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TPV1 Triple Point

50.00
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Triple Point LSE:TPV1 London Ordinary Share GB00B29KPN29 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% 50.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Triple Point Income VCT PLC Half-year Report (0981W)

09/11/2017 4:31pm

UK Regulatory


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TIDMTPV1

RNS Number : 0981W

Triple Point Income VCT PLC

09 November 2017

Triple Point Income VCT plc

LEI: 213800IXD8S5WY88L245

Interim Results

The Directors of Triple Point Income VCT plc are pleased to announce its Interim results for the six months to 30 September 2017.

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

Unaudited Interim Financial Report - Financial Summary

 
 6 months ended 30 September 
  2017 
 Unaudited                         Ord Shares   A Shares   C Shares   D Shares   E Shares    Total 
 Net assets             GBP'000        12,210        964     14,103     13,962     28,734   69,973 
 Net asset value 
  per share                            62.73p     18.79p    104.92p    101.90p     99.25p      n/a 
--------------------------------  -----------  ---------  ---------  ---------  ---------  ------- 
 Net profit before 
  tax                   GBP'000           109         69        499        289      (266)      700 
 Earnings per share                     0.49p      1.33p      3.43p      1.71p    (0.77p)      n/a 
--------------------------------  -----------  ---------  ---------  ---------  ---------  ------- 
 
 Cumulative return 
  to shareholders 
 Net asset value 
  per share             Pence           62.73      18.79     104.92     101.90      99.25 
 Dividends paid         Pence           33.06      81.20      10.00       5.00          - 
                                                                                --------- 
 Net asset value 
  plus dividends 
  paid                                  95.79      99.99     114.92     106.90      99.25 
--------------------------------  -----------  ---------  ---------  ---------  ---------  ------- 
 
 Year ended 31 March 
  2017 
 Audited                           Ord Shares   A Shares   C Shares   D Shares   E Shares    Total 
 Net assets             GBP'000        13,573      2,179     14,314     14,413          -   44,479 
 Net asset value 
  per share                            69.74p     42.46p    106.49p    105.19p          -      n/a 
--------------------------------  -----------  ---------  ---------  ---------  ---------  ------- 
 Net profit before 
  tax                   GBP'000           429         73        957        652          -    2,111 
 Earnings per share                     2.05p      1.18p      6.46p      3.93p          -      n/a 
--------------------------------  -----------  ---------  ---------  ---------  ---------  ------- 
 Cumulative return 
  to shareholders 
 Net asset value 
  per share             Pence           69.74      42.46     106.49     105.19          - 
 Dividends paid         Pence           25.56      56.20       5.00          -          - 
 Net asset value 
  plus dividends 
  paid                                  95.30      98.66     111.49     105.19          - 
--------------------------------  -----------  ---------  ---------  ---------  ---------  ------- 
 
 6 months ended 30 September 
  2016 
 Unaudited                         Ord Shares   A Shares   C Shares   D Shares   E Shares    Total 
 Net assets             GBP'000        13,259      2,145     13,625     14,124          -   43,153 
 Net asset value 
  per share                            68.13p     41.79p    101.37p    103.08p          -      n/a 
--------------------------------  -----------  ---------  ---------  ---------  ---------  ------- 
 Net profit before 
  tax                   GBP'000           102         32        225        299          -      658 
 Earnings per share                     0.44p      0.51p      1.34p      1.82p          -      n/a 
--------------------------------  -----------  ---------  ---------  ---------  ---------  ------- 
 Cumulative return 
  to shareholders 
 Net asset value 
  per share             Pence           68.13      41.79     101.37     103.08          - 
 Dividends paid         Pence           25.56      56.20       5.00          -          - 
 Net asset value 
  plus dividends 
  paid                                  93.69      97.99     106.37     103.08          - 
--------------------------------  -----------  ---------  ---------  ---------  ---------  ------- 
 

Triple Point Income VCT plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP ("TPIM").

-- Ordinary Shares: these are held by the shareholders that were in the Company prior to the merger on 21 November 2012; and by former TP70 2008(II) VCT plc shareholders; and shares that were held by the B Ordinary Shareholders which were converted to Ordinary Shares on 31 October 2013. The weighted average share price at acquisition or conversion was 83.60p

-- A Ordinary Shares: these are held by the former TP12(I) VCT plc shareholders prior to the merger on 21 November 2012. The weighted average share price at conversion was 86.40p

-- C Ordinary Shares: these are the shares issued in the Offer that closed on 27 May 2014. A total of GBP14.0 million was raised and 13,441,438 C Shares were issued.

-- D Ordinary Shares: these are the shares issued in the Offer that closed on 30 April 2015. A total of GBP14.3 million was raised and 13,701,636 D Shares were issued.

-- E Ordinary Shares: these are the shares issued in the Offer that closed this year on 15 May 2017. Just under GBP30 million was raised and 28,949,575 E Shares were issued.

Chairman's Statement

I am writing to present the Interim Financial Report for the Company for the period ended 30 September 2017.

Investment Portfolio

At 30 September 2017 the Company continues to meet the condition that at least 70% of the relevant funds must be invested in VCT qualifying investments within three years.

The Investment Manager's review on pages 5 to 7 gives an update on the portfolio of investments in 19 small unquoted businesses.

Ordinary Share Class

The Ordinary Share Class has a diverse portfolio consisting of cinema digitisation, electricity generation, crematorium management and SME funding. May 2018 marks the end of the five year minimum VCT holding period for this share class and in line with investor expectations we will be working towards facilitating an exit for shareholders as soon as possible after this date.

The Ordinary Share Class has recorded a profit over the period of 0.49p per share. As at 30 September 2017 the net asset value stood at 62.73p per share. Adding back the dividends paid to Ordinary Class Shareholders of 33.06p takes the total return including net asset value to 95.79p per share. This compares to a weighted average share price at acquisition or conversion of 83.60p and a minimum target return of 90.4p.

The Ordinary Share Class paid a special dividend of 2.5p as well as the regular annual dividend of 5p, equal to GBP1,459,734 on 14 July 2017.

A Share Class

With April 2017 marking the end of the five year anniversary, the A Share Class has realised its remaining portfolio during the period.

The A Share Class recorded a profit over the period of 1.33p per share. As at 30 September 2017 the net asset value stood at 18.79p per share. Adding back the dividends paid to A Class Shareholders of 81.20p per share takes the total return including net asset value to 99.99p per share. This compares to a weighted average share price at conversion of 86.40p and a minimum target return of 97.6p.

The A Share Class paid a dividend of GBP1,282,838, equal to 25p per share on 14 July 2017 as part of the process of returning funds to shareholders.

The Board has resolved to pay a further dividend to A Class Shareholders of GBP912,868, equal to 17.79p per share, on 8 December 2017 to shareholders on the register on 24 November 2017. This will bring the total paid by way of dividends to the A Class Shareholders to 98.99p per share. Following payment of this dividend the shares will be cancelled and a final distribution paid to A Class Shareholders during the first quarter of 2018.

C Share Class

The C Share Class has investments in three companies in the Hydroelectric Power sector which between them own six hydroelectric schemes in the Scottish Highlands. All schemes have been successfully commissioned and are operating in line with expectations. The C Share Class has also invested in companies which provide SME funding in the Hydroelectric Power sector.

The C Share Class has recorded a profit over the period of 3.43p per share. At 30 September 2017 the net asset value stood at 104.92p per share. The Company paid a second dividend to C Class Shareholders of GBP672,072, equal to 5p per share, on 14 July 2017. Adding back the total dividends paid to date takes the total return including the net asset value to 114.92p per share.

D Share Class

The D Share Class has investments in five companies in the Hydroelectric Power sector which between them own six hydroelectric schemes in the Scottish Highlands. All schemes have now been commissioned and are operating in line with expectations. The D Share Class has also invested in two companies providing funding to SMEs, one of which focuses on the Hydroelectric Power sector.

The D Share Class has recorded a profit over the period of 1.71p per share. At 30 September 2017 the net asset value stood at 101.90p per share. The Company paid its first dividend to D Class Shareholders of GBP685,082, equal to 5p per share, on 14 July 2017. Adding back this dividend takes the total return including the net asset value to 106.90p per share.

E Share Class

The E Share Class offer closed on 15 May 2017 raising just under GBP30 million with a total of 28,949,575 E Shares being issued. The E Share Class recorded a loss over the period of 0.74p per share due to the administrative costs incurred whilst suitable investment opportunities are sought. At 30 September 2017 the net asset value stood at 99.25p per share.

Risks

The Board believes that the principal risks currently facing the Company are:

   --      investment risk associated with holding VCT qualifying investments; 
   --      risk of failure to maintain approval as a VCT; 

-- risk of ability to invest the E Share Class funds in line with expectations as a result of the Treasury review of the rules governing EIS and VCT investments; and

   --      risk of ability to return funds to investors in line with expectations. 

The Board and the Investment Manager continue to work to minimise the likelihood and the potential impact of these risks.

Outlook

The Company and the Investment Manager continue to monitor the performance of the Ordinary Share portfolio and to progress an exit for the A Class Shareholders.

The Company's focus on the C and D Share Class investments in the Hydroelectric Power sector is on enhancing the operation of the sites now they have been completed and are fully operational.

The Company's focus on the E Share Class is to invest the funds raised into unquoted investments as soon as possible.

If you have any questions or comments, please do not hesitate to contact Triple Point on 020 7201 8989.

David Frank

Chairman

9 November 2017

Investment Manager's Review

Sector Analysis

The unquoted investment portfolio can be analysed as follows:

 
                                                         Electricity 
                                                          Generation            SME Funding 
                                                      Hydro       Other       Hydro                  Total 
 Industry                Cinema       Crematorium    Electric    Electric    Electric               Unquoted 
  Sector               Digitisation    Management     Power       Power       Power      Other     Investments 
-------------------  --------------  ------------  ----------  ----------  ----------  --------  ------------- 
                            GBP'000       GBP'000     GBP'000     GBP'000     GBP'000   GBP'000        GBP'000 
-------------------  --------------  ------------  ----------  ----------  ----------  --------  ------------- 
 Investments 
  at 31 March 
  2017 
                                                   ----------  ---------- 
 Ord Shares                   3,366           592       2,771       4,173         350       453         11,705 
 A Shares                         -             -           -         789           -       957          1,746 
 C Shares                         -             -      10,872           -       3,288         -         14,160 
 D Shares                         -             -      11,113           -       1,206       806         13,125 
 E Shares                         -             -           -           -           -         -              - 
                                                                                                 ------------- 
 Total                        3,366           592      24,861       4,967       4,734     2,216         40,736 
-------------------  --------------  ------------  ----------  ----------  ----------  --------  ------------- 
 Investments 
  made during 
  the period 
-------------------  --------------  ------------  ----------  ---------- 
 Ord Shares                       -             -           -           -           -         -              - 
 A Shares                         -             -           -           -           -         -              - 
 C Shares                         -             -           -           -           -         -              - 
 D Shares                         -             -           -           -           -         -              - 
 E Shares                                                                         400     1,446          1,846 
                     --------------  ------------  ---------- 
                                  -             -           -           -         400     1,446          1,846 
-------------------  --------------  ------------  ----------  ----------  ----------  --------  ------------- 
 Investments 
  realised 
  during the 
  period 
-------------------  --------------  ------------  ----------  ----------  ----------  --------  ------------- 
 Ord Shares                       -             -           -           -           -         -              - 
 A Shares                         -             -           -       (789)           -     (957)        (1,746) 
 C Shares                         -             -        (26)           -       (400)         -          (426) 
 D Shares                         -             -           -           -           -         -              - 
 E Shares 
                                                   ---------- 
                                  -             -        (26)       (789)       (400)     (957)        (2,172) 
-------------------  --------------  ------------  ----------  ----------  ----------  --------  ------------- 
 Investments 
  valued during 
  the period 
-------------------  --------------  ------------  ----------  ----------  ----------  --------  ------------- 
 Ord Shares                       -             -           -           -           -         -              - 
 A Shares                         -             -           -           -           -         -              - 
 C Shares                         -             -           -           -           -         -              - 
 D Shares                         -             -           -           -           -         -              - 
 E Shares 
                                                   ----------                                    ------------- 
                                  -             -           -           -           -         -              - 
-------------------  --------------  ------------  ----------  ----------  ----------  --------  ------------- 
 Investments 
  at 30 September 
  2017 
------------------- 
 Ord Shares                   3,366           592       2,771       4,173         350       453         11,705 
 A Shares                         -             -           -           -           -         -              - 
 C Shares                         -             -      10,846           -       2,888         -         13,734 
 D Shares                         -             -      11,113           -       1,206       806         13,125 
 E Shares                         -             -           -           -         400     1,446          1,846 
 Total                        3,366           592      24,730       4,173       4,844     2,705         40,410 
-------------------  --------------  ------------  ----------  ----------  ----------  --------  ------------- 
 Total investments 
  %                           8.33%         1.46%      61.20%      10.33%      11.99%     6.69%        100.00% 
-------------------  --------------  ------------  ----------  ----------  ----------  --------  ------------- 
 

At 30 September 2017 the Company continues to meet the condition that at least 70% of relevant funds must be invested in VCT qualifying investments within three years.

The VCT was established to fund small and medium sized enterprises. At 30 September 2017 it had five share classes, each invested in their own portfolio as detailed on page 5. The overall portfolio comprised investments in 19 small, unquoted companies in four sectors: cinema digitisation; crematorium management; electricity generation; and SME Funding.

Generally performance during the period has been in line with expectation across the portfolio with all established share classes recording an uplift in net asset value.

Review and Outlook

Ordinary Share Class

The Company and the Investment Manager will continue to focus on monitoring the performance of the Ordinary Share Class investment portfolio and on maintaining or improving the performance of the Share Class within its target range. May 2018 marks the end of the five year minimum VCT holding period for this share class. In line with the investment strategy we will be working towards facilitating an exit for shareholders as soon as possible after this date.

Cinema Digitisation

The Company maintains two holdings in cinema digitisation businesses which provide cinema digitisation services in the UK, Germany and Ireland. These businesses continue to look for opportunities to grow and diversify.

Solar

The Company holds an investment in Green Energy For Education Limited ("GEFE"), a company that owns a portfolio of rooftop PV systems. The PV systems have been outperforming their electricity generation targets and the investment continues to provide an attractive exposure to a business benefitting from low risk Feed in Tariffs. The Company also holds an investment in Cmore Energy Limited ("Cmore"), a ground mount solar farm located in Herefordshire. Revenues are earned from the sale of Renewable Obligation Certificates and the sale of electricity. Cmore's revenues have been protected from the wider decline in wholesale electricity prices due to a long term Power Purchase Agreement.

Hydroelectric Power

The Ordinary Share Class has investments in two companies which between them own two hydroelectric schemes in the Scottish Highlands. Further updates on this sector are detailed on page 7.

Gas Power

The Company has invested in a company that is constructing a gas power plant. The power plant utilises tried and tested technology provided by Rolls Royce, to provide a reliable and secure energy supply. The power plant is under construction and expected to be operational in Q1 2018.

A Share Class

April 2017 marked the end of the five year minimum VCT holding period for this share class and, in line with its investment strategy, the Company and the Investment Manager have been working towards facilitating a rapid exit for shareholders. The realisations are now complete and the A Class Shareholders will be paid a final dividend of 17.79p per share on 8 December 2017, bringing the total dividends paid to 98.99p per share. The shares will then be cancelled with a final distribution of 1p per share paid to shareholders expected in Q1 2018.

C Share Class

The Company and the Investment Manager will monitor the ongoing operation and efficiency of the C Share Class investments. The C Share Class has investments in three hydroelectric companies which between them own six schemes in the Scottish Highlands. Further updates on this sector are detailed below.

D Share Class

We are pleased to report that the final of six Hydro schemes located in the Scottish Highlands held by the D Share Class was commissioned on time and within budget during August 2017. Our focus now turns to improving operation and efficiency of the schemes.

Hydroelectric Power

In 2016 the autumn and winter periods were uncharacteristically dry and river levels significantly below the long term average which resulted in reduced generation. The performance of each company has improved during 2017, in particular during the most recent quarter when rainfall has been above average.

Some contractual issues have arisen at one of the recently commissioned plants which the relevant investee company is working to resolve. The Board of the VCT is monitoring the situation.

In February 2017, the Scottish Government announced a 12.5% limit on business rates increases in the hydro sector for schemes up to 1 MW for the year to 31 March 2018. The British Hydropower Association continued to lobby the Scottish Government and on 12 September 2017, the Scottish Government announced 60% relief on business rates for small-scale hydro schemes from 1 April 2018. The Company has two schemes above 1MW and the position for such schemes still remains unclear. Longer term, the Scottish Government has recognised the anomalies in setting rates for hydro schemes and will work alongside industry organisations to fast track a review of the Plant and Machinery Order, which should address these issues.

With all schemes now operational an Asset Manager has been appointed with a view to further enhancing the operational performance. Their work includes reviewing the scheme layout, hydrology data and performance data, reporting on any inefficiencies and making recommendations on where improvements could be made to boost performance.

In addition to earning RPI linked Feed in Tariffs, the schemes have also earned revenue through the sale of electricity under Power Purchase Agreements (PPA's). Seven of the eleven PPA contract terms expired on 30 September 2017 and, due to the export market rising, the companies were able to secure terms better than were originally forecast.

Looking forward to the coming year, we will focus our attention on looking at ways to increase performance through asset management, and working with Green Highland Renewables and the British Hydro Association to assess and potentially challenge the proposed new business rates.

E Share Class

During the period the E Share Class reached its maximum subscription and raised just under GBP30 million. Going forward, the Company and the Investment Manager are focused on ensuring that the funds are invested in line with the Company's strategy and the requirements of the VCT legislation. The E Share Class has invested in three companies that are non-qualifying investments.

Non-Qualifying Investments

SME Funding

The Company has invested in four companies which provide funding to a range of small and medium sized businesses. Two of these companies focus on the Hydroelectric Power sector. All three companies are performing in line with expectations.

Crematorium Management

The Company has an investment in a business that provides crematory and mercury abatement services for the crematoria of a London Borough. In line with expectations for the sector this investment has delivered a modest but steady return over the 7 years that it has been held.

If you have any questions, please do not hesitate to call us on 020 7201 8989.

Ben Beaton

Managing Partner

for Triple Point Investment Management LLP

9 November 2017

Investment Portfolio

 
                                            Unaudited                              Audited 
                                        30 September 2017                       31 March 2017 
                              ------------------------------------  ------------------------------------ 
                                        Cost           Valuation              Cost           Valuation 
                               GBP'000        %   GBP'000        %   GBP'000        %   GBP'000        % 
 Unquoted Holdings 
 Unquoted qualifying 
  holdings                      29,709    43.60    31,197    44.83    30,584    73.01    31,986    73.92 
 Unquoted non-qualifying 
  holdings                       9,261    13.58     9,213    13.25     8,762    20.92     8,750    20.23 
 Financial assets at 
  fair value through profit 
  or loss                       38,970    57.18    40,410    58.08    39,346    93.93    40,736    94.15 
 Cash and cash equivalents      29,166    42.82    29,166    41.92     2,534     6.07     2,534     5.85 
                                68,136   100.00    69,576   100.00    41,880   100.00    43,270   100.00 
                              ========  =======  ========  =======  ========  =======  ========  ======= 
 
 Unquoted Qualifying 
  Holdings                     GBP'000        %   GBP'000        %   GBP'000        %   GBP'000        % 
 Cinema digitisation 
 Digima Ltd                      1,262     1.85     1,296     1.86     1,262     3.01     1,296     3.00 
 Digital Screen Solutions 
  Ltd                            2,020     2.96     2,070     2.98     2,020     4.82     2,070     4.78 
 Solar 
 Cmore Energy Ltd                1,000     1.47     1,221     1.75     1,000     2.39     1,221     2.82 
 Green Energy for Education 
  Ltd                              475     0.70       752     1.08       475     1.13       752     1.74 
 PJC Renewable Energy 
  Ltd                                5     0.01         -        -         5     0.01         -        - 
 Landfill Gas 
 Aeris Power Ltd                     -        -         -        -       525     1.25       424     0.98 
 Craigahulliar Energy 
  Ltd                                -        -         -        -       350     0.84       365     0.84 
 Hydro Electric Power                         -                  - 
 Elementary Energy Ltd           2,060     3.02     2,102     3.02     2,060     4.92     2,102     4.86 
 Green Highland Allt 
  Choire A Bhalachain 
  (225) Ltd                      3,130     4.59     3,038     4.37     3,130     7.47     3,038     7.02 
 Green Highland Allt 
  Garbh Ltd                      2,710     3.98     2,710     3.90     2,710     6.47     2,710     6.26 
 Green Highland Allt 
  Ladaidh (1148) Ltd             3,500     5.14     3,500     5.03     3,500     8.36     3,500     8.09 
 Green Highland Allt 
  Luaidhe (228) Ltd              1,995     2.93     2,047     2.94     1,995     4.76     2,047     4.73 
 Green Highland Allt 
  Phocachain (1015) Ltd          3,932     5.77     3,941     5.66     3,932     9.39     3,941     9.11 
 Green Highland Shenval 
  Ltd                            1,120     1.64     1,120     1.61     1,120     2.67     1,120     2.59 
 Green Highland Renewables 
  (Achnacarry) Ltd               4,300     6.31     5,200     7.47     4,300    10.27     5,200    12.02 
 Gas Power 
 Green Peak Generation 
  Ltd                            2,200     3.23     2,200     3.16     2,200     5.25     2,200     5.08 
                                29,709    43.60    31,197    44.83    30,584    73.01    31,986    73.92 
                              ========  =======  ========  =======  ========  =======  ========  ======= 
 
 
 
 
                                          Unaudited 
                                         30 September                          Audited 
                                             2017                           31 March 2017 
                             ----------------------------------  ---------------------------------- 
                                       Cost          Valuation             Cost          Valuation 
 Unquoted Non-Qualifying 
  Holdings                    GBP'000       %   GBP'000       %   GBP'000       %   GBP'000       % 
 Crematorium Management 
 Furnace Managed Services 
  Ltd                             620    0.91       592    0.85       620    1.48       592    1.37 
 Hydro Electric Power 
 Elementary Energy Ltd            310    0.45       310    0.45       310    0.74       310    0.72 
 Green Highland Allt 
  Choire A Bhalachain 
  (225) Ltd                       341    0.50       341    0.49       342    0.82       342    0.79 
 Green Highland Allt 
  Luaidhe (228) Ltd               185    0.27       185    0.27       185    0.44       185    0.43 
 Green Highland Allt 
  Phocachain (1015) Ltd           153    0.22       153    0.22       161    0.38       161    0.37 
 Green Highland Renewables 
  (Achnacarry) Ltd                 83    0.12        83    0.12       100    0.24       100    0.23 
 SME Funding 
 Hydro electric Power: 
 Broadpoint 2 Ltd               2,834    4.16     2,834    4.07     2,834    6.77     2,834    6.55 
 Broadpoint 3 Ltd               2,010    2.95     2,010    2.89     2,010    4.80     2,010    4.65 
 Other:                                     -                 - 
 Aeris Power Ltd                  525    0.77       489    0.70         -       -         -       - 
 Funding Path Ltd               2,200    3.23     2,216    3.19     2,200    5.25     2,216    5.12 
                                9,261   13.58     9,213   13.25     8,762   20.92     8,750   20.23 
                             --------  ------  --------  ------  --------  ------  --------  ------ 
 

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 30 September 2017 the Directors confirm, to the best of their knowledge, that:

a) the Interim Financial Report has been prepared in accordance with International Accounting Standard IAS34, "Interim Financial Reporting" issued by the International Accounting Standards Board;

b) 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 principal risks and uncertainties for the remainder of the accounting period;

c) 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;

d) the Interim Financial Report includes a fair review of related party transactions and changes therein. There are no related party transactions in the period; and

e) 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 expectation 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.

David Frank

Chairman

9 November 2017

Non-Statutory Analysis - The Ordinary Share Fund

 
 
 Statement of Comprehensive 
  Income                                     Unaudited                      Audited 
                                          6 months ended                  Year ended 
                                           30 September 
                                                2017                     31 March 2017 
                                   ----------------------------  ---------------------------- 
                                    Revenue   Capital     Total   Revenue   Capital     Total 
                                    GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000 
 Investment income                      189         -       189       421         -       421 
 Realised gain on investments             -        44        44         -         -         - 
 Unrealised gain on 
  investments                             -         -         -         -       258       258 
 Investment return                      189        44       233       421       258       679 
 Investment management 
  fees                                 (84)      (25)     (109)     (163)      (43)     (206) 
 Other expenses                        (15)         -      (15)      (44)         -      (44) 
 Profit before taxation                  90        19       109       214       215       429 
 Taxation                              (17)         5      (12)      (43)        12      (31) 
 Profit after taxation                   73        24        97       171       227       398 
                                   --------  --------  --------  --------  --------  -------- 
 Profit and total comprehensive 
  income for the period                  73        24        97       171       227       398 
                                   --------  --------  --------  --------  --------  -------- 
 Basic and diluted 
  earnings per share                  0.37p     0.12p     0.49p     0.88p     1.17p     2.05p 
                                   --------  --------  --------  --------  --------  -------- 
 
                                                       6 months 
 Balance Sheet                                            ended                    Year ended 
                                                   30 September 
                                                           2017                 31 March 2017 
                                                        GBP'000                       GBP'000 
 Non-current assets 
 Financial assets at 
  fair value through 
  profit or loss                                         11,705                        11,705 
                                                       --------                      -------- 
 
 Current assets 
 Receivables                                                 82                           334 
 Cash and cash equivalents                                  533                         1,632 
                                                            615                         1,966 
                                                       --------                      -------- 
 Current liabilities 
 Payables                                                  (61)                          (62) 
 Corporation tax                                           (49)                          (36) 
                                                       --------                      -------- 
 Net assets                                              12,210                        13,573 
                                                       --------                      -------- 
 
 Equity attributable 
  to equity holders                                      12,210                        13,573 
                                                       --------                      -------- 
 Net asset value per 
  share                                                  62.73p                        69.74p 
                                                       --------                      -------- 
 
 Statement of Changes 
  in Shareholders' Equity 
                                                       6 months 
                                                          ended                    Year ended 
                                                   30 September                      31 March 
                                                           2017                          2017 
                                                        GBP'000                       GBP'000 
 
 Opening shareholders' 
  funds                                                  13,573                        13,175 
 Profit for the period                                       97                           398 
 Dividends paid                                         (1,460)                             - 
 Closing shareholders' 
  funds                                                  12,210                        13,573 
                                                       --------                      -------- 
 
 
 Investment Portfolio                      Unaudited                              Audited 
                                       30 September 2017                       31 March 2017 
                             ------------------------------------  ------------------------------------ 
                                       Cost           Valuation              Cost           Valuation 
                              GBP'000        %   GBP'000        %   GBP'000        %   GBP'000        % 
 
 Unquoted qualifying 
  holdings                      9,381    80.56    10,000    81.71     9,381    73.62    10,000    74.98 
 Unquoted non-qualifying 
  holdings                      1,730    14.85     1,705    13.93     1,730    13.58     1,705    12.78 
  Financial assets 
   at fair value through 
   profit or loss              11,111    95.41    11,705    95.64    11,111    87.20    11,705    87.76 
 Cash and cash equivalents        533     4.59       533     4.36     1,632    12.80     1,632    12.24 
                               11,644   100.00    12,238   100.00    12,743   100.00    13,337   100.00 
                             ========  =======  ========  =======  ========  =======  ========  ======= 
 
 Unquoted Qualifying 
  Holdings                    GBP'000        %   GBP'000        %   GBP'000        %   GBP'000        % 
 Cinema digitisation 
 Digima Ltd                     1,262    10.84     1,296    10.59     1,262     9.90     1,296     9.72 
 Digital Screen Solutions 
  Ltd                           2,020    17.35     2,070    16.91     2,020    15.85     2,070    15.52 
 Solar 
 Cmore Energy Ltd               1,000     8.59     1,221     9.98     1,000     7.85     1,221     9.15 
 Green Energy for 
  Education Ltd                   475     4.08       752     6.14       475     3.73       752     5.64 
 PJC Renewable Energy 
  Ltd                               5     0.04         -        -         5     0.04         -        - 
 Hydro Electric Power 
 Elementary Energy 
  Ltd                           2,060    17.69     2,102    17.18     2,060    16.17     2,102    15.76 
 Green Highland Shenval 
  Ltd                             359     3.08       359     2.93       359     2.82       359     2.69 
 Gas Power 
 Green Peak Generation 
  Ltd                           2,200    18.89     2,200    17.98     2,200    17.26     2,200    16.50 
                                9,381    80.56    10,000    81.71     9,381    73.62    10,000    74.98 
                             ========  =======  ========  =======  ========  =======  ========  ======= 
 
 Unquoted Non-Qualifying 
  Holdings 
 Crematorium Management 
 Furnace Managed Services 
  Ltd                             620     5.32       592     4.84       620     4.87       592     4.44 
 Hydro Electric Power 
 Elementary Energy 
  Ltd                             310     2.66       310     2.53       310     2.43       310     2.32 
 SME Funding 
 Hydro Electric Power: 
 Broadpoint 2 Ltd                 350     3.01       350     2.86       350     2.75       350     2.62 
 Other: 
 Funding Path Ltd                 450     3.86       453     3.70       450     3.53       453     3.40 
                                1,730    14.85     1,705    13.93     1,730    13.58     1,705    12.78 
                             ========  =======  ========  =======  ========  =======  ========  ======= 
 

Non-Statutory Analysis - The A Share Fund

 
 
   Statement of Comprehensive 
   Income                                       Unaudited                      Audited 
                                             6 months ended                  Year ended 
                                              30 September 
                                                   2017                     31 March 2017 
                                      ----------------------------  ---------------------------- 
                                       Revenue   Capital     Total   Revenue   Capital     Total 
                                       GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000 
 Investment income                          32         -        32       110         -       110 
 Realised gain on investments                -        32        32         -         -         - 
 Unrealised gain on 
  investments                                -        65        65         -         7         7 
 Investment return                          32        97       129       110         7       117 
 Investment management 
  fees                                     (5)      (23)      (28)      (30)       (8)      (38) 
 Other expenses                           (32)         -      (32)       (6)         -       (6) 
 Profit/(loss) before 
  taxation                                 (5)        74        69        74       (1)        73 
 Taxation                                  (5)         4       (1)      (15)         3      (12) 
 Profit/(loss) after 
  taxation                                (10)        78        68        59         2        61 
                                      --------  --------  --------  --------  --------  -------- 
 Profit/(loss) and total 
  comprehensive income 
  for the period                          (10)        78        68        59         2        61 
                                      --------  --------  --------  --------  --------  -------- 
 Basic and diluted earnings/(loss) 
  per share                            (0.19p)     1.53p     1.33p     1.15p     0.03p     1.18p 
                                      --------  --------  --------  --------  --------  -------- 
 
                                                          6 months 
 Balance Sheet                                               ended                    Year ended 
                                                      30 September 
                                                              2017                 31 March 2017 
                                                           GBP'000                       GBP'000 
 Non-current assets 
  Financial assets at 
   fair value through 
   profit or loss                                                -                           957 
                                                          --------                      -------- 
 
 Current assets 
 Assets held for sale                                            -                           789 
 Receivables                                                     -                           311 
 Cash and cash equivalents                                   1,018                           146 
                                                             1,018                         1,246 
                                                          --------                      -------- 
 Current liabilities 
 Payables                                                     (54)                          (11) 
 Corporation tax                                                 -                          (13) 
                                                          --------                      -------- 
 Net assets                                                    964                         2,179 
                                                          --------                      -------- 
 
 Equity attributable 
  to equity holders                                            964                         2,179 
                                                          --------                      -------- 
 Net asset value per 
  share                                                     18.79p                        42.46p 
                                                          --------                      -------- 
 
 
  Statement of Changes                                    6 months 
   in Shareholders' Equity                                   ended                    Year ended 
                                                      30 September                      31 March 
                                                              2017                          2017 
                                                           GBP'000                       GBP'000 
 
 Opening shareholders' 
  funds                                                      2,179                         2,118 
 Profit for the period                                          68                            61 
 Dividends paid                                            (1,283)                             - 
 Closing shareholders' 
  funds                                                        964                         2,179 
                                                          --------                      -------- 
 
 
 Investment Portfolio 
                                           Unaudited                              Audited 
                                       30 September 2017                       31 March 2017 
                             ------------------------------------  ------------------------------------ 
                                       Cost           Valuation              Cost           Valuation 
                              GBP'000        %   GBP'000        %   GBP'000        %   GBP'000        % 
 
 Unquoted qualifying 
  holdings                          -        -         -        -       875    44.40       789    41.70 
 Unquoted non-qualifying 
  holdings                          -        -         -        -       950    48.20       957    50.58 
  Financial assets at 
   fair value through 
   profit or loss                   -        -         -        -     1,825    92.60     1,746    92.28 
 Cash and cash equivalents      1,018   100.00     1,018   100.00       146     7.40       146     7.72 
                                1,018   100.00     1,018   100.00     1,971   100.00     1,892   100.00 
                             ========  =======  ========  =======  ========  =======  ========  ======= 
 
 Unquoted Qualifying 
  Holdings 
 Landfill Gas                                                             - 
 Aeris Power Ltd                    -        -         -        -       525    26.64       424    22.41 
 Craigahulliar Energy 
  Ltd                               -        -         -        -       350    17.76       365    19.29 
                                    -        -         -        -       875    44.40       789    41.70 
                             ========  =======  ========  =======  ========  =======  ========  ======= 
 
 Unquoted Non-Qualifying 
  Holdings 
 SME Funding 
 Other: 
 Funding Path Ltd                   -        -         -        -       950    48.20       957    50.58 
                                    -        -         -        -       950    48.20       957    50.58 
                             ========  =======  ========  =======  ========  =======  ========  ======= 
 

Non-Statutory Analysis - The C Share Fund

 
  Statement of Comprehensive 
   Income                                       Unaudited                         Audited 
                                             6 months ended                     Year ended 
                                            30 September 2017                  31 March 2017 
                                    -------------------------------  ------------------------------- 
                                      Revenue    Capital      Total    Revenue    Capital      Total 
                                      GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
  Investment income                       678          -        678        804          -        804 
  Unrealised gain on 
   investments                              -          -          -          -        514        514 
  Investment return                       678          -        678        804        514      1,318 
  Investment management 
   fees                                 (127)       (36)      (163)      (244)       (70)      (314) 
  Other expenses                         (16)          -       (16)       (45)        (2)       (47) 
  Profit/(loss) before 
   taxation                               535       (36)        499        515        442        957 
  Taxation                               (45)          7       (38)      (103)         14       (89) 
  Profit/(loss) after 
   taxation                               490       (29)        461        412        456        868 
                                    ---------  ---------  ---------  ---------  ---------  --------- 
  Profit and total comprehensive 
   income for the period                  490       (29)        461        412        456        868 
                                    ---------  ---------  ---------  ---------  ---------  --------- 
  Basic and diluted 
   earnings per share                   3.65p    (0.22p)      3.43p      3.06p      3.40p      6.46p 
                                    ---------  ---------  ---------  ---------  ---------  --------- 
 
                                                           6 months 
  Balance Sheet                                               ended                       Year ended 
                                                  30 September 2017                    31 March 2017 
                                                            GBP'000                          GBP'000 
  Non current assets 
  Financial assets at 
   fair value through 
   profit or loss                                            13,734                           14,160 
                                                          ---------                        --------- 
 
  Current assets 
  Receivables                                                   143                               76 
  Cash and cash equivalents                                     446                              257 
                                                                589                              333 
  Current liabilities 
  Payables                                                     (88)                             (89) 
  Corporation tax                                             (132)                             (90) 
                                                          ---------                        --------- 
  Net assets                                                 14,103                           14,314 
                                                          ---------                        --------- 
 
  Equity attributable 
   to equity holders                                         14,103                           14,314 
                                                          ---------                        --------- 
  Net asset value per 
   share                                                    104.92p                          106.49p 
                                                          ---------                        --------- 
 
 
  Statement of Changes                                     6 months 
   in                                                         ended                       Year ended 
                                                                                            31 March 
  Shareholders' Equity                            30 September 2017                             2017 
                                                            GBP'000                          GBP'000 
 
  Opening shareholders' 
   funds                                                     14,314                           14,118 
  Profit for the period                                         461                              868 
  Dividends paid                                              (672)                            (672) 
  Closing shareholders' 
   funds                                                     14,103                           14,314 
                                                          ---------                        --------- 
 
 
 Investment Portfolio 
                                           Unaudited                              Audited 
                                       30 September 2017                       31 March 2017 
                             ------------------------------------  ------------------------------------ 
                                       Cost           Valuation              Cost           Valuation 
                              GBP'000        %   GBP'000        %   GBP'000        %   GBP'000        % 
 
 Unquoted qualifying 
  holdings                      9,430    70.68    10,269    72.41     9,430    69.45    10,269    71.23 
 Unquoted non-qualifying 
  holdings                      3,465    25.98     3,465    24.44     3,891    28.66     3,891    26.99 
 Financial assets at 
  fair value through 
  profit or loss               12,895    96.66    13,734    96.85    13,321    98.11    14,160    98.22 
 Cash and cash equivalents        446     3.34       446     3.15       257     1.89       257     1.78 
                               13,341   100.00    14,180   100.00    13,578   100.00    14,417   100.00 
                             ========  =======  ========  =======  ========  =======  ========  ======= 
 
 
 Unquoted Qualifying 
  Holdings 
 Hydro Electric Power 
 Green Highland Allt 
  Choire A Bhalachain 
  (225) Ltd                     3,130    23.46     3,038    21.42     3,130    23.05     3,038    21.07 
 Green Highland Allt 
  Phocachain (1015) 
  Ltd                           2,000    14.99     2,031    14.32     2,000    14.73     2,031    14.09 
 Green Highland Renewables 
  (Achnacarry) Ltd              4,300    32.23     5,200    36.67     4,300    31.67     5,200    36.07 
                                9,430    70.68    10,269    72.41     9,430    69.45    10,269    71.23 
                             ========  =======  ========  =======  ========  =======  ========  ======= 
 
 
 
 Unquoted Non-Qualifying 
  Holdings 
 
 Hydro Electric Power 
 Green Highland Allt 
  Choire A Bhalachain 
  (225) Ltd                       341     2.56       341     2.40       342     2.52       342     2.37 
 Green Highland Allt 
  Phocachain (1015) 
  Ltd                             153     1.15       153     1.08       161     1.19       161     1.12 
 Green Highland Renewables 
  (Achnacarry) Ltd                 83     0.62        83     0.59       100     0.74       100     0.69 
 SME Funding 
 Hydro Electric Power: 
 Broadpoint 2 Ltd               2,084    15.62     2,084    14.70     2,484    18.29     2,484    17.23 
 Broadpoint 3 Ltd                 804     6.03       804     5.67       804     5.92       804     5.58 
                                3,465    25.98     3,465    24.44     3,891    28.66     3,891    26.99 
                             ========  =======  ========  =======  ========  =======  ========  ======= 
 

Non-Statutory Analysis - The D Share Fund

 
 Statement of Comprehensive 
  Income                                        Unaudited                      Audited 
                                             6 months ended                  Year ended 
                                              30 September 
                                                   2017                     31 March 2017 
                                      ----------------------------  ---------------------------- 
                                       Revenue   Capital     Total   Revenue   Capital     Total 
                                       GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000 
 Investment income                         468         -       468       972         -       972 
 Realised gain on investments                -         -         -         -         -         - 
 Unrealised gain on investments              -         -         -         -        36        36 
 Investment return                         468         -       468       972        36     1,008 
 Investment management 
  fees                                   (127)      (36)     (163)     (239)      (68)     (307) 
 Other expenses                           (16)         -      (16)      (47)       (2)      (49) 
 Profit/(loss) before taxation             325      (36)       289       686      (34)       652 
 Taxation                                 (62)         7      (55)     (137)        23     (114) 
 Profit/(loss) after taxation              263      (29)       234       549      (11)       538 
                                      --------  --------  --------  --------  --------  -------- 
 Profit/(loss) and total 
  comprehensive income for 
  the period                               263      (29)       234       549      (11)       538 
                                      --------  --------  --------  --------  --------  -------- 
 Basic and diluted earnings/(loss) 
  per share                              1.92p   (0.21p)     1.71p     4.01p   (0.08p)     3.93p 
                                      --------  --------  --------  --------  --------  -------- 
 
 Balance Sheet                                      6 months ended                    Year ended 
                                                      30 September 
                                                              2017                 31 March 2017 
                                                           GBP'000                       GBP'000 
 Non current assets 
 Financial assets at fair 
  value through profit or 
  loss                                                      13,125                        13,125 
                                                          --------                      -------- 
 
 Current assets 
 Receivables                                                 1,008                         1,005 
 Cash and cash equivalents                                     169                           499 
                                                             1,177                         1,504 
                                                          --------                      -------- 
 Current liabilities 
 Payables                                                    (155)                          (91) 
 Corporation tax                                             (185)                         (125) 
                                                          --------                      -------- 
 Net assets                                                 13,962                        14,413 
                                                          --------                      -------- 
 
 Equity attributable to 
  equity holders                                            13,962                        14,413 
                                                          --------                      -------- 
 Net asset value per share                                 101.90p                       105.19p 
                                                          --------                      -------- 
 
 
                                                          6 months 
 Statement of Changes in                                     ended                    Year ended 
                                                      30 September                      31 March 
 Shareholders' equity                                         2017                          2017 
                                                           GBP'000                       GBP'000 
 
 Opening shareholders' 
  funds                                                     14,413                        13,875 
 Profit for the period                                         234                           538 
 Dividends paid                                              (685)                             - 
 Closing shareholders' 
  funds                                                     13,962                        14,413 
                                                          --------                      -------- 
 
 
 Investment Portfolio 
                                            Unaudited                              Audited 
                                        30 September 2017                       31 March 2017 
                              ------------------------------------  ------------------------------------ 
                                        Cost           Valuation              Cost           Valuation 
                               GBP'000        %   GBP'000        %   GBP'000        %   GBP'000        % 
 
 Unquoted qualifying 
  holdings                      10,898    82.20    10,928    82.21    10,898    80.20    10,928    80.21 
 Unquoted non-qualifying 
  holdings                       2,191    16.53     2,197    16.52     2,191    16.13     2,197    16.13 
                                                                    --------  -------  --------  ------- 
 Financial assets at 
  fair value through profit 
  or loss                       13,089    98.73    13,125    98.73    13,089    96.33    13,125    96.34 
 Cash and cash equivalents         169     1.27       169     1.27       499     3.67       499     3.66 
                                13,258   100.00    13,294   100.00    13,588   100.00    13,624   100.00 
                              ========  =======  ========  =======  ========  =======  ========  ======= 
 
 Unquoted Qualifying 
  Holdings 
 Hydro Electric Power 
 Green Highland Allt 
  Garbh Ltd                      2,710    20.44     2,710    20.39     2,710    19.94     2,710    19.89 
 Green Highland Allt 
  Ladaidh (1148) Ltd             3,500    26.40     3,500    26.33     3,500    25.76     3,500    25.69 
 Green Highland Allt 
  Luaidhe (228) Ltd              1,995    15.05     2,047    15.40     1,995    14.68     2,047    15.02 
 Green Highland Allt 
  Phocachain (1015) Ltd          1,932    14.57     1,910    14.37     1,932    14.22     1,910    14.02 
 Green Highland Shenval 
  Ltd                              761     5.74       761     5.72       761     5.60       761     5.59 
                                10,898    82.20    10,928    82.21    10,898    80.20    10,928    80.21 
                              ========  =======  ========  =======  ========  =======  ========  ======= 
 
 Unquoted Non-Qualifying 
  Holdings 
 Hydro Electric Power 
 Green Highland Allt 
  Luaidhe (228) Ltd                185     1.40       185     1.39       185     1.36       185     1.36 
 SME Funding 
 Hydro electric Power: 
 Broadpoint 3 Ltd                1,206     9.10     1,206     9.07     1,206     8.88     1,206     8.85 
 Other: 
 Funding Path Ltd                  800     6.03       806     6.06       800     5.89       806     5.92 
 
                                 2,191    16.53     2,197    16.52     2,191    16.13     2,197    16.13 
                              ========  =======  ========  =======  ========  =======  ========  ======= 
 

Non-Statutory Analysis - The E Share Fund

 
 
   Statement of Comprehensive 
   Income                                       Unaudited                      Audited 
                                             6 months ended                  Year ended 
                                              30 September 
                                                   2017                     31 March 2017 
                                      ----------------------------  ---------------------------- 
                                       Revenue   Capital     Total   Revenue   Capital     Total 
                                       GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000 
 Investment income                          79         -        79         -         -         - 
 Realised gain on investments                -         -         -         -         -         - 
 Unrealised gain on 
  investments                                -         -         -         -         -         - 
 Investment return                          79         -        79         -         -         - 
 Investment management 
  fees                                   (246)      (70)     (316)         -         -         - 
 Other expenses                           (29)         -      (29)         -         -         - 
 Profit/(loss) before 
  taxation                               (196)      (70)     (266)         -         -         - 
 Taxation                                   37        13        50         -         -         - 
 Profit/(loss) after 
  taxation                               (159)      (57)     (216)         -         -         - 
                                      --------  --------  --------  --------  --------  -------- 
 Profit/(loss) and total 
  comprehensive income 
  for the period                         (159)      (57)     (216)         -         -         - 
                                      --------  --------  --------  --------  --------  -------- 
 Basic and diluted earnings/(loss) 
  per share                            (0.57p)   (0.20p)   (0.77p)         -         -         - 
                                      --------  --------  --------  --------  --------  -------- 
 
 Balance Sheet                                      6 months ended                    Year ended 
                                                      30 September 
                                                              2017                 31 March 2017 
                                                           GBP'000                       GBP'000 
 Non current assets 
 Financial assets at 
  fair value through 
  profit or loss                                             1,846                             - 
                                                          --------                      -------- 
 
 Current assets 
 Receivables                                                    10                             - 
 Cash and cash equivalents                                  27,000                             - 
 Corporation tax                                                51                             - 
                                                            27,061                             - 
                                                          --------                      -------- 
 Current liabilities 
 Payables                                                    (173)                             - 
                                                                                        -------- 
 Net assets                                                 28,734                             - 
                                                          --------                      -------- 
 
 Equity attributable 
  to equity holders                                         28,734                             - 
                                                          --------                      -------- 
 Net asset value per 
  share                                                     99.25p                             - 
                                                          --------                      -------- 
 
 
 Statement of Changes                                     6 months 
  in                                                         ended                    Year ended 
                                                      30 September                      31 March 
 Shareholders' equity                                         2017                          2017 
                                                           GBP'000                       GBP'000 
 
 Opening shareholders' 
  funds                                                          -                             - 
 Issue of new shares                                        28,950                             - 
 Profit for the period                                       (216)                             - 
 Closing shareholders' 
  funds                                                     28,734                             - 
                                                          --------                      -------- 
 
 
 Investment Portfolio                         Unaudited                            Audited 
                                          30 September 2017                     31 March 2017 
                                ------------------------------------  -------------------------------- 
                                          Cost           Valuation             Cost         Valuation 
                                 GBP'000        %   GBP'000        %     GBP'000   %       GBP'000   % 
 
 Unquoted qualifying holdings          -        -         -        -           -   -             -   - 
 Unquoted non-qualifying 
  holdings                         1,875     6.50     1,846     6.41           -   -             -   - 
                                                                      ----------      ------------ 
 Financial assets at fair 
  value through profit or 
  loss                             1,875     6.50     1,846     6.41           -   -             -   - 
 Cash and cash equivalents        27,000    93.50    27,000    93.59           -   -             -   - 
                                  28,875   100.00    28,846   100.00           -   -             -   - 
 
 
 Unquoted Qualifying Holdings          -        -         -        -           -   -             -   - 
                                ========  =======  ========  =======  ==========      ============ 
 
 Unquoted Non-Qualifying 
  Holdings 
 SME Funding 
 Hydro electric Power:                          -                  - 
 Broadpoint 2 Ltd                    400     1.39       400     1.39           -   -             -   - 
 Other: 
 Funding Path Ltd                    950     3.29       957     3.32           -   -             -   - 
 Aeris Power Ltd                     525     1.82       489     1.70           -   -             -   - 
                                   1,875     6.50     1,846     6.41           -   -             -   - 
                                ========  =======  ========  =======  ==========      ============ 
 

Unaudited Statement of Comprehensive Income

 
                                    Unaudited                      Audited                      Unaudited 
                                    6 months 
                                      ended                      Year ended                    Year ended 
                                  30 September                    31 March                     30 September 
                                       2017                          2017                          2016 
                          ----------------------------  ----------------------------  ---------------------------- 
                    Note      Rev.      Cap.     Total      Rev.      Cap.     Total      Rev.      Cap.     Total 
                           GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000 
 Income 
 Investment 
  income             4       1,446         -     1,446     2,307         -     2,307     1,159         -     1,159 
 Gain arising on 
  the disposal of 
  investments 
  during 
  the year                       -        76        76         -         -         -         -         -         - 
 Gain arising on 
  the revaluation 
  of investments 
  at the year end                -        65        65         -       815       815         -         -         - 
 Investment 
  return                     1,446       141     1,587     2,307       815     3,122     1,159         -     1,159 
                          --------  --------  --------  --------  --------  --------  --------  --------  -------- 
 
 Expenses 
 Investment 
  management 
  fees               5         589       190       779       676       189       865       334        94       428 
 Financial and 
  regulatory 
  costs                         19         -        19        32         -        32        15         -        15 
 General 
  administration                 4         -         4         9         -         9         7         -         7 
 Legal and 
  professional 
  fees                          58         -        58        51         4        55        27         -        27 
 Directors' 
  remuneration       6          27         -        27        50         -        50        24         -        24 
 Operating 
  expenses                     697       190       887       818       193     1,011       407        94       501 
                          --------  --------  --------  --------  --------  --------  --------  --------  -------- 
 Profit/(loss) 
  before taxation              749      (49)       700     1,489       622     2,111       752      (94)       658 
 Taxation            7        (92)        36      (56)     (298)        52     (246)     (151)        32     (119) 
 Profit after 
  taxation                     657      (13)       644     1,191       674     1,865       601      (62)       539 
                          --------  --------  --------  --------  --------  --------  --------  --------  -------- 
 Profit and total 
  comprehensive 
  income for the 
  period                       657      (13)       644     1,191       674     1,865       601      (62)       539 
                          --------  --------  --------  --------  --------  --------  --------  --------  -------- 
 Basic and 
  diluted 
  earnings per 
  share                        n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a 
                          --------  --------  --------  --------  --------  --------  --------  --------  -------- 
 

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 under guidance published by the Association of Investment Companies.

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 
                                     30 September   31 March   30 September 
                                             2017       2017           2016 
                              Note        GBP'000    GBP'000        GBP'000 
 
 Non-current assets 
 Financial assets 
  at fair value through 
  profit or loss                           40,410     39,947         39,544 
                                    -------------  ---------  ------------- 
 
 Current assets 
 Assets held for sale                           -        789          1,397 
 Receivables                                1,243      1,726          1,586 
 Cash and cash equivalents     9           29,166      2,534          1,376 
                                           30,409      5,049          4,359 
                                    -------------  ---------  ------------- 
 
 Total Assets                              70,819     44,996         43,903 
                                    -------------  ---------  ------------- 
 
 Current liabilities 
 Payables and accrued 
  expenses                                    531        253            433 
 Current taxation 
  payable                                     315        264            317 
                                              846        517            750 
                                    -------------  ---------  ------------- 
 
 Net Assets                                69,973     44,479         43,153 
                                    =============  =========  ============= 
 
 Equity attributable 
  to equity holders 
  of the parent 
 Share capital                 10             807        518            518 
 Share redemption 
  reserve                                       2          2              2 
 Share premium                             44,968     16,307         16,307 
 Special distributable 
  reserve                                  24,391     27,301         27,301 
 Capital reserve                            (854)      (841)        (1,577) 
 Revenue reserve                              659      1,192            602 
 Total equity                              69,973     44,479         43,153 
                                    =============  =========  ------------- 
 
 Net asset value per 
  share                        11             n/a        n/a            n/a 
                                    =============  =========  ============= 
 

The statements were approved by the Directors and authorised for issue on 9 November 2017 and are signed on their behalf by:

David Frank

Chairman

9 November 2017

The accompanying notes are an integral part of this statement.

Unaudited Statement of Changes in Shareholders' Equity

 
                                                     Share                     Special 
                                      Issued    Redemption      Share    Distributable    Capital    Revenue 
                                     Capital       Reserve    Premium          Reserve    Reserve    Reserve     Total 
                                     GBP'000       GBP'000    GBP'000          GBP'000    GBP'000    GBP'000   GBP'000 
 6 months ended 30 
  September 2017 
 Opening balance                         518             2     16,307           27,301      (841)      1,192    44,479 
                                   ---------  ------------  ---------  ---------------  ---------  ---------  -------- 
 Issue of new shares                     289             -     28,661                -          -          -    28,950 
 Dividends paid                            -             -          -          (2,910)          -    (1,190)   (4,100) 
 Transactions with 
  owners                                 289             -     28,661          (2,910)          -    (1,190)    24,850 
                                   ---------  ------------  ---------  ---------------  ---------  ---------  -------- 
 Profit/(loss) for 
  the year                                 -             -          -                -       (13)        657       644 
 Profit/(loss) and 
  total comprehensive 
  income for the year                      -             -          -                -       (13)        657       644 
                                   ---------  ------------  ---------  ---------------  ---------  ---------  -------- 
 Balance at 30 September 
  2017                                   807             2     44,968           24,391      (854)        659    69,973 
                                   =========  ============  =========  ===============  =========  =========  ======== 
 Capital reserve consists 
  of: 
 Investment holding 
  gains                                                                                     1,440 
 Other realised losses                                                                    (2,294) 
                                                                                            (854) 
                                                                                        ========= 
 Year ended 31 March 
  2017 
 Opening balance                         518             2     16,307           27,447    (1,515)        527    43,286 
                                   ---------  ------------  ---------  ---------------  ---------  --------- 
 Dividend paid                             -             -          -            (146)          -      (526)     (672) 
Transactions with owners                   -             -          -            (146)          -      (526)     (672) 
Profit for the year                        -                        -                -        674      1,191     1,865 
Profit and total comprehensive 
 income for the year                       -                        -                -        674      1,191     1,865 
 Balance at 31 March 
  2017                                   518             2     16,307           27,301      (841)      1,192    44,479 
Capital reserve consists of: 
 Investment holding 
  gains                                                                                     1,390 
 Other realised losses                                                                    (2,231) 
                                                                                            (841) 
6 months ended 30 September 2016 
 Opening balance                         518             2     16,307           27,447    (1,515)        527    43,286 
                                   ---------  ------------  ---------  ---------------  ---------  --------- 
 Dividend paid                             -             -          -            (146)          -      (526)     (672) 
Transactions with owners                   -             -          -            (146)          -      (526)     (672) 
Profit/(loss) for the period               -             -          -                -       (62)        601       539 
Profit/(loss) and total 
 comprehensive income for the 
 period                                    -             -          -                -       (62)        601       539 
Balance at 30 September 2016             518             2     16,307           27,301    (1,577)        602    43,153 
 Capital reserve consists 
  of: 
 Investment holding 
  gains                                                                                       575 
 Other realised losses                                                                    (2,152) 
                                                                                          (1,577) 
 

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 special distributable reserve was created on court cancellation of the share premium account. The net of the revenue reserve and special distributable reserve are distributable by way of dividend.

Unaudited Statement of Cash Flows

 
 
                                                                       Unaudited        Audited          Unaudited 
                                                                  6 months ended     Year ended     6 months ended 
                                                               30 September 2017  31 March 2017  30 September 2016 
                                                                         GBP'000        GBP'000            GBP'000 
 Cash flows from operating 
  activities 
Profit before taxation                                                       700          2,111                658 
(Profit) arising on the disposal of investments during the 
 period                                                                     (76)              -                  - 
(Gain) arising on the revaluation of investments at the 
 period end                                                                 (65)          (815)                  - 
Cash flow generated by operations                                            559          1,296                658 
(Increase) in receivables                                                   (78)          (571)              (376) 
Increase/(decrease) in payables                                              278           (63)                117 
Taxation                                                                     (5)          (183)                (3) 
Net cash flows from operating activities                                     754            479                396 
 
Cash flow from investing activities 
Proceeds of sale of financial assets at fair value through 
 profit or loss                                                            1,028          1,695                620 
Net cash flows from investing activities                                   1,028          1,695                620 
 
Cash flows from financing activities 
Issue of new shares                                                       28,950              -                  - 
Dividends paid                                                           (4,100)          (672)              (672) 
Net cash flows from financing activities                                  24,850          (672)              (672) 
 Net increase/(decrease) 
  in cash and cash equivalents                                            26,632          1,502                344 
Reconciliation of net cash flow to movements in cash and cash 
equivalents 
Opening cash and cash equivalents                                          2,534          1,032              1,032 
Net increase/(decrease) in cash and cash equivalents                      26,632          1,502                344 
Closing cash and cash equivalents                                         29,166          2,534              1,376 
 

The accompanying notes are an integral part of this statement.

Notes to the Unaudited Interim Financial Report

   1.      Corporate information 

The Unaudited Interim Financial Report of the Company for the 6 months ended 30 September 2017 was authorised for issue in accordance with a resolution of the Directors on 9 November 2017.

The Company is listed on the London Stock Exchange.

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

Triple Point Income VCT plc's Unaudited Interim Financial Report is presented in Pounds Sterling (GBP) which is also the functional currency of the Company, rounded to the nearest thousand.

The financial information set out in this report does not constitute statutory accounts as defined in S434 of the Companies Act 2006.

The principal activity of the Company is investment. The Company's investment strategy is that at least 70% of the Company's net assets are or will be invested in VCT qualifying unquoted companies. The remaining assets are exposed either to cash or cash-based similar liquid investments or investments originated in line with the Company's VCT qualifying Investment Policy.

   2.      Basis of preparation and accounting policies 

Basis of preparation

The Unaudited Interim Financial Report of the Company for the 6 months ended 30 September 2017 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 31 March 2017.

Estimates

The preparation of the Interim Report requires the Board 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 Company only has one class of business, being investment activity. All revenues and assets are generated and held in the UK.

   4.           Investment income 
 
                                                 Ord Shares  A Shares  C Shares  D Shares  E Shares     Total 
Unaudited                                           GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000 
6 months ended 30 September 2017 
Loan stock interest                                     188        31       379       468        31     1,097 
Dividends receivable                                      -         -       299         -         -       299 
Interest receivable on bank and other balances            1         1         -         -        48        50 
                                                        189        32       678       468        79     1,446 
Audited 
Year ended 31 March 2017 
Loan stock interest                                     421       110       804       972         -     2,307 
                                                        421       110       804       972         -     2,307 
 
   5.      Investment management fees 

TPIM provides investment management and administration services to the Company under an Investment Management Agreement effective 6 February 2008 and deeds of variation to that agreement effective 21 November 2012, 28 October 2014 and 7 October 2016.

Ordinary Shares: The agreement provides for an investment management fee of 1.5% per annum of net assets payable quarterly in arrear for the Ordinary Shares. For the Ordinary Shares issued under the 2007 offer the agreement ran until 6 February 2014 after which the management fee of 1.5% has not been charged. For all other Ordinary Shares the appointment shall continue until at least 30 April 2018. Thereafter there is a 1% exit fee on all funds returned to shareholders.

A Shares: The agreement provides for an investment management fee of 1.5% per annum of net assets payable quarterly in arrear until 30 April 2017. Thereafter there is a 1% exit fee on all funds returned to shareholders.

C shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions to the C Shareholders exceeding the C Share hurdle, the Investment Manager will be entitled to a performance incentive fee of 20%.

D shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions to the D Shareholders exceeding the D Share hurdle, the Investment Manager will be entitled to a performance incentive fee of 20%.

E shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions to the E Shareholders exceeding the E Share hurdle, the Investment Manager will be entitled to a performance incentive fee of 20%.

To date there have been no performance fees paid.

An administration fee equal to 0.25% per annum of the Company's net assets is payable quarterly in arrear.

 
                             Ord Shares  A Shares  C Shares  D Shares  E Shares    Total 
                                GBP'000   GBP'000   GBP'000   GBP'000   GBP'000  GBP'000 
6 months ended 30 September 2017 
Unaudited 
Investment Management Fees           89         3       145       145       281      663 
Administration Fees                  17         3        18        18        35       91 
Exit Fees                             3        22         -         -         -       25 
                                    109        28       163       163       316      779 
 
 
Year ended 31 March 2017 
Audited 
Investment Management Fees          173        32       279       273         -      757 
Administration Fees                  33         6        35        34         -      108 
Exit Fees                             -         -         -         -         -        - 
                                    206        38       314       307         -      865 
 
 
   6.      Directors' remuneration 
 
                       Ord Shares  A Shares  C Shares  D Shares  E Shares    Total 
 Unaudited                GBP'000   GBP'000   GBP'000   GBP'000   GBP'000  GBP'000 
 6 months ended 30 
  September 2017 
 David Frank                    2         -         2         2         4       10 
 Simon Acland                   2         -         2         2         3        9 
 Michael Stanes                 1         1         1         1         4        8 
                                5         1         5         5        11       27 
Audited 
 Year ended 31 March 
  2017 
 David Frank                    6         1         6         5         -       18 
 Simon Acland                   5         1         5         5         -       16 
 Michael Stanes                 5         -         5         6         -       16 
                               16         2        16        16         -       50 
 

Directors' remuneration is allocated proportionately against each share class.

   7.      Taxation 
 
                               Ord Shares  A Shares  C Shares  D Shares  E Shares    Total 
                                  GBP'000   GBP'000   GBP'000   GBP'000   GBP'000  GBP'000 
 Unaudited 
 6 months ended 30 September 
  2017 
 Profit/(loss) on ordinary 
  activities before tax               109        69       499       289     (266)      700 
 
 Corporation tax @ 19%                 21        13        95        55      (51)      133 
 Effect of: 
 Capital (gains) not 
  taxable                             (8)      (18)         -         -         -     (26) 
 Income received not 
  taxable                               -         -      (57)         -         -     (57) 
 Disallowed expenditure                 -         6         -         -         -        6 
 Tax charge/(credit)                   13         1        38        55      (51)       56 
 
 Audited 
 Year ended 31 March 
  2017 
 Profit on ordinary 
  activities before tax               429        73       957       652         -    2,111 
 
 Corporation tax @ 20%                 86        15       192       130         -      423 
 Effect of: 
 Capital (gains) not 
  taxable                            (52)       (2)     (103)       (7)         -    (164) 
 Prior year adjustment                (3)       (1)         -       (9)         -     (13) 
 Tax charge                            31        12        89       114         -      246 
 

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

   8.      Earnings/(loss) per share 

The earnings per share for Ordinary Shares is based on the profit after tax of GBP97,000, and on the weighted average number of shares in issue during the period of 19,463,120, which is equal to the number of shares at 30 September 2017.

The earnings per share for A Shares is based on the profit after tax of GBP68,000, and on the weighted average number of shares in issue during the period of 5,131,353, which is equal to the number of shares at 30 September 2017.

The earnings per share for C Shares is based on the profit after tax of GBP461,000, and on the weighted average number of shares in issue during the period of 13,441,438, which is equal to the number of shares at 30 September 2017.

The earnings per share for D Shares is based on the profit after tax of GBP234,000, and on the weighted average number of shares in issue during the period of 13,701,636, which is equal to the number of shares at 30 September 2017.

The loss per share for E Shares is based on the loss after tax of GBP216,000, and on the weighted average number of shares in issue during the period of 28,125,594.

   9.      Cash and cash equivalents 

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

   10.    Share capital 
 
                                    30 September 2017  31 March 2017 
Ordinary Shares of GBP0.01 each 
Issued & Fully Paid 
   No. Of Shares                           19,463,120     19,463,120 
   Par Value GBP'000                              195            195 
 
A Ordinary Shares of GBP0.01 each 
Issued & Fully Paid 
   Number of shares                         5,131,353      5,131,353 
   Par Value GBP'000                               51             51 
 
C Ordinary Shares of GBP0.01 each 
Issued & Fully Paid 
   Number of shares                        13,441,438     13,441,438 
   Par Value GBP'000                              135            135 
 
D Ordinary Shares of GBP0.01 each 
Issued & Fully Paid 
   Number of shares                        13,701,636     13,701,636 
   Par Value GBP'000                              137            137 
 
E Ordinary Shares of GBP0.01 each 
Issued & Fully Paid 
   Number of shares                        28,949,575              - 
   Par Value GBP'000                              290              - 
 
 
   11.    Net asset value per share 

The calculation of the Company's net asset value per share for Ordinary Shares is based on the Company's net assets attributable to the Ordinary Shares of GBP12,210,000 divided by the 19,463,120 Ordinary Shares in issue.

The calculation of the Company's net asset value per share for A Shares is based on the Company's net assets attributable to the A Shares of GBP964,000 divided by the 5,131,353 A Shares in issue.

The calculation of the Company's net asset value per share for C Shares is based on the Company's net assets attributable to the C Shares of GBP14,103,000 divided by the 13,441,438 C Shares in issue.

The calculation of the Company's net asset value per share for D Shares is based on the Company's net assets attributable to the D Shares of GBP13,962,000 divided by the 13,701,636 D Shares in issue.

The calculation of the Company's net asset value per share for E Shares is based on the Company's net assets attributable to the E Shares of GBP28,734,000 divided by the 28,949,575 E Shares in issue.

   12.    Commitments and contingencies 

The Company had no commitments or contingent liabilities at 30 September 2017.

   13.    Relationship with Investment Manager 

During the period TPIM provided investment management and administration services to the Company for a fee amounting to GBP778,554. At 30 September 2017 GBP466,121 was due to TPIM.

   14.    Related party transactions 

There are no related party transactions.

   15.    Post balance sheet events 

There were no post balance sheet events.

   16.    Dividends 

Ordinary Shares:

The Company paid a dividend to Ordinary Class Shareholders of GBP1,459,734, equal to 7.5p per share, on 14 July 2017. This included a special dividend of 2.5p per share in addition to the regular annual dividend of 5p per share.

A Shares:

The Company paid a dividend to A Class Shareholders of GBP1,282,838, equal to 25p per share, on 14 July 2017. The Board has resolved to pay a further dividend to A Class Shareholders of GBP912,868, equal to 17.79p per share on 8 December 2017 to shareholders on the register on 24 November 2017. Following payment of this dividend the shares will be cancelled and a final distribution of 1p per share paid in the first quarter of 2018.

C Shares:

The Company paid a dividend to C Class Shareholders of GBP672,072, equal to 5p per share, on 14 July 2017.

D Shares:

The Company paid the first dividend to D Class Shareholders of GBP685,082, equal to 5p per share, on 14 July 2017.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 09, 2017 11:31 ET (16:31 GMT)

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