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9 Feb 2022 18:24
9 February 2022
Triple Point VCT 2011 plc
(the "Company")
A and B Share Class NAV update for the quarter ended 30 November 2021
The Company
The Company's funds at 30 November 2021 were invested in a portfolio of VCT qualifying and non-qualifying unquoted investments.
A Share Class
· The Net Asset Value at 30 November 2021 was 46.48p per share
· During the 9-month period to 30 November 2021 the A Share Class made a loss of 2.48p per share.
· On 26 November 2021 the A share class disposed 5 of its Hydroelectric Power assets with just 1 remaining.
· Total dividends paid to 30 November 2021 to A Shareholders was 73.50 pence per share.
· At 30 November 2021 Net Asset Value plus dividends paid ("Total Shareholder Return") was 119.98p per share.
· The table below shows the A Shares unquoted investment portfolio by sector at 30 November 2021:
Hydroelectric Power | 100% |
On 29 November 2021, the company declared a 33p dividend to A shareholders following the Hydroelectric Power disposals which was paid on 23 December 2021. Therefore the above 30 November 2021 Net Asset Value includes this 33p dividend that was subsequently paid out. This brings total dividends paid to date of 106.50 pence per share. To align its interests with shareholders, the Investment Manager earns a performance fee of 20% on all distributions over 100 pence per share; as such fee is not payable until distributions are made, it is not accounted in the above Net Asset Value.
B Share Class
· The Net Asset Value at 30 November 2021 was 56.57p per share.
· During the 9-month period to 30 November 2021 the B Share Class made a loss of 0.81p per share.
· Total dividends paid to date to B Shareholders is 10.00 pence per share.
· At 30 November 2021 the Total Shareholder Return for the B Share Class was 66.57p per share.
· The table below shows the B Shares unquoted investment portfolio by sector at 30 November 2021:
Gas Power | 75% |
SME Funding Hydroelectric Power | 25% |
Following the completion of the Hydro sale, the SME funding will be repaid in the coming months.
Net Assets at 30 November 2021:
| A Shares | B Shares |
| £'000 | £'000 |
VCT qualifying unquoted investments | 592 | 2,969 |
VCT non-qualifying unquoted investments | - | 1,005 |
Cash and cash equivalents | 3,846 | (16) |
Total Investments | 4,438 | 3,958 |
Other assets & liabilities | 109 | (133) |
Net assets | 4,547 | 3,825 |
Net asset value per share | 46.48 | 56.57 |
Net Assets at 28 February 2021:
| A Shares | B Shares |
| £'000 | £'000 |
VCT qualifying unquoted investments | 4,887 | 2,969 |
VCT non-qualifying unquoted investments | - | 1,005 |
Cash and cash equivalents | 52 | 83 |
Total Investments | 4,939 | 4,057 |
Other assets & liabilities | 277 | (150) |
Net assets | 5,216 | 3,907 |
Net asset value per share (pence) | 52.43 | 57.36 |
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management LLP (Investment Manager) | Tel: 020 7201 8989 |
Belinda Thomas Ian McLennan |
|
The Company's LEI is 213800AOOAQA5XQDEA89
Further information on the Company can be found on its website https://www.triplepoint.co.uk/investments/triple-point-venture-fund/s7881/.
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.
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