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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 |
TIDMTPOA TIDMTPOB
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.
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October 11, 2018 11:07 ET (15:07 GMT)
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