TRIPLE POINT INCOME VCT PLC

Net Asset Value • Feb 22, 2022

National Storage Mechanism | Additional information

RNS Number : 4709C

Triple Point Income VCT PLC

22 February 2022

22 February 2022

Triple Point Income VCT plc

(the "Company")

NET ASSET VALUES FOR THE QUARTER ENDED 31 DECEMBER 2021

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.

C Share Class

·      The NAV at 31 December 2021 was 48.89p per share.

·      During the 9-month period to 31 December 2021 the C Share Class made a loss of 0.17p per share.

·      On 26 November 2021 the C share class disposed of 2 of its Hydroelectric Power assets with just 1 remaining. On 12 December 2021 the final remaining Hydroelectric Power asset was disposed of.

·      At 31 December 2021 Net Asset Value plus dividends paid ("Total Shareholder Return") was 156.64p per share.

On 29 November 2021, the Company declared a 32.5p dividend to C shareholders following the sale of a substantial part of the Hydroelectric Power portfolio which was paid on 23 December 2021. This brought total dividends paid to 23 December 2021 to 107.75p per share.

On 13 December 2021, the Company declared a further 40p dividend to C shareholders following the remaining Hydroelectric Power disposal which was paid on 14 January 2022. This brings total dividends paid to date of 147.75 pence per share.

To align its interests with shareholders, the Investment Manager earns a performance fee of 20% on all distributions over 100 pence per share; this fee is only payable when distributions are made. Therefore, the above 31 December 2021 NAV incorporates the 20% performance fee on 47.75p of the dividends paid on 23 December 2021 and 14 January 2022.

D Share Class

·      The NAV at 31 December 2021 was 9.89p per share.

·      During the 9-month period to 31 December 2021 the D Share Class made a loss of 2.94p per share.

·      On 26 November 2021 the D share class disposed of 4 of its Hydroelectric Power assets with just 1 remaining.

·      At 31 December 2021 the Total Shareholder Return for the D Share Class was 126.64p per share.

On 29 November 2021, the Company declared a 45p dividend to D shareholders following the sale of a substantial part of the Hydroelectric Power portfolio which was paid on 23 December 2021. This brings total dividends paid to date of 116.75p per share.

To align its interests with shareholders, the Investment Manager earns a performance fee of 20% on all distributions over 100 pence per share; this fee is only payable when distributions are made. Therefore, the above 31 December 2021 NAV incorporates the 20% performance fee on 16.75p of the dividend paid on 23 December 2021.

E Share Class

·      The NAV at 31 December 2021 was 79.24p per share.

·      During the 9-month period to 31 December 2021 the E Share Class made a profit of 0.15p per share.

·      On 26 November 2021 the E share class disposed of 5 of its Hydroelectric Power assets. On 12 December 2021 a further Hydroelectric Power asset was disposed of with just 1 remaining in the portfolio.

·      At 31 December 2021 the Total Shareholder Return for the E Share Class was 106.24p per share.

·      The table below shows the E Share Class investment portfolio by sector at 31 December 2021:

Crematorium Management	2%
Vertical Growing	29%
Quoted Investments	3%
Hydroelectric Power	2%
SME Funding - Hydroelectric Power	16%
SME Funding - Other	16%
Electricity Generation - Other	33%

On 13 December 2021, the Company declared a 5.5p dividend to E shareholders following the remaining Hydroelectric Power disposal which was paid on 14 January 2022. This brings total dividends paid to date of 32.50 pence per share. To align its interests with shareholders, the Investment Manager earns a performance fee of 20% on all distributions over 100 pence per share; as this fee is only payable when distributions are made, it is not accounted for in the above Net Asset Value.

Net Assets at 31 December 2021:

	31-Dec-21
	C Shares	D Shares	E Shares	Total
	£'000	£'000	£'000	£'000
VCT qualifying unquoted investments	-	502	13,866	14,368
VCT non-qualifying unquoted investments	-	-	6,674	6,674
VCT non-qualifying quoted investments	-	-	-	0
	-	502	20,540	21,042
Cash and cash equivalents	7,833	2,817	2,269	12,919
Total Investments	7,833	3,319	22,809	33,961
Other assets & liabilities	(1,276)	(1,973)	120	(3,129)
Net assets	6,557	1,346	22,929	30,832
Net asset value per share (p)	48.89	9.89	79.24

Net Assets at 31 March 2021:

	31-Mar-21
	C Shares	D Shares	E Shares	Total
	£'000	£'000	£'000	£'000
VCT qualifying unquoted investments	11,244	10,036	19,369	40,649
VCT non-qualifying unquoted investments	-	-	6,815	6,815
VCT non-qualifying quoted investments	-	-	558	558
	11,244	10,036	26,742	48,022
Cash and cash equivalents	120	17	384	521
Total Investments	11,364	10,053	27,126	48,543
Other assets & liabilities	(170)	(1,947)	256	(1,861)
Net assets	11,194	8,106	27,382	46,682
Net asset value per share (p)	83.30	59.59	94.59

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

Triple Point Investment Management LLP (Investment Manager)	Tel: 020 7201 8989
Jonathan Parr Belinda Thomas

The Company's LEI is 213800IXD8S5WY88L245

Further information on the Company can be found on its website https://www.triplepoint.co.uk/current-vcts/triple-point-income-vct-plc/s1238/.

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