Triple Point Income VCT PLC Interim Management Statement (6903F)

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RNS Number : 6903F

Triple Point Income VCT PLC

22 February 2018

LEI: 213800IXD8S5WY88L245

Triple Point Income VCT plc

22 February 2018

Interim Management Statement for the quarter ended 31 December 2017

Highlights

The Company

The Company continues to meet all VCT qualifying conditions in respect of its portfolio of VCT unquoted qualifying investments and unquoted and quoted non-qualifying investments.

Ordinary Share Class

-- Net Asset Value ("NAV") has increased by 0.35p to 63.08p per share as a result of the profit generated during the period.

-- At 31 December 2017 the total paid by way of dividends to shareholders was 33.06p per share, bringing the total return to 96.14p per share. This compares to a weighted average subscription share price of 83.6p per share.

-- Towards the end of the period, two established companies operating digital cinema technology, into which Triple Point Income VCT plc had invested historic Ordinary Share Class funds, had expanded their trading activities into the production and sale of electricity through operating solar PV systems. It is expected that these companies would further diversify into solar PV energy production in the near future whilst the digital cinema operations are expected to wind down.

-- In December the Ordinary Share Class disposed of its investment in Cmore Energy Ltd, a company operating a ground mount solar site. The disposal is in line with the Company's strategy to realise Ordinary Share Class investments and return funds to the Ordinary Shareholders as soon as practicable after the end of the 5 year holding period in May 2018.

   --      The Ordinary Share Class investment portfolio split by sector at 31 December 2017 is: 
 
 Cinema Digitisation/Solar 
  PV                          32% 
 Crematorium Management        6% 
 Hydro Electric Power         27% 
 Electricity Generation 
  - Other                     28% 
 SME Funding - Other           4% 
 SME Funding - Hydro 
  Electric Power               3% 
 

A Share Class

-- Net Asset Value ("NAV") at 31 December 2017 was 1p per share following the payment of a 17.79p per share dividend on 8 December 2017. The A Shares were cancelled on 13 February 2018 and the final distribution of 1p will be paid to shareholders on 9(th) March 2018.

-- At 31 December 2017 the total paid by way of dividends to shareholders was 98.99p per share, bringing the total return to 99.99p. This compares to a weighted average subscription share price of 86.4p per share.

C Share Class

-- Net Asset Value ("NAV") has increased to 105.53p per share as a result of profit generated during the period of 0.61p per share.

-- At 31 December 2017 the total paid by way of dividends to shareholders was 10.00p per share, bringing the total return to 115.53p per share.

-- The share class remains on target to pay a further 5p per share in the second quarter of 2018.

-- 100% of the C Share Class investments are in the hydro-electric power sector, in line with the investment strategy.

   --      The C Share Class investment portfolio split by sector at 31 December 2017 is: 
 
 Hydro Electric Power    79% 
 SME Funding - Hydro 
  Electric Power         21% 
 

D Share Class

-- Net Asset Value ("NAV") has increased to 102.78p per share as a result of profit generated during the period of 0.88p per share.

-- The share class remains on target to pay a further 5p per share in the second quarter of 2018.

-- 94% of the D Share investments are in the Hydro Electric Power sector, in line with the investment strategy.

   --      The D Share Class investment portfolio split by sector at 31 December 2017 is: 
 
 Hydro Electric Power    85% 
 SME Funding - Hydro 
  Electric Power          9% 
 SME Funding - Other      6% 
 

E Share Class

-- The Net Asset Value ("NAV") at 30 December 2017 was 98.92p per share. The loss during the period of 0.33p per share was due to fixed overheads exceeding income, which will start to reverse as further investments are made and returns are received.

-- During the period the E Share Class made a qualifying investment of GBP5 million into a company which is intending to build a pioneering vertical growing facility. The facilities will produce premium quality fresh salads and herbs in indoor, laboratory-like conditions.

-- Also during the period the E Share Class made a non-qualifying investment of GBP3 million by purchasing quoted shares in Triple Point Social Housing REIT Plc. The investment is expected to generate returns of 5% per annum.

   --      The E Share Class investment portfolio split by sector at 31 December 2017 is: 
 
 Vertical Growing       51% 
 Quoted Investments     30% 
 SME Funding - Hydro 
  Electric Power         4% 
 SME Funding - Other    15% 
 

Net Assets at 31 December 2017:

 
                                                        31-Dec-17 
                                                        Unaudited 
                               Ord. 
                               Shares   A Shares   C Shares   D Shares   E Shares    Total 
---------------------------  --------  ---------  ---------  ---------  ---------  -------- 
                              GBP'000   GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
 VCT qualifying 
  unquoted investments         8,779       -        10,269     10,928     5,000     34,976 
 VCT non qualifying 
  unquoted investments         1,692       -        3,434      2,197      1,846      9,169 
 VCT non qualifying 
  quoted investments             -         -          -          -        3,000      3,000 
                                       ---------  ---------  ---------  --------- 
                              10,471       -        13,703     13,125     9,846     47,145 
---------------------------  --------  ---------  ---------  ---------  --------- 
 Cash and cash equivalents     1,794       80        435        102       18,884    21,295 
--------------------------- 
 Total Investments            12,265       80       14,138     13,227     28,730    68,440 
---------------------------  --------  ---------  ---------  ---------  --------- 
 Other assets & 
  liabilities                   11        (29)        47        856        (93)       792 
---------------------------  --------  ---------  ---------  ---------  --------- 
 Net assets                   12,276       51       14,185     14,083     28,637    69,232 
---------------------------  --------  ---------  ---------  ---------  --------- 
 Net asset value 
  per share (p)                63.08      1.00      105.53     102.78     98.92       n/a 
---------------------------  --------  ---------  ---------  ---------  ---------  -------- 
 
 
                                                        31-Mar-17 
                                                         Audited 
                               Ord. 
                               Shares   A Shares   C Shares   D Shares   E Shares    Total 
---------------------------  --------  ---------  ---------  ---------  ---------  -------- 
                              GBP'000   GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
 VCT qualifying 
  unquoted investments        10,000      789       10,269     10,928       -       31,986 
 VCT non qualifying 
  unquoted investments         1,705      957       3,891      2,197                 8,750 
                              11,705     1,746      14,160     13,125       -       40,736 
---------------------------  --------  ---------  ---------  ---------  ---------  -------- 
 Cash and cash equivalents     1,632      146        257        499         -        2,534 
---------------------------                                             --------- 
 Total Investments            13,337     1,892      14,417     13,624       -       43,270 
---------------------------  --------  ---------  ---------  ---------  ---------  -------- 
 Other assets & 
  liabilities                   236       287       (103)       789         -        1,209 
---------------------------  --------  ---------  ---------  ---------  ---------  -------- 
 Net assets                   13,573     2,179      14,314     14,413       -       44,479 
---------------------------  --------  ---------  ---------  ---------  ---------  -------- 
 Net asset value 
  per share (p)                69.74     42.46      106.49     105.19       -         n/a 
---------------------------  --------  ---------  ---------  ---------  ---------  -------- 
 

For further information, please contact Ben Beaton or Belinda Thomas at Triple Point Investment Management LLP on 0207 201 8989.

This information is provided by RNS

The company news service from the London Stock Exchange

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February 22, 2018 09:30 ET (14:30 GMT)