TRIPLE POINT INCOME VCT PLC

Earnings Release • Jul 24, 2013

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RNS Number : 0714K

Triple Point Income VCT PLC

24 July 2013

Triple Point Income VCT plc

24 July 2013

Interim Management Statement for the quarter ended 30 June 2013

Triple Point Income VCT plc ("the Company") has pleasure in submitting its Interim Management Statement for the quarter ended 30 June 2013. This constitutes the Company's first Interim Management Statement for the year ending 31 March 2014, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Net assets comprised:

	30 June 2013 Unaudited				31 March 2013 Audited				30 September 2012 Unaudited
	Ord. Shares	A Shares	B Shares	Total	Ord. Shares	A Shares	B Shares	Total	Ord. Shares	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
VCT qualifying unquoted investments	31,262	3,560	-	34,822	29,068	3,560	-	32,628	14,650	14,650
Non VCT qualifying unquoted investments	-	221	-	221	-	525	-	525	-	-
	31,262	3,781	-	35,043	29,068	4,085	-	33,153	14,650	14,650
GAM Diversity exposure	-	-	-	-	-	-	-	-	2,723	2,723
Cash and cash equivalents	6,280	462	6,767	13,509	4,969	286	3,285	8,540	215	215
Total investments	37,542	4,243	6,767	48,552	34,037	4,371	3,285	41,693	17,588	17,588
Other assets & liabilities	(129)	(15)	19	(125)	3,156	(150)	1	3,007	1,339	1,339
Net assets	37,413	4,228	6,786	48,427	37,193	4,221	3,286	44,700	18,927	18,927
Net asset value per share	81.87p	82.39p	93.43p	n/a	81.06p	82.26p	92.72p	n/a	81.94p	n/a

Results

The Ordinary Share Class made a profit per share of 0.81p during the period. Under the Enhanced Share Buy Back ("ESBB"), a further 8,556,171 Ordinary shares were bought back and 8,372,784 Ordinary shares were issued.

During the period the A shares made a profit per share of 0.13p.

The B shares made a loss per share during the period of 0.18p which is calculated based on the weighted average number of shares in issue during the quarter. Under the New Offer (the "Offer") a further 3,719,529 B shares were issued in the quarter ended 30 June 2013.  The net asset value ("NAV") per share has increased by 0.71p per share which is the net result of the shares issued during the period increasing the NAV and the loss incurred during the period.

Investment Activity

The Company's unquoted investment portfolio comprises the following:

			Electricity Generation
Industry Sector	Cinema Digitisation	Crematorium Management and Medical Gas Supplies	Solar PV	Anaerobic Digestion	Landfill Gas	Hydro Electric Power	Total Unquoted Investments
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Investments at 31 March 2013
Ordinary shares	19,167	1,320	4,031	3,550	-	1,000	29,068
A Ordinary shares	-	-	2,085	1,125	875	-	4,085
B Ordinary shares	-	-	-	-	-	-	-
	19,167	1,320	6,116	4,675	875	1,000	33,153
Investments made during the period
Ordinary shares	-	-	1,000	-	-	1,000	2,000
A Ordinary shares	-	-	-	-	-	-	-
B Ordinary shares	-	-	-	-	-	-	-
	-	-	1,000	-	-	1,000	2,000
Investments disposed of during the period
Ordinary shares	-	-	-	-	-	-	-
A Ordinary shares	-	-	-	(304)	-	-	(304)
B Ordinary shares	-	-	-	-	-	-	-
	-	-	-	(304)	-	-	(304)
Increase in valuation during the period
Ordinary shares	152	-	42	-	-	-	194
A Ordinary shares	-	-	-	-	-	-	-
B Ordinary shares	-	-	-	-	-	-	-
	152	-	42	-	-	-	194
Investments at 30 June 2013
Ordinary shares	19,319	1,320	5,073	3,550	-	2,000	31,262
A Ordinary shares	-	-	2,085	821	875	-	3,781
B Ordinary shares	-	-	-	-	-	-	-
Total investments	19,319	1,320	7,158	4,371	875	2,000	35,043
Total investments %	55.13%	3.77%	20.43%	12.47%	2.50%	5.70%	100.00%

During the period the Ordinary Share Class made investments in two companies in the electricity generation sector, Elementary Energy Ltd, a company approved to commence trade in Hydro Electric or Solar power generation and Cmore Energy Ltd, a company, approved to commence trade in Solar power generation.

Material Events and Transactions 

During the quarter both the ESBB and Offer closed. A dividend will be paid to A Class Shareholders on 26 July 2013 of £256,568 equal to 5p per share. The Board expect to issue proposals in the immediate future in order to pay out Ordinary Shareholders who did not participate in the ESBB.

Further Information

For further information, please contact Claire Ainsworth or Chris Tottle at Triple Point Investment Management LLP on 0207 201 8989 or contact@triplepoint.co.uk.

This information is provided by RNS

The company news service from the London Stock Exchange

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