TIDMTPV1
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
END
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February 22, 2018 09:30 ET (14:30 GMT)
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