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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Triple Point Income Vct Plc | LSE:TPVC | London | Ordinary Share | GB00BGSH2G43 | C 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% | 2.00 | 1.00 | 3.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTPVE TIDMTPVD TIDMTPVC
RNS Number : 6863G
Triple Point Income VCT PLC
17 November 2022
17 November 2022
Triple Point Income VCT plc
(the "Company")
RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2022
The Directors of Triple Point Income VCT plc are pleased to announce the unaudited results for the six months ended 30 September 2022.
You may view the Interim Report in due course on the Triple Point website: www.triplepoint.co.uk . Please note that page numbers in this announcement are in reference to the Interim Report.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management Tel: 020 7201 8989 LLP (Investment Manager) Jonathan Parr Belinda Thomas
The Company's LEI is 213800IXD8S5WY88L245
Further information on the Company can be found on its website https://www.triplepoint.co.uk/current-vcts/triple-point-income-vct-plc/s1238/ .
Financial Summary
Six months ended 30 September 2022 C Shares D Shares E Shares Total Net assets GBP'000 1,017 1,183 23,595 25,795 Net asset value per share Pence 7.61p 8.70p 81.53p ----------------------- ---------- ---------- ---------- ---------- -------- Net profit before tax GBP'000 (18) 5 1,377 1,364 Earnings per share Pence (0.14p) 0.03p 4.76p ----------------------- ---------- ---------- ---------- ---------- -------- Cumulative return to Shareholders (p) Net asset value per share 7.61p 8.70p 81.53p Dividends paid 147.75p 116.75p 32.50p Net asset value plus dividends paid 155.36p 125.45p 114.03p ----------------------------------- ---------- ---------- ---------- -------- Year ended 31 March 2022 C Shares D Shares E Shares Total Net assets GBP'000 1,035 1,178 22,218 24,431 Net asset value per share Pence 7.75p 8.67p 76.76 - ----------------------- ---------- ---------- ---------- ---------- -------- Net profit before tax GBP'000 (179) (568) 928 181 Earnings per share Pence (1.33p) (4.17p) 3.17p ----------------------- ---------- ---------- ---------- ---------- -------- Cumulative return to Shareholders (p) Net asset value per share 7.75p 8.67p 76.76p - Dividends paid 147.75p 116.75p 32.50p - ---------- Net asset value plus dividends paid 155.50p 125.42p 109.26p - ----------------------------------- ---------- ---------- ---------- -------- Six months ended 30 September 2021 Unaudited C Shares D Shares E Shares Total Net assets GBP'000 10,936 7,968 26,444 45,348 Net asset value per share Pence 81.56p 58.57p 91.38p ----------------------- ---------- ---------- ---------- ---------- -------- Net profit/(loss) before tax GBP'000 (3) 123 89 209 Earnings/(loss) per share Pence (0.01p) 0.74p 0.29p ----------------------- ---------- ---------- ---------- ---------- -------- Cumulative return to shareholders (p) Net asset value per share 81.56p 58.57p 91.38p Dividends paid 75.25p 71.75p 15.00p Net asset value plus dividends paid 156.81p 130.32p 106.38p ----------------------------------- ---------- ---------- ---------- --------
Triple Point Income VCT plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP ("TPIM" or "Triple Point"). The Company was incorporated in November 2007 and currently has three classes of issued Ordinary Shares:
-- C Ordinary Shares ("C Shares"): these are the shares issued in the Offer that closed on 27 May 2014. A total of GBP14 million was raised and 13,413,088 C Shares were issued.
-- D Ordinary Shares ("D Shares"): these are the shares issued in the Offer that closed on 30 April 2015. A total of GBP14.3 million was raised and 13,604,637 D Shares were issued.
-- E Ordinary Shares ("E Shares"): these are the shares issued in the Offer that closed on 15 May 2017. Just under GBP30 million was raised and 28,940,076 E Shares were issued.
Key Highlights
-- C Shares Cumulative Dividends Paid(1) : 147.75p (Nil C share dividend was paid during the period).
-- D Shares Cumulative Dividends Paid(1) : 116.75p (Nil D share dividend was paid during the period).
-- E Shares Cumulative Dividends Paid(1) : 32.50p (Nil E share dividend was paid during the period).
-- Total Return per C Share(2) : 155.36p -- Total Return per D Share(2) : 125.45p -- Total Return per E Share(2) : 114.03p
(1) The following dividends have been paid to shareholders following the period end:
-- 5.24p per share to C Class Shareholders paid on 21 October 2022; -- 6.02p per share to D Class Shareholders paid on 21 October 2022; -- 4.76p per share to E Class Shareholders paid on 21 October 2022; and -- 7.24p per share to E Class Shareholders paid on 4 November 2022.
(2) Total Return is made up by current Net Asset Value plus Dividends paid to date. Total Return is defined as an Alternative Performance Measure ("APM"). Total Return, calculated by reference to the cumulative dividends paid plus net asset value (excluding tax reliefs received by shareholders), is the primary measure of performance in the VCT industry and the Board considers Total Return to be the primary measure of shareholder value .
Chair's Statement
I am pleased to present the Interim Report for the Company for the period ended 30 September 2022.
We are very pleased to report that, shortly after the end of the reporting period, we successfully sold our investment in Green Peak Generation Limited ("Green Peak") for a tota l of GBP2,633,610, repres enting a 4.36% uplift in the E Share Class's total return from 31 March 2022 following renewed interest in these types of assets due to changes in the energy market landscape. Further information on the sale and next steps for the E share class can be found below and in the Investment Manager's Review .
The Company's funds on 30 September 2022 were 80.61 % invested in a portfolio of VCT qualifying and non-qualifying unquoted investments. It continues to meet the condition that 80% of relevant funds must be invested in qualifying investments.
The wind-up and cancellation of the C and D Share Classes has commenced and funds are expected to be returned to C and D Class shareholders before the end of 2022. The E Share Class has realised investments in Green Peak and in Furnace Managed Services Limited ("FMS"). Further information regarding these share classes is set out in this Chair's Statement and in the Investment Manager's Review below.
Regulation
The Company continued to satisfy all requirements relevant to its status as a Venture Capital Trust.
C Share Class
The C Share Class recorded a loss over the period of 0.14 pence per share. At 30 September 2022 the net asset value stood at 7.61 pence per share and is represented solely by cash and debtors, as its investment portfolio has been realised. Adding back the total dividends paid to date of 147.75 pence per share takes the total return, including the net asset value, to 155.36 pence per share. A dividend of 5.24 pence per share was paid after the period end on 21 October 2022 to the C Class Shareholders.
As previously indicated by the Company, following the disposals of the Company's hydroelectric power assets it is the Company's intention to wind down and cancel the C Share Class . Shareholders approved the reduction of the Company's share capital through a cancellation of the C Share Class at the General and Class Meetings held on 4 October 2022. It is expected that the share class will be wound up and a final return of capital be made to C Share Class Shareholders in early December 2022. The value to be distributed will also be subject to associated wind-up fees and costs payable on distribution.
D Share Class
The D Share Class recorded a profit over the period of 0.03 pence per share. At 30 September 2022 the net asset value stood at 8.70 pence per share and is represented solely by cash and debtors, as its investment portfolio has been realised. Adding back the total dividends paid to date of 116.75 pence per share takes the total return, including the net asset value, to 125.45 pence per share. During the period, the Company transferred its interest in Green Highland Shenval Limited (Shenval), a hydroelectric power company, from the D Share Class to the E Share Class at its most recent audited value (31 March 2022) and adjusted for developments since that date. A dividend of 6.02 pence per share was paid after the period end on 21 October 2022 to the D Class Shareholders.
As previously indicated by the Company, following the disposals of the Company's hydroelectric power assets and the transfer of the final hydroelectric asset to the E Share Class, it is the Company's intention to wind down and cancel the D Share Class . Shareholders approved the reduction of the Company's share capital through a cancellation of the D Share Class at the General and Class Meetings held on 4 October 2022. It is expected that the share class will be wound up and a final return of capital be made to D Share Class Shareholders in early December 2022. The value to be distributed will also be subject to associated wind-up fees and costs payable on distribution.
E Share Class
The E Share Class holds a diverse portfolio of investments spanning controlled environment agriculture, solar, gas fired energy and hydroelectric power. The E Share Class held an investment in FMS which owned and operated a crematorium. The investment in FMS was fully divested during the period. The E Share Class recorded a profit over the period of 4.76 pence per share. At 30 September 2022 the net asset value stood at 81.53 pence per share. Adding back the total dividends paid of 32.50 pence per share takes the total return, including the net asset value, to 114.03 pence per share. A dividend of 4.76 pence per share was paid after the period end on 21 October 2022 and an additional dividend of 7.24 pence per share was paid on 4 November 2022 to the E Class Shareholders following the sale of its gas fired energy holdings.
Following the period end on 10 October 2022, the Company completed the sale of its gas fired energy holdings by selling its investment in Green Peak for total consideration of GBP2,633,610, as part of a wider portfolio sale of gas fired energy generation companies and following a competitive bidding process.
As a result of that sale, the Board announced a dividend of 7.24 pence per share for E Shareholders to return the net proceeds of the sale of these assets and to ensure the Company's continuing qualifying status. As announced by the Company on 31 October 2022, the interim dividend of 12.0 pence per share to E Class Shareholders was corrected to 7.24 pence per share, following an administrative error in the calculation of the amount available for distribution, which did not account for the interim dividend of 4.76 pence per share paid to E Class Shareholders on 21 October 2022. We appreciate this will have caused some disappointment for E Class Shareholders and we and the Investment Manager would like to apologise for any inconvenience caused. The Investment Manager has implemented improved internal controls.
Also, as a result of the sale, the E Share NAV increased due to achieving a price significantly higher than the previous valuation on 31 March 2022. Since that date the operating performance of Green Peak has improved significantly and the energy market landscape moved in favour of gas fired energy assets, leading to significant improvements in actual and projected trading performance.
The Company also sold its final residual interest in crematorium business FMS for total consideration of GBP25,001. This investment outperformed expectations at the point of its original investment as a result of contract extensions with the Local Authority.
The Company's investment in Perfectly Fresh Cheshire ("PFC") continues to progress slowly, but has nonetheless achieved some positive milestones. PFC maintains a strong trading relationship with a leading retailer, whilst also establishing new opportunities with further retail market leaders who desire to create a premium tier product offering in their stores. PFC has faced challenges during the year in its ability to capitalise on the demand seen for its product, due to very limited growing capacity and difficulties in securing a new facility, given the increase in material costs and operating expenses. However, PFC has continued to pursue its expansion plan and it is expected that the first funding round will be launched in Q4 2022.
The solar and hydroelectric power investments continue to perform in line with expectations.
Outlook
The macroeconomic environment for the UK and internationally looks increasingly challenging with the energy crisis and related cost of living/inflation pressures being met by central banks which are still raising interest rates. That interest rates are rising, even as economic headwinds blow harder, is a new development relative to the experience of the last few decades where, in the US and UK in particular, monetary policy tended to loosen quite early in economic downturns. Thus, we are not complacent about the portfolio.
Initial discussions, and levels of interest between PFC and potential investors are positive and customer engagement and interest in PFC's product continue to remain strong. However, given the current macroeconomic environment, and rising operating costs, it will be challenging for PFC to scale up and capitalise on increasing demand, and we will continue to monitor this.
The Company's solar and hydro investments are expected to be more resilient to the current macroeconomic climate, with contracted revenues and inflation-linked subsidies dominating the revenue stack. However, we remain cautious about the prospect of possible regulatory change including for example the possibility of an energy price cap or additional taxation on profits. We will continue to monitor these developments.
In respect of the C Share Class and the D Share Class, the next stage is for the Company to wind-up and ultimately for it to cancel these share classes, which is expected in early December 2022, with final distributions to be paid to enable the Company to maintain its VCT qualifying status.
If you have any questions or comments, please do not hesitate to contact Triple Point on 020 7201 8989.
David Frank
Chair
16 November 2022
Investment Manager's Review
Sector Analysis
The unquoted investment portfolio can be analysed as follows:
Electricity Generation SME Funding Solar Controlled & Gas Environment Hydroelectric Fired Industry Sector Agriculture Power Energy Other Total Investments --------------- --------- ------------- GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------------- --------------- --------- ------------- ------------------- Investments at 30 September 2022 ------------------------------------------------------------------------------ E Shares 6,788 749 9,269 4,694 21,500 -------------- --------------- --------- ------------- ------------------- Total 6,788 749 9,269 4,694 21,500 -------------- --------------- --------- ------------- ------------------- Total investments % 31.57% 3.48% 43.12% 21.83% 100.00% -------------- --------------- --------- ------------- -------------------
Investments by Sector - E Share Class
Controlled Environment Agriculture 32% Electricity Generation - Hydroelectric Power 3% ----- Electricity Generation - Solar & Gas Fired Energy 43% ----- SME Funding - Other 22% -----
We are pleased to present our interim review of the six months ended 30 September 2022.
The VCT was established to fund small and medium-sized enterprises. As at 30 September 2022 it has three share classes. The overall portfolio comprises investments in 9 small, unquoted companies spanning sectors including hydroelectric power, solar, gas fired energy, SME funding and controlled environment agriculture.
At 30 September 2022 the Company continues to meet the condition that at least 80% of relevant funds must be invested in VCT qualifying investments within three years.
Review and Future Developments
The UK and global economy bounced back from Covid-19 only to be faced with a severely inflationary environment caused by the QE and fiscal expansion that governments undertook during Covid, by supply chain disruption and by the rising costs of energy as a result of the Russia-Ukraine war. This has resulted in a fall in global stock markets, a sharp rise in bond yields and economic weakness in the UK and EU. This has affected and will continue to affect valuations of businesses both in the public and private markets.
Only the E Share Class within the Company remains fully invested as both the C and D Share Classes are in the process of being wound down. The E Share Class contains investments across rooftop solar, gas fired energy, hydroelectric power, and controlled environment agriculture.
C and D Share Classes
The C and D Share Classes are represented solely by cash and are in the process of being wound down to enable the Company to return funds to these shareholders.
E Share Class
Crematorium Management
The Company held an investment in a business called FMS that provided crematory and mercury abatement services for the crematoria of a London Borough. This investment received revenues from local authorities and generated a steady return over the years it has been held. The Company sold its final residual interest in the business for total consideration of GBP25,001. This investment has outperformed expectations at the point of its original investment as a result of contract extensions with the Local Authority.
Hydroelectric Power
The remaining hydroelectric power asset, Shenval, performed in line with expectations and there were no material asset management concerns. Shenval recently appointed a new external asset manager to optimise the performance of the asset. The investment is protected in a high inflationary environment due to its revenues being linked to RPI.
Solar
The Company holds four separate portfolios of rooftop solar systems which are performing in line with expectations and there were no material asset management concerns. The companies each recently appointed an external asset manager to optimise the performance of the assets. The investments are protected in a high inflationary environment due to revenues being linked to RPI.
Controlled Environment Agriculture
The Company holds an investment in a controlled environment agriculture business called PFC, which trades under the brand name, Perfectly Fresh. Over the last 6 months, the business has continued to pursue its plan for product improvement and expansion of its growing facilities.
Existing Site Performance
The existing product facility at Alderley Edge has continued to produce product successfully and perform slightly ahead of forecasted revenue. Perfectly Fresh has continued to ramp up production with the aim of reaching 0.5 tonnes per week by 31 December 2022. Over the last 6 months, since the re-fresh of the Alderley site, the business has been able to increase supply to its leading retail partner without any breaks in production.
A site for a second larger Perfectly Fresh facility had been identified.
Customer Relationships
Perfectly Fresh is in discussions with both its existing customer and other retailers to supply product from the planned second facility. Overall, the customer engagement and interest in Perfectly Fresh controlled environment agriculture salad is strong, and believed to be sufficient to support the funding and development of the second facility.
Restructure and Funding
As reported in our 2022 Annual Report, the Perfectly Fresh senior team has expanded and refined the strategy to help the company scale. This includes a restructure and rebranding exercise to broaden the customer base and enable the business to conduct a professional fund-raising round. The restructure is progressing, with a newly branded website and online presence launched in early November 2022.
Early discussions with potential investors have demonstrated interest, and Perfectly Fresh is expecting to launch an initial funding round in Q4 2022.
Challenges
The cost plan for the planned new facility has proved challenging, given the increase in material costs and operational expenses. Perfectly Fresh is looking to value engineer a solution and continues to explore other options, as its current growing capacity is limiting its ability to capitalise on the demand for its product.
The impact of the general macroeconomic environment in the UK on fund raising is unknown, but initial discussions and levels of interest have been positive.
Gas Fired Energy
Following an extensive process to improve the operating performance of the gas fired energy generation centre we entered into discussions for the disposal of this investment to an independent third party. We are pleased to announce that on 10 October 2022 following a competitive tender process we completed on the sale of the Company's investment in Green Peak for total consideration of GBP 2,633,610. This was part of a wider portfolio sale of gas-fired energy generation companies to a third party, independent of the Investment Manager.
The carrying value was last updated at the year-end which was a time when there was significant uncertainty over the valuation of the assets. In addition to the uncertainty around secondary market valuation for this type of asset, the centre had experienced some downtime and issues in relation to water ingress. Since then, the asset was fully repaired and operated well. Following the Russia-Ukraine war and ensuing energy market volatility, the market has also moved in favour of generating assets, leading to significant improvements in trading performance and increased interest from prospective secondary market acquirors. As a result we have been able to secure prices for these investments which we believe to be attractive and which led to securing an uplift in valuations for E Shareholders.
Outlook
As stated in the Chair's letter, in respect of the C and D Share Classes, the next stage is for the Company to wind up and ultimately for it to cancel these share classes, which is expected to take place in early December 2022, following which final distributions will be made to investors.
The Company's solar and hydroelectric investments are expected to perform well in the current macroeconomic climate, with contracted revenues and inflation-linked subsidies dominating the revenue stack. However, we remain cautious about the prospect of possible regulatory or tax changes and will continue to monitor these developments.
If you have any questions, please do not hesitate to call us on 020 7201 8989.
Jonathan Parr
Partner, Head of Energy
Triple Point Investment Management LLP
16 November 2022
Investment Portfolio Summary
Unaudited Audited 30 September 2022 31 March 2022 ---------------------------------------- ---------------------------------------- Cost Valuation Cost Valuation GBP'000 % GBP'000 % GBP'000 % GBP'000 % Unquoted qualifying holdings 11,750 60.61 16,806 66.54 12,002 59.42 15,379 64.17 Quoted non-qualifying holdings - - - - Unquoted non-qualifying holdings 3,877 20.00 4,694 18.58 4,365 21.61 4,755 19.84 Financial assets at fair value through profit or loss 15,627 80.61 21,500 85.12 16,367 81.03 20,134 84.01 Cash and cash equivalents 3,761 19.39 3,761 14.88 3,831 18.97 3,831 15.99 19,388 100.00 25,261 100.00 20,198 100.00 23,965 100.00 ========= ======== ========= ======== ========= ======== ========= ======== Qualifying Holdings Unquoted Solar Digima Limited 1,262 6.51 2,139 8.47 1,262 6.25 2,139 8.93 Digital Screen Solutions Limited 2,020 10.42 3,061 12.12 2,020 10.00 3,061 12.77 Green Energy for Education Limited 400 2.06 1,435 5.68 400 1.98 1,435 5.99 Hydroelectric Power Green Highland Shenval Limited 868 4.48 749 2.97 1,120 5.55 750 3.13 Gas Fired Energy Green Peak Generation Limited 2,200 11.35 2,634 10.43 2,200 10.89 1,206 5.03 Controlled Environment Agriculture Perfectly Fresh Cheshire Limited 5,000 25.79 6,788 26.87 5,000 24.75 6,788 28.32 11,750 60.61 16,806 66.54 12,002 59.42 15,379 64.17 Unquoted Crematorium Management Furnace Managed Services Limited - - - - 488 2.42 60 0.25 SME Funding Hydroelectric Power: Broadpoint 2 Limited 1,159 5.98 1,379 5.46 1,159 5.74 1,379 5.75 Broadpoint 3 Limited - - - - Other: Aeris Power Limited 518 2.67 644 2.55 518 2.56 644 2.69 Funding Path Limited 2,200 11.35 2,671 10.57 2,200 10.89 2,672 11.15 3,877 20.00 4,694 18.58 4,365 21.61 4,775 19.84 --------- -------- --------- -------- --------- -------- --------- --------
Principal Risks and Uncertainties
The Audit Committee, which assists the Board with its responsibilities for managing risk, considers that the principal risks and uncertainties as presented on pages 22 to 24 of our 2022 Annual Report were unchanged during the period and will remain unchanged for the remaining six months of the financial year.
The following additional emerging risk has been identified, and is detailed below:
Emerging Risks
Macroeconomic Environment
The macroeconomic environment for the UK and internationally looks increasingly challenging with the energy crisis and related cost of living/inflation pressures being met by central banks which are still raising interest rates. That interest rates are rising even as economic headwinds blow harder is a new development relative to the experience of the last few decades where, in the US and UK in particular, monetary policy tended to loosen quite early in economic downturns. This time we appear to be faced by economic weakness and still rising interest rates which could lead to either a deep or a prolonged recession despite UK fiscal policies aimed at countering such a threat. Until inflation rates clearly peak and fall, the economic outlook is likely to remain difficult. Thus, we are not complacent about the portfolio.
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 six month period to 30 September 2022, the Directors confirm that, to the best of their knowledge, this condensed set of financial statements has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" as adopted by the European Union and that the Chair's statement on pages 8 to 12 includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8 of the Disclosure and Transparency rules of the United Kingdom's Financial Conduct Authority namely:
a) the Interim Financial Report includes a fair review of important events during the period and their effect on the Financial Statements and a description of specific risks and uncertainties for the remainder of the accounting period;
b) the Interim Financial Report gives a true and fair view in accordance with IFRS of the assets, liabilities, financial position and of the results of the Company for the period and complies with IFRS and the Companies Act 2006;
c) the Interim Financial Report includes a fair review of related party transactions and changes therein. There were no related party transactions for the accounting period; and
d) the Directors believe that the Company has sufficient financial resources to manage its business risks in the current uncertain economic outlook.
The Directors have reasonable expectations that the Company has adequate resources to continue in operational existence for at least the next 12 months. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
This Interim Financial Report has not been audited or reviewed by the Company's auditor.
David Frank
Chair
16 November 2022
Unaudited Statement of Comprehensive Income
Unaudited Audited Unaudited Six months ended Year ended Six months ended 30 September 2022 31 March 2022 30 September 2021 ------------------------------- ------------------------------- ------------------------------- 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 4 420 - 420 1,488 - 1,488 869 - 869 (Loss)/gain arising on the disposal of investments during the year - (461) (461) - 1,254 1,254 - 4 4 Gain arising on the revaluation of investments at the year end - 1,853 1,853 683 686 - 12 12 Investment return 420 1,392 1,812 1,488 1,937 3,425 869 16 885 --------- --------- --------- --------- --------- --------- --------- --------- --------- Investment management fees 5 183 61 244 616 205 821 349 116 465 Other expenses 204 - 204 575 1,732 2,307 226 - 226 Finance costs - - - 116 - 116 52 - 52 387 61 448 1,307 1,937 3,244 627 116 743 --------- --------- --------- --------- --------- --------- --------- --------- --------- Profit before taxation 33 1,331 1,364 181 - 181 242 (100) 142 --------- --------- --------- --------- --------- --------- --------- --------- --------- Taxation 7 (1) 1 - (30) 23 (7) (37) 22 (15) Profit after taxation 32 1,332 1,364 151 23 174 205 (78) 127 --------- --------- --------- --------- --------- --------- --------- --------- --------- Other comprehensive income - - - - - - - - - Total comprehensive income 32 1,332 1,364 151 23 174 205 (78) 127 --------- --------- --------- --------- --------- --------- --------- --------- --------- Basic and diluted earnings/(loss) per share (pence) C Share 8 (0.12p) (0.02p) (0.14p) (0.92p) (0.40p) (1.32p) 0.16p (0.17p) (0.01p) D Share 8 0.05p (0.02p) 0.03p 0.45p (4.62p) (4.17p) 0.86p (0.12p) 0.74p E Share 8 0.14p 4.62p 4.76p 0.73p 2.44p 3.17p 0.23p (0.14p) 0.09p 0.07p 6.58p 4.65p 0.26p (2.58p) (2.32p) 1.25p (0.43p) 0.82p
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 2022 2022 2021 Note GBP'000 GBP'000 GBP'000 Non-current assets Financial assets at fair value through profit or loss 21,500 20,134 46,876 -------------- ---------- --------------- Current assets Receivables 728 725 1,270 Cash and cash equivalents 9 3,761 3,831 193 4,489 4,556 1,463 -------------- ---------- --------------- Total Assets 25,989 24,690 48,339 -------------- ---------- --------------- Current liabilities Payables and accrued expenses 183 248 636 Current taxation payable 11 11 109 Short-term debt facility - - 2,300 194 259 3,045 -------------- ---------- --------------- Net Assets 25,795 24,341 45,294 ============== ========== =============== Equity attributable to equity holders of the parent Share capital 560 560 560 Share redemption reserve 1 1 1 Share premium - - 28,661 Special distributable reserve 23,628 23,628 9,069 Capital reserve 8,837 7,505 6,814 Revenue reserve (7,231) (7,263) 189 Total equity 25,795 24,431 45,294 ============== ========== =============== Shareholder' funds C Share 10 7.61p 7.75p 81.56p D Share 10 8.70p 8.67p 58.57p E Share 10 81.53p 76.76p 91.19p
The Statements were approved by the Directors and authorised for issue on 16 November 2022 and are signed on their behalf by:
David Frank
Chair
16 November 2022
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 Six months ended 30 September 2022 Opening balance 560 1 - 23,628 7,505 (7,263) 24,431 ---------- ------------- ---------- ---------------- ---------- ---------- ---------- Issue of new shares - - - - - - - Purchase of own shares - - - - - - - Dividends paid Transactions with owners - - - - - - - ---------- ------------- ---------- ---------------- ---------- ---------- ---------- Profit for the year - - - - 1,332 32 1,364 Other comprehensive income - - - - - - - Profit and total comprehensive income for the year - - - - 1,332 32 1,364 ---------- ------------- ---------- ---------------- ---------- ---------- ---------- Balance at 30 September 2022 560 1 - 23,628 8,837 (7,231) 25,795 ========== ============= ========== ================ ========== ========== ========== Capital reserve consists of: Investment holding gains 5,614 Other realised gains 3,223 8,837 ========== Year ended 31 March 2022 Opening balance 560 1 28,661 10,555 6,891 14 46,682 ---------- ------------- ---------- ---------------- ---------- ---------- ---------- Purchase of own shares - - - - - (29) (29) Cancellation of share premium - - (28,661) 28,661 - - - Dividends paid - - - (15,588) - (6,808) (22,396) T/f revenue to unrealised - - - - 591 (591) - Transactions with owners - - (28,661) 13,073 591 (7,428) (22,425) ---------- ------------- ---------- ---------------- ---------- ---------- ---------- Profit for the year Profit and total comprehensive income for the year - - - - 23 151 174 ---------- ------------- ---------- ---------------- ---------- ---------- ---------- Balance at 31 March 2022 560 1 - 23,628 7,505 (7,263) 24,431 ========== ============= ========== ================ ========== ========== ========== Capital reserve consists of: Investment holding gains 3,762 Other realised gains 3,743 7,505 ========== Six months ended 30 September 2021 Opening balance 560 1 28,661 10,555 6,892 13 46,682 ---------- ------------- ---------- ---------------- ---------- ---------- ---------- Issue of new shares - - - - - - - Purchase of own shares - - - - - (29) (29) Dividends paid - - - (1,486) - - (1,486) ---------- ------------- ---------- ---------------- ---------- ---------- ---------- Transactions with owners - - - (1,486) - (29) (1,515) Profit for the year - - - - (78) 205 127 ---------- ------------- ---------- ---------------- ---------- ---------- ---------- Other comprehensive income - - - - - - - ========== ============= ========== ================ ========== ========== ========== Profit and total comprehensive income for the year - - - - (78) 205 127 Balance at 30 September 2021 560 1 28,661 9,069 6,814 189 45,294 Capital reserve consists of: Investment holding gains 9,838 ========== Other realised losses (3,024) ========== 6,814 ==========
The capital reserve represents the proportion of Investment Management fees charged against capital and realised/unrealised gains or losses on the disposal/revaluation of investments. The unrealised capital reserve, share redemption reserve and share premium reserve are not distributable. The special distributable reserve was created on court cancellation of the share premium account. The revenue, special distributable and realised capital reserves are distributable by way of dividend.
At 30 September the total reserves available for distribution were GBP19,620,000. This consisted of the distributable revenue reserve, net of the realised capital loss, plus the special distributable reserve.
Unaudited Statement of Cash Flows
Unaudited Audited Unaudited Six months Six months ended Year ended ended 30 September 31 March 30 September 2022 2022 2021 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Profit before taxation 1,364 181 142 Adjustments for: Add back financing costs - 116 52 Transfer from revenue reserve to unrealised capital reserve - (591) - Loss/(gain) arising on the disposal of investments during the period 461 (1,254) (4) (Gain)/loss arising on the revaluation of investments at the period end (1,853) (683) (12) Cashflow generated by operations (28) (2,231) 178 (Increase)/decrease in receivables (3) 256 (284) Increase in payables (65) (204) 184 Cash flows from operating activities (96) (2,179) 78 -------------- ------------ -------------- Tax paid 1 (89) 1 Net cash flows from operating activities (95) (2,268) 79 -------------- ------------ -------------- Cash flow from investing activities Purchase of financial assets at fair value through profit or loss - Proceeds of sale of financial assets at fair value through profit or loss 25 30,419 1,160 Net cash flows from investing activities 25 30,419 1,160
-------------- ------------ -------------- Cash flows from financing activities Issue of new shares - - - Repayment of capital - (29) (29) Dividends paid - (22,396) (1,486) Proceeds from short-term debt - (2,300) (52) Financing costs - (116) Net cash flows from financing activities - (24,841) (1,567) -------------- ------------ -------------- Net (decrease)/increase in cash and cash equivalents (70) 3,310 (328) ============== ============ ============== Reconciliation of net cash flow to movements in cash and cash equivalents Opening cash and cash equivalents 3,831 521 521 Net (decrease)/increase in cash and cash equivalents (70) 3,310 (328) Closing cash and cash equivalents 3,761 3,831 193 ============== ============ ==============
The accompanying notes are an integral part of this statement.
Unaudited Non-Statutory Analysis - The C Share Fund
Statement of Comprehensive Income Six months ended Year ended Six months ended 30 September 2022 31 March 2022 30 September 2021 ------------------------------- ------------------------------- ------------------------------- Revenue Capital Total Revenue Capital Total Revenue Capital Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Investment income - - - 175 - 175 170 - 170 Realised gain on investments - - - - 1,277 1,277 Unrealised gain on investments - - - - - - - - - Investment return - - - 175 1,277 1,452 170 - 170 Investment management fees (8) (2) (10) (180) (1,331) (1,511) (108) (28) (136) Other expenses (8) - (8) (120) - (120) (36) - (36) Profit/(loss) before taxation (16) (2) (18) (125) (54) (179) 26 (28) (2) Taxation - - - (4) 5 1 Profit/(loss) after taxation (16) (2) (18) (125) (54) (179) 22 (23) (1) --------- --------- --------- --------- --------- --------- --------- --------- --------- Profit and total comprehensive income for the period (16) (2) (18) (125) (54) (179) 22 (23) (1) --------- --------- --------- --------- --------- --------- --------- --------- --------- Basic and diluted earnings/(loss) per share (0.12p) (0.02p) (0.14p) (0.92p) (0.40p) (1.32p) 0.16p (0.17p) (0.01p) --------- --------- --------- --------- --------- --------- --------- --------- --------- Balance Sheet Six months ended Year ended Six months ended 30 September 2022 31 March 2022 30 September 2020 GBP'000 GBP'000 GBP'000 Non-current assets Financial assets at fair value through profit or loss - - 11,035 --------- --------- --------- Current assets Receivables 10 255 272 Cash and cash equivalents 1,007 835 100 1,017 1,090 372 Current liabilities Payables - (55) (162) Corporation tax - - (8) Short-term debt facility - - (300) --------- --------- --------- Net assets 1,017 1,035 10,937 --------- --------- --------- Equity attributable to equity holders 1,017 1,035 10,937 --------- --------- --------- Net asset value per share 7.61p 7.75p 81.56p --------- --------- --------- Statement of Changes in Six months ended Year ended Six months ended Shareholders' 31 March Equity 30 September 2022 2022 30 September 2021 GBP'000 GBP'000 GBP'000 Opening shareholders' funds 1,035 11,194 11,194 Purchase of own shares - (21) (21) Profit for the period (18) (179) (1) Dividends paid - (9,959) (235) Closing shareholders' funds 1,017 1,035 11,184 --------- --------- ---------
Unaudited Non-Statutory Analysis - The D Share Fund
Statement of Comprehensive Income Six months ended Year ended Six months ended 30 September 2022 31 March 2022 30 September 2021 ------------------------------- ------------------------------- ------------------------------- Revenue Capital Total Revenue Capital Total Revenue Capital Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Investment income 26 - 26 337 - 337 289 - 289 Realised loss on investments - - - (153) (153) Unrealised gain on investments - - - 7 7 - - - Investment return 26 - 26 337 (146) 191 289 - 289 Investment management fees (9) (3) (12) (115) (483) (598) (118) (20) (138) Other expenses (9) - (9) (161) - (161) (28) - (28) Profit/(loss) before taxation 8 (3) 5 61 (629) (568) 143 (20) 123 Taxation (1) 1 - - - - (27) 4 (23) Profit after taxation 7 (2) 5 61 (629) (568) 116 (16) 100 --------- --------- --------- --------- --------- --------- --------- --------- --------- Profit and total comprehensive income for the period 7 (2) 5 61 (629) (568) 116 (16) 100 --------- --------- --------- --------- --------- --------- --------- --------- --------- Basic and diluted earnings/(loss) per share 0.05p (0.02p) 0.03p 0.45p (4.62p) (4.17p) 0.86p (0.12p) 0.74p
--------- --------- --------- --------- --------- --------- --------- --------- --------- Balance Sheet Six months ended Year ended Six months ended 30 September 2022 31 March 2022 30 September 2021 GBP'000 GBP'000 GBP'000 Non-current assets Financial assets at fair value through profit or loss - 509 10,036 --------- --------- --------- Current assets Receivables 22 258 570 Cash and cash equivalents 1,161 431 (125) 1,183 689 445 --------- --------- --------- Current liabilities Payables - (20) (123) Corporation tax - - (90) Short-term debt facility - - (2,000) --------- --------- --------- Net assets 1,183 1,178 7,968 --------- --------- --------- Equity attributable to equity holders 1,183 1,178 7,968 --------- --------- --------- Net asset value per share 8.70p 8.67p 58.57p --------- --------- --------- Statement of Changes in Six months ended Year ended Six months ended Shareholders' 31 March equity 30 September 2022 2022 30 September 2021 GBP'000 GBP'000 GBP'000 Opening shareholders' funds 1,178 8,106 8,106 Purchase of own shares - - - Profit for the period 5 (568) 100 Dividends paid - (6,360) (238) Closing shareholders' funds 1,183 1,178 7,968 --------- --------- --------- Investment Portfolio 30 September 2022 31 March 2022 ---------------------------------------- ---------------------------------------- Cost Valuation Cost Valuation GBP'000 % GBP'000 % GBP'000 % GBP'000 % Unquoted qualifying holdings - - - - 761 63.84 509 54.15 Unquoted non-qualifying holdings - - - - - - - - --------- -------- --------- -------- Financial assets at fair value through profit or loss - - - - 761 63.84 509 54.15 Cash and cash equivalents 1,161 100.00 1,161 100.00 431 36.16 431 45.85 1,161 100.00 1,161 100.00 1,192 100.00 940 100.00 ========= ======== ========= ======== ========= ======== ========= ======== Qualifying Holdings Unquoted Hydro Electric Power - - - - Green Highland Shenval Limited - - - - 761 63.84 509 54.15 - - - - 761 63.84 509 54.15 ========= ======== ========= ======== ========= ======== ========= ========
Non-Statutory Analysis - The E Share Fund
Statement of Comprehensive Income Six months ended Year ended Six months ended 30 September 2022 31 March 2022 30 September 2021 ------------------------------- ------------------------------- ------------------------------- Revenue Capital Total Revenue Capital Total Revenue Capital Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Investment income 394 - 394 976 - 976 410 - 410 Realised gain/(loss) on investments - (461) (461) - 130 130 - 4 4 Unrealised loss on investments - 1,854 1,854 - 676 676 - 12 12 Investment return 394 1,393 1,787 976 806 1,782 410 16 426 Investment management fees (167) (56) (223) (448) (123) (571) (245) (68) (313) Other expenses (187) - (187) (283) - (283) (92) - (92) Profit/(loss) before taxation 40 1,337 1,377 245 683 928 73 (52) 21 Taxation - - - (30) 23 (7) (6) 13 7 Profit/(loss) after taxation 40 1,337 1,377 215 706 921 67 (39) 28 --------- --------- --------- --------- --------- --------- --------- --------- --------- Profit/(loss) and total comprehensive income for the period 40 1,337 1,377 215 706 921 67 (39) 28 --------- --------- --------- --------- --------- --------- --------- --------- --------- Basic and diluted earnings/(loss) per share 0.14p 4.62p 4.76p 0.73p 2.44p 3.17p 0.23p (0.14p) 0.09p --------- --------- --------- --------- --------- --------- --------- --------- --------- Balance Sheet Six months ended Year ended Six months ended 30 September 2022 31 March 2021 30 September 2021 GBP'000 GBP'000 GBP'000 Non-current assets Financial assets at fair value through profit or loss 21,500 19,625 26,105 --------- --------- --------- Current assets Receivables 696 212 1,047 Cash and cash equivalents 1,593 2,565 (401) 2,289 2,777 646 --------- --------- --------- Current liabilities Payables (183) (173) (351) Corporation tax (11) (11) (11) Net assets 23,595 22,218 26,389 --------- --------- --------- Equity attributable to equity
holders 23,595 22,218 26,389 --------- --------- --------- Net asset value per share 81.53p 76.76 91.19p --------- --------- --------- Statement of Changes in Six months ended Year ended Six months ended Shareholders' 31 March equity 30 September 2022 2022 30 September 2021 GBP'000 GBP'000 GBP'000 Opening shareholders' funds 22,218 27,382 27,382 Purchase of own shares - (8) (8) Profit for the period 1,377 921 28 Dividends paid - (6,077) (1,013) Closing shareholders' funds 23,595 22,218 26,389 --------- --------- --------- Investment Portfolio 30 September 2022 31 March 2022 ---------------------------------------- ---------------------------------------- Cost Valuation Cost Valuation GBP'000 % GBP'000 % GBP'000 % GBP'000 % Unquoted qualifying holdings 11,750 68.24 16,806 72.77 11,241 61.88 14,870 67.01 Quoted non-qualifying holdings - - - - - - - - Unquoted non-qualifying holdings 3,877 22.51 4,694 20.33 4,365 24.03 4,755 21.42 --------- --------- Financial assets at fair value through profit or loss 15,627 90.75 21,500 93.10 15,606 85.91 19,625 88.43 Cash and cash equivalents 1,593 9.25 1,593 6.90 2,565 14.09 2,565 11.57 17,220 100.00 23,093 100.00 18,171 100.00 22,190 100.00 ========= ======== ========= ======== ========= ======== ========= ======== Qualifying Holdings Unquoted Solar Digima Limited 1,262 7.33 2,139 9.26 1,262 6.95 2,139 9.64 Digital Screen Solutions Limited 2,020 11.73 3,061 13.25 2,020 11.12 3,061 13.79 Green Energy for Education Limited 400 2.32 1,435 6.21 400 2.20 1,435 6.47 Hydro Electric Power Green Highland Shenval Limited 868 5.04 749 3.25 359 1.98 241 1.09 Gas Fired Energy Green Peak Generation Limited 2,200 12.78 2,634 11.41 2,200 12.11 1,206 5.43 Vertical Growing Perfectly Fresh Cheshire Limited 5,000 29.04 6,788 29.39 5,000 27.52 6,788 30.59 11,750 68.24 16,806 72.77 11,241 61.88 14,870 67.01 ========= ======== ========= ======== ========= ======== ========= ======== Unquoted Crematorium Management Furnace Managed Services Limited - - - - 488 2.69 60 0.27 SME Funding Hydroelectric Power: Broadpoint 2 Limited 1,159 6.72 1,379 5.97 1,159 6.38 1,379 6.21 Other: Funding Path Limited 2,200 12.78 2,671 11.57 2,200 12.11 2,672 12.04 Aeris Power Limited 518 3.01 644 2.79 518 2.85 644 2.90 3,877 22.51 4,694 20.33 4,365 24.03 4,775 21.42 ========= ======== ========= ======== ========= ======== ========= ========
Condensed Notes to the Unaudited Interim Financial Statements
1. Corporate information
The Interim Report of the Company for the six months ended 30 September 2022 was authorised for issue in accordance with a resolution of the Directors on 16 November 2022.
The Company is listed on the London Stock Exchange.
Triple Point Income VCT plc is incorporated and domiciled in the United Kingdom and registered in England and Wales. The address of the Company's registered office, which is also its principal place of business, is 1 King William Street, London, EC4N 7AF.
The Company is required to nominate a functional currency, being the currency in which the Company predominately operates. The functional and reporting currency is pound sterling (GBP), reflecting the primary economic environment in which the Company operates.
The principal activity of the Company is investment. The Company's investment strategy is to offer combined exposure to cash or cash-based funds and venture capital investments focused on companies with contractual revenues from financially secure counterparties.
The financial information set out in this report does not constitute statutory accounts as defined in S434 of the Companies Act 2006.
2. Basis of preparation and accounting policies
Basis of preparation
The Interim Report of the Company for the six months ended 30 September 2022 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 Annual Report. 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 2022.
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 Directors are of the opinion that the Company only has a single operating segment of business, being investment activity.
All revenues and assets are generated and held in the UK.
4. Investment income C Shares D Shares E Shares Total Unaudited GBP'000 GBP'000 GBP'000 GBP'000 Six months ended 30 September 2022 Loan stock interest - 26 351 377 Dividends receivable - - 40 40 Interest receivable on bank balances - - 3 3 Property Income - - - - - 26 394 420 ---------- ---------- ---------- --------- Audited Year ended 31 March 2022 Loan stock interest 169 337 916 1,422 Dividends receivable 6 - 60 66 Interest receivable on bank balances - - - - Other Investment Income - - - - Property Income - - - - 175 337 976 1,488 ---------- ---------- ---------- --------- 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, 7 October 2016 and an amended and restated investment management and administration agreement dated 27 April 2020.
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%.
There have been no performance fees paid to date.
An administration fee equal to 0.25% per annum of the Company's net assets is payable quarterly in arrears.
6. Directors' remuneration C Shares D Shares E Shares Total Unaudited GBP'000 GBP'000 GBP'000 GBP'000 Six months ended 30 September 2022 David Frank - 1 10 11 Simon Acland - 1 10 11 Michael Stanes 1 - 10 11 1 2 30 33 ---------- ---------- ---------- --------- Audited Year ended 31 March 2022 David Frank 6 3 15 24 Simon Acland 5 3 13 21 Michael Stanes 5 3 13 21 16 9 41 66 ---------- ---------- ---------- ---------
The only remuneration received by the Directors was their Directors' fees. The Company has no employees other than the Non-Executive Directors. The number of Non-Executive Directors in the period was three.
7. Taxation C Shares D Shares E Shares Total Unaudited GBP'000 GBP'000 GBP'000 GBP'000 Six months ended 30 September 2022 Profit on ordinary activities before tax (18) 5 1,377 1,364 Corporation tax @ 19% (3) 1 261 379 Effect of: Capital (gains) not taxable - - (265) (385) Income received not taxable - - (8) (8) Excess management expense on which deferred tax not recognised 3 - 11 14 Tax charge - 1 (1) - Audited Year ended 31 March 2022 Profit on ordinary activities before tax 179 (568) 928 181 Corporation tax @ 19% (34) (108) 176 34 Effect of: Capital (gains)/losses not taxable (243) 28 (154) (369) Income received not taxable (1) - (11) (12) Unrelieved tax losses arising in the year Prior year adjustment 278 80 - 358 Tax charge - - 7 7
Capital gains and losses are exempt from corporation tax due to the Company's status as a Venture Capital Trust.
8. Earnings per share
The earnings per share for C Shares is based on the loss after tax of GBP18,000, and on the weighted average number of shares in issue during the period of 13,413,088, which is equal to the number of shares at 30 September 2022.
The earnings per share for D Shares is based on the profit after tax of GBP5,000, and on the weighted average number of shares in issue during the period of 13,604,637, which is equal to the number of shares at 30 September 2022.
The earnings per share for E Shares is based on the profit after tax of GBP1,377,000, and on the weighted average number of shares in issue during the period of 28,940,076, which is equal to the number of shares at 30 September 2022.
9. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc.
10. Net asset value per share
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 GBP1,017,000 divided by the 13,413,088 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 GBP1,183,000 divided by the 13,604,637 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 GBP23,595,000 divided by the 28,940,076 E Shares in issue.
11. Commitments and contingencies
The Company had no commitments or contingent liabilities at 30 September 2022.
12. Relationship with Investment Manager
During the period, TPIM charged GBP244,000 (which has been expensed by the Company) for providing management services to the Company.
Fees paid to the Investment Manager for administrative and Company Secretarial services during the period were GBP30,000.
At 30 September 2022 GBP137,433 was due to TPIM.
13. Related party transactions
The Directors remuneration is disclosed on page 30.
14. Dividends
C Shares:
The Company paid a dividend to C Class Shareholders of GBP703,000 equal to 5.24 pence per share, on 21 October 2022.
D Shares:
The Company paid a dividend to D Class Shareholders of GBP819,000 equal to 6.02 pence per share, on 21 October 2022.
E Shares:
The Company paid a dividend to E Class Shareholders of GBP1,378,00 equal to 4.76 pence per share on 21 October 2022 and an additional dividend of GBP2,095,000 equal to 7.24 pence per share on 4 November 2022.
Nil dividends were paid during the period ending 30 September 2022.
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