TRIPLE POINT INCOME VCT PLC

Interim / Quarterly Report • Jul 26, 2018

National Storage Mechanism | Additional information

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RNS Number : 9054V

Triple Point Income VCT PLC

26 July 2018

LEI: 213800IXD8S5WY88L245

Triple Point Income VCT plc

26 July 2018

Interim Management Statement for the quarter ended 30 June 2018

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

·      The Net Asset Value ("NAV") at 30 June 2018 was 65.83p per share.

·      During the three month period to 30 June 2018 the Ordinary Share Class made a profit of 0.09p per share.

·      On 1 April 2018 the Ordinary Share Class transferred its investments in eight companies, across five sectors, to the E Share Class at the valuations in the audited financial statements to 31 March 2018. The transfer is in line with the Company's strategy to realise Ordinary Share Class investments and return funds as soon as practicable after the end of the 5 year holding period which was on 15 May 2018. The VCT retains an investment in Green Energy for Education Limited, which owns and operates a portfolio of Solar PV assets, in its Ordinary Share Class and will look to realise this later in 2018.

·      On 26 July 2018 a dividend was paid to the Ordinary Class Shareholders of 60.74p per share bringing total dividends paid to Ordinary Class Shareholders to 93.8p per share. This compares to a minimum target return of 90.4p per share.

·      It is the intention to pay a final dividend later this year and cancel the Ordinary Shares by the end of the Company's financial year ending 31 March 2019.

C Share Class

·      The NAV at 30 June 2018 was 116.30p per share.

·      During the three month period to 30 June 2018 the C Share Class made a profit of 3.46p per share. This includes a dividend from one of its investments in the hydro electric power sector for £393,000, equivalent to 2.9p per share.

·      100% of the C Share Class investments are in the hydro-electric power sector, in line with the investment strategy.

·      On 26 July 2018 a dividend of 5p per share was paid bringing total dividends to the C Class Shareholders to 15p per share.

·      The chart below shows the C Share Class investment portfolio by sector at 30 June 2018:

Hydro Electric Power - 80%

SME Funding - Hydro Electric Power - 20%

D Share Class

·      The NAV at 30 June 2018 was 108.94p per share.

·      During the three month period to 30 June 2018 the D Share Class made a profit of 0.96p per share.

·      94% of the D Share investments are in the Hydro Electric Power sector, in line with the investment strategy.

·      On 26 July 2018 a dividend of 5p per share was paid bringing total dividends to the D Class Shareholders to 10p per share.

·      The chart below shows the D Share Class investment portfolio by sector at 30 June 2018:

Hydro Electric Power - 85%

SME Funding - Hydro Electric Power - 9%

SME Funding - Other - 6%

E Share Class

·      The NAV at 30 June 2018 was 99.21p per share.

·      During the three month period to 30 June 2018 the E Share Class made a profit of 0.89p per share.

·      During the period the E Share Class acquired a portfolio of Qualifying and Non-Qualifying Investments in eight companies from the Ordinary Share Class. The portfolio comprises investments across five sectors, giving the E Share Class the benefit of the income and returns on a portfolio of established diversified investments. The E Share Class total deployment is 80%.

·      The chart below shows the E Share Class investment portfolio by sector at 30 June 2018:

Crematorium Management - 3%

Vertical Growing - 22%

Quoted Investments - 27%

Hydro Electric Power - 12%

SME Funding - Hydro Electric Power - 3%

SME Funding - Other - 8%

Electricity Generation - 25%

Net Assets at 30 June 2018:

	30-Jun-18
	Unaudited
	Ord. Shares	A Shares	C Shares	D Shares	E Shares	Total
	£'000	£'000	£'000	£'000	£'000	£'000
VCT qualifying unquoted investments	963	-	11,176	11,532	13,404	37,075
VCT non qualifying unquoted investments	-	-	3,405	2,191	3,580	9,176
VCT non qualifying quoted investments	-	-	-	-	6,130	6,130
	963	-	14,581	13,723	23,114	52,381
Cash and cash equivalents	11,987	-	982	337	5,726	19,032
Total Investments	12,950	-	15,563	14,060	28,840	71,413
Other assets & liabilities	(138)	-	70	867	(120)	679
Net assets	12,812	-	15,633	14,927	28,720	72,092
Net asset value per share (p)	65.83	0.00	116.30	108.94	99.21	n/a

	31-Mar-18
	Audited
	Ord. Shares	A Shares	C Shares	D Shares	E Shares	Total
	£'000	£'000	£'000	£'000	£'000	£'000
VCT qualifying unquoted investments	9,367	-	11,176	11,532	5,000	37,075
VCT non qualifying unquoted investments	1,731	-	3,414	2,191	1,849	9,185
VCT non qualifying quoted investments	-	-	-	-	5,884	5,884
	11,098	-	14,590	13,723	12,733	52,144
Cash and cash equivalents	1,868	-	551	253	15,776	18,448
Total Investments	12,966	-	15,141	13,976	28,509	70,592
Other assets & liabilities	(171)	-	25	818	(46)	626
Net assets	12,795	-	15,166	14,794	28,463	71,218
Net asset value per share (p)	65.74	0.00	112.84	107.98	98.32	n/a

For further information, please contact Ben Beaton or Belinda Thomas at Triple Point Investment Management LLP on 0207 201 8989.

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