Triple Point Income VCT plc
11 February 2016
Interim Management Statement for the quarter ended 31 December 2015
Highlights
The Company
The Company continues to meet the requirement that 70% of the portfolio must be invested in VCT qualifying investments. At 31 December 2015 qualifying holdings accounted for 75% of the overall investment portfolio.
Ordinary Share Class
· Net Asset Value ("NAV") has decreased from 83.40p to 67.08p per share during the last quarter. This was a result of the dividend payment on 18 December 2015 of 16.45p per share, the majority of which was funded by the proceeds of solar realisations.
· At 31 December 2015 the total paid by way of dividends to shareholders was 25.56p per share, bringing the total return to 92.64p per share. This compares to a weighted average subscription share price of 83.6p per share.
· The unquoted qualifying investment portfolio by sector at 31 December 2015 is made up of:
Hydro Electric Power 34%
Cinema Digitisation 30%
Energy Generation and Infrastructure 20%
Solar PV 16%
A Share Class
· NAV has decreased from 41.22p to 41.15p per share during the last quarter.
· At 31 December 2015 the total paid by way of dividends to shareholders was 56.20p per share, bringing the total return to 97.35p. This compares to a weighted average subscription share price of 86.4p per share.
· Following the disposal of the share class's investments in the solar PV and Anaerobic Digestion sectors, 100% of the remaining unquoted qualifying investment portfolio is in two companies generating electricity through Landfill Gas. Further investment opportunities are being sought to enhance returns.
C Share Class
· NAV has increased from 101.16p to 101.92p per share during the last quarter. This compares to a subscription price of £1.
· 100% of the VCT qualifying investments are in the Hydro Electric Power sector.
D Share Class
· The D share class offer closed on 30 April 2015 raising £14.3 million with 13,701,636 shares being issued. The funds have been deployed into companies in the hydro electric power sector.
· NAV has increased from 99.85p to 100.57p per share during the last quarter. This compares to a subscription price of £1.
· During the quarter the D Share Class realised an investment for £2.7 million that was made in March 2015 into a company that intended to trade in the hydro electric power sector, but the deal did not come to fruition. Alternative investments are being sought.
· 100% of the VCT qualifying investments are in the Hydro Electric Power sector.
Net Assets at 31 December 2015:
|
31-Dec-15 |
|
30-Sep-15 |
|
Unaudited |
|
Unaudited |
|
Ord. Shares |
A Shares |
C Shares |
D Shares |
Total |
|
Ord. Shares |
A Shares |
C Shares |
D Shares |
Total |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
VCT qualifying unquoted investments |
10,929 |
789 |
9,430 |
10,138 |
31,286 |
|
12,529 |
789 |
9,430 |
12,847 |
35,595 |
VCT non qualifying unquoted investments |
1,136 |
0 |
4,205 |
907 |
6,248 |
|
1,236 |
0 |
4,055 |
868 |
6,159 |
|
12,065 |
789 |
13,635 |
11,045 |
37,534 |
13,765 |
789 |
13,485 |
13,715 |
41,754 |
Cash and cash equivalents |
776 |
1,034 |
91 |
2,448 |
4,349 |
|
2,328 |
1,047 |
157 |
(226) |
3,306 |
Total Investments |
12,841 |
1,823 |
13,726 |
13,493 |
41,883 |
|
16,093 |
1,836 |
13,642 |
13,489 |
45,060 |
Other assets & liabilities |
223 |
288 |
(27) |
287 |
771 |
|
149 |
279 |
(45) |
192 |
575 |
Net assets |
13,064 |
2,111 |
13,699 |
13,780 |
42,654 |
|
16,242 |
2,115 |
13,597 |
13,681 |
45,635 |
Net asset value per share |
67.08 |
41.15 |
101.92 |
100.57 |
n/a |
|
83.40 |
41.22 |
101.16 |
99.85 |
n/a |
For further information, please contact Claire Ainsworth at Triple Point Investment Management LLP on 0207 201 8989.