LEI: 213800IXD8S5WY88L245
Triple Point Income VCT plc
14 February 2019
Interim Management Statement for the quarter ended 31 December 2018
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
· The Net Asset Value ("NAV") at 31 December 2018 was 1.00p per share.
· On 1 October 2018 the Ordinary Share Class realised its investment in Green Energy for Education Limited.
· On 14 December 2018 a final dividend was paid to the Ordinary Class Shareholders of 4.07p per share bringing total dividends paid to Ordinary Class Shareholders to 97.87p per share. This compares to a weighted average subscription share price of 83.6p per share.
· The intention remains to cancel the Ordinary Shares and pay the remaining 1.00p by the end of the Company's financial year ending 31 March 2019.
C Share Class
· The NAV at 31 December 2018 has increased by 0.57p to 112.40p per share as a result of profit generated during the period.
· At 31 December 2018 the total paid by way of dividends to shareholders was 15.00p per share, bringing the total return to 127.40p per share.
· 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 by sector at 31 December 2018:
Hydro Electric Power - 80%
SME Funding - Hydro Electric Power - 20%
D Share Class
· The NAV at 31 December 2018 has increased by 0.88p to 105.7p per share as a result of profit generated during the period.
· 97% of the D Share investments are in the Hydro Electric Power sector, in line with the investment strategy.
· The D Share Class investment portfolio by sector at 31 December 2018:
Hydro Electric Power - 88%
SME Funding - Hydro Electric Power - 9%
SME Funding - Other - 3%
E Share Class
· The NAV at 31 December 2018 has decreased by 1.09p to 98.25p per share during the period. This is due to a fall in the market price of the shares held in a quoted investment. The share price fell from 105p at 30 September 2018 to 99.6p. Following the period end, the share price has recovered to 104p.
· During the period the E Share Class acquired a qualifying Investment in a rooftop solar PV company.
· Based on the current valuations of the portfolio, the E Share Class is 84% deployed in a portfolio of qualifying and non-qualifying investments.
· The E Share Class investment portfolio by sector at 31 December 2018:
Crematorium Management - 3%
Vertical Growing - 21%
Quoted Investments - 27%
Hydro Electric Power - 12%
SME Funding - Hydro Electric Power - 3%
SME Funding - Other - 9%
Electricity Generation - 25%
Net Assets at 31 December 2018:
|
31-Dec-18 |
|
Unaudited |
|
Ord. Shares |
C Shares |
D Shares |
E Shares |
Total |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
VCT qualifying unquoted investments |
- |
11,176 |
11,532 |
14,367 |
37,075 |
VCT non-qualifying unquoted investments |
- |
3,349 |
1,791 |
3,892 |
9,032 |
VCT non-qualifying quoted investments |
- |
- |
- |
5,791 |
5,791 |
|
0 |
14,525 |
13,323 |
24,050 |
51,898 |
Cash and cash equivalents |
248 |
661 |
310 |
4,733 |
5,952 |
Total Investments |
248 |
15,186 |
13,633 |
28,783 |
57,850 |
Other assets & liabilities |
(53) |
(78) |
850 |
(338) |
381 |
Net assets |
195 |
15,108 |
14,483 |
28,445 |
58,231 |
Net asset value per share (p) |
1.00 |
112.40 |
105.70 |
98.25 |
n/a |
|
31-Mar-18 |
|
Audited |
|
Ord. Shares |
C Shares |
D Shares |
E Shares |
Total |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
VCT qualifying unquoted investments |
9,367 |
11,176 |
11,532 |
5,000 |
37,075 |
VCT non-qualifying unquoted investments |
1,731 |
3,414 |
2,191 |
1,849 |
9,185 |
VCT non-qualifying quoted investments |
- |
- |
- |
5,884 |
5,884 |
|
11,098 |
14,590 |
13,723 |
12,733 |
52,144 |
Cash and cash equivalents |
1,868 |
551 |
253 |
15,776 |
18,448 |
Total Investments |
12,966 |
15,141 |
13,976 |
28,509 |
70,592 |
Other assets & liabilities |
(178) |
25 |
818 |
(46) |
619 |
Net assets |
12,788 |
15,166 |
14,794 |
28,463 |
71,211 |
Net asset value per share (p) |
65.74 |
112.84 |
107.98 |
98 |
n/a |
For further information, please contact Ben Beaton or Belinda Thomas at Triple Point Investment Management LLP on 0207 201 8989.