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RNS Number : 0981W
Triple Point Income VCT PLC
09 November 2017
 






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








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.

 

Chairman's Statement

 

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.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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