22 Feb 2022 16:30
22 February 2022
Triple Point Income VCT plc
(the "Company")
NET ASSET VALUES FOR THE QUARTER ENDED 31 DECEMBER 2021
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 31 December 2021 was 48.89p per share.
· During the 9-month period to 31 December 2021 the C Share Class made a loss of 0.17p per share.
· On 26 November 2021 the C share class disposed of 2 of its Hydroelectric Power assets with just 1 remaining. On 12 December 2021 the final remaining Hydroelectric Power asset was disposed of.
· At 31 December 2021 Net Asset Value plus dividends paid ("Total Shareholder Return") was 156.64p per share.
On 29 November 2021, the Company declared a 32.5p dividend to C shareholders following the sale of a substantial part of the Hydroelectric Power portfolio which was paid on 23 December 2021. This brought total dividends paid to 23 December 2021 to 107.75p per share.
On 13 December 2021, the Company declared a further 40p dividend to C shareholders following the remaining Hydroelectric Power disposal which was paid on 14 January 2022. This brings total dividends paid to date of 147.75 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; this fee is only payable when distributions are made. Therefore, the above 31 December 2021 NAV incorporates the 20% performance fee on 47.75p of the dividends paid on 23 December 2021 and 14 January 2022.
D Share Class
· The NAV at 31 December 2021 was 9.89p per share.
· During the 9-month period to 31 December 2021 the D Share Class made a loss of 2.94p per share.
· On 26 November 2021 the D share class disposed of 4 of its Hydroelectric Power assets with just 1 remaining.
· At 31 December 2021 the Total Shareholder Return for the D Share Class was 126.64p per share.
On 29 November 2021, the Company declared a 45p dividend to D shareholders following the sale of a substantial part of the Hydroelectric Power portfolio which was paid on 23 December 2021. This brings total dividends paid to date of 116.75p 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; this fee is only payable when distributions are made. Therefore, the above 31 December 2021 NAV incorporates the 20% performance fee on 16.75p of the dividend paid on 23 December 2021.
E Share Class
· The NAV at 31 December 2021 was 79.24p per share.
· During the 9-month period to 31 December 2021 the E Share Class made a profit of 0.15p per share.
· On 26 November 2021 the E share class disposed of 5 of its Hydroelectric Power assets. On 12 December 2021 a further Hydroelectric Power asset was disposed of with just 1 remaining in the portfolio.
· At 31 December 2021 the Total Shareholder Return for the E Share Class was 106.24p per share.
· The table below shows the E Share Class investment portfolio by sector at 31 December 2021:
Crematorium Management | 2% |
Vertical Growing | 29% |
Quoted Investments | 3% |
Hydroelectric Power | 2% |
SME Funding - Hydroelectric Power | 16% |
SME Funding - Other | 16% |
Electricity Generation - Other | 33% |
On 13 December 2021, the Company declared a 5.5p dividend to E shareholders following the remaining Hydroelectric Power disposal which was paid on 14 January 2022. This brings total dividends paid to date of 32.50 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 this fee is only payable when distributions are made, it is not accounted for in the above Net Asset Value.
Net Assets at 31 December 2021:
| 31-Dec-21 | |||
| C Shares | D Shares | E Shares | Total |
| £'000 | £'000 | £'000 | £'000 |
VCT qualifying unquoted investments | - | 502 | 13,866 | 14,368 |
VCT non-qualifying unquoted investments | - | - | 6,674 | 6,674 |
VCT non-qualifying quoted investments | - | - | - | 0 |
| - | 502 | 20,540 | 21,042 |
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Cash and cash equivalents | 7,833 | 2,817 | 2,269 | 12,919 |
Total Investments | 7,833 | 3,319 | 22,809 | 33,961 |
Other assets & liabilities | (1,276) | (1,973) | 120 | (3,129) |
Net assets | 6,557 | 1,346 | 22,929 | 30,832 |
Net asset value per share (p) | 48.89 | 9.89 | 79.24 |
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Net Assets at 31 March 2021:
| 31-Mar-21 | |||
| C Shares | D Shares | E Shares | Total |
| £'000 | £'000 | £'000 | £'000 |
VCT qualifying unquoted investments | 11,244 | 10,036 | 19,369 | 40,649 |
VCT non-qualifying unquoted investments | - | - | 6,815 | 6,815 |
VCT non-qualifying quoted investments | - | - | 558 | 558 |
| 11,244 | 10,036 | 26,742 | 48,022 |
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Cash and cash equivalents | 120 | 17 | 384 | 521 |
Total Investments | 11,364 | 10,053 | 27,126 | 48,543 |
Other assets & liabilities | (170) | (1,947) | 256 | (1,861) |
Net assets | 11,194 | 8,106 | 27,382 | 46,682 |
Net asset value per share (p) | 83.30 | 59.59 | 94.59 |
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FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management LLP (Investment Manager) | Tel: 020 7201 8989 |
Jonathan Parr Belinda Thomas
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The Company's LEI is 213800IXD8S5WY88L245
Further information on the Company can be found on its website https://www.triplepoint.co.uk/current-vcts/triple-point-income-vct-plc/s1238/.
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