Triple Point VCT 2011 Plc Interim Management Statement (2446E)
July 14 2016 - 9:16AM
UK Regulatory
TIDMTPO
RNS Number : 2446E
Triple Point VCT 2011 Plc
14 July 2016
Triple Point VCT 2011 plc
14 July 2016
Interim Management Statement for the quarter ended 31 May
2016
Highlights
The Company
The Company's funds at 31 May 2016 were 97% invested in a
portfolio of VCT qualifying and non-qualifying unquoted
investments. It continues to meet the condition that 70% of funds
must be invested in VCT qualifying investments within three years.
At 31 May 2016 qualifying investments represented 59% of the total
Investment Portfolio and 79% of the funds that are required to meet
that condition.
Ordinary Share Class
-- The Net Asset Value ("NAV") at 31 May 2016 was 35.11p per share.
-- Taking the NAV and the total dividends of 79.75p paid at 31
May 2016, the return to investors was 114.86p per share.
-- A provision of GBP35,000 was made during the quarter to
recognise the cost of exiting the Ordinary Shareholders. This
resulted in a loss of 0.15p per share this quarter.
-- The Ordinary Share's unquoted investment portfolio by sector at 31 May 2016 is shown below:
Energy Generation 45%
-------------------------- ----
SME Lending - Other 21%
-------------------------- ----
Hydro Project Management 18%
-------------------------- ----
Hydro Electric Power 14%
-------------------------- ----
Cinema Digitisation 2%
-------------------------- ----
-- Since the quarter end the funds in SME Lending have been repaid.
-- Over the next six months the Company and the Investment
Manager will continue to focus on the successful realisation of the
remaining investments in this share class.
-- We will write to Ordinary Class shareholders by the end of
August 2016 on the timing of distributions following the completion
of their five year holding period.
A Share Class
-- The Net Asset Value at 31 May 2016 was 101.13p per share.
-- A profit of 0.59p per share was made during the quarter.
-- The A Share's unquoted investment portfolio by sector at 31 May 2016 is shown below:
Hydro Electric Power 71%
------------------------------------ ----
SME Lending - Hydro Electric Power 19%
------------------------------------ ----
SME Lending - Other 10%
------------------------------------ ----
New B Share Class
-- During the quarter the Company raised circa GBP7 million
under an offer for subscription and issued 6,824,266 B Ordinary
shares.
-- The Net Asset Value at 31 May 2016 was 99.64p per share.
-- A loss of 0.62p per share was made during the quarter due to
an allocation of the Company's running costs.
-- The B Share's unquoted investment portfolio by sector at 31 May 2016 is shown below:
Energy Generation 55%
--------------------- ---------------
SME Lending - Other 45%
--------------------- ---------------
Net Assets at 31 May 2016:
31 May 2016 29 February 2016
Unaudited Audited
Ord.
Shares A Shares B Shares Total Ord. Shares A Shares Total
---------------------------- -------- --------- --------- -------- ------------ --------- --------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- -------- --------- --------- -------- ------------ --------- --------
VCT qualifying unquoted
investments 4,813 5,463 3,200 13,476 5,269 5,403 10,672
---------------------------- -------- ------------ --------- --------
VCT non qualifying
unquoted investments 1,265 4,069 2,650 7,984 1,274 4,063 5,337
-------- --------- --------- -------- ------------ --------- --------
Cash and cash equivalents 437 260 970 1,667 30 307 337
---------------------------- ------------ --------- --------
Total Investments 6,515 9,792 6,820 23,127 6,573 9,773 16,346
---------------------------- -------- --------- --------- -------- ------------ --------- --------
Other assets & liabilities 629 272 (20) 881 603 232 835
---------------------------- -------- --------- --------- -------- ------------ --------- --------
Net assets 7,144 10,064 6,800 24,008 7,176 10,005 17,181
-------- --------- --------- -------- ------------ --------- --------
Net asset value per
share 35.11 101.13 99.64 n/a 35.26 100.54 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
END
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