Roundtable Discussion; The Future of Mineral Sands. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksTPOA.L Regulatory News (TPOA)

  • There is currently no data for TPOA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

B Share Class Net Asset Value

27 Apr 2021 13:59

RNS Number : 7576W
Triple Point VCT 2011 PLC
27 April 2021
 

THIS ANNOUNCEMENT HAS BEEN DETERMINED TO CONTAIN INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

27 April 2021

 

Triple Point VCT 2011 plc

(the "Company")

B Share Class Net Asset Value

 

B Share Class Net Asset Value

 

The Company announces that the unaudited net asset value ("NAV") of the B Share Class as at 28 February 2021 is 57.36 pence per share, a reduction of 44.19% in comparison to the previous audited NAV of the B Share Class as at 29 February 2020. This also reflects a 40.77% reduction in the NAV of the B Share Class from the unaudited NAV as at 30 November 2020. Total dividends paid to date to B Shareholders is 10.00 pence per share. Following the reduction of the unaudited NAV of the B Share Class, the overall unaudited NAV of the Company as at 28 February 2021 is £23.331m, a reduction of 10.41% in comparison to the combined latest published NAVs as at 31 January 2021.

 

The aforementioned unaudited B Share Class and Company NAVs as at 28 February 2021 are subject to audit review, and the final audited B Share Class and Company NAVs will be announced in the Annual Report of the Company expected to be published in May 2021.

 

Background

 

The NAV of the B Share Class has reduced due to a restatement of the carrying value of two gas-fired energy centres held by the B Share Class; Green Peak Generation Limited and Distributed Generation Limited (the "Assets"). The decision to restate the carrying value of these Assets has been taken after careful review and consideration of an independent report obtained by the Board. The NAV is based on a valuation within the range of valuations set out in the independent report. It also reflects feedback received from an ongoing sales process of the Assets.

 

A number of external factors have contributed to the reduced valuation of the Assets: the costs of constructing new gas-fired energy centres, compared to the original build price of the Assets, have reduced; because of the requirements of VCT rules at the time, the Assets do not hold long term 15-year capacity market contracts which could offer a valuable additional income stream; the ongoing disposal process has indicated that potential buyers are assuming, and pricing in, shorter operational lifespans for the Assets following the acceleration of the Government's and the public's desire to phase out fossil fuels in favour of alternatives.

Price reductions have also been factored into valuation assumptions relating to the regulator, Ofgem's, ongoing review of the embedded benefits regime (around which there are substantial uncertainties), future Balancing Market revenues, assumed terminal values, and site-specific factors including recent availability issues. All of these elements have led to an increase in discount rates to be applied to these assets and therefore the overall NAV reduction of the B Share Class.

 

The Board will continue to endeavour to optimise value for B Share Class shareholders.

 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 Triple Point Investment Management LLP

 (Investment Manager)

Tel: 020 7201 8989

 Jonathan Parr

 Belinda Thomas

 

 

 

 

The Company's LEI is 213800AOOAQA5XQDEA89

 

Further information on the Company can be found on its website https://www.triplepoint.co.uk/current-vcts/triple-point-vct-2011-plc/s2539/.

 

NOTES:

The Company is a Venture Capital Trust incorporated in July 2010. The Investment Manager is Triple Point Investment Management LLP. The Company was established to fund small and medium sized enterprises (SMEs). The Company launched a new share class, known as The Venture Fund, in March 2019 which is mandated to invest in SMEs producing products or digital services that solve challenges faced by their larger corporate customers.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NAVEAALXASPFEFA
Date   Source Headline
5th Apr 20233:14 pmRNSIssue of Equity and Total Voting Rights
4th Apr 20231:51 pmRNSIssue of Equity and Total Voting Rights
4th Apr 202311:21 amRNSTotal Voting Rights
21st Mar 202311:00 amRNSA and B Share Class Net Asset Values
20th Mar 20235:34 pmRNSIssue of Equity and Total Voting Rights
15th Mar 20239:59 amRNSIssue of Supplementary Prospectus
14th Mar 20237:00 amRNSOffer for Subscription - over-allotment facility
13th Mar 20239:03 amRNSCompany Update
2nd Mar 20234:31 pmRNSVenture Share Class Net Asset Value
1st Mar 202310:52 amRNSResult of A Class and B Class Meetings
16th Feb 20235:56 pmRNSNotice of Adjourned A and B Share Class Meetings
9th Feb 20233:50 pmRNSA and B Share Class Net Asset Values
9th Feb 20231:01 pmRNSResult of General Meeting
3rd Feb 20232:00 pmRNSDividend Declaration
18th Jan 20231:00 pmRNSPublication Of Circular
3rd Jan 202311:15 amRNSTotal Voting Rights
12th Dec 20223:40 pmRNSIssue of Equity and Total Voting Rights
1st Dec 202212:30 pmRNSTotal Voting Rights
18th Nov 20224:30 pmRNSTransaction in Own Shares
3rd Nov 20224:50 pmRNSIssue of Equity and Total Voting Rights
2nd Nov 20227:00 amRNSVenture Share Class Net Asset Value
27th Oct 20227:00 amRNSResults for the six months ended 31 August 2022
11th Oct 20227:00 amRNSDisposal of gas fired assets & B Share Class NAV
3rd Oct 20223:30 pmRNSTotal Voting Rights
21st Sep 202211:15 amRNSPublication of Prospectus
5th Sep 20227:00 amRNSIssue Of Equity and Total Voting Rights
1st Sep 20221:29 pmRNSTotal Voting Rights
18th Aug 20224:00 pmRNSTransaction in Own Shares
1st Aug 20229:00 amRNSTotal Voting Rights
1st Aug 20227:00 amRNSIntention to Launch an Offer for Subscription
29th Jul 20223:19 pmRNSIssue of Equity and Total Voting Rights
27th Jul 20223:44 pmRNSIssue of Equity and Total Voting Rights
15th Jul 202212:00 pmRNSOffer Update
14th Jul 20225:15 pmRNSA and B Share Class Net Asset Values
14th Jul 20222:00 pmRNSResult of Annual General Meeting
8th Jul 20223:45 pmRNSIssue of Equity and Total Voting Rights
7th Jul 20227:00 amRNSVenture Share Class Net Asset Value
24th Jun 202211:30 amRNSIssue of Supplementary Prospectus
13th Jun 20225:00 pmRNSAnnual Financial Report and Notice of AGM
30th May 20227:00 amRNSDividend Declaration
30th May 20227:00 amRNSResults for the year ended 28 February 2022
5th May 20227:00 amRNSInvestment Update
3rd May 20226:00 pmRNSTotal Voting Rights
5th Apr 20223:59 pmRNSIssue of Equity and Total Voting Rights
1st Apr 20222:24 pmRNSIssue of Equity and Total Voting Rights
1st Apr 20227:00 amRNSTotal Voting Rights
1st Apr 20227:00 amRNSOffer for Subscription - over-allotment facility
28th Mar 202211:00 amRNSVenture Share Class Net Asset Value
15th Mar 20222:31 pmRNSIssue of Equity and Total Voting Rights
15th Mar 20227:00 amRNSOffer for Subscription - over-allotment facility

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.