LEI: 213800IXD8S5WY88L245
Triple Point Income VCT plc
22 February 2018
Interim Management Statement for the quarter ended 31 December 2017
Highlights
The Company
The Company continues to meet all VCT qualifying conditions in respect of its portfolio of VCT unquoted qualifying investments and unquoted and quoted non-qualifying investments.
Ordinary Share Class
· Net Asset Value ("NAV") has increased by 0.35p to 63.08p per share as a result of the profit generated during the period.
· At 31 December 2017 the total paid by way of dividends to shareholders was 33.06p per share, bringing the total return to 96.14p per share. This compares to a weighted average subscription share price of 83.6p per share.
· Towards the end of the period, two established companies operating digital cinema technology, into which Triple Point Income VCT plc had invested historic Ordinary Share Class funds, had expanded their trading activities into the production and sale of electricity through operating solar PV systems. It is expected that these companies would further diversify into solar PV energy production in the near future whilst the digital cinema operations are expected to wind down.
· In December the Ordinary Share Class disposed of its investment in Cmore Energy Ltd, a company operating a ground mount solar site. The disposal is in line with the Company's strategy to realise Ordinary Share Class investments and return funds to the Ordinary Shareholders as soon as practicable after the end of the 5 year holding period in May 2018.
· The Ordinary Share Class investment portfolio split by sector at 31 December 2017 is:
Cinema Digitisation/Solar PV |
32% |
Crematorium Management |
6% |
Hydro Electric Power |
27% |
Electricity Generation - Other |
28% |
SME Funding - Other |
4% |
SME Funding - Hydro Electric Power |
3% |
A Share Class
· Net Asset Value ("NAV") at 31 December 2017 was 1p per share following the payment of a 17.79p per share dividend on 8 December 2017. The A Shares were cancelled on 13 February 2018 and the final distribution of 1p will be paid to shareholders on 9th March 2018.
· At 31 December 2017 the total paid by way of dividends to shareholders was 98.99p per share, bringing the total return to 99.99p. This compares to a weighted average subscription share price of 86.4p per share.
C Share Class
· Net Asset Value ("NAV") has increased to 105.53p per share as a result of profit generated during the period of 0.61p per share.
· At 31 December 2017 the total paid by way of dividends to shareholders was 10.00p per share, bringing the total return to 115.53p per share.
· The share class remains on target to pay a further 5p per share in the second quarter of 2018.
· 100% of the C Share Class investments are in the hydro-electric power sector, in line with the investment strategy.
· The C Share Class investment portfolio split by sector at 31 December 2017 is:
Hydro Electric Power |
79% |
SME Funding - Hydro Electric Power |
21% |
D Share Class
· Net Asset Value ("NAV") has increased to 102.78p per share as a result of profit generated during the period of 0.88p per share.
· The share class remains on target to pay a further 5p per share in the second quarter of 2018.
· 94% of the D Share investments are in the Hydro Electric Power sector, in line with the investment strategy.
· The D Share Class investment portfolio split by sector at 31 December 2017 is:
Hydro Electric Power |
85% |
SME Funding - Hydro Electric Power |
9% |
SME Funding - Other |
6% |
E Share Class
· The Net Asset Value ("NAV") at 30 December 2017 was 98.92p per share. The loss during the period of 0.33p per share was due to fixed overheads exceeding income, which will start to reverse as further investments are made and returns are received.
· During the period the E Share Class made a qualifying investment of £5 million into a company which is intending to build a pioneering vertical growing facility. The facilities will produce premium quality fresh salads and herbs in indoor, laboratory-like conditions.
· Also during the period the E Share Class made a non-qualifying investment of £3 million by purchasing quoted shares in Triple Point Social Housing REIT Plc. The investment is expected to generate returns of 5% per annum.
· The E Share Class investment portfolio split by sector at 31 December 2017 is:
Vertical Growing |
51% |
Quoted Investments |
30% |
SME Funding - Hydro Electric Power |
4% |
SME Funding - Other |
15% |
Net Assets at 31 December 2017:
|
31-Dec-17 |
|
Unaudited |
|
Ord. Shares |
A Shares |
C Shares |
D Shares |
E Shares |
Total |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
VCT qualifying unquoted investments |
8,779 |
- |
10,269 |
10,928 |
5,000 |
34,976 |
VCT non qualifying unquoted investments |
1,692 |
- |
3,434 |
2,197 |
1,846 |
9,169 |
VCT non qualifying quoted investments |
- |
- |
- |
- |
3,000 |
3,000 |
|
10,471 |
- |
13,703 |
13,125 |
9,846 |
47,145 |
Cash and cash equivalents |
1,794 |
80 |
435 |
102 |
18,884 |
21,295 |
Total Investments |
12,265 |
80 |
14,138 |
13,227 |
28,730 |
68,440 |
Other assets & liabilities |
11 |
(29) |
47 |
856 |
(93) |
792 |
Net assets |
12,276 |
51 |
14,185 |
14,083 |
28,637 |
69,232 |
Net asset value per share (p) |
63.08 |
1.00 |
105.53 |
102.78 |
98.92 |
n/a |
|
31-Mar-17 |
|
Audited |
|
Ord. Shares |
A Shares |
C Shares |
D Shares |
E Shares |
Total |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
VCT qualifying unquoted investments |
10,000 |
789 |
10,269 |
10,928 |
- |
31,986 |
VCT non qualifying unquoted investments |
1,705 |
957 |
3,891 |
2,197 |
|
8,750 |
|
11,705 |
1,746 |
14,160 |
13,125 |
- |
40,736 |
Cash and cash equivalents |
1,632 |
146 |
257 |
499 |
- |
2,534 |
Total Investments |
13,337 |
1,892 |
14,417 |
13,624 |
- |
43,270 |
Other assets & liabilities |
236 |
287 |
(103) |
789 |
- |
1,209 |
Net assets |
13,573 |
2,179 |
14,314 |
14,413 |
- |
44,479 |
Net asset value per share (p) |
69.74 |
42.46 |
106.49 |
105.19 |
- |
n/a |
For further information, please contact Ben Beaton or Belinda Thomas at Triple Point Investment Management LLP on 0207 201 8989.