11 Jul 2019 16:45
LEI: 213800AOOAQA5XQDEA89
Triple Point VCT 2011 plc
11 July 2019
Interim Management Statement for the quarter ended 31 May 2019
Highlights
The Company
The Company's funds at 31 May 2019 were 77% invested in a portfolio of VCT qualifying and non-qualifying unquoted investments. It continues to meet the condition that 70% of relevant funds must be invested in qualifying investments.
The Venture Fund is progressing in deploying its funds, with 3 investments made, totalling £0.75m during the 3-month period to 31 May 2019. A further £0.5m was invested following the period end in June 2019. The Venture Fund has made a total of 4 investments totalling £1.25m to date.
A Share Class
· The Net Asset Value at 31 May 2019 was 111.13p per share.
· During the 3-month period to 31 May 2019 the A Share Class made a profit of 0.64p per share.
· A fourth dividend of 4.00p per share was paid on 27 June 2019 bringing the total dividends paid to date to 11.75p.
· Below shows the A Shares unquoted investment portfolio by sector at 31 May 2019:
Hydro Electric Power: 69%
SME Funding- Hydro Electric Power: 16%
SME Funding - Other: 15%
B Share Class
· The Net Asset Value at 31 May 2019 was 106.06p per share.
· During the 3-month period to 31 May 2019 the B Share Class made a small loss of 0.04p per share.
· On 27 June, the B Share Class paid its first dividend to shareholders of 5.00p per share.
· Below shows the B Shares unquoted investment portfolio by sector at 31 May 2019:
Gas Power: 76%
SME Funding - Other: 24%
Venture Share Class
· The Net Asset Value at 31 May 2019 was 99.68p per share.
· During the 3-month period to 31 May 2019 the Venture Share Class made a small loss of 0.47p per share.
· During June the Venture Share fund made a £0.5m investment into Counting Up Limited, a financial technology company. The company aims to help small businesses and sole traders with the automation of their accounting and administration.
Software as a Service: 60%
Telecoms: 40%
Net Assets at 31 May 2019:
| 31-May-19 | |||
| Unaudited | |||
| A Shares | B Shares | Venture Shares | Total |
| £'000 | £'000 | £'000 | £'000 |
VCT qualifying unquoted investments | 7,005 | 5,513 | 750 | 13,268 |
VCT non qualifying unquoted investments | 3,097 | 1,726 | - | 4,823 |
Cash and cash equivalents | (26) | 25 | 5,544 | 5,543 |
Total Investments | 10,076 | 7,264 | 6,294 | 23,634 |
Other assets & liabilities | 983 | (24) | (274) | 685 |
Net assets | 11,059 | 7,240 | 6,020 | 24,319 |
Net asset value per share | 111.13 | 106.06 | 99.68 | n/a |
Net Assets at 28 February 2019:
| 28-Feb-19 | |||
| Audited | |||
| A Shares | B Shares | Venture Shares | Total |
| £'000 | £'000 | £'000 | £'000 |
VCT qualifying unquoted investments | 7,005 | 5,513 | - | 12,518 |
VCT non qualifying unquoted investments | 3,097 | 1,726 | - | 4,823 |
Cash and cash equivalents | 3 | 43 | - | 46 |
Total Investments | 10,105 | 7,282 | - | 17,387 |
Other assets & liabilities | 890 | (39) | - | 851 |
Net assets | 10,995 | 7,243 | - | 18,238 |
Net asset value per share | 110.49 | 106.10 | 0.00 | n/a |
For further information, please contact Ben Beaton or Belinda Thomas at Triple Point Investment Management LLP on 0207 201 8989.