Triple Point VCT 2011 PLC Net Asset Value(s) (5849S)

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RNS Number : 5849S

Triple Point VCT 2011 PLC

09 July 2020

9 July 2020

Triple Point VCT 2011 plc

(the "Company")

NET ASSET VALUES FOR THE QUARTER ENDED 31 MAY 2020

The Company

The Company's funds at 31 May 2020 were invested in a portfolio of VCT qualifying and non-qualifying unquoted investments.

The Venture Fund is progressing well in deploying its funds, and now has 11 qualifying investments as at 31 May 2020, at a valuation totalling GBP4.61m. While a further 3 investments are scheduled to close imminently.

During the period the Company allotted 4,810,332 new Venture Shares raising gross proceeds of GBP4.8m. Following the reporting date on 1 June 2020 a further 200,222 shares were allotted raising additional gross proceeds of GBP192k.

Following the outbreak of the COVID-19 pandemic and in particular the impact of the associated economic disruption on portfolio companies within the Venture share class. The Board, advised by the Investment Manager, reviewed the porfolio and made a provision of cGBP500k for potential impairment.

This provision reflected valuation adjustments across the portfolio, which are carried at fair value, resulting from economic and venture funding conditions arising from the COVID-19 pandemic. The portfolio benefits from having both a significant portion of assets held in cash and from the relative youth of its venture portfolio, meaning that most investee companies themselves entered the COVID-19 lockdown period with significant cash resources and cash runways, on average, of over a year.

Nevertheless COVID-19 has inevitably impacted the ability of many portfolio companies to close sales during the lockdown and, while Government initiatives have eased the cash flow burden for some companies, cash resources available for future growth have been reduced. In this light it was deemed appropriate to make a provision on the NAV. Since then many portfolio companies have adapted robustly to the new working environment and are seeing a rebound in sales activity. The Board expect to formally review the NAV again at the time of the interim results.

A Share Class

-- The Net Asset Value at 31 May 2020 was 51.47p per share. This includes the provision for dividends paid on 30 June 2020.

-- During the 3-month period to 31 May 2020 the A Share Class made a profit of 0.44p per share.

-- A further dividend of 6.25 pence per share was paid on 30 June 2020 bringing the total dividends paid to date to 70.00 pence per share.

-- At 31 May 2020 Net Asset Value plus dividends paid and declared (Total Shareholder Return) was 121.47p per share.

   --      The table below shows the A Shares unquoted investment portfolio by sector at 31 May 2020: 
 
 Hydroelectric Power          87% 
 SME Funding Hydroelectric 
  Power                       13% 
                             ---- 
 

B Share Class

   --      The Net Asset Value at 31 May 2020 was 97.47p per share. 

-- During the 3-month period to 31 May 2020 the B Share Class made a small loss of 0.30p per share.

-- A further dividend of 5 pence per share was paid on 30 June 2020 bringing the total dividends paid to date to 10 pence per share.

-- At 31 May 2020 Net Asset Value plus dividends paid and declared (Total Shareholder Return) was 107.47p per share.

   --      The table below shows the B Shares unquoted investment portfolio by sector at 31 May 2020: 
 
 Gas Power                    85% 
 SME Funding Hydroelectric 
  Power                       15% 
                             ---- 
 

Venture Share Class

   --      The Net Asset Value at 31 May 2020 was 93.36p per share. 

-- During the 3-month period to 31 May 2020 the Venture Share Class made a loss of 4.74p per share. This loss is due to the adjustment of its portfolio valuations referred to above following the outbreak of the Coronavirus pandemic.

-- During the period the Venture Share fund made a GBP0.5m investment into its 11th qualifying company, meaning that around 63% of Venture Share Class funds raised in 2019 had been deployed into qualifying investments as at the date of this update.

   --      At the reporting period the Venture Fund has 53% of it's Net Assets in cash. 

-- The Venture Share Class will pay it's first dividend to shareholders on 31 July 2020 of 3p per share.

-- The table below shows the Venture Funds unquoted investment portfolio by sector at 31 May 2020:

 
 Software as a Service 
  (SaaS)                  9% 
 Telecoms                 5% 
                         ---- 
 Human resources          5% 
                         ---- 
 Fintech                  34% 
                         ---- 
 Health                   20% 
                         ---- 
 Digital marketing        14% 
                         ---- 
 Education                3% 
                         ---- 
 SME Funding - Other      10% 
                         ---- 
 

Net Assets at 31 May 2020:

 
 
 
                                                      Venture 
                                A Shares   B Shares    Shares   Total 
                               ---------  ---------  --------  -------- 
                                GBP'000    GBP'000    GBP'000   GBP'000 
                               ---------  ---------  --------  -------- 
 VCT qualifying unquoted 
  investments                   4,887      5,620      4,615     15,122 
                                          ---------  -------- 
 VCT non qualifying unquoted 
  investments                   -          1,005      494       1,499 
                               ---------  ---------  -------- 
 Cash and cash equivalents      588        494        5,663     6,745 
                               ---------  ---------  -------- 
 Total Investments              5,475      7,119      10,772    23,366 
                               ---------  ---------  -------- 
 Other assets & liabilities     (353)      (484)      (35)      (872) 
                               ---------  ---------  --------  -------- 
 Net assets                     5,122      6,635      10,737    22,494 
                               ---------  ---------  --------  -------- 
 Net asset value per share 
  (pence)                       51.47      97.47      93.36 
                               ---------  ---------  --------  -------- 
 

Net Assets at 29 February 2020:

 
 
 
                                                      Venture 
                                A Shares   B Shares    Shares   Total 
                               ---------  ---------  --------  -------- 
                                GBP'000    GBP'000    GBP'000   GBP'000 
                               ---------  ---------  --------  -------- 
 VCT qualifying unquoted 
  investments                   4,887      5,620      4,590     15,097 
                                          ---------  -------- 
 VCT non-qualifying unquoted 
  investments                   550        1,005      495       2,050 
                               ---------  ---------  -------- 
 Cash and cash equivalents      2          504        1,564     2,070 
                               ---------  ---------  -------- 
 Total Investments              5,439      7,129      6,649     19,217 
                               ---------  ---------  -------- 
 Other assets & liabilities     310        (133)      (24)      153 
                                          ---------  -------- 
 Net assets                     5,749      6,996      6,625     19,370 
                               ---------  ---------  -------- 
 Net asset value per share 
  (pence)                       57.78      102.77     99.01 
                               ---------  ---------  --------  -------- 
 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 
 Triple Point Investment Management   Tel: [phone] 
  LLP 
  (Investment Manager) 
 Ben Beaton 
  Belinda Thomas 
  Ian McLennan 
  Seb Wallace 
 

The Company's LEI is 213800AOOAQA5XQDEA89

Further information on the Company can be found on its website https://www.triplepoint.co.uk/current-vcts/triple-point-vct-2011-plc/s2539/ .

NOTES:

The Company is a Venture Capital Trust incorporated in July 2010. The Investment Manager is Triple Point Investment Management LLP. The Company was established to fund small and medium sized enterprises (SMEs). The Company launched a new share class, known as The Venture Fund, in March 2019 which is mandated to invest in SMEs producing products or digital services that solve challenges faced by their larger corporate customers.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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July 09, 2020 10:06 ET (14:06 GMT)