Interim Management Statement

RNS Number : 8999G

Triple Point Inc VCT - TPVE

26 July 2019

 

LEI: 213800IXD8S5WY88L245

Triple Point Income VCT plc

26 July 2019

Interim Management Statement for the quarter ended 30 June 2019

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.

C Share Class

·      The NAV at 30 June 2019 was 137.44p per share.

·      During the three-month period to 30 June 2019 the C Share Class made a profit of 2.86p per share. This includes a dividend from one of its investments in the hydroelectric power sector for £331,000, equivalent to 2.50p per share.

·      100% of the C Share Class investments are in the hydro-electric power sector, in line with the investment strategy.

·      On 25 July 2019 a dividend of 5.00p per share was paid bringing total dividends to the C Class Shareholders to 20.00p per share.

·      The table below shows the C Share Class investment portfolio by sector at 30 June 2019:

Hydro Electric Power	83%
SME Funding - Hydro Electric Power	17%

D Share Class

·      The NAV at 30 June 2019 was 118.07p per share.

·      During the three-month period to 30 June 2019 the D Share Class made a profit of 0.73p per share.

·      100% of the D Share investments are in the Hydro Electric Power sector, in line with the investment strategy.

·      On 25 July 2019 a dividend of 5.00p per share was paid bringing total dividends to the D Class Shareholders to 15.00p per share.

·      The table below shows the D Share Class investment portfolio by sector at 30 June 2019:

Hydro Electric Power	92%
SME Funding - Hydro Electric Power	8%

E Share Class

·      The NAV at 30 June 2019 was 98.95p per share.

·      During the three-month period to 30 June 2019 the E Share Class made a loss of 3.71p per share. This

was predominantly due to the write down of its quoted investment in Triple Point Social Housing REIT plc, valued using the share price at 30 June 2019, which is currently trading at a discount to NAV in line with other funds in the same sector. During the period a dividend of 1.27p per share equivalent to £73,840 was received from this investment in line with target.

·      The table below shows the E Share Class investment portfolio by sector at 30 June 2019:

Crematorium Management	1%
Vertical Growing	21%
Quoted Investments	20%
Hydro Electric Power	12%
SME Funding - Hydro Electric Power	3%
SME Funding - Other	10%
Electricity Generation - Other	33%

Net Assets at 30 June 2019:

	30-Jun-19
	Unaudited
	C Shares	D Shares	E Shares	Total
	£'000	£'000	£'000	£'000
VCT qualifying unquoted investments	14,089	13,349	15,085	42,523
VCT non qualifying unquoted investments	3,315	1,386	3,787	8,488
VCT non qualifying quoted investments	-	-	4,803	4,803
	17,404	14,735	23,675	55,814
Cash and cash equivalents	1,113	740	4,838	6,691
Total Investments	18,517	15,475	28,513	62,505
Other assets & liabilities	(46)	702	105	761
Net assets	18,471	16,177	28,618	63,266
Net asset value per share (p)	137.44	118.07	98.85	n/a

Net Assets at 31 March 2019:

	31-Mar-19
	Audited
	C Shares	D Shares	E Shares	Total
	£'000	£'000	£'000	£'000
VCT qualifying unquoted investments	14,089	13,349	15,085	42,523
VCT non qualifying unquoted investments	3,326	1,386	3,802	8,514
VCT non qualifying quoted investments	-	-	5,901	5,901
	17,415	14,735	24,788	56,938
Cash and cash equivalents	759	719	4,710	6,188
Total Investments	18,174	15,454	29,498	63,126
Other assets & liabilities	(86)	623	193	730
Net assets	18,088	16,077	29,691	63,856
Net asset value per share (p)	134.58	117.34	102.56	n/a

For further information, please contact Ben Beaton or Belinda Thomas at Triple Point Investment Management LLP on 0207 201 8989.

 

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