TRIPLE POINT INCOME VCT PLC

Net Asset Value • Feb 8, 2013

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RNS Number : 5326X

Triple Point Income VCT PLC

08 February 2013

Triple Point Income VCT plc

(formerly TP70 2008(I) VCT plc)

8 February 2013

Interim Management Statement for the quarter ended 31 December 2012

Triple Point Income VCT plc ("the Company") has pleasure in submitting its Interim Management Statement for the quarter ending 31 December 2012. This constitutes the Company's second Interim Management Statement for the year ended 31 March 2013, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

Net assets comprised:

	31 December 2012				30 September 2012				31 March 2012
	Unaudited				Unaudited				Audited
	Ordinary Shares	A Shares	Total		Ordinary Shares	A Shares	Total		Ordinary Shares	A Shares	Total
	£'000	£'000	£'000		£'000	£'000	£'000		£'000	£'000	£'000
VCT qualifying unquoted investments	28,708	4,000	32,708		14,650	-	14,650		14,582	-	14,582
Non VCT qualifying unquoted investments	165	-	165		-	-	-		12	-	12
	28,873	4,000	32,873		14,650	-	14,650		14,594	-	14,594
GAM Diversity exposure	2,818	-	2,818		2,723	-	2,723		4,091	-	4,091
Cash and cash equivalents	2,667	295	2,962		215	-	215		174	-	174
Total investments	34,358	4,295	38,653		17,588	-	17,588		18,859	-	18,859
Other assets & liabilities	2,803	(163)	2,640		1,339	-	1,339		(54)	-	(54)
Net assets	37,161	4,132	41,293		18,927	-	18,927		18,805	-	18,805
Net asset value per share	80.90p	80.51p	n/a		81.94p	-	81.94p		81.41p	-	81.41p

The movement in the net asset value ("NAV") of the Ordinary shares can be explained as follows:

	Pence per share
NAV brought forward 30 September 2012	81.94
Net income over expenses	0.16
Capital gains	0.39
Dividend paid	(1.35)
Merger costs	(0.24)
Closing NAV 31 December 2012	80.90

The Merger

On 21 November 2012 the company merged with TP12(I) VCT plc and TP70 2008(II) VCT plc ("the Merger"). The Company also announced a new offer for subscription for new shares ("the Offer"). The Merger and Offer were approved by shareholders at the general meeting held on 13 November 2012. General meetings of the shareholders of TP12(I) VCT plc and TP70 2008(II) VCT plc also approved  the Merger, which  was effected on 21 November 2012. Following the Merger the Company has two share classes, each with its own fund of net assets.

·      Ordinary Shares: These are held by existing shareholders in the Company together with former TP70 2008(II) VCT plc shareholders. The Ordinary Share Class Fund combines the investment portfolio held by the Company and that transferred from TP70 2008(II) VCT plc. On 21 November 2012, the date of the Merger, 22,836,904 Ordinary shares were issued to the shareholders of TP70 2008(II) VCT plc.

·      A Ordinary Shares: These are held by the former TP12(I) VCT plc shareholders. The A Ordinary Share Fund comprises the investment portfolio that transferred from TP12(I) VCT plc. On 21 November 2012, the date of the Merger, 5,131,353 A Ordinary shares were issued to the shareholders of TP12(I) VCT plc.

In due course it is expected that there will be a separate fund of net assets for 'B' Ordinary Shareholders, those taking up the Offer.

Investment Activity

The Company's unquoted investment portfolio can be analysed as follows:

				Electricity Generation
Industry Sector	Cinema Digitisation	Communications	Crematorium Management	Solar PV	Anaerobic Digestion	Landfill Gas	Total Unquoted Investments
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Investments at 31 December 2012:
Ordinary shares	19,400	165	1,320	4,438	3,550	-	28,873
A shares	-	-	-	2,000	1,125	875	4,000
Total investments	19,400	165	1,320	6,438	4,675	875	32,873
Investments %	59.01%	0.50%	4.02%	19.58%	14.22%	2.66%	100.00%

The Ordinary Share Fund holds an investment in GAM Diversity 2.5XL. 30 April 2013 marks the end of the Ordinary Shareholders' minimum five year holding period and the Board has adopted a strategy of making staged reductions in the exposure to GAM Diversity up to 30 April 2013. In line with this strategy, during the quarter notice was given for the redemption of the remaining leveraged note held with Bank Julius Baer. Redemption of the Company's remaining exposure to GAM Diversity is expected to be completed on 31 March 2013.

Material Events and Transactions 

On 19 October 2012, before the Merger, the Company paid a dividend of £312,000 which was equal to 1.35p per share to shareholders on the register on 12 October 2012.

Enhanced Share Buy Back

In January of this year, the Company's shareholders approved proposals for an Enhanced Share Buy Back facility (ESBB) for Ordinary Shareholders who had satisfied the five year holding period and would like to renew their investment with further tax relief, a Subsequent Tender Offer to be made later in the year for Ordinary Shareholders not wishing to participate in the ESBB, and the change in the Company's name to Triple Point Income VCT plc.

In line with that approval the Board has confirmed that, following this publication of the Ordinary Share Class NAV at 31 December of 80.90p per share, that will (until any further notice) be the ESBB Tender Price, at which the Company tenders to repurchase shares as part of the ESBB, and will form the basis of the price of a Substitute Share, i.e. the price at which reinvestment takes place under the ESBB. The Substitute Share price takes account of the costs to an investor of the ESBB and will be 84.1831p for shares where the application was advised on by an independent financial adviser before 31 December 2012 and 81.6347p for shares under other applications.

Further Information

For further information, please contact Claire Ainsworth or Chris Tottle at Triple Point Investment Management LLP on 02072018989 or contact@triplepoint.co.uk.

This information is provided by RNS

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