Triple Point Income VCT plc
31 July 2014
Interim Management Statement for the quarter ended 30 June 2014
Triple Point Income VCT plc ("the Company") has pleasure in submitting its Interim Management Statement for the quarter ended 30 June 2014. This constitutes the Company's first Interim Management Statement for the year ending 31 March 2015, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
Net assets comprised:
|
30 June 2014 Unaudited |
31 March 2014 Audited |
30 September 2013 Unaudited |
|
Ord. Shares |
A Shares |
C Shares |
Total |
Ord. Shares |
A Shares |
C Shares |
Total |
Ord. Shares |
A Shares |
Total |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
VCT qualifying unquoted investments |
14,378 |
3,647 |
120 |
18,145 |
14,331 |
3,647 |
- |
17,978 |
15,255 |
3,598 |
18,853 |
VCT non qualifying unquoted investments |
1,088 |
- |
- |
1,088 |
1,138 |
221 |
- |
1,359 |
- |
221 |
221 |
|
15,466 |
3,647 |
120 |
19,233 |
15,469 |
3,868 |
- |
19,337 |
15,255 |
3,819 |
19,074 |
Cash and cash equivalents |
334 |
602 |
13,167 |
14,103 |
147 |
377 |
6,902 |
7,426 |
29,021 |
371 |
29,392 |
Total investments |
15,800 |
4,249 |
13,287 |
33,336 |
15,616 |
4,245 |
6,902 |
26,763 |
44,276 |
4,190 |
48,466 |
Other assets & liabilities |
(124) |
(27) |
(35) |
(186) |
(29) |
(30) |
(29) |
(88) |
27 |
(33) |
(6) |
Net assets |
15,676 |
4,222 |
13,252 |
33,150 |
15,587 |
4,215 |
6,873 |
26,675 |
44,303 |
4,157 |
48,460 |
Net asset value per share |
79.48p |
82.27p |
98.59p |
n/a |
79.03p |
82.15p |
98.38p |
n/a |
82.15p |
81.00p |
n/a |
Results
The Ordinary Share Class made a profit for the quarter of £111,000 equivalent to 0.45p per share which increased the net asset value ('NAV') per share by that amount.
The A Share Class made a profit for the quarter of £9,000 equivalent to 0.12p per share which increased the net asset value ('NAV') per share by that amount.
The C Share Class made a loss for the quarter of £70,000 equivalent to a loss of 0.45p per share. The loss is the proportion of the Company's overheads attributable to the C Share Class with no investment income yet to offset these overheads. During the period the C Share Class offer closed and a further 6,454,916 shares were issued bringing the total C Class Shares in issue to 13,441,438.
Dividends
At the date of this report the total paid by way of dividend to Ordinary Class shareholders is 4.11p per share.
At the date of this report the total paid by way of dividend to A Class shareholders is 11.2p per share including a dividend of 6.2p per share which was paid on 25 July 2014.
Investment Portfolio
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 |
Total Unquoted Investments |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
Investments at 31 March 2014 |
|
|
|
|
|
|
|
Ordinary shares |
3,277 |
1,138 |
5,251 |
3,550 |
- |
2,253 |
15,469 |
A Ordinary shares |
- |
- |
2,157 |
821 |
890 |
- |
3,868 |
C Ordinary shares |
- |
- |
- |
- |
- |
- |
- |
|
3,277 |
1,138 |
7,408 |
4,371 |
890 |
2,253 |
19,337 |
Investments made during the period |
|
|
|
|
|
|
|
Ordinary shares |
- |
- |
- |
- |
- |
47 |
47 |
A Ordinary shares |
- |
- |
- |
- |
- |
- |
- |
C Ordinary shares |
- |
- |
- |
- |
- |
120 |
120 |
|
- |
- |
- |
- |
- |
167 |
167 |
Investments realised during the period |
|
|
|
|
|
|
|
Ordinary shares |
- |
(50) |
- |
- |
- |
- |
(50) |
A Ordinary shares |
- |
- |
- |
(220) |
- |
- |
(220) |
C Ordinary shares |
- |
- |
- |
- |
- |
- |
- |
|
- |
(50) |
- |
(220) |
- |
- |
(270) |
Investments re-valued during the period |
|
|
|
|
|
|
|
Ordinary shares |
- |
- |
- |
- |
- |
- |
- |
A Ordinary shares |
- |
- |
- |
(1) |
- |
- |
(1) |
C Ordinary shares |
- |
- |
- |
- |
- |
- |
- |
|
- |
- |
- |
(1) |
- |
- |
(1) |
Investments at 30 June 2014 |
|
|
|
|
|
|
|
Ordinary shares |
3,277 |
1,088 |
5,251 |
3,550 |
- |
2,300 |
15,466 |
A Ordinary shares |
- |
- |
2,157 |
600 |
890 |
- |
3,647 |
C Ordinary shares |
- |
- |
- |
- |
- |
120 |
120 |
Total |
3,277 |
1,088 |
7,408 |
4,150 |
890 |
2,420 |
19,233 |
Total investments % |
17.04% |
5.66% |
38.51% |
21.58% |
4.63% |
12.58% |
100.00% |
During the period £120,000 was advanced by the C share class to four companies to develop Hydro Electric Power plants. Since the quarter end one of the companies has commenced construction and has drawn down further investment of £3.1 million.
Material Events and Transactions
During the period 6,454,916 C shares were issued. There were no other material events or transactions during the period.
Further Information
For further information, please contact Claire Ainsworth or Belinda Thomas at Triple Point Investment Management LLP on 0207 201 8989 or contact@triplepoint.co.uk.