do not hesitate to contact Triple Point on 020 7201 8990.

Jane Owen

Chairman

11 October 2018

Investment Manager's Review

Sector Analysis

During the period there has been no changes to the Unquoted Investment portfolio.

The unquoted investment portfolio can be analysed as follows:

 
                               Electricity Generation         SME Funding 
                                                              Hydro 
                               Hydro Electric                  Electric               Total Unquoted 
  Industry Sector               Power            Gas Power     Power       Other *     Investments 
                                                                                    ---------------- 
                               GBP'000           GBP'000      GBP'000      GBP'000    GBP'000 
                                                                         --------- 
  Investments at 31 August 
   2018 
                             ----------------  -----------  -----------  --------- 
  A Shares                     6,577             -            1,652        1,515      9,744 
  B Shares                     -                 5,100        -            1,710      6,810 
                               6,577             5,100        1,652        3,225      16,554 
                                                                         --------- 
  Unquoted Investments 
   %                           39.73%            30.81%       9.98%        19.48%     100.00% 
                             ----------------  -----------  -----------  --------- 
 

* Other SME funding includes GBP1,515,000 of A Ordinary Share Class investments and GBP1,710,000 of B Ordinary Share Class investment in to a UK based LLP which provides finance to small and medium sized enterprises.

A Share Class

Hydro Electric Power - 67%

SME Funding Hydro Electric Power - 17%

SME Funding - Other - 16%

B Share Class

Gas Power - 75%

SME Funding - Other - 25%

The VCT was established to fund small and medium sized enterprises. It has two share classes with separate portfolios as detailed on page 4. At the period end the overall portfolio comprised investments in 12 small, unquoted companies in two sectors: electricity generation and SME funding.

On 18 September 2018 the Company launched an Offer for a new Venture Fund Share Class. This is discussed further in the Review & Outlook Section below.

With both remaining share classes fully invested, the Company and the Investment Manager continue to focus on asset optimisation and portfolio management.

The Company's portfolio consists of businesses which are fully operational and revenue generating. Generally, performance during the period across the portfolio has been in line with expectations with the A Share Class recording an uplift in NAV (including dividends) from the performance of its portfolio from 110.90p per share to 112.52p per share. The B Share Class recorded a 0.07p loss which has reduced the NAV from 100.00p per share to 99.93p due to the ongoing operational costs exceeding revenues during the construction phase of the assets.

Review & Outlook

A Share Class

The A Share Class has investments in six hydro-electric companies which between them own seven hydro-electric schemes in the Scottish Highlands. All seven schemes have been commissioned and are operational. The A Share Class also has investments in two other companies which provide funding to SMEs.

We are pleased to report that the performance of the hydro schemes has improved over the course of early 2018. Overall the A Share Class is pleased to have recorded a profit of 1.62p per share for the period.

The seven hydro-electric schemes are "run of river" plants which capture river flow agreed above a certain level as determined by the Scottish Environment Protection Agency (SEPA). Water flow is generally captured before a descent and flows down the penstock (pipe) to a turbine engine which produces electricity. The water is then returned to the river. The hydro companies benefit from government backed Feed-in Tariff payments based on output and also from the sale of the electricity produced to utilities or other power companies under Power Purchase Agreements (PPAs). The companies have continued to obtain better power prices than were originally forecast, currently earning an average of 6.19 pence per kWh compared to an expected 5 pence per kWh at the outset of the projects.

The hydro companies remain highly focussed on seeking further efficiencies and operating improvements.

The companies, together with other industry members and the British Hydropower Association, are continuing to lobby the Scottish Government to recognise the concern on business rates in the Hydro sector.

Two schemes received rateable values for business rates at the end of 2017-18 and the Scottish Government has applied a 25% relief for this year. From 1(st) April 2018, a 60% relief on business rates for hydro schemes has been applied. Longer term, the Scottish Government has confirmed that it will work alongside industry organisations to fast track a review of the Plant and Machinery Order, which should address business rates in the Hydro sector.

Although it was a very dry, May, June and July, overall we are pleased with the performance of the portfolio to date and we believe that, as the portfolio matures, there remains the opportunity to further enhance its value through continued strategic operational management.

Top Holdings by the A Share Fund

Qualifying

Green Highland Allt Garbh Ltd has constructed a 1,300 KW run-of-river hydro-electric power plant near Glen Affric, Cannich. The scheme completed construction and was commissioned in July 2017. The company earns Feed-in-Tariffs and other revenues from the generation and export of electricity to the National Grid.

Green Highland Allt Ladaidh (1148) Ltd operates a 1,350 KW run-of-river hydro-electric power plant near Loch Garry, Invergarry in the Scottish Highlands. The company earns Feed-in-Tariffs and other revenues from the generation and export of electricity to the National Grid.

Green Highland Allt Luaidhe (228) Ltd operates a 500 KW run-of-river hydro-electric power plant located in Knockie, Whitebridge near Inverness in the Scottish Highlands. The company earns Feed-In-Tariffs from the generation and export of electricity to the National Grid.

Green Highland Allt Phocachain (1015) Ltd operates two separate 500 KW run-of-river hydraulic power plants located in Glen Moriston, in the Scottish Highlands. The company earns Feed-in-Tariffs from generation and export of electricity to the National Grid.

Non-Qualifying

Broadpoint 2 Ltd has provided investment to hydro-electric power companies.

Broadpoint 3 Ltd owns equity stakes in hydro-electric power companies and one rooftop solar PV company.

Funding Path Ltd has invested in an LLP that provides finance to small and medium sized enterprises (SMEs).

Modern Power Generation Ltd has invested in an LLP that provides finance to small and medium sized enterprises (SMEs).

B Share Class

The B Share Class remains fully invested with one Non-Qualifying Investment and two Qualifying Investments in companies operating gas fired energy centres. Both energy centres have now completed construction and were successfully commissioned during May 2018. These energy centres are containerised gas combustion engines that generate electricity for onward sale, especially at times when there is high demand for power. The UK is aiming to close its coal-fired power plants by 2025, and it is therefore expected that there will be a shortage in the supply of energy in the UK. Although renewable energy makes an increasing contribution, the irregular nature of its production means that other baseload sources will also be required to make up the deficit.

The companies have taken advantage of a gap in the market by constructing and operating gas fired energy centres to produce and sell electricity to customers. The energy centres utilise simple technology, provided by Rolls Royce, to deliver a reliable and secure energy supply.

Gas will be purchased from the National Transmission System and combusted in the engines. The electricity will then be exported to the National Grid and sold under a power purchase agreement. The companies will receive revenues from the sale of electricity and income from embedded benefits.

Embedded benefits cover a range of payments available to small electricity generators connected to the distribution network, rather than the transmission grid. Benefits can be earned for generating at peak times and for local distribution.

In addition generators can earn additional revenues by operating outside the peak 4-7pm hours to take advantage of 'intraday' and 'post-gate closure' price volatility.

Both qualifying companies detailed below completed the construction of their gas fired energy centres in May 2018 and are fully operational. The construction had been delayed, but to compensate for loss of revenue, liquidated damages are being charged to the contractor in accordance with the terms of the contract. A more detailed review will be included once the energy centres have sufficient operating history for meaningful analysis.

In the year ahead our focus will be on working with the companies to attempt to maximise their performance in line with the return targets of the Share Class.

Top Holdings by the B Share Fund

Qualifying

Distributed Generators Ltd has constructed a 5 MW gas power plant in Bedford. The 2 x 2.5 MW gas fired MTU Rolls Royce Engines have been successfully installed and the site was commissioned in May 2018.

Green Peak Generation Ltd has constructed a 7.44 MW gas power plant in Workington, Cumbria. The 3 containerised 2.48 MW gas fired MTU Rolls Royce Engines have been successfully installed and the site was commissioned in May 2018.

Non-Qualifying

Modern Power Generation Ltd: has invested in an LLP that provides finance to small and medium sized enterprises (SMEs).

TPIM have agreed to continue not to charge its management fees for the period on the amounts invested in gas power projects. These investments represent circa 75% of the B Share Class NAV, this position will be reviewed once these investments start to generate income for the B Share Class.

Non-Qualifying Investments

SME Funding

The Company has non-qualifying investments in four finance companies. These companies provide funds to a dedicated non-bank SME lending business which aims to address the financing needs of the UK SME market by providing business critical loans and asset finance to over 100,000 UK Corporate and SME customers.

Venture Fund

The Venture Fund was launched in September 2018, and subject to Shareholder approval, will primarily focus on providing funding to unquoted companies at an early stage in their lifecycle to help them grow and scale. For early stage companies, the journey from start-up to scale-up is usually the most uncertain time in its lifecycle. The Venture Fund's investment strategy was developed to help start-ups establish market fit faster and increase their chances of reaching scale. The Company's Venture Fund will typically make initial investments of between GBP50,000 and GBP2 million.

Working with industry experts, the Investment Manager has established a network of innovation specialists and venture capitalists (the "Triple Point Venture Network") which will work proactively with high-growth companies that are actively solving problems for large corporates. Together with the Triple Point Venture Network, the Investment Manager, on behalf of the Venture Fund, will identify innovative small businesses and make investment recommendations into small businesses once their products are validated by the market.

Launching an Offer for the Venture Fund within the Company, as opposed to an offer by a new VCT, has amongst other benefits, the potential for cost savings for all investors. Over the lifetime of the Company, there should be a saving per A Share and B Share in the fixed operating costs, as these will be shared with the Venture Fund. Furthermore, as part of introducing the Venture Fund and to improve liquidity, all shareholders will benefit from a proposed improved share buy-back facility, with a reduction in the target discount applied to NAV from 10% to 5%.

If you have any questions, please do not hesitate to call us on 020 7201 8990.

Claire Ainsworth

Partner

For Triple Point Investment Management LLP

11 October 2018

Investment Portfolio

 
                                                  Unaudited                                  Audited 
                                                31 August 2018                           28 February 2018 
                                  ----------------------------------------  ---------------------------------------- 
                                              Cost             Valuation                Cost             Valuation 
                                    GBP'000         %    GBP'000         %    GBP'000         %    GBP'000         % 
  Unquoted qualifying holdings       11,423     69.01     11,677     69.21     11,423     68.84     11,677     69.07 
  Non-Qualifying holdings             4,811     29.06      4,877     28.92      4,811     29.01      4,877     28.84 
  Financial assets at fair value 
   through profit or loss            16,234     98.07     16,554     98.13     16,234     97.85     16,554     97.91 
  Cash and cash equivalents             319      1.93        319      1.87        353      2.15        353      2.09 
                                     16,553    100.00     16,873    100.00     16,587    100.00     16,907    100.00 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
  Qualifying Holdings 
  Unquoted 
  Hydro Electric Power 
  Green Highland Allt Choire 
   A Bhalachain Ltd                      30      0.18         30      0.18         30      0.18         30      0.18 
  Green Highland Allt Garbh Ltd       2,250     13.59      2,250     13.33      2,250     13.56      2,250     13.31 
  Green Highland Allt Ladaidh 
   (1148) Ltd                         1,470      8.88      1,802     10.68      1,470      8.86      1,802     10.66 
  Green Highland Allt Luaidhe 
   (228) Ltd                            855      5.17        937      5.55        855      5.15        937      5.54 
  Green Highland Allt Phocachain 
   (1015) Ltd                           858      5.18      1,005      5.96        858      5.17      1,005      5.94 
  Green Highland Shenval Ltd            860      5.20        553      3.28        860      5.18        553      3.27 
  Gas Power 
  Distributed Generators Ltd          3,200     19.33      3,200     18.97      3,200     19.29      3,200     18.93 
  Green Peak Generation Ltd           1,900     11.48      1,900     11.26      1,900     11.45      1,900     11.24 
 
                                     11,423     69.01     11,677     69.21     11,423     68.84     11,677     69.07 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
  Non-Qualifying Holdings 
  Unquoted 
  Hydro Electric Power 
  Green Highland Allt Choire 
   A Bhalachain Ltd                       3      0.02          3      0.02          3      0.02          3      0.02 
  Green Highland Allt Ladaidh 
   (1148) Ltd                            30      0.18         30      0.18         30      0.18         30      0.18 
  Green Highland Allt Luaidhe 
   (228) Ltd                             61      0.37         61      0.36         61      0.37         61      0.36 
  Green Highland Allt Phocachain 
   (1015) Ltd                             2      0.01          3      0.02          2      0.01          3      0.02 
  SME Funding: 
  Hydro Electric Power 
  Broadpoint 2 Ltd                      550      3.32        550      3.26        550      3.32        550      3.25 
  Broadpoint 3 Ltd                    1,005      6.07      1,005      5.96      1,005      6.06      1,005      5.94 
  Other 
  Funding Path Ltd                    1,000      6.04      1,000      5.93      1,000      6.03      1,000      5.91 
  Modern Power Generation Ltd         2,160     13.05      2,225     13.19      2,160     13.02      2,225     13.16 
                                      4,811     29.06      4,877     28.92      4,811     29.01      4,877     28.84 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 

Financial Assets including those held for sale are measured at fair value through profit or loss. The initial best estimate of fair value of these investments that are either quoted or unquoted on an active market is the transaction price (i.e. cost). The fair value of these investments is subsequently measured by reference to the enterprise value of the investee company, which is best deemed to reflect the fair value. Where the Board considers the investee company's enterprise value to remain unchanged since acquisition, investments continue to be held at cost less any loan repayments received. Where the Board considers the investee company's enterprise value has changed since acquisition, investments are held at a value measured using a discounted cash flow model or the value to be realised on disposal which is equivalent to fair value.

Directors' Responsibility Statement

The Directors have elected to prepare the Interim Financial Report for the Company in accordance with International Financial Reporting Standards ("IFRS").

In preparing the Interim Financial Report for the 6 month period to 31 August 2018, the Directors confirm that to the best of their knowledge this condensed set of financial statements has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" as adopted by the European Union and that the Chairman's statement on pages 2 and 3 includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8 of the Disclosure and Transparency rules of the United Kingdom's Financial Conduct Authority namely:

a) the Interim Financial Report includes a fair review of important events during the period and their effect on the Financial Statements and a description of specific risks and uncertainties for the remainder of the accounting period;

b) the Interim Financial Report gives a true and fair view in accordance with IFRS of the assets, liabilities, financial position and of the results of the Company for the period and complies with IFRS and the Companies Act 2006;

c) the Interim Financial Report includes a fair review of related party transactions and changes therein. There were no related party transactions for the accounting period; and

d) the Directors believe that the Company has sufficient financial resources to manage its business risks in the current uncertain economic outlook.

The Directors have reasonable expectations that the Company has adequate resources to continue in operational existence for at least the next 12 months. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

This Interim Financial Report has not been audited or reviewed by the auditors.

Jane Owen

Chairman

11 October 2018

Uaudited Statement of Comprehensive Income

 
                                       Unaudited                         Audited                         Unaudited 
                                      Year ended                       Year ended                     6 months ended 
                                    31 August 2018                  28 February 2018                  31 August 2017 
                           -------------------------------  -------------------------------  ------------------------------- 
                     Note    Revenue    Capital      Total    Revenue    Capital      Total    Revenue    Capital      Total 
                             GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
 
  Investment 
   income             4          364          -        364        715          -        715        364          -        364 
  (Loss) arising 
   on the 
   realisation 
   of investments 
   during the 
   period                          -          -          -          -       (17)       (17)          -       (17)       (17) 
  Gain arising on 
   the 
   revaluation 
   of investments 
   at the period 
   end                             -          -          -          -        264        264          -          6          6 
  Investment 
   return                        364          -        364        715        247        962        364       (11)        353 
                           ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
  Investment 
   management 
   fees               5           68         23         91         24          8         32         31       (15)         16 
  Financial and 
   regulatory 
   costs                          14          -         14         26          -         26         12          -         12 
  General 
   administration                 22          -         22         42       (19)         23          2          -          2 
  Legal and 
   professional 
   fees                           20          -         20         38        (2)         36         20        (2)         18 
  Directors' 
   remuneration       6           23          -         23         48          -         48         24          -         24 
  Operating 
   expenses                      147         23        170        178       (13)        165         89       (17)         72 
                           ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
  Profit/(loss) 
   before 
   taxation                      217       (23)        194        537        260        797        275          6        281 
  Taxation            7         (41)          5       (36)      (102)        (2)      (104)       (52)        (3)       (55) 
  Profit/(loss) 
   after taxation                176       (18)        158        435        258        693        223          3        226 
                           ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
 
  Profit and 
   total 
   comprehensive 
   income/(loss) 
   for the period                176       (18)        158        435        258        693        223          3        226 
                           ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
 
  Basic & diluted earnings per share 
  (pence) 
 
  Ordinary Share      8            -          -          -    (0.04p)      0.01p    (0.03p)    (0.03p)      0.01p    (0.02p) 
 
  A Share             8        1.77p    (0.15p)      1.62p      4.44p      2.39p      6.83p      2.29p      0.05p      2.34p 
 
  B Share             8      (0.02p)    (0.05p)    (0.07p)    (0.01p)      0.25p      0.24p      0.01p    (0.04p)    (0.03p) 
 

The total column of this statement is the Statement of Comprehensive Income of the Company prepared in accordance with International Financial Reporting Standards (IFRS). The supplementary revenue return and capital columns have been prepared in accordance with the Association of Investment Companies Statement of Recommended Practice (AIC SORP). All revenue and capital items in the above statement derive from continuing operations. This Statement of Comprehensive Income includes all recognised gains and losses. The accompanying notes are an integral part of this statement.

Unaudited Balance Sheet

 
                                                Unaudited        Audited         Unaudited 
                                                             28 February 
                                           31 August 2018           2018    31 August 2017 
                                   Note           GBP'000        GBP'000           GBP'000 
 
  Non-current assets 
  Financial assets at fair 
   value through profit 
   or loss                                         16,554         16,554            16,296 
                                         ----------------  -------------  ---------------- 
 
  Current assets 
  Receivables                                         771            779               705 
  Cash and cash equivalents         9                 319            353               985 
                                                    1,090          1,132             1,690 
                                         ----------------  -------------  ---------------- 
  Total assets                                     17,644         17,686            17,986 
                                         ----------------  -------------  ---------------- 
 
  Current liabilities 
  Payables and accrued 
   expenses                                           157            120                59 
  Current taxation payable                            140            103                56 
                                                      297            223               115 
                                         ----------------  -------------  ---------------- 
  Net assets                                       17,347         17,463            17,871 
                                         ================  =============  ================ 
 
  Equity attributable to 
   equity holders 
  Share capital                     10                168            168               371 
  Share Premium                                    16,683         16,683            16,683 
  Share redemption reserve                              -              -                 1 
  Capital reserve                                     301            319               593 
  Revenue reserve                                     195            293               223 
  Total equity                                     17,347         17,463            17,871 
                                         ================  =============  ================ 
 
  Shareholders' funds 
 
  Net asset value per Ordinary 
   Share                            11                  -              -             4.30p 
 
  Net asset value per A 
   Share                            11            105.77p        106.90p           102.41p 
 
  Net asset value per B 
   Share                            11             99.93p        100.00p            99.73p 
 

The statements were approved by the Directors and authorised for issue on 11 October 2018 and are signed on their behalf by:

Jane Owen

Chairman

11 October 2018

The accompanying notes are an integral part of this statement.

Unaudited Statement of Changes in Shareholders' Equity

 
                                                                            Special 
                           Issued       Share    Share Redemption     Distributable     Capital     Revenue 
                          Capital     Premium             Reserve           Reserve     Reserve     Reserve      Total 
                          GBP'000     GBP'000             GBP'000           GBP'000     GBP'000     GBP'000    GBP'000 
 
  6 months ended 31 
  August 
  2018 (Unaudited) 
  Opening balance             168      16,683                   -                 -         319         293     17,463 
                       ----------  ----------  ------------------  ----------------  ----------  ----------  --------- 
  Dividends paid                -           -                   -                 -           -       (274)      (274) 
  Transactions with 
   owners                       -           -                   -                 -           -       (274)      (274) 
                       ----------  ----------  ------------------  ----------------  ----------  ----------  --------- 
 
  (Loss)/profit after 
   taxation                     -           -                   -                 -        (18)         176        158 
 
  Total comprehensive 
   (loss)/profit 
   for the period               -           -                   -                 -        (18)         176        158 
                       ----------  ----------  ------------------  ----------------  ----------  ----------  --------- 
  Balance at 31 
   August 
   2018                       168      16,683                   -                 -         301         195     17,347 
                       ==========  ==========  ==================  ================  ==========  ==========  ========= 
  The Capital Reserve 
  consists 
  of: 
  Investment holding 
   gains                                                                                    320 
  Other realised losses                                                                    (19) 
                                                                                            301 
                                                                                     ---------- 
  Year ended 28 
  February 
  2018 (Audited) 
  Opening balance             371      16,683                   1               255       1,443         715     19,468 
                       ----------  ----------  ------------------  ----------------  ----------  ----------  --------- 
  Cancellation of 
   shares                   (203)           -                 (1)                 -           1           -      (203) 
  Dividend Paid                 -           -                   -             (255)     (1,383)       (857)    (2,495) 
  Transactions with 
   owners                   (203)           -                 (1)             (255)     (1,382)       (857)    (2,698) 
                       ----------  ----------  ------------------  ----------------  ----------  ----------  --------- 
  Profit after 
   taxation                     -           -                   -                 -         258         435        693 
  Total comprehensive 
   profit 
   for the year                 -           -                   -                 -         258         435        693 
                       ----------  ----------  ------------------  ----------------  ----------  ----------  --------- 
  Balance at 28 
   February 
   2018                       168      16,683                   -                 -         319         293     17,463 
                       ==========  ==========  ==================  ================  ==========  ==========  ========= 
  The Capital Reserve 
  consists 
  of: 
  Investment holding 
   gains                                                                                    320 
  Other realised losses                                                                     (1) 
                                                                                            319 
                                                                                     ---------- 
  6 months ended 31 
  August 
  2017 (Unaudited) 
  Opening balance             371      16,683                   1               255       1,443         715     19,468 
                       ----------  ----------  ------------------  ----------------  ----------  ----------  --------- 
  Dividends paid                -           -                   -             (255)       (853)       (715)    (1,823) 
  Transactions with 
   owners                       -           -                   -             (255)       (853)       (715)    (1,823) 
                       ----------  ----------  ------------------  ----------------  ----------  ----------  --------- 
  Profit after 
   taxation                     -           -                   -                 -           3         223        226 
  Total comprehensive 
   profit 
   for the period               -           -                   -                 -           3         223        226 
                       ----------  ----------  ------------------  ----------------  ----------  ----------  --------- 
  Balance at 31 
   August 
   2017                       371      16,683                   1                 -         593         223     17,871 
                       ==========  ==========  ==================  ================  ==========  ==========  ========= 
  The Capital Reserve 
  consists 
  of: 
  Investment holding 
   gains                                                                                     62 
  Other realised gains                                                                      531 
                                                                                            593 
                                                                                     ---------- 
 

The capital reserve represents the proportion of Investment Management fees charged against capital and realised/unrealised gains or losses on the disposal/revaluation of investments. The unrealised capital reserve is not distributable. The special distributable reserve was created on court cancellation of the share premium account. The revenue reserve, realised capital reserve and special distributable reserve are distributable by way of dividend.

At 31 August 2018 the total reserves available for distribution are GBP176,000. This consists of the distributable revenue reserve net of the realised capital loss.

Unaudited Statement of Cash Flows

 
                                                Unaudited        Audited    Unaudited 
                                                                             6 months 
                                           6 months ended     Year ended        ended 
                                                             28 February    31 August 
                                           31 August 2018           2018         2017 
                                                  GBP'000        GBP'000      GBP'000 
 
  Cash flows from operating activities 
  Profit before taxation                              194            797          281 
  Loss arising on the disposal 
   of investments during the period                     -             17           17 
  (Gain) arising on the revaluation 
   of investments at the period 
   end                                                  -          (264)          (6) 
  Cash generated by operations                        194            550          292 
  Decrease in receivables                               8            596           16 
  Increase/(decrease) in payables                      38           (97)        (156) 
  Net cash flows from operating 
   activities                                         240          1,049          152 
                                         ----------------  -------------  ----------- 
  Cash flows from investing activities 
  Sale of financial assets at 
   fair value through profit or 
   loss                                                 -            477        1,131 
  Net cash flows from investing 
   activities                                           -            477        1,131 
                                         ----------------  -------------  ----------- 
  Cash flows from financing activities 
  Distribution of proceeds from 
   share cancellation                                   -          (203)            - 
  Dividends paid                                    (274)        (2,495)      (1,823) 
  Net cash flows from financing 
   activities                                       (274)        (2,698)      (1,823) 
                                         ----------------  -------------  ----------- 
  Net (decrease) in cash and 
   cash equivalents                                  (34)        (1,172)        (540) 
                                         ================  =============  =========== 
  Reconciliation of net cash 
   flow to movements in cash and 
   cash equivalents 
  Cash and cash equivalents at 
   1 March 2018                                       353          1,525        1,525 
  Net (decrease) in cash and 
   cash equivalents                                  (34)        (1,172)        (540) 
  Cash and cash equivalents at 
   31 August 2018                                     319            353          985 
                                         ================  =============  =========== 
 

The accompanying notes are an integral part of this statement.

Non-Statutory Analysis - The A Share Fund

 
  Statement 
  of Comprehensive 
  Income                         Unaudited                         Audited                         Unaudited 
  Comprehensive              6 months ended 31             Year ended 28 February              6 months ended 31 
   Income                       August 2018                          2018                         August 2017 
                     -------------------------------  -------------------------------  ------------------------------- 
                       Revenue    Capital      Total    Revenue    Capital      Total    Revenue    Capital      Total 
                       GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
  Investment 
   income                  322          -        322        634          -        634        324          -        324 
  Unrealised 
   gain on 
   investments               -          -          -          -        240        240          -          6          6 
  Investment 
   return                  322          -        322        634        240        874        324          6        330 
  Investment 
   management 
   fees                   (56)       (19)       (75)       (22)          -       (22)       (10)          -       (10) 
  Other expenses          (49)          -       (49)       (67)        (2)       (69)       (32)        (2)       (34) 
  Profit/(loss) 
   before taxation         217       (19)        198        545        238        783        282          4        286 
  Taxation                (41)          4       (37)      (104)          -      (104)       (54)          -       (54) 
  Profit/(loss) 
   after taxation          176       (15)        161        441        238        679        228          4        232 
  Profit and 
   total 
   comprehensive 
   income/(loss) 
   for the period          176       (15)        161        441        238        679        228          4        232 
  Basic and 
   diluted 
   earnings/(loss) 
   per share             1.77p    (0.15p)      1.62p      4.44p      2.39p      6.83p      2.29p      0.05p      2.34p 
                     ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
                                           Unaudited                          Audited                        Unaudited 
  Balance Sheet                       31 August 2018                 28 February 2018                   31 August 2017 
                                             GBP'000                          GBP'000                          GBP'000 
  Non-current 
   assets 
  Financial 
   assets at 
   fair value 
   through profit 
   or loss                                     9,744                            9,744                            9,510 
                                           ---------                        ---------                        --------- 
 
  Current assets 
  Receivables                                    752                              764                              688 
  Cash and cash 
   equivalents                                   267                              274                               64 
                                               1,019                            1,038                              752 
                                           ---------                        ---------                        --------- 
  Current 
  liabilities 
  Payables                                      (96)                             (40)                             (15) 
  Corporation 
   Tax                                         (143)                            (105)                             (57) 
                                           ---------                        ---------                        --------- 
  Net assets                                  10,524                           10,637                           10,190 
                                           ---------                        ---------                        --------- 
 
  Equity attributable 
   to equity holders                          10,524                           10,637                           10,190 
                                           ---------                        ---------                        --------- 
  Net asset 
   value per 
   share                                     105.77p                          106.90p                          102.41p 
                                           ---------                        ---------                        --------- 
  Statement 
  of Changes 
  in Shareholders' 
  Equity 
                                           Unaudited                          Audited                        Unaudited 
                                                                          28 February 
                                      31 August 2018                             2018                   31 August 2017 
                                             GBP'000                          GBP'000                          GBP'000 
  Opening 
   shareholders' 
   funds                                      10,637                           10,356                           10,356 
  Profit for 
   the period                                    161                              679                              232 
  Dividend paid                                (274)                            (398)                            (398) 
  Closing 
   shareholders' 
   funds                                      10,524                           10,637                           10,190 
                                           ---------                        ---------                        --------- 
 
 
 
  Investment Portfolio                            Unaudited                                  Audited 
                                                31 August 2018                           28 February 2018 
                                  ----------------------------------------  ---------------------------------------- 
                                              Cost             Valuation                Cost             Valuation 
                                    GBP'000         %    GBP'000         %    GBP'000         %    GBP'000         % 
  Unquoted qualifying holdings        6,323     64.92      6,577     65.70      6,323     64.86      6,577     65.65 
  Non-Qualifying holdings             3,151     32.36      3,167     31.63      3,151     32.33      3,167     31.61 
  Financial assets at fair 
   value through profit 
   or loss                            9,474     97.28      9,744     97.33      9,474     97.19      9,744     97.26 
  Cash and cash equivalents             267      2.72        267      2.67        274      2.81        274      2.74 
                                      9,741    100.00     10,011    100.00      9,748    100.00     10,018    100.00 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
  Qualifying Holdings 
  Unquoted 
  Hydro Electric Power 
  Green Highland Allt Choire 
   A Bhalachain Ltd                      30      0.31         30      0.30         30      0.31         30      0.30 
  Green Highland Allt Garbh 
   Ltd                                2,250     23.10      2,250     22.48      2,250     23.08      2,250     22.46 
  Green Highland Allt Ladaidh 
   (1148) Ltd                         1,470     15.09      1,802     18.00      1,470     15.08      1,802     17.99 
  Green Highland Allt Luaidhe 
   (228) Ltd                            855      8.78        937      9.36        855      8.77        937      9.35 
  Green Highland Allt Phocachain 
   (1015) Ltd                           858      8.81      1,005     10.04        858      8.80      1,005     10.03 
  Green Highland Shenval 
   Ltd                                  860      8.83        553      5.52        860      8.82        553      5.52 
                                      6,323     64.92      6,577     65.70      6,323     64.86      6,577     65.65 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 
                                                  Unaudited                                  Audited 
                                                31 August 2018                           28 February 2018 
                                  ----------------------------------------  ---------------------------------------- 
                                              Cost             Valuation                Cost             Valuation 
  Non-Qualifying Holdings           GBP'000         %    GBP'000         %    GBP'000         %    GBP'000         % 
  Unquoted 
  Hydro Electric Power 
  Green Highland Allt Choire 
   A Bhalachain Ltd                       3      0.03          3      0.03          3      0.03          3      0.03 
  Green Highland Allt Ladaidh 
   (1148) Ltd                            30      0.31         30      0.30         30      0.31         30      0.30 
  Green Highland Allt Luaidhe 
   (228) Ltd                             61      0.63         61      0.61         61      0.63         61      0.61 
  Green Highland Allt Phocachain 
   (1015) Ltd                             2      0.02          3      0.03          2      0.02          3      0.03 
  SME Funding: 
  Hydro Electric Power 
  Broadpoint 2 Ltd                      550      5.65        550      5.49        550      5.64        550      5.49 
  Broadpoint 3 Ltd                    1,005     10.32      1,005     10.04      1,005     10.31      1,005     10.03 
  Other 
  Funding Path Ltd                    1,000     10.27      1,000      9.99      1,000     10.26      1,000      9.98 
  Modern Power Generation 
   Ltd                                  500      5.13        515      5.14        500      5.13        515      5.14 
                                      3,151     32.36      3,167     31.63      3,151     32.33      3,167     31.61 
                                  =========  ========  =========  ========  =========  ========  =========  ======== 
 

Non-Statutory Analysis - The B Share Fund

 
  Statement of                   Unaudited                         Audited                         Unaudited 
  Comprehensive               6 months ended                    Year ended 28                  6 months ended 31 
   Income                      31 August 2018                   February 2018                     August 2017 
                     -------------------------------  -------------------------------  ------------------------------- 
                       Revenue    Capital      Total    Revenue    Capital      Total    Revenue    Capital      Total 
                       GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
  Investment 
   income                   42          -         42         82          -         82         41          -         41 
  Unrealised 
   gain on 
   investments               -          -          -          -         24         24          -          -          - 
  Investment 
   return                   42          -         42         82         24        106         41          -         41 
  Investment 
   management 
   fees                   (12)        (4)       (16)       (38)        (8)       (46)       (19)        (4)       (23) 
  Other expenses          (30)          -       (30)       (44)          -       (44)       (21)          -       (21) 
  (Loss)/profit 
   before taxation           -        (4)        (4)          -         16         16          1        (4)        (3) 
  Taxation                   -          1          1          -          2          2          -          1          1 
  (Loss)/profit 
   after taxation            -        (3)        (3)          -         18         18          1        (3)        (2) 
  Loss and total 
   comprehensive 
   (loss)/income 
   for the period            -        (3)        (3)          -         18         18          1        (3)        (2) 
  Basic and diluted 
   (loss)/earnings 
   per share           (0.02p)    (0.05p)    (0.07p)    (0.01p)      0.25p      0.24p      0.01p    (0.04p)    (0.03p) 
                     ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  --------- 
                                           Unaudited                          Audited                        Unaudited 
  Balance Sheet                       31 August 2018                 28 February 2018                   31 August 2017 
                                             GBP'000                          GBP'000                          GBP'000 
  Non-current 
   assets 
  Financial assets 
   at fair value 
   through profit 
   or loss                                     6,810                            6,810                            6,786 
                                           ---------                        ---------                        --------- 
 
  Current assets 
  Receivables                                     19                               15                               17 
  Corporation 
   Tax                                             3                                2                                1 
  Cash and cash 
   equivalents                                    52                               79                               12 
                                                  74                               96                               30 
                                           ---------                        ---------                        --------- 
  Current 
  liabilities 
  Payables                                      (61)                             (80)                             (10) 
  Net assets                                   6,823                            6,826                            6,806 
                                           ---------                        ---------                        --------- 
 
  Equity attributable 
   to equity holders                           6,823                            6,826                            6,806 
                                           ---------                        ---------                        --------- 
  Net asset value 
   per share                                  99.93p                          100.00p                           99.73p 
                                           ---------                        ---------                        --------- 
  Statement of 
  Changes in 
  Shareholders' 
  Equity 
                                           Unaudited                          Audited                        Unaudited 
                                                                          28 February 
                                      31 August 2018                             2018                   31 August 2017 
                                             GBP'000                          GBP'000                          GBP'000 
  Opening 
   shareholders' 
   funds                                       6,826                            6,808                            6,808 
  (Loss)/profit 
   for the period                                (3)                               18                              (2) 
  Closing 
   shareholders' 
   funds                                       6,823                            6,826                            6,806 
                                           ---------                        ---------                        --------- 
 
 
  Investment Portfolio                           Unaudited                                  Audited 
                                               31 August 2018                           28 February 2018 
                                 ----------------------------------------  ---------------------------------------- 
                                             Cost             Valuation                Cost             Valuation 
                                   GBP'000         %    GBP'000         %    GBP'000         %    GBP'000         % 
  Unquoted qualifying holdings       5,100     74.87      5,100     74.32      5,100     74.57      5,100     74.03 
  Non-Qualifying holdings            1,660     24.37      1,710     24.92      1,660     24.27      1,710     24.82 
  Financial assets at fair 
   value through profit or 
   loss                              6,760     99.24      6,810     99.24      6,760     98.84      6,810     98.85 
  Cash and cash equivalents             52      0.76         52      0.76         79      1.16         79      1.15 
                                     6,812    100.00      6,862    100.00      6,839    100.00      6,889    100.00 
                                 =========  ========  =========  ========  =========  ========  =========  ======== 
  Qualifying Holdings 
  Unquoted 
  Gas Power 
  Distributed Generators 
   Ltd                               3,200     46.98      3,200     46.63      3,200     46.79      3,200     46.45 
  Green Peak Generation 
   Ltd                               1,900     27.89      1,900     27.69      1,900     27.78      1,900     27.58 
                                     5,100     74.87      5,100     74.32      5,100     74.57      5,100     74.03 
                                 =========  ========  =========  ========  =========  ========  =========  ======== 
 
                                               31 August 2018                           28 February 2018 
                                 ----------------------------------------  ---------------------------------------- 
                                             Cost             Valuation                Cost             Valuation 
  Non-Qualifying Holdings          GBP'000         %    GBP'000         %    GBP'000         %    GBP'000         % 
  Unquoted 
  SME Funding 
  Other 
  Modern Power Generation 
   Ltd                               1,660     24.37      1,710     24.92      1,660     24.27      1,710     24.82 
                                     1,660     24.37      1,710     24.92      1,660     24.27      1,710     24.82 
                                 =========  ========  =========  ========  =========  ========  =========  ======== 
 

Notes to the Unaudited Interim Financial Report

   1.                Corporate information 

The Unaudited Interim Financial Report of the Company for the 6 months ended 31 August 2018 was authorised for issue in accordance with a resolution of the Directors on 11 October 2018.

The Company applied for listing on the London Stock Exchange on 24 December 2010.

Triple Point VCT 2011 plc is incorporated and domiciled in Great Britain and registered in England and Wales. The address of the Company's registered office, which is also its principal place of business, is 18 St Swithin's Lane, London, EC4N 8AD.

The Company is required to nominate a functional currency, being the currency in which the Company predominately operates. The functional and reporting currency is pounds sterling (GBP), reflecting the primary economic environment in which the Company operates.

The principal activity of the Company is investment. The Company's investment strategy is to offer combined exposure to cash or cash based funds and venture capital investments focused on companies with contractual revenues from financially secure counterparties.

   2.                Basis of preparation and accounting policies 

Basis of preparation

The Unaudited Interim Financial Report of the Company for the 6 months ended 31 August 2018 has been prepared in accordance with IAS 34: Interim Financial Reporting. The same accounting policies and methods of computation are followed in the Interim Financial Report as were followed in the most recent Financial Statements. It does not include all of the information required for full Financial Statements and should be read in conjunction with the Financial Statements for the year ended 28 February 2018.

Estimates

The preparation of the Unaudited Interim Financial Report requires management to make judgements, estimates and assumptions that reflect the application of accounting policies and the reported amounts of assets and liabilities, income and expenditure. However, actual results may differ from these estimates.

   3.                Segmental reporting 

The Directors are of the opinion that the Company only has a single operating segment of business, being investment activity. All revenues and assets are generated and held in the UK.

   4.                     Investment income 
 
                                        Unaudited                                      Audited 
                                6 months ended 31 August                        Year ended 28 February 
                                           2018                                          2018 
                     ---------------------------------------------  -------------------------------------------- 
                            Ord                                           Ord 
                         Shares    A Shares    B Shares      Total     Shares    A Shares    B Shares      Total 
                        GBP'000     GBP'000     GBP'000    GBP'000    GBP'000     GBP'000     GBP'000    GBP'000 
  Interest 
   receivable 
   on bank balances           -           1           -          1          -           -           -          - 
  Loan interest               -         321          42        363        (4)         634          82        712 
  Dividends 
   received                   -           -           -          -          3           -           -          3 
                              -         322          42        364        (1)         634          82        715 
 ------------------------------  ----------  ----------  ---------  ---------  ----------  ----------  --------- 
 
   5.                Investment management fees 

TPIM provides investment management and administration services to the Company under an Investment Management Agreement effective 23 September 2010 and a deed of variation to that agreement effective 23 December 2015.

A Shares: The agreement provides for an investment management fee of 2.00% per annum of net assets payable quarterly in arrear for A Shares. For A Shares the appointment shall continue for a period of at least 6 years from the admission of those shares.

B Shares: The agreement provides for an investment management fee of 1.90% per annum of net assets payable quarterly in arrear for B Shares. For B Shares the appointment shall continue for a period of at least 6 years from the admission of those shares.

At 31 August 2018 the administration fee was GBP37,500 per annum and is payable quarterly in arrear. Subject to Shareholder approval at the General Meeting, this will change under an amendment to the IMA to 0.25% of Net Assets per annum.

TPIM agreed not to charge their management fees for the A share class for the financial year ending 28 February 2018, to build up distributable reserves improving the ability of the share class to make dividend payments. TPIM resumed charging its management fees from 1 March 2018.

TPIM agreed not to charge their management fees from 1 January 2017 on the amounts invested in gas power projects, which represent circa 75% of the B Share Class NAV, until these investments started to generate income.

   6.                Directors' remuneration 
 
                                   Unaudited                                          Audited 
                            6 months ended 31 August 
                                      2018                                  Year ended 28 February 2018 
               ------------------------------------------------  ----------------------------------------------- 
                  Ord Shares    A Shares    B Shares      Total    Ord Shares    A Shares    B Shares      Total 
                     GBP'000     GBP'000     GBP'000    GBP'000       GBP'000     GBP'000     GBP'000    GBP'000 
  Jane Owen                -           5           4          9             1          11           6         18 
  Chad Murrin              -           4           3          7             1           9           5         15 
  Tim Clarke               -           5           2          7             -           8           7         15 
                           -          14           9         23             2          28          18         48 
 ---------------------------  ----------  ----------  ---------  ------------  ----------  ----------  --------- 
 

The only remuneration received by the Directors was their Directors' fees. The Company has no employees other than the Non-Executive Directors. The average number of Non-Executive Directors in the period was three.

   7.                Taxation 
 
                                      Unaudited                                       Audited 
                               6 months ended 31 August                        Year ended 28 February 
                                         2018                                           2018 
                    --------------------------------------------  ---------------------------------------------- 
                           Ord          A                               Ord 
                        Shares     Shares    B Shares      Total     Shares    A Shares    B Shares      Total 
                       GBP'000    GBP'000     GBP'000    GBP'000    GBP'000     GBP'000     GBP'000    GBP'000 
  Profit/(loss) on 
   ordinary 
   activities 
   before tax                -        198         (4)        194        (2)         783          16        797 
  Corporation tax 
   @ 
   19%                       -         37         (1)         36          -         152           3        155 
  Effect of: 
  Capital 
   losses/(gains) 
   not taxable               -          -           -          -          3        (46)         (4)       (47) 
  Disallowed 
   expenditure               -          -           -          -        (1)           -           -        (1) 
  Tax 
   charge/(credit) 
   for the period            -         37         (1)         36          2         104         (2)        104 
 

Capital gains and losses are exempt from corporation tax due to the Company's status as a Venture Capital Trust.

   8.                Earnings per share 

The earnings per A Share is 1.62p and is based on a profit from ordinary activities after tax of GBP160,875 and on the weighted average number of A Shares in issue during the period of 9,951,133.

The loss per B Share is 0.07p, and is based on a loss from ordinary activities after tax of GBP4,728, and on the weighted average number of B Shares in issue during the period of 6,824,266.

There were no changes to the number of shares in issue during the period therefore the weighted average number of shares in issue during the period for all share classes is equal to the number of shares at 31 August 2018.

   9.                Cash and cash equivalents 

Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc and Cater Allen Private Bank.

   10.              Share capital 
 
                                             Unaudited             Audited 
                                        31 August 2018    28 February 2018 
  A Ordinary Shares of GBP0.01 each 
  Issued & Fully Paid 
     Number of shares                        9,951,133           9,951,133 
     Par Value GBP'000                             100                 100 
  Authorised 
     Number of shares                       10,000,000          10,000,000 
     Par Value GBP'000                             100                 100 
 
  B Ordinary Shares of GBP0.01 each 
  Issued & Fully Paid 
     Number of shares                        6,824,266           6,824,266 
     Par Value GBP'000                              68                  68 
  Authorised 
     Number of shares                       10,000,000          10,000,000 
     Par Value GBP'000                             100                 100 
 
  Company Total Shares of GBP0.01 
   each 
  Issued & Fully Paid 
     Number of shares                       16,775,399          16,775,399 
     Par Value GBP'000                             168                 168 
 
   11.      Net asset value per share 

The net asset value per share for the A Shares is 105.77p and is calculated based on net assets of GBP10,524,000 divided by the 9,951,133 A Shares in issue.

The net asset value per share for the B Shares is 99.93p and is calculated on net assets of GBP6,823,000 divided by the 6,824,266 B Shares in issue.

   12.      Commitments and contingencies 

The Company has no contingent liabilities or commitments.

   13.      Relationship with Investment Manager 

During the period, TPIM received GBP90,564 (which has been expensed by the Company) for providing management services to the Company.

TPIM agreed not to charge their management fees from 1 January 2017 on the amounts invested in gas power projects, which represents circa 75% of the B Share Class NAV.

Fees paid to the Investment Manager for administrative and other services during the period was GBP18,750

   14.      Related party transactions 

There were no related party transactions during the period.

   15.      Post balance sheet events 

There were no post balance sheet events.

   16.      Dividend 

A Share Class:

On 28 June 2018 a dividend of GBP273,656 equal to 2.75p per share was paid to the A Class Shareholders. This takes total dividends paid to A Shareholders to 6.75p.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

October 11, 2018 11:07 ET (15:07 GMT)

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