By LSE RNS
Triple Point Income VCT plc
LEI: 213800IXD8S5WY88L245
Interim Results
The Directors of Triple Point Income VCT plc are pleased to announce its Interim results for the six months to 30 September 2017.
For further information please contact Ben Beaton or Belinda Thomas at Triple Point Investment Management LLP on 020 7201 8989. The Interim report will be available in full at www.triplepoint.co.uk
Unaudited Interim Financial Report - Financial Summary
6 months ended 30 September 2017 |
|
|
|
|
|
|
|
|
Unaudited |
|
Ord Shares |
A Shares |
C Shares |
D Shares |
E Shares |
|
Total |
Net assets |
£'000 |
12,210 |
964 |
14,103 |
13,962 |
28,734 |
|
69,973 |
Net asset value per share |
|
62.73p |
18.79p |
104.92p |
101.90p |
99.25p |
|
n/a |
Net profit before tax |
£'000 |
109 |
69 |
499 |
289 |
(266) |
|
700 |
Earnings per share |
|
0.49p |
1.33p |
3.43p |
1.71p |
(0.77p) |
|
n/a |
|
|
|
|
|
|
|
|
|
Cumulative return to shareholders |
|
|
|
|
|
|
|
|
Net asset value per share |
Pence |
62.73 |
18.79 |
104.92 |
101.90 |
99.25 |
|
|
Dividends paid |
Pence |
33.06 |
81.20 |
10.00 |
5.00 |
- |
|
|
Net asset value plus dividends paid |
|
95.79 |
99.99 |
114.92 |
106.90 |
99.25 |
|
|
|
|
|
|
|
|
|
|
|
Year ended 31 March 2017 |
|
|
|
|
|
|
|
|
Audited |
|
Ord Shares |
A Shares |
C Shares |
D Shares |
E Shares |
|
Total |
Net assets |
£'000 |
13,573 |
2,179 |
14,314 |
14,413 |
- |
|
44,479 |
Net asset value per share |
|
69.74p |
42.46p |
106.49p |
105.19p |
- |
|
n/a |
Net profit before tax |
£'000 |
429 |
73 |
957 |
652 |
- |
|
2,111 |
Earnings per share |
|
2.05p |
1.18p |
6.46p |
3.93p |
- |
|
n/a |
Cumulative return to shareholders |
|
|
|
|
|
|
|
|
Net asset value per share |
Pence |
69.74 |
42.46 |
106.49 |
105.19 |
- |
|
|
Dividends paid |
Pence |
25.56 |
56.20 |
5.00 |
- |
- |
|
|
Net asset value plus dividends paid |
|
95.30 |
98.66 |
111.49 |
105.19 |
- |
|
|
|
|
|
|
|
|
|
|
|
6 months ended 30 September 2016 |
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|
|
|
|
|
|
|
Unaudited |
|
Ord Shares |
A Shares |
C Shares |
D Shares |
E Shares |
|
Total |
Net assets |
£'000 |
13,259 |
2,145 |
13,625 |
14,124 |
- |
|
43,153 |
Net asset value per share |
|
68.13p |
41.79p |
101.37p |
103.08p |
- |
|
n/a |
Net profit before tax |
£'000 |
102 |
32 |
225 |
299 |
- |
|
658 |
Earnings per share |
|
0.44p |
0.51p |
1.34p |
1.82p |
- |
|
n/a |
Cumulative return to shareholders |
|
|
|
|
|
|
|
|
Net asset value per share |
Pence |
68.13 |
41.79 |
101.37 |
103.08 |
- |
|
|
Dividends paid |
Pence |
25.56 |
56.20 |
5.00 |
- |
- |
|
|
Net asset value plus dividends paid |
|
93.69 |
97.99 |
106.37 |
103.08 |
- |
|
|
Triple Point Income VCT plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP ("TPIM").
· Ordinary Shares: these are held by the shareholders that were in the Company prior to the merger on 21 November 2012; and by former TP70 2008(II) VCT plc shareholders; and shares that were held by the B Ordinary Shareholders which were converted to Ordinary Shares on 31 October 2013. The weighted average share price at acquisition or conversion was 83.60p
· A Ordinary Shares: these are held by the former TP12(I) VCT plc shareholders prior to the merger on 21 November 2012. The weighted average share price at conversion was 86.40p
· C Ordinary Shares: these are the shares issued in the Offer that closed on 27 May 2014. A total of £14.0 million was raised and 13,441,438 C Shares were issued.
· D Ordinary Shares: these are the shares issued in the Offer that closed on 30 April 2015. A total of £14.3 million was raised and 13,701,636 D Shares were issued.
· E Ordinary Shares: these are the shares issued in the Offer that closed this year on 15 May 2017. Just under £30 million was raised and 28,949,575 E Shares were issued.
I am writing to present the Interim Financial Report for the Company for the period ended 30 September 2017.
Investment Portfolio
At 30 September 2017 the Company continues to meet the condition that at least 70% of the relevant funds must be invested in VCT qualifying investments within three years.
The Investment Manager's review on pages 5 to 7 gives an update on the portfolio of investments in 19 small unquoted businesses.
Ordinary Share Class
The Ordinary Share Class has a diverse portfolio consisting of cinema digitisation, electricity generation, crematorium management and SME funding. May 2018 marks the end of the five year minimum VCT holding period for this share class and in line with investor expectations we will be working towards facilitating an exit for shareholders as soon as possible after this date.
The Ordinary Share Class has recorded a profit over the period of 0.49p per share. As at 30 September 2017 the net asset value stood at 62.73p per share. Adding back the dividends paid to Ordinary Class Shareholders of 33.06p takes the total return including net asset value to 95.79p per share. This compares to a weighted average share price at acquisition or conversion of 83.60p and a minimum target return of 90.4p.
The Ordinary Share Class paid a special dividend of 2.5p as well as the regular annual dividend of 5p, equal to £1,459,734 on 14 July 2017.
A Share Class
With April 2017 marking the end of the five year anniversary, the A Share Class has realised its remaining portfolio during the period.
The A Share Class recorded a profit over the period of 1.33p per share. As at 30 September 2017 the net asset value stood at 18.79p per share. Adding back the dividends paid to A Class Shareholders of 81.20p per share takes the total return including net asset value to 99.99p per share. This compares to a weighted average share price at conversion of 86.40p and a minimum target return of 97.6p.
The A Share Class paid a dividend of £1,282,838, equal to 25p per share on 14 July 2017 as part of the process of returning funds to shareholders.
The Board has resolved to pay a further dividend to A Class Shareholders of £912,868, equal to 17.79p per share, on 8 December 2017 to shareholders on the register on 24 November 2017. This will bring the total paid by way of dividends to the A Class Shareholders to 98.99p per share. Following payment of this dividend the shares will be cancelled and a final distribution paid to A Class Shareholders during the first quarter of 2018.
C Share Class
The C Share Class has investments in three companies in the Hydroelectric Power sector which between them own six hydroelectric schemes in the Scottish Highlands. All schemes have been successfully commissioned and are operating in line with expectations. The C Share Class has also invested in companies which provide SME funding in the Hydroelectric Power sector.
The C Share Class has recorded a profit over the period of 3.43p per share. At 30 September 2017 the net asset value stood at 104.92p per share. The Company paid a second dividend to C Class Shareholders of £672,072, equal to 5p per share, on 14 July 2017. Adding back the total dividends paid to date takes the total return including the net asset value to 114.92p per share.
D Share Class
The D Share Class has investments in five companies in the Hydroelectric Power sector which between them own six hydroelectric schemes in the Scottish Highlands. All schemes have now been commissioned and are operating in line with expectations. The D Share Class has also invested in two companies providing funding to SMEs, one of which focuses on the Hydroelectric Power sector.
The D Share Class has recorded a profit over the period of 1.71p per share. At 30 September 2017 the net asset value stood at 101.90p per share. The Company paid its first dividend to D Class Shareholders of £685,082, equal to 5p per share, on 14 July 2017. Adding back this dividend takes the total return including the net asset value to 106.90p per share.
E Share Class
The E Share Class offer closed on 15 May 2017 raising just under £30 million with a total of 28,949,575 E Shares being issued. The E Share Class recorded a loss over the period of 0.74p per share due to the administrative costs incurred whilst suitable investment opportunities are sought. At 30 September 2017 the net asset value stood at 99.25p per share.
Risks
The Board believes that the principal risks currently facing the Company are:
· investment risk associated with holding VCT qualifying investments;
· risk of failure to maintain approval as a VCT;
· risk of ability to invest the E Share Class funds in line with expectations as a result of the Treasury review of the rules governing EIS and VCT investments; and
· risk of ability to return funds to investors in line with expectations.
The Board and the Investment Manager continue to work to minimise the likelihood and the potential impact of these risks.
Outlook
The Company and the Investment Manager continue to monitor the performance of the Ordinary Share portfolio and to progress an exit for the A Class Shareholders.
The Company's focus on the C and D Share Class investments in the Hydroelectric Power sector is on enhancing the operation of the sites now they have been completed and are fully operational.
The Company's focus on the E Share Class is to invest the funds raised into unquoted investments as soon as possible.
If you have any questions or comments, please do not hesitate to contact Triple Point on 020 7201 8989.
David Frank
Chairman
9 November 2017
Investment Manager's Review
Sector Analysis
The unquoted investment portfolio can be analysed as follows:
|
|
|
Electricity Generation |
SME Funding |
|
||
Industry Sector |
Cinema Digitisation |
Crematorium Management |
Hydro Electric Power |
Other Electric Power |
Hydro Electric Power |
Other |
Total Unquoted Investments |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
Investments at 31 March 2017 |
|
|
|
|
|
|
|
Ord Shares |
3,366 |
592 |
2,771 |
4,173 |
350 |
453 |
11,705 |
A Shares |
- |
- |
- |
789 |
- |
957 |
1,746 |
C Shares |
- |
- |
10,872 |
- |
3,288 |
- |
14,160 |
D Shares |
- |
- |
11,113 |
- |
1,206 |
806 |
13,125 |
E Shares |
- |
- |
- |
- |
- |
- |
- |
Total |
3,366 |
592 |
24,861 |
4,967 |
4,734 |
2,216 |
40,736 |
Investments made during the period |
|
|
|
|
|
|
|
Ord Shares |
- |
- |
- |
- |
- |
- |
- |
A Shares |
- |
- |
- |
- |
- |
- |
- |
C Shares |
- |
- |
- |
- |
- |
- |
- |
D Shares |
- |
- |
- |
- |
- |
- |
- |
E Shares |
|
|
|
|
400 |
1,446 |
1,846 |
|
- |
- |
- |
- |
400 |
1,446 |
1,846 |
Investments realised during the period |
|
|
|
|
|
|
|
Ord Shares |
- |
- |
- |
- |
- |
- |
- |
A Shares |
- |
- |
- |
(789) |
- |
(957) |
(1,746) |
C Shares |
- |
- |
(26) |
- |
(400) |
- |
(426) |
D Shares |
- |
- |
- |
- |
- |
- |
- |
E Shares |
|
|
|
|
|
|
|
|
- |
- |
(26) |
(789) |
(400) |
(957) |
(2,172) |
Investments valued during the period |
|
|
|
|
|
|
|
Ord Shares |
- |
- |
- |
- |
- |
- |
- |
A Shares |
- |
- |
- |
- |
- |
- |
- |
C Shares |
- |
- |
- |
- |
- |
- |
- |
D Shares |
- |
- |
- |
- |
- |
- |
- |
E Shares |
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
Investments at 30 September 2017 |
|
|
|
|
|
|
|
Ord Shares |
3,366 |
592 |
2,771 |
4,173 |
350 |
453 |
11,705 |
A Shares |
- |
- |
- |
- |
- |
- |
- |
C Shares |
- |
- |
10,846 |
- |
2,888 |
- |
13,734 |
D Shares |
- |
- |
11,113 |
- |
1,206 |
806 |
13,125 |
E Shares |
- |
- |
- |
- |
400 |
1,446 |
1,846 |
Total |
3,366 |
592 |
24,730 |
4,173 |
4,844 |
2,705 |
40,410 |
Total investments % |
8.33% |
1.46% |
61.20% |
10.33% |
11.99% |
6.69% |
100.00% |
At 30 September 2017 the Company continues to meet the condition that at least 70% of relevant funds must be invested in VCT qualifying investments within three years.
The VCT was established to fund small and medium sized enterprises. At 30 September 2017 it had five share classes, each invested in their own portfolio as detailed on page 5. The overall portfolio comprised investments in 19 small, unquoted companies in four sectors: cinema digitisation; crematorium management; electricity generation; and SME Funding.
Generally performance during the period has been in line with expectation across the portfolio with all established share classes recording an uplift in net asset value.
Review and Outlook
Ordinary Share Class
The Company and the Investment Manager will continue to focus on monitoring the performance of the Ordinary Share Class investment portfolio and on maintaining or improving the performance of the Share Class within its target range. May 2018 marks the end of the five year minimum VCT holding period for this share class. In line with the investment strategy we will be working towards facilitating an exit for shareholders as soon as possible after this date.
Cinema Digitisation
The Company maintains two holdings in cinema digitisation businesses which provide cinema digitisation services in the UK, Germany and Ireland. These businesses continue to look for opportunities to grow and diversify.
Solar
The Company holds an investment in Green Energy For Education Limited ("GEFE"), a company that owns a portfolio of rooftop PV systems. The PV systems have been outperforming their electricity generation targets and the investment continues to provide an attractive exposure to a business benefitting from low risk Feed in Tariffs. The Company also holds an investment in Cmore Energy Limited ("Cmore"), a ground mount solar farm located in Herefordshire. Revenues are earned from the sale of Renewable Obligation Certificates and the sale of electricity. Cmore's revenues have been protected from the wider decline in wholesale electricity prices due to a long term Power Purchase Agreement.
Hydroelectric Power
The Ordinary Share Class has investments in two companies which between them own two hydroelectric schemes in the Scottish Highlands. Further updates on this sector are detailed on page 7.
Gas Power
The Company has invested in a company that is constructing a gas power plant. The power plant utilises tried and tested technology provided by Rolls Royce, to provide a reliable and secure energy supply. The power plant is under construction and expected to be operational in Q1 2018.
A Share Class
April 2017 marked the end of the five year minimum VCT holding period for this share class and, in line with its investment strategy, the Company and the Investment Manager have been working towards facilitating a rapid exit for shareholders. The realisations are now complete and the A Class Shareholders will be paid a final dividend of 17.79p per share on 8 December 2017, bringing the total dividends paid to 98.99p per share. The shares will then be cancelled with a final distribution of 1p per share paid to shareholders expected in Q1 2018.
C Share Class
The Company and the Investment Manager will monitor the ongoing operation and efficiency of the C Share Class investments. The C Share Class has investments in three hydroelectric companies which between them own six schemes in the Scottish Highlands. Further updates on this sector are detailed below.
D Share Class
We are pleased to report that the final of six Hydro schemes located in the Scottish Highlands held by the D Share Class was commissioned on time and within budget during August 2017. Our focus now turns to improving operation and efficiency of the schemes.
Hydroelectric Power
In 2016 the autumn and winter periods were uncharacteristically dry and river levels significantly below the long term average which resulted in reduced generation. The performance of each company has improved during 2017, in particular during the most recent quarter when rainfall has been above average.
Some contractual issues have arisen at one of the recently commissioned plants which the relevant investee company is working to resolve. The Board of the VCT is monitoring the situation.
In February 2017, the Scottish Government announced a 12.5% limit on business rates increases in the hydro sector for schemes up to 1 MW for the year to 31 March 2018. The British Hydropower Association continued to lobby the Scottish Government and on 12 September 2017, the Scottish Government announced 60% relief on business rates for small-scale hydro schemes from 1 April 2018. The Company has two schemes above 1MW and the position for such schemes still remains unclear. Longer term, the Scottish Government has recognised the anomalies in setting rates for hydro schemes and will work alongside industry organisations to fast track a review of the Plant and Machinery Order, which should address these issues.
With all schemes now operational an Asset Manager has been appointed with a view to further enhancing the operational performance. Their work includes reviewing the scheme layout, hydrology data and performance data, reporting on any inefficiencies and making recommendations on where improvements could be made to boost performance.
In addition to earning RPI linked Feed in Tariffs, the schemes have also earned revenue through the sale of electricity under Power Purchase Agreements (PPA's). Seven of the eleven PPA contract terms expired on 30 September 2017 and, due to the export market rising, the companies were able to secure terms better than were originally forecast.
Looking forward to the coming year, we will focus our attention on looking at ways to increase performance through asset management, and working with Green Highland Renewables and the British Hydro Association to assess and potentially challenge the proposed new business rates.
E Share Class
During the period the E Share Class reached its maximum subscription and raised just under £30 million. Going forward, the Company and the Investment Manager are focused on ensuring that the funds are invested in line with the Company's strategy and the requirements of the VCT legislation. The E Share Class has invested in three companies that are non-qualifying investments.
Non-Qualifying Investments
SME Funding
The Company has invested in four companies which provide funding to a range of small and medium sized businesses. Two of these companies focus on the Hydroelectric Power sector. All three companies are performing in line with expectations.
Crematorium Management
The Company has an investment in a business that provides crematory and mercury abatement services for the crematoria of a London Borough. In line with expectations for the sector this investment has delivered a modest but steady return over the 7 years that it has been held.
If you have any questions, please do not hesitate to call us on 020 7201 8989.
Ben Beaton
Managing Partner
for Triple Point Investment Management LLP
9 November 2017
Investment Portfolio
|
Unaudited |
|
Audited |
||||||
|
30 September 2017 |
|
31 March 2017 |
||||||
|
Cost |
Valuation |
|
Cost |
Valuation |
||||
|
£'000 |
% |
£'000 |
% |
|
£'000 |
% |
£'000 |
% |
Unquoted Holdings |
|
|
|
|
|
|
|
|
|
Unquoted qualifying holdings |
29,709 |
43.60 |
31,197 |
44.83 |
|
30,584 |
73.01 |
31,986 |
73.92 |
Unquoted non-qualifying holdings |
9,261 |
13.58 |
9,213 |
13.25 |
|
8,762 |
20.92 |
8,750 |
20.23 |
Financial assets at fair value through profit or loss |
38,970 |
57.18 |
40,410 |
58.08 |
|
39,346 |
93.93 |
40,736 |
94.15 |
Cash and cash equivalents |
29,166 |
42.82 |
29,166 |
41.92 |
|
2,534 |
6.07 |
2,534 |
5.85 |
|
68,136 |
100.00 |
69,576 |
100.00 |
|
41,880 |
100.00 |
43,270 |
100.00 |
|
|
|
|
|
|
|
|
|
|
Unquoted Qualifying Holdings |
£'000 |
% |
£'000 |
% |
|
£'000 |
% |
£'000 |
% |
Cinema digitisation |
|
|
|
|
|
|
|
|
|
Digima Ltd |
1,262 |
1.85 |
1,296 |
1.86 |
|
1,262 |
3.01 |
1,296 |
3.00 |
Digital Screen Solutions Ltd |
2,020 |
2.96 |
2,070 |
2.98 |
|
2,020 |
4.82 |
2,070 |
4.78 |
Solar |
|
|
|
|
|
|
|
|
|
Cmore Energy Ltd |
1,000 |
1.47 |
1,221 |
1.75 |
|
1,000 |
2.39 |
1,221 |
2.82 |
Green Energy for Education Ltd |
475 |
0.70 |
752 |
1.08 |
|
475 |
1.13 |
752 |
1.74 |
PJC Renewable Energy Ltd |
5 |
0.01 |
- |
- |
|
5 |
0.01 |
- |
- |
Landfill Gas |
|
|
|
|
|
|
|
|
|
Aeris Power Ltd |
- |
- |
- |
- |
|
525 |
1.25 |
424 |
0.98 |
Craigahulliar Energy Ltd |
- |
- |
- |
- |
|
350 |
0.84 |
365 |
0.84 |
Hydro Electric Power |
|
- |
|
- |
|
|
|
|
|
Elementary Energy Ltd |
2,060 |
3.02 |
2,102 |
3.02 |
|
2,060 |
4.92 |
2,102 |
4.86 |
Green Highland Allt Choire A Bhalachain (225) Ltd |
3,130 |
4.59 |
3,038 |
4.37 |
|
3,130 |
7.47 |
3,038 |
7.02 |
Green Highland Allt Garbh Ltd |
2,710 |
3.98 |
2,710 |
3.90 |
|
2,710 |
6.47 |
2,710 |
6.26 |
Green Highland Allt Ladaidh (1148) Ltd |
3,500 |
5.14 |
3,500 |
5.03 |
|
3,500 |
8.36 |
3,500 |
8.09 |
Green Highland Allt Luaidhe (228) Ltd |
1,995 |
2.93 |
2,047 |
2.94 |
|
1,995 |
4.76 |
2,047 |
4.73 |
Green Highland Allt Phocachain (1015) Ltd |
3,932 |
5.77 |
3,941 |
5.66 |
|
3,932 |
9.39 |
3,941 |
9.11 |
Green Highland Shenval Ltd |
1,120 |
1.64 |
1,120 |
1.61 |
|
1,120 |
2.67 |
1,120 |
2.59 |
Green Highland Renewables (Achnacarry) Ltd |
4,300 |
6.31 |
5,200 |
7.47 |
|
4,300 |
10.27 |
5,200 |
12.02 |
Gas Power |
|
|
|
|
|
|
|
|
|
Green Peak Generation Ltd |
2,200 |
3.23 |
2,200 |
3.16 |
|
2,200 |
5.25 |
2,200 |
5.08 |
|
29,709 |
43.60 |
31,197 |
44.83 |
|
30,584 |
73.01 |
31,986 |
73.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited 30 September 2017 |
|
Audited 31 March 2017 |
||||||
|
Cost |
Valuation |
|
Cost |
Valuation |
||||
Unquoted Non-Qualifying Holdings |
£'000 |
% |
£'000 |
% |
|
£'000 |
% |
£'000 |
% |
Crematorium Management |
|
|
|
|
|
|
|
|
|
Furnace Managed Services Ltd |
620 |
0.91 |
592 |
0.85 |
|
620 |
1.48 |
592 |
1.37 |
Hydro Electric Power |
|
|
|
|
|
|
|
|
|
Elementary Energy Ltd |
310 |
0.45 |
310 |
0.45 |
|
310 |
0.74 |
310 |
0.72 |
Green Highland Allt Choire A Bhalachain (225) Ltd |
341 |
0.50 |
341 |
0.49 |
|
342 |
0.82 |
342 |
0.79 |
Green Highland Allt Luaidhe (228) Ltd |
185 |
0.27 |
185 |
0.27 |
|
185 |
0.44 |
185 |
0.43 |
Green Highland Allt Phocachain (1015) Ltd |
153 |
0.22 |
153 |
0.22 |
|
161 |
0.38 |
161 |
0.37 |
Green Highland Renewables (Achnacarry) Ltd |
83 |
0.12 |
83 |
0.12 |
|
100 |
0.24 |
100 |
0.23 |
SME Funding |
|
|
|
|
|
|
|
|
|
Hydro electric Power: |
|
|
|
|
|
|
|
|
|
Broadpoint 2 Ltd |
2,834 |
4.16 |
2,834 |
4.07 |
|
2,834 |
6.77 |
2,834 |
6.55 |
Broadpoint 3 Ltd |
2,010 |
2.95 |
2,010 |
2.89 |
|
2,010 |
4.80 |
2,010 |
4.65 |
Other: |
|
- |
|
- |
|
|
|
|
|
Aeris Power Ltd |
525 |
0.77 |
489 |
0.70 |
|
- |
- |
- |
- |
Funding Path Ltd |
2,200 |
3.23 |
2,216 |
3.19 |
|
2,200 |
5.25 |
2,216 |
5.12 |
|
9,261 |
13.58 |
9,213 |
13.25 |
|
8,762 |
20.92 |
8,750 |
20.23 |
Directors' Responsibility Statement
The Directors have elected to prepare the Interim Financial Report for the Company in accordance with International Financial Reporting Standards ("IFRS").
In preparing the Interim Financial Report for the 6 month period to 30 September 2017 the Directors confirm, to the best of their knowledge, that:
a) the Interim Financial Report has been prepared in accordance with International Accounting Standard IAS34, "Interim Financial Reporting" issued by the International Accounting Standards Board;
b) the Interim Financial Report includes a fair review of important events during the period and their effect on the Financial Statements and a description of principal risks and uncertainties for the remainder of the accounting period;
c) the Interim Financial Report gives a true and fair view in accordance with IFRS of the assets, liabilities, financial position and of the results of the Company for the period and complies with IFRS and the Companies Act 2006;
d) the Interim Financial Report includes a fair review of related party transactions and changes therein. There are no related party transactions in the period; and
e) the Directors believe that the Company has sufficient financial resources to manage its business risks in the current uncertain economic outlook.
The Directors have reasonable expectation that the Company has adequate resources to continue in operational existence for at least the next 12 months. Thus they continue to adopt the going concern basis of accounting in preparing the Financial Statements.
This Interim Financial Report has not been audited or reviewed by the auditors.
David Frank
Chairman
9 November 2017
Non-Statutory Analysis - The Ordinary Share Fund
Statement of Comprehensive Income |
|
|
|
|
|
|
|
|
|
Unaudited |
|
Audited |
|||||
|
|
6 months ended |
|
Year ended |
||||
|
|
30 September 2017 |
|
31 March 2017 |
||||
|
|
Revenue |
Capital |
Total |
|
Revenue |
Capital |
Total |
|
|
£'000 |
£'000 |
£'000 |
|
£'000 |
£'000 |
£'000 |
Investment income |
|
189 |
- |
189 |
|
421 |
- |
421 |
Realised gain on investments |
|
- |
44 |
44 |
|
- |
- |
- |
Unrealised gain on investments |
|
- |
- |
- |
|
- |
258 |
258 |
Investment return |
|
189 |
44 |
233 |
|
421 |
258 |
679 |
Investment management fees |
|
(84) |
(25) |
(109) |
|
(163) |
(43) |
(206) |
Other expenses |
|
(15) |
- |
(15) |
|
(44) |
- |
(44) |
Profit before taxation |
|
90 |
19 |
109 |
|
214 |
215 |
429 |
Taxation |
|
(17) |
5 |
(12) |
|
(43) |
12 |
(31) |
Profit after taxation |
|
73 |
24 |
97 |
|
171 |
227 |
398 |
Profit and total comprehensive income for the period |
|
73 |
24 |
97 |
|
171 |
227 |
398 |
Basic and diluted earnings per share |
|
0.37p |
0.12p |
0.49p |
|
0.88p |
1.17p |
2.05p |
|
|
|
|
|
|
|
|
|
Balance Sheet |
|
|
6 months ended |
|
|
Year ended |
||
|
|
30 September 2017 |
|
31 March 2017 |
||||
|
|
|
|
£'000 |
|
|
|
£'000 |
Non-current assets |
|
|
|
|
|
|
|
|
Financial assets at fair value through profit or loss |
|
|
|
11,705 |
|
|
|
11,705 |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Receivables |
|
|
|
82 |
|
|
|
334 |
Cash and cash equivalents |
|
|
|
533 |
|
|
|
1,632 |
|
|
|
|
615 |
|
|
|
1,966 |
Current liabilities |
|
|
|
|
|
|
|
|
Payables |
|
|
|
(61) |
|
|
|
(62) |
Corporation tax |
|
|
|
(49) |
|
|
|
(36) |
Net assets |
|
|
|
12,210 |
|
|
|
13,573 |
|
|
|
|
|
|
|
|
|
Equity attributable to equity holders |
|
|
|
12,210 |
|
|
|
13,573 |
Net asset value per share |
|
|
|
62.73p |
|
|
|
69.74p |
|
|
|
|
|
|
|
|
|
Statement of Changes in Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
6 months ended |
|
|
Year ended |
||
|
|
30 September 2017 |
|
|
31 March 2017 |
|||
|
|
|
|
£'000 |
|
|
|
£'000 |
|
|
|
|
|
|
|
|
|
Opening shareholders' funds |
|
|
|
13,573 |
|
|
|
13,175 |
Profit for the period |
|
|
|
97 |
|
|
|
398 |
Dividends paid |
|
|
|
(1,460) |
|
|
|
- |
Closing shareholders' funds |
|
|
|
12,210 |
|
|
|
13,573 |
Investment Portfolio |
Unaudited |
|
Audited |
||||||
|
30 September 2017 |
|
31 March 2017 |
||||||
|
Cost |
Valuation |
|
Cost |
Valuation |
||||
|
£'000 |
% |
£'000 |
% |
|
£'000 |
% |
£'000 |
% |
|
|
|
|
|
|
|
|
|
|
Unquoted qualifying holdings |
9,381 |
80.56 |
10,000 |
81.71 |
|
9,381 |
73.62 |
10,000 |
74.98 |
Unquoted non-qualifying holdings |
1,730 |
14.85 |
1,705 |
13.93 |
|
1,730 |
13.58 |
1,705 |
12.78 |
Financial assets at fair value through profit or loss |
11,111 |
95.41 |
11,705 |
95.64 |
|
11,111 |
87.20 |
11,705 |
87.76 |
Cash and cash equivalents |
533 |
4.59 |
533 |
4.36 |
|
1,632 |
12.80 |
1,632 |
12.24 |
|
11,644 |
100.00 |
12,238 |
100.00 |
|
12,743 |
100.00 |
13,337 |
100.00 |
|
|
|
|
|
|
|
|
|
|
Unquoted Qualifying Holdings |
£'000 |
% |
£'000 |
% |
|
£'000 |
% |
£'000 |
% |
Cinema digitisation |
|
|
|
|
|
|
|
|
|
Digima Ltd |
1,262 |
10.84 |
1,296 |
10.59 |
|
1,262 |
9.90 |
1,296 |
9.72 |
Digital Screen Solutions Ltd |
2,020 |
17.35 |
2,070 |
16.91 |
|
2,020 |
15.85 |
2,070 |
15.52 |
Solar |
|
|
|
|
|
|
|
|
|
Cmore Energy Ltd |
1,000 |
8.59 |
1,221 |
9.98 |
|
1,000 |
7.85 |
1,221 |
9.15 |
Green Energy for Education Ltd |
475 |
4.08 |
752 |
6.14 |
|
475 |
3.73 |
752 |
5.64 |
PJC Renewable Energy Ltd |
5 |
0.04 |
- |
- |
|
5 |
0.04 |
- |
- |
Hydro Electric Power |
|
|
|
|
|
|
|
|
|
Elementary Energy Ltd |
2,060 |
17.69 |
2,102 |
17.18 |
|
2,060 |
16.17 |
2,102 |
15.76 |
Green Highland Shenval Ltd |
359 |
3.08 |
359 |
2.93 |
|
359 |
2.82 |
359 |
2.69 |
Gas Power |
|
|
|
|
|
|
|
|
|
Green Peak Generation Ltd |
2,200 |
18.89 |
2,200 |
17.98 |
|
2,200 |
17.26 |
2,200 |
16.50 |
|
9,381 |
80.56 |
10,000 |
81.71 |
|
9,381 |
73.62 |
10,000 |
74.98 |
|
|
|
|
|
|
|
|
|
|
Unquoted Non-Qualifying Holdings |
|
|
|
|
|
|
|
|
|
Crematorium Management |
|
|
|
|
|
|
|
|
|
Furnace Managed Services Ltd |
620 |
5.32 |
592 |
4.84 |
|
620 |
4.87 |
592 |
4.44 |
Hydro Electric Power |
|
|
|
|
|
|
|
|
|
Elementary Energy Ltd |
310 |
2.66 |
310 |
2.53 |
|
310 |
2.43 |
310 |
2.32 |
SME Funding |
|
|
|
|
|
|
|
|
|
Hydro Electric Power: |
|
|
|
|
|
|
|
|
|
Broadpoint 2 Ltd |
350 |
3.01 |
350 |
2.86 |
|
350 |
2.75 |
350 |
2.62 |
Other: |
|
|
|
|
|
|
|
|
|
Funding Path Ltd |
450 |
3.86 |
453 |
3.70 |
|
450 |
3.53 |
453 |
3.40 |
|
1,730 |
14.85 |
1,705 |
13.93 |
|
1,730 |
13.58 |
1,705 |
12.78 |
Non-Statutory Analysis - The A Share Fund
Statement of Comprehensive Income |
|
Unaudited |
|
Audited |
||||
|
|
6 months ended |
|
Year ended |
||||
|
|
30 September 2017 |
|
31 March 2017 |
||||
|
|
Revenue |
Capital |
Total |
|
Revenue |
Capital |
Total |
|
|
£'000 |
£'000 |
£'000 |
|
£'000 |
£'000 |
£'000 |
Investment income |
|
32 |
- |
32 |
|
110 |
- |
110 |
Realised gain on investments |
|
- |
32 |
32 |
|
- |
- |
- |
Unrealised gain on investments |
|
- |
65 |
65 |
|
- |
7 |
7 |
Investment return |
|
32 |
97 |
129 |
|
110 |
7 |
117 |
Investment management fees |
|
(5) |
(23) |
(28) |
|
(30) |
(8) |
(38) |
Other expenses |
|
(32) |
- |
(32) |
|
(6) |
- |
(6) |
Profit/(loss) before taxation |
|
(5) |
74 |
69 |
|
74 |
(1) |
73 |
Taxation |
|
(5) |
4 |
(1) |
|
(15) |
3 |
(12) |
Profit/(loss) after taxation |
|
(10) |
78 |
68 |
|
59 |
2 |
61 |
Profit/(loss) and total comprehensive income for the period |
|
(10) |
78 |
68 |
|
59 |
2 |
61 |
Basic and diluted earnings/(loss) per share |
|
(0.19p) |
1.53p |
1.33p |
|
1.15p |
0.03p |
1.18p |
|
|
|
|
|
|
|
|
|
Balance Sheet |
|
|
6 months ended |
|
|
Year ended |
||
|
|
30 September 2017 |
|
31 March 2017 |
||||
|
|
|
|
£'000 |
|
|
|
£'000 |
Non-current assets |
|
|
|
|
|
|
|
|
Financial assets at fair value through profit or loss |
|
|
|
- |
|
|
|
957 |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Assets held for sale |
|
|
|
- |
|
|
|
789 |
Receivables |
|
|
|
- |
|
|
|
311 |
Cash and cash equivalents |
|
|
|
1,018 |
|
|
|
146 |
|
|
|
|
1,018 |
|
|
|
1,246 |
Current liabilities |
|
|
|
|
|
|
|
|
Payables |
|
|
|
(54) |
|
|
|
(11) |
Corporation tax |
|
|
|
- |
|
|
|
(13) |
Net assets |
|
|
|
964 |
|
|
|
2,179 |
|
|
|
|
|
|
|
|
|
Equity attributable to equity holders |
|
|
964 |
|
|
|
2,179 |
|
Net asset value per share |
|
|
|
18.79p |
|
|
|
42.46p |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Changes in Shareholders' Equity |
|
|
6 months ended |
|
|
Year ended |
||
|
|
30 September 2017 |
|
|
31 March 2017 |
|||
|
|
|
|
£'000 |
|
|
|
£'000 |
|
|
|
|
|
|
|
|
|
Opening shareholders' funds |
|
|
|
2,179 |
|
|
|
2,118 |
Profit for the period |
|
|
|
68 |
|
|
|
61 |
Dividends paid |
|
|
|
(1,283) |
|
|
|
- |
Closing shareholders' funds |
|
|
|
964 |
|
|
|
2,179 |
Investment Portfolio |
|
|
|
||||||
|
Unaudited 30 September 2017 |
|
Audited 31 March 2017 |
||||||
|
Cost |
Valuation |
|
Cost |
Valuation |
||||
|
£'000 |
% |
£'000 |
% |
|
£'000 |
% |
£'000 |
% |
|
|
|
|
|
|
|
|
|
|
Unquoted qualifying holdings |
- |
- |
- |
- |
|
875 |
44.40 |
789 |
41.70 |
Unquoted non-qualifying holdings |
- |
- |
- |
- |
|
950 |
48.20 |
957 |
50.58 |
Financial assets at fair value through profit or loss |
- |
- |
- |
- |
|
1,825 |
92.60 |
1,746 |
92.28 |
Cash and cash equivalents |
1,018 |
100.00 |
1,018 |
100.00 |
|
146 |
7.40 |
146 |
7.72 |
|
1,018 |
100.00 |
1,018 |
100.00 |
|
1,971 |
100.00 |
1,892 |
100.00 |
|
|
|
|
|
|
|
|
|
|
Unquoted Qualifying Holdings |
|
|
|
|
|
|
|
|
|
Landfill Gas |
|
|
|
|
|
- |
|
|
|
Aeris Power Ltd |
- |
- |
- |
- |
|
525 |
26.64 |
424 |
22.41 |
Craigahulliar Energy Ltd |
- |
- |
- |
- |
|
350 |
17.76 |
365 |
19.29 |
|
- |
- |
- |
- |
|
875 |
44.40 |
789 |
41.70 |
|
|
|
|
|
|
|
|
|
|
Unquoted Non-Qualifying Holdings |
|
|
|
|
|
|
|
|
|
SME Funding |
|
|
|
|
|
|
|
|
|
Other: |
|
|
|
|
|
|
|
|
|
Funding Path Ltd |
- |
- |
- |
- |
|
950 |
48.20 |
957 |
50.58 |
|
- |
- |
- |
- |
|
950 |
48.20 |
957 |
50.58 |
Non-Statutory Analysis - The C Share Fund
Statement of Comprehensive Income |
|
Unaudited |
|
Audited |
||||
|
|
6 months ended |
|
Year ended |
||||
|
|
30 September 2017 |
|
31 March 2017 |
||||
|
|
Revenue |
Capital |
Total |
|
Revenue |
Capital |
Total |
|
|
£'000 |
£'000 |
£'000 |
|
£'000 |
£'000 |
£'000 |
Investment income |
|
678 |
- |
678 |
|
804 |
- |
804 |
Unrealised gain on investments |
|
- |
- |
- |
|
- |
514 |
514 |
Investment return |
|
678 |
- |
678 |
|
804 |
514 |
1,318 |
Investment management fees |
|
(127) |
(36) |
(163) |
|
(244) |
(70) |
(314) |
Other expenses |
|
(16) |
- |
(16) |
|
(45) |
(2) |
(47) |
Profit/(loss) before taxation |
|
535 |
(36) |
499 |
|
515 |
442 |
957 |
Taxation |
|
(45) |
7 |
(38) |
|
(103) |
14 |
(89) |
Profit/(loss) after taxation |
|
490 |
(29) |
461 |
|
412 |
456 |
868 |
Profit and total comprehensive income for the period |
|
490 |
(29) |
461 |
|
412 |
456 |
868 |
Basic and diluted earnings per share |
|
3.65p |
(0.22p) |
3.43p |
|
3.06p |
3.40p |
6.46p |
|
|
|
|
|
|
|
|
|
Balance Sheet |
|
|
6 months ended |
|
|
Year ended |
||
|
|
30 September 2017 |
|
31 March 2017 |
||||
|
|
|
|
£'000 |
|
|
|
£'000 |
Non current assets |
|
|
|
|
|
|
|
|
Financial assets at fair value through profit or loss |
|
|
|
13,734 |
|
|
|
14,160 |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Receivables |
|
|
|
143 |
|
|
|
76 |
Cash and cash equivalents |
|
|
|
446 |
|
|
|
257 |
|
|
|
|
589 |
|
|
|
333 |
Current liabilities |
|
|
|
|
|
|
|
|
Payables |
|
|
|
(88) |
|
|
|
(89) |
Corporation tax |
|
|
|
(132) |
|
|
|
(90) |
Net assets |
|
|
|
14,103 |
|
|
|
14,314 |
|
|
|
|
|
|
|
|
|
Equity attributable to equity holders |
|
|
|
14,103 |
|
|
|
14,314 |
Net asset value per share |
|
|
|
104.92p |
|
|
|
106.49p |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Changes in |
|
|
6 months ended |
|
|
Year ended |
||
Shareholders' Equity |
|
30 September 2017 |
|
|
31 March 2017 |
|||
|
|
|
|
£'000 |
|
|
|
£'000 |
|
|
|
|
|
|
|
|
|
Opening shareholders' funds |
|
|
|
14,314 |
|
|
|
14,118 |
Profit for the period |
|
|
|
461 |
|
|
|
868 |
Dividends paid |
|
|
|
(672) |
|
|
|
(672) |
Closing shareholders' funds |
|
|
|
14,103 |
|
|
|
14,314 |
Investment Portfolio |
|
|
|
||||||
|
Unaudited 30 September 2017 |
|
Audited 31 March 2017 |
||||||
|
Cost |
Valuation |
|
Cost |
Valuation |
||||
|
£'000 |
% |
£'000 |
% |
|
£'000 |
% |
£'000 |
% |
|
|
|
|
|
|
|
|
|
|
Unquoted qualifying holdings |
9,430 |
70.68 |
10,269 |
72.41 |
|
9,430 |
69.45 |
10,269 |
71.23 |
Unquoted non-qualifying holdings |
3,465 |
25.98 |
3,465 |
24.44 |
|
3,891 |
28.66 |
3,891 |
26.99 |
Financial assets at fair value through profit or loss |
12,895 |
96.66 |
13,734 |
96.85 |
|
13,321 |
98.11 |
14,160 |
98.22 |
Cash and cash equivalents |
446 |
3.34 |
446 |
3.15 |
|
257 |
1.89 |
257 |
1.78 |
|
13,341 |
100.00 |
14,180 |
100.00 |
|
13,578 |
100.00 |
14,417 |
100.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unquoted Qualifying Holdings |
|
|
|
|
|
|
|
|
|
Hydro Electric Power |
|
|
|
|
|
|
|
|
|
Green Highland Allt Choire A Bhalachain (225) Ltd |
3,130 |
23.46 |
3,038 |
21.42 |
|
3,130 |
23.05 |
3,038 |
21.07 |
Green Highland Allt Phocachain (1015) Ltd |
2,000 |
14.99 |
2,031 |
14.32 |
|
2,000 |
14.73 |
2,031 |
14.09 |
Green Highland Renewables (Achnacarry) Ltd |
4,300 |
32.23 |
5,200 |
36.67 |
|
4,300 |
31.67 |
5,200 |
36.07 |
|
9,430 |
70.68 |
10,269 |
72.41 |
|
9,430 |
69.45 |
10,269 |
71.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unquoted Non-Qualifying Holdings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hydro Electric Power |
|
|
|
|
|
|
|
|
|
Green Highland Allt Choire A Bhalachain (225) Ltd |
341 |
2.56 |
341 |
2.40 |
|
342 |
2.52 |
342 |
2.37 |
Green Highland Allt Phocachain (1015) Ltd |
153 |
1.15 |
153 |
1.08 |
|
161 |
1.19 |
161 |
1.12 |
Green Highland Renewables (Achnacarry) Ltd |
83 |
0.62 |
83 |
0.59 |
|
100 |
0.74 |
100 |
0.69 |
SME Funding |
|
|
|
|
|
|
|
|
|
Hydro Electric Power: |
|
|
|
|
|
|
|
|
|
Broadpoint 2 Ltd |
2,084 |
15.62 |
2,084 |
14.70 |
|
2,484 |
18.29 |
2,484 |
17.23 |
Broadpoint 3 Ltd |
804 |
6.03 |
804 |
5.67 |
|
804 |
5.92 |
804 |
5.58 |
|
3,465 |
25.98 |
3,465 |
24.44 |
|
3,891 |
28.66 |
3,891 |
26.99 |
Non-Statutory Analysis - The D Share Fund
Statement of Comprehensive Income |
|
Unaudited |
|
Audited |
||||
|
|
6 months ended |
|
Year ended |
||||
|
|
30 September 2017 |
|
31 March 2017 |
||||
|
|
Revenue |
Capital |
Total |
|
Revenue |
Capital |
Total |
|
|
£'000 |
£'000 |
£'000 |
|
£'000 |
£'000 |
£'000 |
Investment income |
|
468 |
- |
468 |
|
972 |
- |
972 |
Realised gain on investments |
|
- |
- |
- |
|
- |
- |
- |
Unrealised gain on investments |
|
- |
- |
- |
|
- |
36 |
36 |
Investment return |
|
468 |
- |
468 |
|
972 |
36 |
1,008 |
Investment management fees |
|
(127) |
(36) |
(163) |
|
(239) |
(68) |
(307) |
Other expenses |
|
(16) |
- |
(16) |
|
(47) |
(2) |
(49) |
Profit/(loss) before taxation |
|
325 |
(36) |
289 |
|
686 |
(34) |
652 |
Taxation |
|
(62) |
7 |
(55) |
|
(137) |
23 |
(114) |
Profit/(loss) after taxation |
|
263 |
(29) |
234 |
|
549 |
(11) |
538 |
Profit/(loss) and total comprehensive income for the period |
|
263 |
(29) |
234 |
|
549 |
(11) |
538 |
Basic and diluted earnings/(loss) per share |
|
1.92p |
(0.21p) |
1.71p |
|
4.01p |
(0.08p) |
3.93p |
|
|
|
|
|
|
|
|
|
Balance Sheet |
|
6 months ended |
|
Year ended |
||||
|
|
30 September 2017 |
|
31 March 2017 |
||||
|
|
|
|
£'000 |
|
|
|
£'000 |
Non current assets |
|
|
|
|
|
|
|
|
Financial assets at fair value through profit or loss |
|
|
|
13,125 |
|
|
|
13,125 |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Receivables |
|
|
|
1,008 |
|
|
|
1,005 |
Cash and cash equivalents |
|
|
|
169 |
|
|
|
499 |
|
|
|
|
1,177 |
|
|
|
1,504 |
Current liabilities |
|
|
|
|
|
|
|
|
Payables |
|
|
|
(155) |
|
|
|
(91) |
Corporation tax |
|
|
|
(185) |
|
|
|
(125) |
Net assets |
|
|
|
13,962 |
|
|
|
14,413 |
|
|
|
|
|
|
|
|
|
Equity attributable to equity holders |
|
|
|
13,962 |
|
|
|
14,413 |
Net asset value per share |
|
|
|
101.90p |
|
|
|
105.19p |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Changes in |
|
|
6 months ended |
|
|
Year ended |
||
Shareholders' equity |
|
30 September 2017 |
|
|
31 March 2017 |
|||
|
|
|
|
£'000 |
|
|
|
£'000 |
|
|
|
|
|
|
|
|
|
Opening shareholders' funds |
|
|
|
14,413 |
|
|
|
13,875 |
Profit for the period |
|
|
|
234 |
|
|
|
538 |
Dividends paid |
|
|
|
(685) |
|
|
|
- |
Closing shareholders' funds |
|
|
|
13,962 |
|
|
|
14,413 |
Investment Portfolio |
|
|
|
||||||
|
Unaudited 30 September 2017 |
|
Audited 31 March 2017 |
||||||
|
Cost |
Valuation |
|
Cost |
Valuation |
||||
|
£'000 |
% |
£'000 |
% |
|
£'000 |
% |
£'000 |
% |
|
|
|
|
|
|
|
|
|
|
Unquoted qualifying holdings |
10,898 |
82.20 |
10,928 |
82.21 |
|
10,898 |
80.20 |
10,928 |
80.21 |
Unquoted non-qualifying holdings |
2,191 |
16.53 |
2,197 |
16.52 |
|
2,191 |
16.13 |
2,197 |
16.13 |
Financial assets at fair value through profit or loss |
13,089 |
98.73 |
13,125 |
98.73 |
|
13,089 |
96.33 |
13,125 |
96.34 |
Cash and cash equivalents |
169 |
1.27 |
169 |
1.27 |
|
499 |
3.67 |
499 |
3.66 |
|
13,258 |
100.00 |
13,294 |
100.00 |
|
13,588 |
100.00 |
13,624 |
100.00 |
|
|
|
|
|
|
|
|
|
|
Unquoted Qualifying Holdings |
|
|
|
|
|
|
|
|
|
Hydro Electric Power |
|
|
|
|
|
|
|
|
|
Green Highland Allt Garbh Ltd |
2,710 |
20.44 |
2,710 |
20.39 |
|
2,710 |
19.94 |
2,710 |
19.89 |
Green Highland Allt Ladaidh (1148) Ltd |
3,500 |
26.40 |
3,500 |
26.33 |
|
3,500 |
25.76 |
3,500 |
25.69 |
Green Highland Allt Luaidhe (228) Ltd |
1,995 |
15.05 |
2,047 |
15.40 |
|
1,995 |
14.68 |
2,047 |
15.02 |
Green Highland Allt Phocachain (1015) Ltd |
1,932 |
14.57 |
1,910 |
14.37 |
|
1,932 |
14.22 |
1,910 |
14.02 |
Green Highland Shenval Ltd |
761 |
5.74 |
761 |
5.72 |
|
761 |
5.60 |
761 |
5.59 |
|
10,898 |
82.20 |
10,928 |
82.21 |
|
10,898 |
80.20 |
10,928 |
80.21 |
|
|
|
|
|
|
|
|
|
|
Unquoted Non-Qualifying Holdings |
|
|
|
|
|
|
|
|
|
Hydro Electric Power |
|
|
|
|
|
|
|
|
|
Green Highland Allt Luaidhe (228) Ltd |
185 |
1.40 |
185 |
1.39 |
|
185 |
1.36 |
185 |
1.36 |
SME Funding |
|
|
|
|
|
|
|
|
|
Hydro electric Power: |
|
|
|
|
|
|
|
|
|
Broadpoint 3 Ltd |
1,206 |
9.10 |
1,206 |
9.07 |
|
1,206 |
8.88 |
1,206 |
8.85 |
Other: |
|
|
|
|
|
|
|
|
|
Funding Path Ltd |
800 |
6.03 |
806 |
6.06 |
|
800 |
5.89 |
806 |
5.92 |
|
|
|
|
|
|
|
|
|
|
|
2,191 |
16.53 |
2,197 |
16.52 |
|
2,191 |
16.13 |
2,197 |
16.13 |
Non-Statutory Analysis - The E Share Fund
Statement of Comprehensive Income |
|
Unaudited |
|
Audited |
||||
|
|
6 months ended |
|
Year ended |
||||
|
|
30 September 2017 |
|
31 March 2017 |
||||
|
|
Revenue |
Capital |
Total |
|
Revenue |
Capital |
Total |
|
|
£'000 |
£'000 |
£'000 |
|
£'000 |
£'000 |
£'000 |
Investment income |
|
79 |
- |
79 |
|
- |
- |
- |
Realised gain on investments |
|
- |
- |
- |
|
- |
- |
- |
Unrealised gain on investments |
|
- |
- |
- |
|
- |
- |
- |
Investment return |
|
79 |
- |
79 |
|
- |
- |
- |
Investment management fees |
|
(246) |
(70) |
(316) |
|
- |
- |
- |
Other expenses |
|
(29) |
- |
(29) |
|
- |
- |
- |
Profit/(loss) before taxation |
|
(196) |
(70) |
(266) |
|
- |
- |
- |
Taxation |
|
37 |
13 |
50 |
|
- |
- |
- |
Profit/(loss) after taxation |
|
(159) |
(57) |
(216) |
|
- |
- |
- |
Profit/(loss) and total comprehensive income for the period |
|
(159) |
(57) |
(216) |
|
- |
- |
- |
Basic and diluted earnings/(loss) per share |
|
(0.57p) |
(0.20p) |
(0.77p) |
|
- |
- |
- |
|
|
|
|
|
|
|
|
|
Balance Sheet |
|
6 months ended |
|
Year ended |
||||
|
|
30 September 2017 |
|
31 March 2017 |
||||
|
|
|
|
£'000 |
|
|
|
£'000 |
Non current assets |
|
|
|
|
|
|
|
|
Financial assets at fair value through profit or loss |
|
|
|
1,846 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Receivables |
|
|
|
10 |
|
|
|
- |
Cash and cash equivalents |
|
|
|
27,000 |
|
|
|
- |
Corporation tax |
|
|
|
51 |
|
|
|
- |
|
|
|
|
27,061 |
|
|
|
- |
Current liabilities |
|
|
|
|
|
|
|
|
Payables |
|
|
|
(173) |
|
|
|
- |
Net assets |
|
|
|
28,734 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Equity attributable to equity holders |
|
|
|
28,734 |
|
|
|
- |
Net asset value per share |
|
|
|
99.25p |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Changes in |
|
|
6 months ended |
|
|
Year ended |
||
Shareholders' equity |
|
30 September 2017 |
|
|
31 March 2017 |
|||
|
|
|
|
£'000 |
|
|
|
£'000 |
|
|
|
|
|
|
|
|
|
Opening shareholders' funds |
|
|
|
- |
|
|
|
- |
Issue of new shares |
|
|
|
28,950 |
|
|
|
- |
Profit for the period |
|
|
|
(216) |
|
|
|
- |
Closing shareholders' funds |
|
|
|
28,734 |
|
|
|
- |
Investment Portfolio |
Unaudited |
|
Audited |
||||||
|
30 September 2017 |
|
31 March 2017 |
||||||
|
Cost |
Valuation |
|
Cost |
Valuation |
||||
|
£'000 |
% |
£'000 |
% |
|
£'000 |
% |
£'000 |
% |
|
|
|
|
|
|
|
|
|
|
Unquoted qualifying holdings |
- |
- |
- |
- |
|
- |
- |
- |
- |
Unquoted non-qualifying holdings |
1,875 |
6.50 |
1,846 |
6.41 |
|
- |
- |
- |
- |
Financial assets at fair value through profit or loss |
1,875 |
6.50 |
1,846 |
6.41 |
|
- |
- |
- |
- |
Cash and cash equivalents |
27,000 |
93.50 |
27,000 |
93.59 |
|
- |
- |
- |
- |
|
28,875 |
100.00 |
28,846 |
100.00 |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unquoted Qualifying Holdings |
- |
- |
- |
- |
|
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
Unquoted Non-Qualifying Holdings |
|
|
|
|
|
|
|
|
|
SME Funding |
|
|
|
|
|
|
|
|
|
Hydro electric Power: |
|
- |
|
- |
|
|
|
|
|
Broadpoint 2 Ltd |
400 |
1.39 |
400 |
1.39 |
|
- |
- |
- |
- |
Other: |
|
|
|
|
|
|
|
|
|
Funding Path Ltd |
950 |
3.29 |
957 |
3.32 |
|
- |
- |
- |
- |
Aeris Power Ltd |
525 |
1.82 |
489 |
1.70 |
|
- |
- |
- |
- |
|
1,875 |
6.50 |
1,846 |
6.41 |
|
- |
- |
- |
- |
Unaudited Statement of Comprehensive Income
|
|
Unaudited |
|
Audited |
|
Unaudited |
||||||
|
|
6 months ended |
|
Year ended |
|
Year ended |
||||||
|
|
30 September 2017 |
|
31 March 2017 |
|
30 September 2016 |
||||||
|
Note |
Rev. |
Cap. |
Total |
|
Rev. |
Cap. |
Total |
|
Rev. |
Cap. |
Total |
|
|
£'000 |
£'000 |
£'000 |
|
£'000 |
£'000 |
£'000 |
|
£'000 |
£'000 |
£'000 |
Income |
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
4 |
1,446 |
- |
1,446 |
|
2,307 |
- |
2,307 |
|
1,159 |
- |
1,159 |
Gain arising on the disposal of investments during the year |
|
- |
76 |
76 |
|
- |
- |
- |
|
- |
- |
- |
Gain arising on the revaluation of investments at the year end |
|
- |
65 |
65 |
|
- |
815 |
815 |
|
- |
- |
- |
Investment return |
|
1,446 |
141 |
1,587 |
|
2,307 |
815 |
3,122 |
|
1,159 |
- |
1,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Investment management fees |
5 |
589 |
190 |
779 |
|
676 |
189 |
865 |
|
334 |
94 |
428 |
Financial and regulatory costs |
|
19 |
- |
19 |
|
32 |
- |
32 |
|
15 |
- |
15 |
General administration |
|
4 |
- |
4 |
|
9 |
- |
9 |
|
7 |
- |
7 |
Legal and professional fees |
|
58 |
- |
58 |
|
51 |
4 |
55 |
|
27 |
- |
27 |
Directors' remuneration |
6 |
27 |
- |
27 |
|
50 |
- |
50 |
|
24 |
- |
24 |
Operating expenses |
|
697 |
190 |
887 |
|
818 |
193 |
1,011 |
|
407 |
94 |
501 |
Profit/(loss) before taxation |
|
749 |
(49) |
700 |
|
1,489 |
622 |
2,111 |
|
752 |
(94) |
658 |
Taxation |
7 |
(92) |
36 |
(56) |
|
(298) |
52 |
(246) |
|
(151) |
32 |
(119) |
Profit after taxation |
|
657 |
(13) |
644 |
|
1,191 |
674 |
1,865 |
|
601 |
(62) |
539 |
Profit and total comprehensive income for the period |
|
657 |
(13) |
644 |
|
1,191 |
674 |
1,865 |
|
601 |
(62) |
539 |
Basic and diluted earnings per share |
|
n/a |
n/a |
n/a |
|
n/a |
n/a |
n/a |
|
n/a |
n/a |
n/a |
The Total column of this statement is the Statement of Comprehensive Income of the Company prepared in accordance with International Financial Reporting Standards (IFRS). The supplementary Revenue Return and Capital columns have been prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations.
This Statement of Comprehensive Income includes all recognised gains and losses.
The accompanying notes are an integral part of this statement.
Unaudited Balance Sheet
|
|
Unaudited |
|
Audited |
|
Unaudited |
|
|
|
30 September 2017 |
|
31 March 2017 |
|
30 September 2016 |
|
|
Note |
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
Financial assets at fair value through profit or loss |
|
40,410 |
|
39,947 |
|
39,544 |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Assets held for sale |
|
- |
|
789 |
|
1,397 |
|
Receivables |
|
1,243 |
|
1,726 |
|
1,586 |
|
Cash and cash equivalents |
9 |
29,166 |
|
2,534 |
|
1,376 |
|
|
|
30,409 |
|
5,049 |
|
4,359 |
|
|
|
|
|
|
|
|
|
Total Assets |
|
70,819 |
|
44,996 |
|
43,903 |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Payables and accrued expenses |
|
531 |
|
253 |
|
433 |
|
Current taxation payable |
|
315 |
|
264 |
|
317 |
|
|
|
846 |
|
517 |
|
750 |
|
|
|
|
|
|
|
|
|
Net Assets |
69,973 |
|
44,479 |
|
43,153 |
||
|
|
|
|
|
|
|
|
Equity attributable to equity holders of the parent |
|
|
|
|
|
|
|
Share capital |
10 |
807 |
|
518 |
|
518 |
|
Share redemption reserve |
|
2 |
|
2 |
|
2 |
|
Share premium |
|
44,968 |
|
16,307 |
|
16,307 |
|
Special distributable reserve |
|
24,391 |
|
27,301 |
|
27,301 |
|
Capital reserve |
|
(854) |
|
(841) |
|
(1,577) |
|
Revenue reserve |
|
659 |
|
1,192 |
|
602 |
|
Total equity |
|
69,973 |
|
44,479 |
|
43,153 |
|
|
|
|
|
|
|
|
|
Net asset value per share |
11 |
n/a |
|
n/a |
|
n/a |
The statements were approved by the Directors and authorised for issue on 9 November 2017 and are signed on their behalf by:
David Frank
Chairman
9 November 2017
The accompanying notes are an integral part of this statement.
Unaudited Statement of Changes in Shareholders' Equity
|
Issued Capital |
Share Redemption Reserve |
Share Premium |
Special Distributable Reserve |
Capital Reserve |
Revenue Reserve |
Total |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
6 months ended 30 September 2017 |
|
|
|
|
|
|
|
Opening balance |
518 |
2 |
16,307 |
27,301 |
(841) |
1,192 |
44,479 |
Issue of new shares |
289 |
- |
28,661 |
- |
- |
- |
28,950 |
Dividends paid |
- |
- |
- |
(2,910) |
- |
(1,190) |
(4,100) |
Transactions with owners |
289 |
- |
28,661 |
(2,910) |
- |
(1,190) |
24,850 |
Profit/(loss) for the year |
- |
- |
- |
- |
(13) |
657 |
644 |
Profit/(loss) and total comprehensive income for the year |
- |
- |
- |
- |
(13) |
657 |
644 |
Balance at 30 September 2017 |
807 |
2 |
44,968 |
24,391 |
(854) |
659 |
69,973 |
Capital reserve consists of: |
|
|
|
|
|
|
|
Investment holding gains |
|
|
|
|
1,440 |
|
|
Other realised losses |
(2,294) |
|
|
||||
|
|
|
|
|
(854) |
|
|
Year ended 31 March 2017 |
|
|
|
|
|
|
|
Opening balance |
518 |
2 |
16,307 |
27,447 |
(1,515) |
527 |
43,286 |
Dividend paid |
- |
- |
- |
(146) |
- |
(526) |
(672) |
Transactions with owners |
- |
- |
- |
(146) |
- |
(526) |
(672) |
Profit for the year |
- |
|
- |
- |
674 |
1,191 |
1,865 |
Profit and total comprehensive income for the year |
- |
|
- |
- |
674 |
1,191 |
1,865 |
Balance at 31 March 2017 |
518 |
2 |
16,307 |
27,301 |
(841) |
1,192 |
44,479 |
Capital reserve consists of: |
|
|
|
|
|
|
|
Investment holding gains |
|
|
|
|
1,390 |
|
|
Other realised losses |
|
|
|
|
(2,231) |
|
|
|
|
|
|
|
(841) |
|
|
6 months ended 30 September 2016 |
|
|
|
|
|
|
|
Opening balance |
518 |
2 |
16,307 |
27,447 |
(1,515) |
527 |
43,286 |
Dividend paid |
- |
- |
- |
(146) |
- |
(526) |
(672) |
Transactions with owners |
- |
- |
- |
(146) |
- |
(526) |
(672) |
Profit/(loss) for the period |
- |
- |
- |
- |
(62) |
601 |
539 |
Profit/(loss) and total comprehensive income for the period |
- |
- |
- |
- |
(62) |
601 |
539 |
Balance at 30 September 2016 |
518 |
2 |
16,307 |
27,301 |
(1,577) |
602 |
43,153 |
Capital reserve consists of: |
|
|
|
|
|
|
|
Investment holding gains |
|
|
|
|
575 |
|
|
Other realised losses |
|
|
|
|
(2,152) |
|
|
|
|
|
|
|
(1,577) |
|
|
The capital reserve represents the proportion of Investment Management fees charged against capital and realised/unrealised gains or losses on the disposal/revaluation of investments. The special distributable reserve was created on court cancellation of the share premium account. The net of the revenue reserve and special distributable reserve are distributable by way of dividend.
Unaudited Statement of Cash Flows
|
|
|
|
|
|
|
Unaudited |
|
Audited |
|
Unaudited |
6 months ended |
|
Year ended |
|
6 months ended |
|
|
30 September 2017 |
|
31 March 2017 |
|
30 September 2016 |
|
£'000 |
|
£'000 |
|
£'000 |
Cash flows from operating activities |
|
|
|
|
|
Profit before taxation |
700 |
|
2,111 |
|
658 |
(Profit) arising on the disposal of investments during the period |
(76) |
|
- |
|
- |
(Gain) arising on the revaluation of investments at the period end |
(65) |
|
(815) |
|
- |
Cash flow generated by operations |
559 |
|
1,296 |
|
658 |
(Increase) in receivables |
(78) |
|
(571) |
|
(376) |
Increase/(decrease) in payables |
278 |
|
(63) |
|
117 |
Taxation |
(5) |
|
(183) |
|
(3) |
Net cash flows from operating activities |
754 |
|
479 |
|
396 |
|
|
|
|
|
|
Cash flow from investing activities |
|
|
|
|
|
Proceeds of sale of financial assets at fair value through profit or loss |
1,028 |
|
1,695 |
|
620 |
Net cash flows from investing activities |
1,028 |
|
1,695 |
|
620 |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Issue of new shares |
28,950 |
|
- |
|
- |
Dividends paid |
(4,100) |
|
(672) |
|
(672) |
Net cash flows from financing activities |
24,850 |
|
(672) |
|
(672) |
Net increase/(decrease) in cash and cash equivalents |
26,632 |
|
1,502 |
|
344 |
Reconciliation of net cash flow to movements in cash and cash equivalents |
|
|
|
|
|
Opening cash and cash equivalents |
2,534 |
|
1,032 |
|
1,032 |
Net increase/(decrease) in cash and cash equivalents |
26,632 |
|
1,502 |
|
344 |
Closing cash and cash equivalents |
29,166 |
|
2,534 |
|
1,376 |
The accompanying notes are an integral part of this statement.
Notes to the Unaudited Interim Financial Report
1. Corporate information
The Unaudited Interim Financial Report of the Company for the 6 months ended 30 September 2017 was authorised for issue in accordance with a resolution of the Directors on 9 November 2017.
The Company is listed on the London Stock Exchange.
Triple Point Income VCT plc is incorporated and domiciled in Great Britain. The address of Triple Point Income VCT plc's registered office, which is also its principal place of business, is 18 St. Swithin's Lane, London EC4N 8AD.
Triple Point Income VCT plc's Unaudited Interim Financial Report is presented in Pounds Sterling (£) which is also the functional currency of the Company, rounded to the nearest thousand.
The financial information set out in this report does not constitute statutory accounts as defined in S434 of the Companies Act 2006.
The principal activity of the Company is investment. The Company's investment strategy is that at least 70% of the Company's net assets are or will be invested in VCT qualifying unquoted companies. The remaining assets are exposed either to cash or cash-based similar liquid investments or investments originated in line with the Company's VCT qualifying Investment Policy.
2. Basis of preparation and accounting policies
Basis of preparation
The Unaudited Interim Financial Report of the Company for the 6 months ended 30 September 2017 has been prepared in accordance with IAS 34: Interim Financial Reporting. The same accounting policies and methods of computation are followed in the Interim Financial Report as were followed in the most recent Financial Statements. It does not include all of the information required for full Financial Statements and should be read in conjunction with the Financial Statements for the year ended 31 March 2017.
Estimates
The preparation of the Interim Report requires the Board to make judgements, estimates and assumptions that reflect the application of accounting policies and the reported amounts of assets and liabilities, income and expenditure. However, actual results may differ from these estimates.
3. Segmental reporting
The Company only has one class of business, being investment activity. All revenues and assets are generated and held in the UK.
4. Investment income
|
Ord Shares |
A Shares |
C Shares |
D Shares |
E Shares |
|
Total |
Unaudited |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
£'000 |
6 months ended 30 September 2017 |
|
|
|
|
|
|
|
Loan stock interest |
188 |
31 |
379 |
468 |
31 |
|
1,097 |
Dividends receivable |
- |
- |
299 |
- |
- |
|
299 |
Interest receivable on bank and other balances |
1 |
1 |
- |
- |
48 |
|
50 |
|
189 |
32 |
678 |
468 |
79 |
|
1,446 |
Audited |
|
|
|
|
|
|
|
Year ended 31 March 2017 |
|
|
|
|
|
|
|
Loan stock interest |
421 |
110 |
804 |
972 |
- |
|
2,307 |
|
421 |
110 |
804 |
972 |
- |
|
2,307 |
5. Investment management fees
TPIM provides investment management and administration services to the Company under an Investment Management Agreement effective 6 February 2008 and deeds of variation to that agreement effective 21 November 2012, 28 October 2014 and 7 October 2016.
Ordinary Shares: The agreement provides for an investment management fee of 1.5% per annum of net assets payable quarterly in arrear for the Ordinary Shares. For the Ordinary Shares issued under the 2007 offer the agreement ran until 6 February 2014 after which the management fee of 1.5% has not been charged. For all other Ordinary Shares the appointment shall continue until at least 30 April 2018. Thereafter there is a 1% exit fee on all funds returned to shareholders.
A Shares: The agreement provides for an investment management fee of 1.5% per annum of net assets payable quarterly in arrear until 30 April 2017. Thereafter there is a 1% exit fee on all funds returned to shareholders.
C shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions to the C Shareholders exceeding the C Share hurdle, the Investment Manager will be entitled to a performance incentive fee of 20%.
D shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions to the D Shareholders exceeding the D Share hurdle, the Investment Manager will be entitled to a performance incentive fee of 20%.
E shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions to the E Shareholders exceeding the E Share hurdle, the Investment Manager will be entitled to a performance incentive fee of 20%.
To date there have been no performance fees paid.
An administration fee equal to 0.25% per annum of the Company's net assets is payable quarterly in arrear.
|
Ord Shares |
A Shares |
C Shares |
D Shares |
E Shares |
|
Total |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
£'000 |
6 months ended 30 September 2017 |
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
Investment Management Fees |
89 |
3 |
145 |
145 |
281 |
|
663 |
Administration Fees |
17 |
3 |
18 |
18 |
35 |
|
91 |
Exit Fees |
3 |
22 |
- |
- |
- |
|
25 |
|
109 |
28 |
163 |
163 |
316 |
|
779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended 31 March 2017 |
|
|
|
|
|
|
|
Audited |
|
|
|
|
|
|
|
Investment Management Fees |
173 |
32 |
279 |
273 |
- |
|
757 |
Administration Fees |
33 |
6 |
35 |
34 |
- |
|
108 |
Exit Fees |
- |
- |
- |
- |
- |
|
- |
|
206 |
38 |
314 |
307 |
- |
|
865 |
|
|
|
|
|
|
|
|
6. Directors' remuneration
|
Ord Shares |
A Shares |
C Shares |
D Shares |
E Shares |
|
Total |
Unaudited |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
£'000 |
6 months ended 30 September 2017 |
|
|
|
|
|
|
|
David Frank |
2 |
- |
2 |
2 |
4 |
|
10 |
Simon Acland |
2 |
- |
2 |
2 |
3 |
|
9 |
Michael Stanes |
1 |
1 |
1 |
1 |
4 |
|
8 |
|
5 |
1 |
5 |
5 |
11 |
|
27 |
Audited |
|
|
|
|
|
|
|
Year ended 31 March 2017 |
|
|
|
|
|
|
|
David Frank |
6 |
1 |
6 |
5 |
- |
|
18 |
Simon Acland |
5 |
1 |
5 |
5 |
- |
|
16 |
Michael Stanes |
5 |
- |
5 |
6 |
- |
|
16 |
|
16 |
2 |
16 |
16 |
- |
|
50 |
Directors' remuneration is allocated proportionately against each share class.
7. Taxation
|
Ord Shares |
A Shares |
C Shares |
D Shares |
E Shares |
|
Total |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
£'000 |
Unaudited |
|
|
|
|
|
|
|
6 months ended 30 September 2017 |
|
|
|
|
|
|
|
Profit/(loss) on ordinary activities before tax |
109 |
69 |
499 |
289 |
(266) |
|
700 |
|
|
|
|
|
|
|
|
Corporation tax @ 19% |
21 |
13 |
95 |
55 |
(51) |
|
133 |
Effect of: |
|
|
|
|
|
|
|
Capital (gains) not taxable |
(8) |
(18) |
- |
- |
- |
|
(26) |
Income received not taxable |
- |
- |
(57) |
- |
- |
|
(57) |
Disallowed expenditure |
- |
6 |
- |
- |
- |
|
6 |
Tax charge/(credit) |
13 |
1 |
38 |
55 |
(51) |
|
56 |
|
|
|
|
|
|
|
|
Audited |
|
|
|
|
|
|
|
Year ended 31 March 2017 |
|
|
|
|
|
|
|
Profit on ordinary activities before tax |
429 |
73 |
957 |
652 |
- |
|
2,111 |
|
|
|
|
|
|
|
|
Corporation tax @ 20% |
86 |
15 |
192 |
130 |
- |
|
423 |
Effect of: |
|
|
|
|
|
|
|
Capital (gains) not taxable |
(52) |
(2) |
(103) |
(7) |
- |
|
(164) |
Prior year adjustment |
(3) |
(1) |
- |
(9) |
- |
|
(13) |
Tax charge |
31 |
12 |
89 |
114 |
- |
|
246 |
Capital gains and losses are exempt from corporation tax due to the Company's status as a Venture Capital Trust.
8. Earnings/(loss) per share
The earnings per share for Ordinary Shares is based on the profit after tax of £97,000, and on the weighted average number of shares in issue during the period of 19,463,120, which is equal to the number of shares at 30 September 2017.
The earnings per share for A Shares is based on the profit after tax of £68,000, and on the weighted average number of shares in issue during the period of 5,131,353, which is equal to the number of shares at 30 September 2017.
The earnings per share for C Shares is based on the profit after tax of £461,000, and on the weighted average number of shares in issue during the period of 13,441,438, which is equal to the number of shares at 30 September 2017.
The earnings per share for D Shares is based on the profit after tax of £234,000, and on the weighted average number of shares in issue during the period of 13,701,636, which is equal to the number of shares at 30 September 2017.
The loss per share for E Shares is based on the loss after tax of £216,000, and on the weighted average number of shares in issue during the period of 28,125,594.
9. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc.
10. Share capital
|
30 September 2017 |
31 March 2017 |
Ordinary Shares of £0.01 each |
|
|
Issued & Fully Paid |
|
|
No. Of Shares |
19,463,120 |
19,463,120 |
Par Value £'000 |
195 |
195 |
|
|
|
A Ordinary Shares of £0.01 each |
|
|
Issued & Fully Paid |
|
|
Number of shares |
5,131,353 |
5,131,353 |
Par Value £'000 |
51 |
51 |
|
|
|
C Ordinary Shares of £0.01 each |
|
|
Issued & Fully Paid |
|
|
Number of shares |
13,441,438 |
13,441,438 |
Par Value £'000 |
135 |
135 |
|
|
|
D Ordinary Shares of £0.01 each |
|
|
Issued & Fully Paid |
|
|
Number of shares |
13,701,636 |
13,701,636 |
Par Value £'000 |
137 |
137 |
|
|
|
E Ordinary Shares of £0.01 each |
|
|
Issued & Fully Paid |
|
|
Number of shares |
28,949,575 |
- |
Par Value £'000 |
290 |
- |
|
|
|
11. Net asset value per share
The calculation of the Company's net asset value per share for Ordinary Shares is based on the Company's net assets attributable to the Ordinary Shares of £12,210,000 divided by the 19,463,120 Ordinary Shares in issue.
The calculation of the Company's net asset value per share for A Shares is based on the Company's net assets attributable to the A Shares of £964,000 divided by the 5,131,353 A Shares in issue.
The calculation of the Company's net asset value per share for C Shares is based on the Company's net assets attributable to the C Shares of £14,103,000 divided by the 13,441,438 C Shares in issue.
The calculation of the Company's net asset value per share for D Shares is based on the Company's net assets attributable to the D Shares of £13,962,000 divided by the 13,701,636 D Shares in issue.
The calculation of the Company's net asset value per share for E Shares is based on the Company's net assets attributable to the E Shares of £28,734,000 divided by the 28,949,575 E Shares in issue.
12. Commitments and contingencies
The Company had no commitments or contingent liabilities at 30 September 2017.
13. Relationship with Investment Manager
During the period TPIM provided investment management and administration services to the Company for a fee amounting to £778,554. At 30 September 2017 £466,121 was due to TPIM.
14. Related party transactions
There are no related party transactions.
15. Post balance sheet events
There were no post balance sheet events.
16. Dividends
Ordinary Shares:
The Company paid a dividend to Ordinary Class Shareholders of £1,459,734, equal to 7.5p per share, on 14 July 2017. This included a special dividend of 2.5p per share in addition to the regular annual dividend of 5p per share.
A Shares:
The Company paid a dividend to A Class Shareholders of £1,282,838, equal to 25p per share, on 14 July 2017. The Board has resolved to pay a further dividend to A Class Shareholders of £912,868, equal to 17.79p per share on 8 December 2017 to shareholders on the register on 24 November 2017. Following payment of this dividend the shares will be cancelled and a final distribution of 1p per share paid in the first quarter of 2018.
C Shares:
The Company paid a dividend to C Class Shareholders of £672,072, equal to 5p per share, on 14 July 2017.
D Shares:
The Company paid the first dividend to D Class Shareholders of £685,082, equal to 5p per share, on 14 July 2017.
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