Triple Point Income VCT plc
6 February 2014
Interim Management Statement for the quarter ended 31 December 2013
Triple Point Income VCT plc ("the Company") has pleasure in submitting its Interim Management Statement for the quarter ended 31 December 2013. This constitutes the Company's second 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:
|
31 December 2013 |
30 September 2013 |
31 March 2013 |
|
Unaudited |
Unaudited |
Audited |
|
Ord. Shares |
A Shares |
Total |
Ord. Shares |
A Shares |
B Shares |
Total |
Ord. Shares |
A Shares |
B Shares |
Total |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
VCT qualifying unquoted investments |
15,360 |
3,598 |
18,958 |
15,255 |
3,598 |
- |
18,853 |
29,068 |
3,560 |
- |
32,628 |
Non VCT qualifying unquoted investments |
250 |
221 |
471 |
- |
221 |
- |
221 |
- |
525 |
- |
525 |
|
15,610 |
3,819 |
19,429 |
15,255 |
3,819 |
- |
19,074 |
29,068 |
4,085 |
- |
33,153 |
Cash and cash equivalents |
662 |
416 |
1,078 |
22,241 |
371 |
6,780 |
29,392 |
4,969 |
286 |
3,285 |
8,540 |
Total investments |
16,272 |
4,235 |
20,507 |
37,496 |
4,190 |
6,780 |
48,466 |
34,037 |
4,371 |
3,285 |
41,693 |
Other assets & liabilities |
(15) |
(74) |
(89) |
60 |
(33) |
(33) |
(6) |
3,156 |
(150) |
1 |
3,007 |
Net assets |
16,257 |
4,161 |
20,418 |
37,556 |
4,157 |
6,747 |
48.460 |
37,193 |
4,221 |
3,286 |
44,700 |
Net asset value per share |
82.17p |
81.09p |
n/a |
82.18p |
81.00p |
92.89p |
n/a |
81.06p |
82.26p |
92.72p |
n/a |
Ordinary Share Class Results and Material Transactions
The Company offered to buy back those Ordinary shares which, on 30th September 2013, had been held by shareholders for more than five years at a price of 80.8955p per share based on the Net Asset Value ("NAV") on 31 July 2013. A total of 34,195,496 shares were purchased by the Company in two tranches on 18 October 2013 and 29 November 2013.
On 31 October 2013 7,263,471 B shares were converted into Ordinary shares at a conversion rate of 1.140169, creating a further 8,281,584 Ordinary shares.
The net effect of the performance for the quarter and the transactions described above was a small loss causing the NAV per Ordinary share to decline from 82.18p to 82.17p.
It was resolved to pay a dividend on 10 January 2014 of £812,978 or 4.109p per share to Ordinary share class holders on the register at 20 December 2013.
A Share Class Results
The profit per share for the A shares for the quarter was 0.09p per share.
Investment Activity
The Company's unquoted investment portfolio comprises the following:
|
|
|
Electricity Generation |
|
|
Industry Sector |
Cinema Digitisation |
Crematorium Management |
Solar PV |
Anaerobic Digestion |
Landfill Gas |
Hydro Electric Power |
SME Lending |
Total Unquoted Investments |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
Investments at 31 March 2013 |
|
|
|
|
|
|
|
|
Ordinary shares |
19,167 |
1,320 |
4,031 |
3,550 |
0 |
1,000 |
- |
29,068 |
A Ordinary shares |
- |
- |
2,085 |
1,125 |
875 |
- |
- |
4,085 |
|
19,167 |
1,320 |
6,116 |
4,675 |
875 |
1,000 |
- |
33,153 |
Investments made during the period |
|
|
|
|
|
|
|
|
Ordinary shares |
- |
- |
1,005 |
- |
- |
1,200 |
250 |
2,455 |
A Ordinary shares |
- |
- |
- |
- |
- |
- |
- |
- |
|
- |
- |
1,005 |
- |
- |
1,200 |
250 |
2,455 |
Investments realised during the period |
|
|
|
|
|
|
|
|
Ordinary shares |
(16,042) |
(100) |
- |
- |
- |
- |
- |
(16,142) |
A Ordinary shares |
- |
- |
- |
(304) |
- |
- |
- |
(304) |
|
(16,042) |
(100) |
- |
(304) |
- |
- |
- |
(16,446) |
Investments Revalued during the period |
|
|
|
|
|
|
|
|
Ordinary shares |
152 |
(32) |
109 |
- |
- |
- |
- |
229 |
A Ordinary shares |
- |
- |
38 |
- |
- |
- |
- |
38 |
|
152 |
(32) |
147 |
- |
- |
- |
- |
267 |
Investments at 31 December 2013 |
|
|
|
|
|
|
|
|
Ordinary shares |
3,277 |
1,188 |
5,145 |
3,550 |
- |
2,200 |
250 |
15,610 |
A Ordinary shares |
- |
- |
2,123 |
821 |
875 |
- |
- |
3,819 |
|
3,277 |
1,188 |
7,268 |
4,371 |
875 |
2,200 |
250 |
19,429 |
Total investments % |
16.87% |
6.11% |
37.41% |
22.50% |
4.50% |
11.32% |
1.29% |
100.00% |
Investment Activity
During the period the Ordinary share class made further investments in three companies. These were Elementary Energy Ltd, a company which is constructing a hydro electric power station; PJC Renewable Ltd, a company approved to commence trade in solar power; and New Wave Ltd, a company that provides short term finance to small businesses.
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.