TRIPLE POINT INCOME VCT PLC

Earnings Release • Feb 22, 2018

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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 9th 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 £5 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 £3 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
	£'000	£'000	£'000	£'000	£'000	£'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
	£'000	£'000	£'000	£'000	£'000	£'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

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