TRIPLE POINT INCOME VCT PLC

Earnings Release • Jul 19, 2017

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RNS Number : 5473L

Triple Point Income VCT PLC

19 July 2017

LEI: 213800IXD8S5WY88L245

Triple Point Income VCT plc

19 July 2017

Interim Management Statement for the quarter ended 30 June 2017

Highlights

The Company

The Company's funds at 30 June 2017 were 55% invested in a portfolio of VCT qualifying and non-qualifying unquoted investments. The remaining 45% is held in cash, which is primarily derived from the E Share Class offer that closed on 15 May 2017. At 30 June 2017 qualifying investments represented 44% of the total investment portfolio including cash, and represented 77% of the funds that are required to meet the 70% condition.

Ordinary Share Class

·      Net Asset Value ("NAV") has increased to 70.09p per share by the profit generated during the period of 0.35p.

·      At 30 June 2017 the total paid by way of dividends to shareholders was 25.56p per share, bringing the total return to 95.65p per share. This compares to a weighted average subscription share price of 83.6p per share.

·      A special dividend of 2.5p as well as a regular dividend of 5p per share was paid on 14 July 2017.

·      The Ordinary Share's unquoted investment portfolio split by sector at 30 June 2017 is:

Electricity Generation - other                   36%

Cinema Digitisation                                29%                 

Hydro Electric Power                              23%

Crematorium Management                        5%

SME Funding - other                               4%

SME Funding - Hydro Electric Power        3%

A Share Class

·      Net Asset Value ("NAV") has decreased to 42.03p per share by the loss generated during the period of 0.43p. This was due to a fall in income after assets were realised to facilitate the A Share Class exit.

·      At 31 March 2017 the total paid by way of dividends to shareholders was 56.20p per share, bringing the total return to 98.23p. This compares to a weighted average subscription share price of 86.4p per share.

·      April 2017 marked the end of the five year anniversary and in line with A Shareholders' expectations we are now focused on returning funds as soon as possible. A further dividend of 25p per share was paid on 14 July 2017.

·      The remaining investment portfolio consists of two investments in landfill gas companies. The sale of these investments is expected to take place during the summer, after which there will be a final dividend declared followed by the capital value of the shares being returned on their cancellation.

C Share Class

·      Net Asset Value ("NAV") has increased to 109.37p per share as a result of profit generated during the period of 2.88p per share, of which 2.2p is derived from dividend income.

·      At 31 March 2017 the total paid by way of dividends to shareholders was 5p per share, bringing the total return to 114.37p per share.

·      A second dividend of 5p per share was paid on 14 July 2017.

·      100% of the VCT qualifying investments are in the hydro-electric power sector.

·      The C Share Class unquoted investment portfolio split by sector at 30 June 2017 is:

Hydro Electric Power                              80%

SME Funding - hydro electricpower         20%

D Share Class

·      Net Asset Value ("NAV") has increased to 106.04p per share by the profit generated during the period of 0.85p per share.

·      The first dividend to D Share Class Holders of 5p per share was paid on 14 July 2017.

·      94% of the VCT qualifying investments are in the Hydro Electric Power sector.

·      The D Share Class unquoted investment portfolio split by sector at 30 June 2017 is:

Hydro Electric Power                              85%

SME Funding - hydro electric power          9%

SME Funding - other                                6%

E Share Class

·      The E Share Class offer closed on 15 May 2017 raising just under £30 million with a total of 28,949,575 E Shares being issued. Whilst the Investment Manager is seeking investment opportunities the main focus is on cash management.

·      During the period the E Share Class acquired two non qualifying investments, expected to return 7.75% per annum. Both investments are in companies providing SME funding.

·      The Net Asset Value ("NAV") at 30 June 2017 was 99.6p per share. The loss during the period of 0.4p per share was due to fixed overheads exceeding income, which will start to reverse as further investments are made.

·      The E Share Class unquoted investment portfolio split by sector at 30 June 2017 is:

SME Funding - hydro electricpower           29%

SME Funding - other                                71%

Net Assets at 30 June 2017:

	30 June 17							31 March 17
	Unaudited							Audited
	Ord. Shares	A Shares	C Shares	D Shares	E Shares	Total		Ord. Shares	A Shares	C Shares	D Shares	Total
	£'000	£'000	£'000	£'000	£'000	£'000		£'000	£'000	£'000	£'000	£'000
VCT qualifying unquoted investments	10,000	789	10,269	10,928	-	31,986		10,000	789	10,269	10,928	31,986
VCT non qualifying unquoted investments	1,705	-	3,478	2,197	1,357	8,737		1,705	957	3,891	2,197	8,750
	11,705	789	13,747	13,125	1,357	40,723	11,705	1,746	14,160	13,125	40,736
Cash and cash equivalents	2,027	1,370	1,064	735	27,567	32,763		1,632	146	257	499	2,534
Total Investments	13,732	2,159	14,811	13,860	28,924	73,486		13,337	1,892	14,417	13,624	43,270
Other assets & liabilities	(90)	(3)	(110)	670	(90)	377		236	287	(103)	789	1,209
Net assets	13,642	2,156	14,701	14,530	28,834	73,863		13,573	2,179	14,314	14,413	44,479
Net asset value per share (p)	70.09	42.03	109.37	106.04	99.60	n/a		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

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