26 Jul 2019 12:55
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.