RNS Number : 4709C
Triple Point Income VCT PLC
22 February 2022
 

22 February 2022

Triple Point Income VCT plc

 

(the "Company")

 

NET ASSET VALUES FOR THE QUARTER ENDED 31 DECEMBER 2021

 

The Company

 

The Company continues to meet all VCT qualifying conditions in respect of its portfolio of VCT unquoted qualifying investments and unquoted and quoted non-qualifying investments.

 

C Share Class

·      The NAV at 31 December 2021 was 48.89p per share.

·      During the 9-month period to 31 December 2021 the C Share Class made a loss of 0.17p per share.

·      On 26 November 2021 the C share class disposed of 2 of its Hydroelectric Power assets with just 1 remaining. On 12 December 2021 the final remaining Hydroelectric Power asset was disposed of.

·      At 31 December 2021 Net Asset Value plus dividends paid ("Total Shareholder Return") was 156.64p per share.

 

On 29 November 2021, the Company declared a 32.5p dividend to C shareholders following the sale of a substantial part of the Hydroelectric Power portfolio which was paid on 23 December 2021. This brought total dividends paid to 23 December 2021 to 107.75p per share.

 

On 13 December 2021, the Company declared a further 40p dividend to C shareholders following the remaining Hydroelectric Power disposal which was paid on 14 January 2022. This brings total dividends paid to date of 147.75 pence per share.

 

To align its interests with shareholders, the Investment Manager earns a performance fee of 20% on all distributions over 100 pence per share; this fee is only payable when distributions are made. Therefore, the above 31 December 2021 NAV incorporates the 20% performance fee on 47.75p of the dividends paid on 23 December 2021 and 14 January 2022.

 

D Share Class

 

·      The NAV at 31 December 2021 was 9.89p per share.

·      During the 9-month period to 31 December 2021 the D Share Class made a loss of 2.94p per share.

·      On 26 November 2021 the D share class disposed of 4 of its Hydroelectric Power assets with just 1 remaining.

·      At 31 December 2021 the Total Shareholder Return for the D Share Class was 126.64p per share.

 

On 29 November 2021, the Company declared a 45p dividend to D shareholders following the sale of a substantial part of the Hydroelectric Power portfolio which was paid on 23 December 2021. This brings total dividends paid to date of 116.75p per share.

 

To align its interests with shareholders, the Investment Manager earns a performance fee of 20% on all distributions over 100 pence per share; this fee is only payable when distributions are made. Therefore, the above 31 December 2021 NAV incorporates the 20% performance fee on 16.75p of the dividend paid on 23 December 2021.

 

E Share Class

 

·      The NAV at 31 December 2021 was 79.24p per share.

·      During the 9-month period to 31 December 2021 the E Share Class made a profit of 0.15p per share.

·      On 26 November 2021 the E share class disposed of 5 of its Hydroelectric Power assets. On 12 December 2021 a further Hydroelectric Power asset was disposed of with just 1 remaining in the portfolio.

·      At 31 December 2021 the Total Shareholder Return for the E Share Class was 106.24p per share.

·      The table below shows the E Share Class investment portfolio by sector at 31 December 2021:

 

Crematorium Management

2%

Vertical Growing

29%

Quoted Investments

3%

Hydroelectric Power

2%

SME Funding - Hydroelectric Power

16%

SME Funding - Other

16%

Electricity Generation - Other

33%

 

On 13 December 2021, the Company declared a 5.5p dividend to E shareholders following the remaining Hydroelectric Power disposal which was paid on 14 January 2022. This brings total dividends paid to date of 32.50 pence per share. To align its interests with shareholders, the Investment Manager earns a performance fee of 20% on all distributions over 100 pence per share; as this fee is only payable when distributions are made, it is not accounted for in the above Net Asset Value.

 

Net Assets at 31 December 2021:

 

31-Dec-21

 

C Shares

D Shares

E Shares

Total

 

£'000

£'000

£'000

£'000

VCT qualifying unquoted investments

-

502

13,866

14,368

VCT non-qualifying unquoted investments

-

-  

6,674

6,674

VCT non-qualifying quoted investments

-  

-  

-

0

 

-

502

20,540

21,042

 

 

 

 

 

Cash and cash equivalents

7,833

2,817

2,269

12,919

Total Investments

7,833

3,319

22,809

33,961

Other assets & liabilities

(1,276)

(1,973)

120

(3,129)

Net assets

6,557

1,346

22,929

30,832

Net asset value per share (p)

48.89

9.89

79.24

 

 

 

Net Assets at 31 March 2021:

 

 

31-Mar-21

 

C Shares

D Shares

E Shares

Total

 

£'000

£'000

£'000

£'000

VCT qualifying unquoted investments

11,244

10,036

19,369

40,649

VCT non-qualifying unquoted investments

-

               -

6,815

6,815

VCT non-qualifying quoted investments

-  

-  

558

558

 

11,244

10,036

26,742

48,022

 

 

 

 

 

Cash and cash equivalents

120

17

384

521

Total Investments

11,364

10,053

27,126

48,543

Other assets & liabilities

(170)

(1,947)

256

(1,861)

Net assets

11,194

8,106

27,382

46,682

Net asset value per share (p)

83.30

59.59

94.59

 

 

 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

Triple Point Investment Management LLP

(Investment Manager)

Tel: 020 7201 8989

 

Jonathan Parr

Belinda Thomas

 

 

 

The Company's LEI is 213800IXD8S5WY88L245

 

Further information on the Company can be found on its website https://www.triplepoint.co.uk/current-vcts/triple-point-income-vct-plc/s1238/.

 

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