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| 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 |
From Feb 2020 to Feb 2025
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
Hot Features
Premium
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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(END) Dow Jones Newswires
November 09, 2017 11:31 ET (16:31 GMT)
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