Triple Point Income VCT plc
24 July 2013
Interim Management Statement for the quarter ended 30 June 2013
Triple Point Income VCT plc ("the Company") has pleasure in submitting its Interim Management Statement for the quarter ended 30 June 2013. This constitutes the Company's first Interim Management Statement for the year ending 31 March 2014, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
Net assets comprised:
|
30 June 2013 Unaudited |
31 March 2013 Audited |
30 September 2012 Unaudited |
|
Ord. Shares |
A Shares |
B Shares |
Total |
Ord. Shares |
A Shares |
B Shares |
Total |
Ord. Shares |
Total |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
VCT qualifying unquoted investments |
31,262 |
3,560 |
- |
34,822 |
29,068 |
3,560 |
- |
32,628 |
14,650 |
14,650 |
Non VCT qualifying unquoted investments |
- |
221 |
- |
221 |
- |
525 |
- |
525 |
- |
- |
|
31,262 |
3,781 |
- |
35,043 |
29,068 |
4,085 |
- |
33,153 |
14,650 |
14,650 |
GAM Diversity exposure |
- |
- |
- |
- |
- |
- |
- |
- |
2,723 |
2,723 |
Cash and cash equivalents |
6,280 |
462 |
6,767 |
13,509 |
4,969 |
286 |
3,285 |
8,540 |
215 |
215 |
Total investments |
37,542 |
4,243 |
6,767 |
48,552 |
34,037 |
4,371 |
3,285 |
41,693 |
17,588 |
17,588 |
Other assets & liabilities |
(129) |
(15) |
19 |
(125) |
3,156 |
(150) |
1 |
3,007 |
1,339 |
1,339 |
Net assets |
37,413 |
4,228 |
6,786 |
48,427 |
37,193 |
4,221 |
3,286 |
44,700 |
18,927 |
18,927 |
Net asset value per share |
81.87p |
82.39p |
93.43p |
n/a |
81.06p |
82.26p |
92.72p |
n/a |
81.94p |
n/a |
Results
The Ordinary Share Class made a profit per share of 0.81p during the period. Under the Enhanced Share Buy Back ("ESBB"), a further 8,556,171 Ordinary shares were bought back and 8,372,784 Ordinary shares were issued.
During the period the A shares made a profit per share of 0.13p.
The B shares made a loss per share during the period of 0.18p which is calculated based on the weighted average number of shares in issue during the quarter. Under the New Offer (the "Offer") a further 3,719,529 B shares were issued in the quarter ended 30 June 2013. The net asset value ("NAV") per share has increased by 0.71p per share which is the net result of the shares issued during the period increasing the NAV and the loss incurred during the period.
Investment Activity
The Company's unquoted investment portfolio comprises the following:
|
|
|
Electricity Generation |
|
Industry Sector |
Cinema Digitisation |
Crematorium Management and Medical Gas Supplies |
Solar PV |
Anaerobic Digestion |
Landfill Gas |
Hydro Electric Power |
Total Unquoted Investments |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
Investments at 31 March 2013 |
|
|
|
|
|
|
|
Ordinary shares |
19,167 |
1,320 |
4,031 |
3,550 |
- |
1,000 |
29,068 |
A Ordinary shares |
- |
- |
2,085 |
1,125 |
875 |
- |
4,085 |
B Ordinary shares |
- |
- |
- |
- |
- |
- |
- |
|
19,167 |
1,320 |
6,116 |
4,675 |
875 |
1,000 |
33,153 |
Investments made during the period |
|
|
|
|
|
|
|
Ordinary shares |
- |
- |
1,000 |
- |
- |
1,000 |
2,000 |
A Ordinary shares |
- |
- |
- |
- |
- |
- |
- |
B Ordinary shares |
- |
- |
- |
- |
- |
- |
- |
|
- |
- |
1,000 |
- |
- |
1,000 |
2,000 |
Investments disposed of during the period |
|
|
|
|
|
|
|
Ordinary shares |
- |
- |
- |
- |
- |
- |
- |
A Ordinary shares |
- |
- |
- |
(304) |
- |
- |
(304) |
B Ordinary shares |
- |
- |
- |
- |
- |
- |
- |
|
- |
- |
- |
(304) |
- |
- |
(304) |
Increase in valuation during the period |
|
|
|
|
|
|
|
Ordinary shares |
152 |
- |
42 |
- |
- |
- |
194 |
A Ordinary shares |
- |
- |
- |
- |
- |
- |
- |
B Ordinary shares |
- |
- |
- |
- |
- |
- |
- |
|
152 |
- |
42 |
- |
- |
- |
194 |
Investments at 30 June 2013 |
|
|
|
|
|
|
|
Ordinary shares |
19,319 |
1,320 |
5,073 |
3,550 |
- |
2,000 |
31,262 |
A Ordinary shares |
- |
- |
2,085 |
821 |
875 |
- |
3,781 |
B Ordinary shares |
- |
- |
- |
- |
- |
- |
- |
Total investments |
19,319 |
1,320 |
7,158 |
4,371 |
875 |
2,000 |
35,043 |
Total investments % |
55.13% |
3.77% |
20.43% |
12.47% |
2.50% |
5.70% |
100.00% |
During the period the Ordinary Share Class made investments in two companies in the electricity generation sector, Elementary Energy Ltd, a company approved to commence trade in Hydro Electric or Solar power generation and Cmore Energy Ltd, a company, approved to commence trade in Solar power generation.
Material Events and Transactions
During the quarter both the ESBB and Offer closed. A dividend will be paid to A Class Shareholders on 26 July 2013 of £256,568 equal to 5p per share. The Board expect to issue proposals in the immediate future in order to pay out Ordinary Shareholders who did not participate in the ESBB.
Further Information
For further information, please contact Claire Ainsworth or Chris Tottle at Triple Point Investment Management LLP on 0207 201 8989 or contact@triplepoint.co.uk.