TP5 VCT plc
31 July 2014
Interim Management Statement for the quarter ended 30 June 2014
TP5 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 at 30 June 2014 comprised:
|
30 June 2014 |
|
31 March 2014 |
|
30 September 2013 |
|
Unaudited |
|
Audited |
|
Unaudited |
|
Ordinary Shares |
B Shares |
Total |
|
Ordinary Shares |
B Shares |
Total |
|
Ordinary Shares |
B Shares |
Total |
|
£'000 |
£'000 |
£'000 |
|
£'000 |
£'000 |
£'000 |
|
£'000 |
£'000 |
£'000 |
VCT qualifying unquoted investments |
15,339 |
1,896 |
17,235 |
|
15,340 |
1,895 |
17,235 |
|
15,037 |
1,858 |
16,895 |
VCT non qualifying unquoted investments |
- |
- |
- |
|
3 |
1 |
4 |
|
3 |
1 |
4 |
|
15,339 |
1,896 |
17,235 |
|
15,343 |
1,896 |
17,239 |
|
15,040 |
1,859 |
16,899 |
VCT non qualifying investment in GAM Diversity 2.5XL |
- |
- |
- |
|
- |
- |
- |
|
- |
1,068 |
1,068 |
Cash and cash equivalents |
270 |
1,210 |
1,480 |
|
101 |
646 |
747 |
|
49 |
85 |
134 |
Total investments |
15,609 |
3,106 |
18,715 |
|
15,444 |
2,542 |
17,986 |
|
15,089 |
3,012 |
18,101 |
Other assets & liabilities |
(112) |
(8) |
(120) |
|
36 |
565 |
601 |
|
84 |
15 |
99 |
Net assets |
15,497 |
3,098 |
18,595 |
|
15,480 |
3,107 |
18,587 |
|
15,173 |
3,027 |
18,200 |
Net asset value per share |
82.59p |
89.82p |
n/a |
|
82.50p |
90.07p |
n/a |
|
80.86p |
87.79p |
n/a |
Results
The Ordinary Share Class made a profit for the quarter of £17,000 equivalent to 0.9p per share which increased the net asset value ('NAV') per share by that amount.
The B Share Class made a loss for the quarter of £9,000 equivalent to (0.25p) per share which reduced the net asset value ('NAV') per share by that amount.
Dividends
At the date of this report the total paid by way of dividends to Ordinary Class Shareholders is 9.51p per share. There have been no dividends paid to date to the B Class Shareholders.
On 10 July 2014 the Board of TP5 VCT resolved to pay dividends of 31.27p per share to Ordinary Class Shareholders and 53.90p per share to B Class Shareholders. The dividends will be paid on 1 August 2014 to Shareholders on the register at 18 July 2014. The dividends will be funded from the cash generated from the realisation of investments on 1 July 2014 as detailed below.
Investment Portfolio
The investment portfolio can be analysed as follows:
|
|
Electricity Generation |
|
Industry Sector |
Cinema Digitisation |
Solar PV |
Anaerobic Digestion |
Total Unquoted Investments |
|
£'000 |
£'000 |
£'000 |
£'000 |
Investments at 31 March 2014 |
6,691 |
7,469 |
3,079 |
17,239 |
Investments re-valued during the period |
- |
- |
(1) |
(1) |
Investments disposed of during the period |
- |
- |
(3) |
(3) |
Investments at 30 June 2014 |
6,691 |
7,469 |
3,075 |
17,235 |
Unquoted Investments % |
38.82% |
43.34% |
17.84% |
100.00% |
On 1 July 2014 after the quarter end £6.5m of loans in Cinema Digitisation companies were redeemed as part of the exit strategy to return funds to investors as soon as possible after the five year holding period. The Company continues to hold equity in these companies.
The Company expects to realise its portfolio of investments over the coming months in order to return funds to shareholders in line with the Investment Policy.
Material Events and Transactions
There were no 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.