RNS Number : 6863G
Triple Point Income VCT PLC
17 November 2022
 

17 November 2022

 

Triple Point Income VCT plc

(the "Company")

RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022

 

The Directors of Triple Point Income VCT plc are pleased to announce the unaudited results for the six months ended 30 September 2022.

 

You may view the Interim Report in due course on the Triple Point website: www.triplepoint.co.uk. Please note that page numbers in this announcement are in reference to the Interim Report.

 

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/.

 

Financial Summary

 

Six months ended 30 September 2022

 

 

 

 


 

 

C Shares

D Shares

E Shares

 

Total

Net assets

£'000

1,017

1,183

23,595


25,795

Net asset value per share

Pence

7.61p

8.70p

81.53p



Net profit before tax

£'000

(18)

5

1,377


1,364

Earnings per share

Pence

(0.14p)

0.03p

4.76p










Cumulative return to Shareholders (p)

 






Net asset value per share


7.61p

8.70p

81.53p



Dividends paid


147.75p

116.75p

32.50p



Net asset value plus dividends paid


155.36p

125.45p

114.03p










Year ended 31 March 2022

 

 

 

 

 

 

 

 

C Shares

D Shares

E Shares

 

Total

Net assets

£'000

1,035

1,178

22,218


24,431

Net asset value per share

Pence

7.75p

8.67p

76.76


Net profit before tax

£'000

(179)

(568)

928


181

Earnings per share

Pence

(1.33p)

(4.17p)

3.17p



Cumulative return to Shareholders (p)

 






Net asset value per share


7.75p

8.67p

76.76p


-

Dividends paid


147.75p

116.75p

32.50p


 -

Net asset value plus dividends paid


155.50p

125.42p

109.26p


 -








Six months ended 30 September 2021






Unaudited

 

C Shares

D Shares

E Shares

 

Total

Net assets

£'000

10,936

7,968

26,444


45,348

Net asset value per share

Pence

81.56p

58.57p

91.38p



Net profit/(loss) before tax

£'000

(3)

123

89


209

Earnings/(loss) per share

Pence

(0.01p)

0.74p

0.29p



Cumulative return to shareholders (p)

 






Net asset value per share


81.56p

58.57p

91.38p



Dividends paid


75.25p

71.75p

15.00p



Net asset value plus dividends paid


156.81p

130.32p

106.38p



 

Triple Point Income VCT plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP ("TPIM" or "Triple Point"). The Company was incorporated in November 2007 and currently has three classes of issued Ordinary Shares:

 

·      C Ordinary Shares ("C Shares"): these are the shares issued in the Offer that closed on 27 May 2014. A total of £14 million was raised and 13,413,088 C Shares were issued.

 

·      D Ordinary Shares ("D Shares"): these are the shares issued in the Offer that closed on 30 April 2015. A total of £14.3 million was raised and 13,604,637 D Shares were issued.

 

·      E Ordinary Shares ("E Shares"): these are the shares issued in the Offer that closed on 15 May 2017. Just under £30 million was raised and 28,940,076 E Shares were issued.

 

Key Highlights

 

·      C Shares Cumulative Dividends Paid1: 147.75p (Nil C share dividend was paid during the period).

·      D Shares Cumulative Dividends Paid1: 116.75p (Nil D share dividend was paid during the period).

·      E Shares Cumulative Dividends Paid1: 32.50p (Nil E share dividend was paid during the period).

·      Total Return per C Share2: 155.36p

·      Total Return per D Share2: 125.45p

·      Total Return per E Share2: 114.03p

 

1 The following dividends have been paid to shareholders following the period end:

·      5.24p per share to C Class Shareholders paid on 21 October 2022;

·      6.02p per share to D Class Shareholders paid on 21 October 2022;

·      4.76p per share to E Class Shareholders paid on 21 October 2022; and

·      7.24p per share to E Class Shareholders paid on 4 November 2022.

 

2Total Return is made up by current Net Asset Value plus Dividends paid to date. Total Return is defined as an Alternative Performance Measure ("APM"). Total Return, calculated by reference to the cumulative dividends paid plus net asset value (excluding tax reliefs received by shareholders), is the primary measure of performance in the VCT industry and the Board considers Total Return to be the primary measure of shareholder value.

 

Chair's Statement

 

I am pleased to present the Interim Report for the Company for the period ended 30 September 2022.

 

We are very pleased to report that, shortly after the end of the reporting period, we successfully sold our investment in Green Peak Generation Limited ("Green Peak") for a total of £2,633,610, representing a 4.36% uplift in the E Share Class's total return from 31 March 2022 following renewed interest in these types of assets due to changes in the energy market landscape. Further information on the sale and next steps for the E share class can be found below and in the Investment Manager's Review

 

The Company's funds on 30 September 2022 were 80.61% invested in a portfolio of VCT qualifying and non-qualifying unquoted investments. It continues to meet the condition that 80% of relevant funds must be invested in qualifying investments.

 

The wind-up and cancellation of the C and D Share Classes has commenced and funds are expected to be returned to C and D Class shareholders before the end of 2022. The E Share Class has realised investments in Green Peak and in Furnace Managed Services Limited ("FMS"). Further information regarding these share classes is set out in this Chair's Statement and in the Investment Manager's Review below.

 

Regulation

 

The Company continued to satisfy all requirements relevant to its status as a Venture Capital Trust.  

 

C Share Class

 

The C Share Class recorded a loss over the period of 0.14 pence per share. At 30 September 2022 the net asset value stood at 7.61 pence per share and is represented solely by cash and debtors, as its investment portfolio has been realised. Adding back the total dividends paid to date of 147.75 pence per share takes the total return, including the net asset value, to 155.36 pence per share. A dividend of 5.24 pence per share was paid after the period end on 21 October 2022 to the C Class Shareholders.

 

As previously indicated by the Company, following the disposals of the Company's hydroelectric power assets it is the Company's intention to wind down and cancel the C Share Class. Shareholders approved the reduction of the Company's share capital through a cancellation of the C Share Class at the General and Class Meetings held on 4 October 2022. It is expected that the share class will be wound up and a final return of capital be made to C Share Class Shareholders in early December 2022. The value to be distributed will also be subject to associated wind-up fees and costs payable on distribution.

 

D Share Class

 

The D Share Class recorded a profit over the period of 0.03 pence per share. At 30 September 2022 the net asset value stood at 8.70 pence per share and is represented solely by cash and debtors, as its investment portfolio has been realised. Adding back the total dividends paid to date of 116.75 pence per share takes the total return, including the net asset value, to 125.45 pence per share. During the period, the Company transferred its interest in Green Highland Shenval Limited (Shenval), a hydroelectric power company, from the D Share Class to the E Share Class at its most recent audited value (31 March 2022) and adjusted for developments since that date. A dividend of 6.02 pence per share was paid after the period end on 21 October 2022 to the D Class Shareholders.

 

As previously indicated by the Company, following the disposals of the Company's hydroelectric power assets and the transfer of the final hydroelectric asset to the E Share Class, it is the Company's intention to wind down and cancel the D Share Class. Shareholders approved the reduction of the Company's share capital through a cancellation of the D Share Class at the General and Class Meetings held on 4 October 2022. It is expected that the share class will be wound up and a final return of capital be made to D Share Class Shareholders in early December 2022. The value to be distributed will also be subject to associated wind-up fees and costs payable on distribution.

 

E Share Class

 

The E Share Class holds a diverse portfolio of investments spanning controlled environment agriculture, solar, gas fired energy and hydroelectric power. The E Share Class held an investment in FMS which owned and operated a crematorium. The investment in FMS was fully divested during the period.  The E Share Class recorded a profit over the period of 4.76 pence per share. At 30 September 2022 the net asset value stood at 81.53 pence per share. Adding back the total dividends paid of 32.50 pence per share takes the total return, including the net asset value, to 114.03 pence per share. A dividend of 4.76 pence per share was paid after the period end on 21 October 2022 and an additional dividend of 7.24 pence per share was paid on 4 November 2022 to the E Class Shareholders following the sale of its gas fired energy holdings.

 

Following the period end on 10 October 2022, the Company completed the sale of its gas fired energy holdings by selling its investment in Green Peak for total consideration of £2,633,610, as part of a wider portfolio sale of gas fired energy generation companies and following a competitive bidding process.

 

As a result of that sale, the Board announced a dividend of 7.24 pence per share for E Shareholders to return the net proceeds of the sale of these assets and to ensure the Company's continuing qualifying status. As announced by the Company on 31 October 2022, the interim dividend of 12.0 pence per share to E Class Shareholders was corrected to 7.24 pence per share, following an administrative error in the calculation of the amount available for distribution, which did not account for the interim dividend of 4.76 pence per share paid to E Class Shareholders on 21 October 2022. We appreciate this will have caused some disappointment for E Class Shareholders and we and the Investment Manager would like to apologise for any inconvenience caused. The Investment Manager has implemented improved internal controls.   

 

Also, as a result of the sale, the E Share NAV increased due to achieving a price significantly higher than the previous valuation on 31 March 2022. Since that date the operating performance of Green Peak has improved significantly and the energy market landscape moved in favour of gas fired energy assets, leading to significant improvements in actual and projected trading performance. 

 

The Company also sold its final residual interest in crematorium business FMS for total consideration of £25,001. This investment outperformed expectations at the point of its original investment as a result of contract extensions with the Local Authority.

 

The Company's investment in Perfectly Fresh Cheshire ("PFC") continues to progress slowly, but has nonetheless achieved some positive milestones. PFC maintains a strong trading relationship with a leading retailer, whilst also establishing new opportunities with further retail market leaders who desire to create a premium tier product offering in their stores. PFC has faced challenges during the year in its ability to capitalise on the demand seen for its product, due to very limited growing capacity and difficulties in securing a new facility, given the increase in material costs and operating expenses. However, PFC has continued to pursue its expansion plan and it is expected that the first funding round will be launched in Q4 2022.

 

The solar and hydroelectric power investments continue to perform in line with expectations.

 

Outlook

 

The macroeconomic environment for the UK and internationally looks increasingly challenging with the energy crisis and related cost of living/inflation pressures being met by central banks which are still raising interest rates. That interest rates are rising, even as economic headwinds blow harder, is a new development relative to the experience of the last few decades where, in the US and UK in particular, monetary policy tended to loosen quite early in economic downturns. Thus, we are not complacent about the portfolio.

 

Initial discussions, and levels of interest between PFC and potential investors are positive and customer engagement and interest in PFC's product continue to remain strong. However, given the current macroeconomic environment, and rising operating costs, it will be challenging for PFC to scale up and capitalise on increasing demand, and we will continue to monitor this.

 

The Company's solar and hydro investments are expected to be more resilient to the current macroeconomic climate, with contracted revenues and inflation-linked subsidies dominating the revenue stack. However, we remain cautious about the prospect of possible regulatory change including for example the possibility of an energy price cap or additional taxation on profits. We will continue to monitor these developments.

 

In respect of the C Share Class and the D Share Class, the next stage is for the Company to wind-up and ultimately for it to cancel these share classes, which is expected in early December 2022, with final distributions to be paid to enable the Company to maintain its VCT qualifying status.

 

 

If you have any questions or comments, please do not hesitate to contact Triple Point on 020 7201 8989.

 

David Frank

Chair

16 November 2022

 

Investment Manager's Review

 

Sector Analysis

 

The unquoted investment portfolio can be analysed as follows:

 

 

Industry Sector

Controlled Environment Agriculture

Electricity Generation

SME Funding

Total Investments

Hydroelectric Power

Solar & Gas Fired Energy

Other


£'000

 

£'000

£'000

£'000

£'000

Investments at 30 September 2022


E Shares

6,788     

749

9,269 

4,694 

21,500

Total

6,788

749

9,269

4,694

21,500

Total investments %

31.57%

3.48%

43.12%

21.83%

100.00%

 

 

 

Investments by Sector - E Share Class

 

Controlled Environment Agriculture

32%

Electricity Generation - Hydroelectric Power

3%

Electricity Generation - Solar & Gas Fired Energy

43%

SME Funding - Other

22%

 

We are pleased to present our interim review of the six months ended 30 September 2022.

 

The VCT was established to fund small and medium-sized enterprises. As at 30 September 2022 it has three share classes. The overall portfolio comprises investments in 9 small, unquoted companies spanning sectors including hydroelectric power, solar, gas fired energy, SME funding and controlled environment agriculture.

 

At 30 September 2022 the Company continues to meet the condition that at least 80% of relevant funds must be invested in VCT qualifying investments within three years.

 

Review and Future Developments

 

The UK and global economy bounced back from Covid-19 only to be faced with a severely inflationary environment caused by the QE and fiscal expansion that governments undertook during Covid, by supply chain disruption and by the rising costs of energy as a result of the Russia-Ukraine war. This has resulted in a fall in global stock markets, a sharp rise in bond yields and economic weakness in the UK and EU. This has affected and will continue to affect valuations of businesses both in the public and private markets.

 

Only the E Share Class within the Company remains fully invested as both the C and D Share Classes are in the process of being wound down. The E Share Class contains investments across rooftop solar, gas fired energy, hydroelectric power, and controlled environment agriculture.

 

C and D Share Classes

 

The C and D Share Classes are represented solely by cash and are in the process of being wound down to enable the Company to return funds to these shareholders.

 

E Share Class

 

Crematorium Management

 

The Company held an investment in a business called FMS that provided crematory and mercury abatement services for the crematoria of a London Borough. This investment received revenues from local authorities and generated a steady return over the years it has been held. The Company sold its final residual interest in the business for total consideration of £25,001. This investment has outperformed expectations at the point of its original investment as a result of contract extensions with the Local Authority.

 

Hydroelectric Power

 

The remaining hydroelectric power asset, Shenval, performed in line with expectations and there were no material asset management concerns. Shenval recently appointed a new external asset manager to optimise the performance of the asset. The investment is protected in a high inflationary environment due to its revenues being linked to RPI.

 

Solar

 

The Company holds four separate portfolios of rooftop solar systems which are performing in line with expectations and there were no material asset management concerns. The companies each recently appointed an external asset manager to optimise the performance of the assets. The investments are protected in a high inflationary environment due to revenues being linked to RPI.

 

 

Controlled Environment Agriculture

 

The Company holds an investment in a controlled environment agriculture business called PFC, which trades under the brand name, Perfectly Fresh. Over the last 6 months, the business has continued to pursue its plan for product improvement and expansion of its growing facilities. 

 

Existing Site Performance

The existing product facility at Alderley Edge has continued to produce product successfully and perform slightly ahead of forecasted revenue. Perfectly Fresh has continued to ramp up production with the aim of reaching 0.5 tonnes per week by 31 December 2022. Over the last 6 months, since the re-fresh of the Alderley site, the business has been able to increase supply to its leading retail partner without any breaks in production.

 

A site for a second larger Perfectly Fresh facility had been identified.

 

Customer Relationships

Perfectly Fresh is in discussions with both its existing customer and other retailers to supply product from the planned second facility.  Overall, the customer engagement and interest in Perfectly Fresh controlled environment agriculture salad is strong, and believed to be sufficient to support the funding and development of the second facility.

 

Restructure and Funding

As reported in our 2022 Annual Report, the Perfectly Fresh senior team has expanded and refined the strategy to help the company scale. This includes a restructure and rebranding exercise to broaden the customer base and enable the business to conduct a professional fund-raising round. The restructure is progressing, with a newly branded website and online presence launched in early November 2022.

 

Early discussions with potential investors have demonstrated interest, and Perfectly Fresh is expecting to launch an initial funding round in Q4 2022.

 

Challenges

The cost plan for the planned new facility has proved challenging, given the increase in material costs and operational expenses. Perfectly Fresh is looking to value engineer a solution and continues to explore other options, as its current growing capacity is limiting its ability to capitalise on the demand for its product.

 

The impact of the general macroeconomic environment in the UK on fund raising is unknown, but initial discussions and levels of interest have been positive.

 

Gas Fired Energy

 

Following an extensive process to improve the operating performance of the gas fired energy generation centre we entered into discussions for the disposal of this investment to an independent third party. We are pleased to announce that on 10 October 2022 following a competitive tender process we completed on the sale of the Company's investment in Green Peak for total consideration of £2,633,610. This was part of a wider portfolio sale of gas-fired energy generation companies to a third party, independent of the Investment Manager.

 

The carrying value was last updated at the year-end which was a time when there was significant uncertainty over the valuation of the assets. In addition to the uncertainty around secondary market valuation for this type of asset, the centre had experienced some downtime and issues in relation to water ingress. Since then, the asset was fully repaired and operated well. Following the Russia-Ukraine war and ensuing energy market volatility, the market has also moved in favour of generating assets, leading to significant improvements in trading performance and increased interest from prospective secondary market acquirors. As a result we have been able to secure prices for these investments which we believe to be attractive and which led to securing an uplift in valuations for E Shareholders.

 

Outlook

 

As stated in the Chair's letter, in respect of the C and D Share Classes, the next stage is for the Company to wind up and ultimately for it to cancel these share classes, which is expected to take place in early December 2022, following which final distributions will be made to investors.

 

The Company's solar and hydroelectric investments are expected to perform well in the current macroeconomic climate, with contracted revenues and inflation-linked subsidies dominating the revenue stack. However, we remain cautious about the prospect of possible regulatory or tax changes and will continue to monitor these developments.

 

 

If you have any questions, please do not hesitate to call us on 020 7201 8989.

 

Jonathan Parr

Partner, Head of Energy

Triple Point Investment Management LLP

16 November 2022

 

Investment Portfolio Summary

 

 

 


Unaudited

 

Audited

 

30 September 2022

 

31 March 2022

 

        Cost 

     Valuation

 

        Cost 

     Valuation

 

£'000

£'000

 

£'000

£'000

 










Unquoted qualifying holdings

11,750

60.61

16,806

66.54


12,002

59.42

15,379

64.17

Quoted non-qualifying holdings

-  

-  

-  

-  






Unquoted non-qualifying holdings

3,877

20.00

4,694

18.58


4,365

21.61

4,755

19.84

Financial assets at fair value through profit or loss

15,627

80.61

21,500

85.12


16,367

81.03

20,134

84.01

Cash and cash equivalents

3,761

19.39

3,761

14.88


3,831

18.97

3,831

15.99


19,388

100.00

25,261

100.00


20,198

100.00

23,965

100.00











Qualifying Holdings

 









Unquoted

 









Solar

 









Digima Limited

1,262

6.51

2,139

8.47


1,262

6.25

2,139

8.93

Digital Screen Solutions Limited

2,020

10.42

3,061

12.12


2,020

10.00

3,061

12.77

Green Energy for Education Limited

400

2.06

1,435

5.68


400

1.98

1,435

5.99

Hydroelectric Power

 









Green Highland Shenval Limited

868

4.48

749

2.97


1,120

5.55

750

3.13











Gas Fired Energy

 









Green Peak Generation Limited

2,200

11.35

2,634

10.43


2,200

10.89

1,206

5.03

Controlled Environment Agriculture

 









Perfectly Fresh Cheshire Limited

5,000

25.79

6,788

26.87


5,000

24.75

6,788

28.32


11,750

60.61

16,806

66.54


12,002

59.42

15,379

64.17

 

 

 

Unquoted










Crematorium Management










Furnace Managed Services Limited

-

-

-

-


   488

2.42  

60  

0.25  

SME Funding










Hydroelectric Power:










Broadpoint 2 Limited

1,159

5.98

1,379

5.46


1,159  

5.74  

1,379  

5.75  

Broadpoint 3 Limited






-

-

-

-

Other:










Aeris Power Limited

518

2.67

644

2.55


518  

2.56  

644  

2.69  

Funding Path Limited

2,200

11.35

2,671

10.57


2,200 

10.89 

2,672 

11.15












3,877

20.00

4,694

18.58


4,365

21.61

4,775

19.84

                                                                                               

 

 

Principal Risks and Uncertainties

 

The Audit Committee, which assists the Board with its responsibilities for managing risk, considers that the principal risks and uncertainties as presented on pages 22 to 24 of our 2022 Annual Report were unchanged during the period and will remain unchanged for the remaining six months of the financial year.

 

The following additional emerging risk has been identified, and is detailed below:

 

Emerging Risks

 

Macroeconomic Environment

 

The macroeconomic environment for the UK and internationally looks increasingly challenging with the energy crisis and related cost of living/inflation pressures being met by central banks which are still raising interest rates. That interest rates are rising even as economic headwinds blow harder is a new development relative to the experience of the last few decades where, in the US and UK in particular, monetary policy tended to loosen quite early in economic downturns. This time we appear to be faced by economic weakness and still rising interest rates which could lead to either a deep or a prolonged recession despite UK fiscal policies aimed at countering such a threat. Until inflation rates clearly peak and fall, the economic outlook is likely to remain difficult. Thus, we are not complacent about the portfolio.

 

 

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 six month period to 30 September 2022, the Directors confirm that, to the best of their knowledge, this condensed set of financial statements has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" as adopted by the European Union and that the Chair's statement on pages 8 to 12 includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8 of the Disclosure and Transparency rules of the United Kingdom's Financial Conduct Authority namely:

 

a)  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 specific risks and uncertainties for the remainder of the accounting period;

b)  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; 

c)  the Interim Financial Report includes a fair review of related party transactions and changes therein. There were no related party transactions for the accounting period; and

d)  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 expectations 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 Company's auditor.

 

David Frank

Chair

16 November 2022

 

 

 

Unaudited Statement of Comprehensive Income

 



Unaudited

 

Audited

 

Unaudited

 


Six months ended

 

Year ended

 

Six months ended

 


30 September 2022

 

31 March 2022

 

 30 September 2021

 

Note

Rev.

Cap.

Total

 

Rev.

Cap.

Total

 

Rev.

Cap.

Total

 


£'000

£'000

£'000

 

£'000

£'000

£'000

 

£'000

£'000

£'000

Income

 












Investment income

4

420

-

420


1,488

-

1,488


869

-  

869

(Loss)/gain arising on the disposal of investments during the year


-

(461)

(461)


-

1,254

1,254


-  

4

4

Gain arising on the revaluation of investments at the year end


-

1,853

1,853



683

686


-  

12

12














Investment return

 

420

1,392

1,812

 

1,488

1,937

3,425

 

869

16

885

 













Investment management fees

5

183

61

244


616

205

821


349

116

465

Other expenses


204

-

204


575

1,732

2,307


226

-  

226

Finance costs


-

-

-


116

-

116


52

-  

52
















387

61

448


1,307

1,937

3,244


627

116

743














Profit before taxation

 

33

1,331

1,364

 

181

-

181

 

242

(100)

142

 













Taxation

7

(1)

1

-


(30)

23

(7)


(37)

22

(15)














Profit after taxation

 

32

1,332

1,364


151

23

174


205

(78)

127














Other comprehensive income


-  

-  

-  


-  

-  

-  


-  

-  

-  














Total comprehensive income

 

32

1,332

1,364

 

151

23

174

 

205

(78)

127

 













Basic and diluted earnings/(loss) per share (pence)

 

























C Share

8

(0.12p)

(0.02p)

(0.14p)


(0.92p)

(0.40p)

(1.32p)


0.16p

(0.17p)

(0.01p)














D Share

8

0.05p

(0.02p)

0.03p


0.45p

(4.62p)

(4.17p)


0.86p

(0.12p)

0.74p














E Share

8

0.14p

4.62p

4.76p


0.73p

2.44p

3.17p


0.23p

(0.14p)

0.09p
















0.07p

6.58p

4.65p


0.26p

(2.58p)

(2.32p)


1.25p

(0.43p)

0.82p














 

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 2022

 

31 March 2022

 

 30 September 2021

 

Note

£'000

 

£'000

 

£'000

 







Non-current assets

 






Financial assets at fair value through profit or loss


21,500


20,134


46,876








Current assets

 






Receivables


728


725


1,270

Cash and cash equivalents

9

3,761


3,831


193



4,489


4,556


1,463








Total Assets


25,989


24,690


48,339








Current liabilities

 






Payables and accrued expenses


183


248


636

Current taxation payable


11


11


109

Short-term debt facility


-


-


2,300



194


259


3,045


 

 

 

 






Net Assets

25,795


24,341


45,294








Equity attributable to equity holders of the parent

 






Share capital


560


560


560

Share redemption reserve


1


1


1

Share premium


-


-


28,661

Special distributable reserve


23,628


23,628


9,069

Capital reserve


8,837


7,505


6,814

Revenue reserve


(7,231)


(7,263)


189

Total equity


25,795


24,431


45,294








Shareholder' funds

 













C Share

10

7.61p


7.75p


81.56p








D Share

10

8.70p


8.67p


58.57p








E Share

10

81.53p


76.76p


91.19p

 

The Statements were approved by the Directors and authorised for issue on 16 November 2022 and are signed on their behalf by:

 

David Frank

Chair

16 November 2022

 

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

Six months ended 30 September 2022

 







Opening balance

560

1

-

23,628

7,505

(7,263)

24,431

Issue of new shares

-

-

-

-

-

-

-

Purchase of own shares

-

-

-

-

-

-

-

Dividends paid








Transactions with owners

-

-

-

-

-

-

-

Profit for the year

-

-

-

-

1,332

32

1,364

Other comprehensive income

-

-

-

-

-

-

-

Profit and total comprehensive income for the year

-

-

-

-

1,332

32

1,364

Balance at 30 September 2022

560

1

-

23,628

8,837

(7,231)

25,795

Capital reserve consists of:








Investment holding gains





5,614



Other realised gains





3,223








8,837



Year ended 31 March 2022

 







Opening balance

560

1

28,661

10,555

6,891

14

46,682

Purchase of own shares

-

-

-

-

-

(29)

(29)

Cancellation of share premium

-

-

(28,661)

28,661

-

-

-

Dividends paid

-

-

-

(15,588)

-

(6,808)

(22,396)

T/f revenue to unrealised

-

-

-

-

591

(591)

-

Transactions with owners

-

-

(28,661)

13,073

591

(7,428)

(22,425)

Profit for the year








Profit and total comprehensive income for the year

-

-

-

-

23

151

174

Balance at 31 March 2022

560

1

-

23,628

7,505

(7,263)

24,431

Capital reserve consists of:








Investment holding gains





3,762



Other realised gains





3,743








7,505



 

 

 

 

Six months ended 30 September 2021

 







Opening balance

560

1

28,661

10,555

6,892

13

46,682

Issue of new shares

-  

-  

-  

-  

-  

-  

-  

Purchase of own shares

-  

-  

-  

-  

-  

(29)

(29)

Dividends paid

-  

-  

-  

(1,486)

-  

-

(1,486)

Transactions with owners

-

-

-  

(1,486)

-  

(29)

(1,515)

Profit for the year

-  

-  

-  

-  

(78)

205

127

Other comprehensive income

-  

-  

-  

-  

-  

-  

-  

Profit and total comprehensive income for the year

-  

-  

-  

-  

(78)

205

127

Balance at 30 September 2021

560

1

28,661

9,069

6,814

189

45,294

Capital reserve consists of:








Investment holding gains





9,838



Other realised losses





(3,024)








6,814



 

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 unrealised capital reserve, share redemption reserve and share premium reserve are not distributable. The special distributable reserve was created on court cancellation of the share premium account. The revenue, special distributable and realised capital reserves are distributable by way of dividend.

 

At 30 September the total reserves available for distribution were £19,620,000. This consisted of the distributable revenue reserve, net of the realised capital loss, plus the special distributable reserve.

 

Unaudited Statement of Cash Flows

 


Unaudited

 

Audited

 

Unaudited

Six months ended

 

Year ended

 

Six months ended

 

30 September 2022

 

31 March 2022

 

30 September 2021

 

£'000

 

£'000

 

£'000

Cash flows from operating activities

 





Profit before taxation

1,364


181


142

Adjustments for:






Add back financing costs

-


116


52

Transfer from revenue reserve to unrealised capital reserve

-


(591)


-

Loss/(gain) arising on the disposal of investments during the period

461


(1,254)


(4)

(Gain)/loss arising on the revaluation of investments at the period end

(1,853)


(683)


(12)

Cashflow generated by operations

(28)


(2,231)


178

(Increase)/decrease in receivables

(3)


256


(284)

Increase in payables

(65)


(204)


184

Cash flows from operating activities

(96)


(2,179)


78

Tax paid

1


(89)


1  

Net cash flows from operating activities

(95)


(2,268)


79







Cash flow from investing activities

 





Purchase of financial assets at fair value through profit or loss





-  

Proceeds of sale of financial assets at fair value through profit or loss

25


30,419


1,160

Net cash flows from investing activities

25


30,419


1,160







Cash flows from financing activities

 





Issue of new shares

-


-


-  

Repayment of capital

-


(29)


(29)

Dividends paid

-


(22,396)


(1,486)

Proceeds from short-term debt

-


(2,300)


(52)

Financing costs

-


(116)



Net cash flows from financing activities

-


(24,841)


(1,567)  

Net (decrease)/increase in cash and cash equivalents

(70)


3,310


(328)

Reconciliation of net cash flow to movements in cash and cash equivalents

 





Opening cash and cash equivalents

3,831


521


521

Net (decrease)/increase in cash and cash equivalents

(70)


3,310


(328)

Closing cash and cash equivalents

3,761


3,831


193

 

The accompanying notes are an integral part of this statement.

 

Unaudited Non-Statutory Analysis - The C Share Fund

 

Statement of Comprehensive Income

 







Six months ended

 

Year ended

 

Six months ended

 


30 September 2022

 

31 March 2022

 

 30 September 2021

 


Revenue

Capital

Total

 

Revenue

Capital

Total

 

Revenue

Capital

Total

 


£'000

£'000

£'000

 

£'000

£'000

£'000

 

£'000

£'000

£'000

Investment income


-

-

-


175

-

175


170

-  

170

Realised gain on investments


-

-

-


-

1,277

1,277





Unrealised gain on investments


-

-

-


-

-

-


-  

-  

-  

Investment return


-

-

-


175

1,277

1,452


170

-  

170

Investment management fees


(8)

(2)

(10)


(180)

(1,331)

(1,511)


(108)

(28)

(136)

Other expenses


(8)

-

(8)


(120)

-

(120)


(36)

-  

(36)

Profit/(loss) before taxation


(16)

(2)

(18)


(125)

(54)

(179)


26

(28)

(2)

Taxation


-

-

-






(4)

5

1

Profit/(loss) after taxation


(16)

(2)

(18)


(125)

(54)

(179)


22

(23)

(1)

Profit and total comprehensive income for the period


(16)

(2)

(18)


(125)

(54)

(179)


22

(23)

(1)

Basic and diluted earnings/(loss) per share


(0.12p)

(0.02p)

(0.14p)


(0.92p)

(0.40p)

(1.32p)


0.16p

(0.17p)

(0.01p)














Balance Sheet

 

Six months ended

 


Year ended

 

Six months ended


30 September 2022

 

31 March 2022

 

 30 September 2020

 




£'000

 



£'000

 



£'000

Non-current assets

 












Financial assets at fair value through profit or loss




-




-




11,035














Current assets

 












Receivables




10




255




272

Cash and cash equivalents




1,007




835




100





1,017




1,090




372

Current liabilities

 












Payables




-




(55)




(162)

Corporation tax




-




-




(8)

Short-term debt facility




-




-




(300)

Net assets




1,017




1,035




10,937














Equity attributable to equity holders

 



1,017




1,035




10,937

Net asset value per share




7.61p




7.75p




81.56p



























Statement of Changes in

 

Six months ended

 


Year ended

 

Six months ended

Shareholders' Equity

 

30 September 2022

 


31 March 2022

 

 30 September 2021

 




£'000

 



£'000

 



£'000

 













Opening shareholders' funds




1,035




11,194




11,194

Purchase of own shares




-




(21)




(21)

Profit for the period




(18)




(179)




(1)

Dividends paid




-




(9,959)




(235)

Closing shareholders' funds




1,017




1,035




11,184

 

 

Unaudited Non-Statutory Analysis - The D Share Fund

 

 

Statement of Comprehensive Income

 








Six months ended

 

Year ended

 

Six months ended

 


30 September 2022

 

31 March 2022

 

 30 September 2021

 


Revenue

Capital

Total

 

Revenue

Capital

Total

 

Revenue

Capital

Total

 


£'000

£'000

£'000

 

£'000

£'000

£'000

 

£'000

£'000

£'000

Investment income


26

-

26


337

-

337


289

-  

289

Realised loss on investments


-

-

-



(153)

(153)





Unrealised gain on investments


-

-

-



7

7


-  

-  

-  

Investment return


26

-

26


337

(146)

191


289

-  

289

Investment management fees


(9)

(3)

(12)


(115)

(483)

(598)


(118)

(20)

(138)

Other expenses


(9)

-

(9)


(161)

-

(161)


(28)

-  

(28)

Profit/(loss) before taxation


8

(3)

5


61

(629)

(568)


143

(20)

123

Taxation


(1)

1

-


-

-

-


(27)

4

(23)

Profit after taxation


7

(2)

5


61

(629)

(568)


116

(16)

100

Profit and total comprehensive income for the period


7

(2)

5


61

(629)

(568)


116

(16)

100

Basic and diluted earnings/(loss) per share


0.05p

(0.02p)

0.03p


0.45p

(4.62p)

(4.17p)


0.86p

(0.12p)

0.74p














Balance Sheet

 

Six months ended

 

Year ended

 

Six months ended

 


30 September 2022

 

31 March 2022

 

 30 September 2021

 




£'000

 



£'000

 



£'000

Non-current assets

 












Financial assets at fair value through profit or loss




-




509




10,036














Current assets

 












Receivables




22




258




570

Cash and cash equivalents




1,161




431




(125)





1,183




689




445

Current liabilities

 












Payables




-




(20)




(123)

Corporation tax




-




-




(90)

Short-term debt facility




-




-




(2,000)

Net assets




1,183




1,178




7,968














Equity attributable to equity holders

 



1,183




1,178




7,968

Net asset value per share




8.70p




8.67p




58.57p



























Statement of Changes in

 

Six months ended

 


Year ended

 

Six months ended

Shareholders' equity

 

30 September 2022

 


31 March 2022

 

 30 September 2021

 




£'000

 



£'000

 



£'000

 













Opening shareholders' funds




1,178




8,106




8,106

Purchase of own shares




-




-




-

Profit for the period




5




(568)




100

Dividends paid




-




(6,360)




(238)

Closing shareholders' funds




1,183




1,178




7,968

 

Investment Portfolio

30 September 2022

 

31 March 2022

 

        Cost 

     Valuation

 

        Cost 

     Valuation

 

£'000

£'000

 

£'000

£'000

 










Unquoted qualifying holdings

-

-

-

-


761

63.84

509

54.15

Unquoted non-qualifying holdings

-

-

-

-


-

-

-

-

Financial assets at fair value through profit or loss

-

-

-

-


761

63.84

509

54.15

Cash and cash equivalents

1,161

100.00

1,161

100.00


431

36.16

431

45.85


1,161

100.00

1,161

100.00


1,192

100.00

940

100.00











Qualifying Holdings

 









Unquoted

 









Hydro Electric Power

 





-

-

-

-

Green Highland Shenval Limited

-

-

-

-


761

63.84

509

54.15


-

-

-

-


761

63.84

509

54.15











 

Non-Statutory Analysis - The E Share Fund

 

Statement of Comprehensive Income

 








Six months ended

 

Year ended

 

Six months ended

 


30 September 2022

 

31 March 2022

 

 30 September 2021

 


Revenue

Capital

Total

 

Revenue

Capital

Total

 

Revenue

Capital

Total

 


£'000

£'000

£'000

 

£'000

£'000

£'000

 

£'000

£'000

£'000

Investment income


394

-

394


976

-

976


410

-  

410

Realised gain/(loss) on investments


-

(461)

(461)


-

130

130


-  

4

4

Unrealised loss on investments


-

1,854

1,854


-

676

676


-  

12

12

Investment return


394

1,393

1,787


976

806

1,782


410

16

426

Investment management fees


(167)

(56)

(223)


(448)

(123)

(571)


(245)

(68)

(313)

Other expenses


(187)

-

(187)


(283)

-

(283)


(92)

-  

(92)

Profit/(loss) before taxation


40

1,337

1,377


245

928


73

(52)

Taxation


-

-

-


(30)

23

(7)


(6)

13

7

Profit/(loss) after taxation


40

1,337

1,377


215

706

921


67

(39)

28

Profit/(loss) and total comprehensive income for the period


40

1,337

1,377


215

706

921


67

(39)

28

Basic and diluted earnings/(loss) per share


0.14p

4.62p

4.76p


0.73p

2.44p

3.17p


0.23p

(0.14p)

0.09p














Balance Sheet

 

Six months ended

 

Year ended

 

Six months ended

 


30 September 2022

 

31 March 2021

 

 30 September 2021

 




£'000

 



£'000

 



£'000

Non-current assets

 












Financial assets at fair value through profit or loss




21,500




19,625




26,105














Current assets

 












Receivables




696




212




1,047

Cash and cash equivalents




1,593




2,565




(401)





2,289




2,777




646

Current liabilities

 












Payables




(183)




(173)




(351)

Corporation tax




(11)




(11)




(11)

Net assets




23,595




22,218




26,389














Equity attributable to equity holders

 



23,595




22,218




26,389

Net asset value per share




81.53p




76.76




91.19p



























Statement of Changes in

 

Six months ended

 


Year ended

 

Six months ended

Shareholders' equity

 

30 September 2022

 


31 March 2022

 

 30 September 2021

 




£'000

 



£'000

 



£'000

 













Opening shareholders' funds




22,218




27,382




27,382

Purchase of own shares




-




(8)




(8)

Profit for the period




1,377




921




28

Dividends paid




-




(6,077)




(1,013)

Closing shareholders' funds




23,595




22,218




26,389

 

Investment Portfolio

30 September 2022

 

31 March 2022

 

        Cost 

     Valuation

 

        Cost 

     Valuation

 

£'000

£'000

 

£'000

£'000

 










Unquoted qualifying holdings

11,750

68.24

16,806

72.77


11,241

61.88

14,870

67.01

Quoted non-qualifying holdings

-

-

-

-


-

-

-

-

Unquoted non-qualifying holdings

3,877

22.51

4,694

20.33


4,365

24.03

4,755

21.42

Financial assets at fair value through profit or loss

15,627

90.75

21,500

93.10


15,606

85.91

19,625

88.43

Cash and cash equivalents

1,593

9.25

1,593

6.90


2,565

14.09

2,565

11.57


17,220

100.00

23,093

100.00


18,171

100.00

22,190

100.00











Qualifying Holdings

 









Unquoted

 









Solar

 









Digima Limited

1,262

7.33

2,139

9.26


1,262

6.95

2,139

9.64

Digital Screen Solutions Limited

2,020

11.73

3,061

13.25


2,020

11.12

3,061

13.79

Green Energy for Education Limited

400

2.32

1,435

6.21


400

2.20

1,435

6.47

Hydro Electric Power

 









Green Highland Shenval Limited

868

5.04

749

3.25


359

1.98

241

1.09

Gas Fired Energy

 









Green Peak Generation Limited

2,200

12.78

2,634

11.41


2,200

12.11

1,206

5.43

Vertical Growing

 









Perfectly Fresh Cheshire Limited

5,000

29.04

6,788

29.39


5,000

27.52

6,788

30.59












11,750

68.24

16,806

72.77


11,241

61.88

14,870

67.01











Unquoted

 









Crematorium Management

 









Furnace Managed Services Limited

-

-

-

-


488

2.69

60

0.27

SME Funding

 









Hydroelectric Power:

 









Broadpoint 2 Limited

1,159

6.72

1,379

5.97


1,159

6.38

1,379

6.21

Other:

 









Funding Path Limited

2,200

12.78

2,671

11.57


2,200

12.11

2,672

12.04

Aeris Power Limited

518

3.01

644

2.79


518

2.85

644

2.90












3,877

22.51

4,694

20.33


4,365

24.03

4,775

21.42

 

 

Condensed Notes to the Unaudited Interim Financial Statements

 

1.           Corporate information             

                                                                                                                     

The Interim Report of the Company for the six months ended 30 September 2022 was authorised for issue in accordance with a resolution of the Directors on 16 November 2022.

 

The Company is listed on the London Stock Exchange.

 

Triple Point Income VCT plc is incorporated and domiciled in the United Kingdom and registered in England and Wales. The address of the Company's registered office, which is also its principal place of business, is 1 King William Street, London, EC4N 7AF.

 

The Company is required to nominate a functional currency, being the currency in which the Company predominately operates. The functional and reporting currency is pound sterling (£), reflecting the primary economic environment in which the Company operates.

 

The principal activity of the Company is investment. The Company's investment strategy is to offer combined exposure to cash or cash-based funds and venture capital investments focused on companies with contractual revenues from financially secure counterparties.

 

The financial information set out in this report does not constitute statutory accounts as defined in S434 of the Companies Act 2006.

                  

2.           Basis of preparation and accounting policies                                      

                                                                                                                                        

Basis of preparation

 

The Interim Report of the Company for the six months ended 30 September 2022 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 Annual Report. 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 2022.

 

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 Directors are of the opinion that the Company only has a single operating segment of business, being investment activity. 

 

All revenues and assets are generated and held in the UK. 

 

4.                Investment income


C Shares

D Shares

E Shares

 

Total

Unaudited

£'000

£'000

£'000

 

£'000

Six months ended 30 September 2022

 





Loan stock interest

-

26

351


377

Dividends receivable

-

-

40


40

Interest receivable on bank balances

-

-

3


3

Property Income

-

-

-


-


-

26

394


420

Audited

 





Year ended 31 March 2022

 





Loan stock interest

169

337

916


1,422

Dividends receivable

6

-

60


66

Interest receivable on bank balances

-

-

-


-

Other Investment Income

-

-

-


-

Property Income

-

-

-


-


175

337

976


1,488

 

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, 7 October 2016 and an amended and restated investment management and administration agreement dated 27 April 2020.

 

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%.

 

There have been no performance fees paid to date.

 

An administration fee equal to 0.25% per annum of the Company's net assets is payable quarterly in arrears.

 

6.           Directors' remuneration

 


C Shares

D Shares

E Shares

 

Total

 

Unaudited

£'000

£'000

£'000

 

£'000

 

Six months ended 30 September 2022

 




David Frank

-

1

10


11



Simon Acland

-

1

10


11



Michael Stanes

1

-

10


11




1

2

30


33



Audited

 







Year ended 31 March 2022

 







David Frank

6

3

15


24



Simon Acland

5

3

13


21



Michael Stanes

5

3

13


21




16

9

41


66



 

The only remuneration received by the Directors was their Directors' fees. The Company has no employees other than the Non-Executive Directors. The number of Non-Executive Directors in the period was three.

 

7.           Taxation


C Shares

D Shares

E Shares

 

Total

Unaudited

£'000

£'000

£'000

 

£'000

Six months ended 30 September 2022

 





Profit on ordinary activities before tax

(18)

5

1,377


1,364







Corporation tax @ 19%

(3)

1

261


379

Effect of:






Capital (gains) not taxable

-

-

(265)


(385)

Income received not taxable

-

-

(8)


(8)

Excess management expense on which deferred tax not recognised

3

-

11


14

Tax charge

-

1

(1)


-







Audited

 





Year ended 31 March 2022

 





Profit on ordinary activities before tax

179

(568)

928


181







Corporation tax @ 19%

(34)

(108)

176


34

Effect of:






Capital (gains)/losses not taxable

(243)

28

(154)


(369)

Income received not taxable

(1)

-

(11)


(12)

Unrelieved tax losses arising in the year






Prior year adjustment

278

80

-


358

Tax charge

-

-

7


7

 

Capital gains and losses are exempt from corporation tax due to the Company's status as a Venture Capital Trust.

 

8.           Earnings per share

 

 

The earnings per share for C Shares is based on the loss after tax of £18,000, and on the weighted average number of shares in issue during the period of 13,413,088, which is equal to the number of shares at 30 September 2022.

 

The earnings per share for D Shares is based on the profit after tax of £5,000, and on the weighted average number of shares in issue during the period of 13,604,637, which is equal to the number of shares at 30 September 2022.

 

The earnings per share for E Shares is based on the profit after tax of £1,377,000, and on the weighted average number of shares in issue during the period of 28,940,076, which is equal to the number of shares at 30 September 2022.

 

9.           Cash and cash equivalents

 

Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc.

 

10.         Net asset value per share

 

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 £1,017,000 divided by the 13,413,088 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 £1,183,000 divided by the 13,604,637 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 £23,595,000 divided by the 28,940,076 E Shares in issue.

 

11.         Commitments and contingencies                                                                                     

                                                                                                                                          

The Company had no commitments or contingent liabilities at 30 September 2022.

 

12.         Relationship with Investment Manager                          

 

During the period, TPIM charged £244,000 (which has been expensed by the Company) for providing management services to the Company.

 

Fees paid to the Investment Manager for administrative and Company Secretarial services during the period were £30,000.

 

At 30 September 2022 £137,433 was due to TPIM.

 

13.         Related party transactions                         

 

The Directors remuneration is disclosed on page 30.

 

14.         Dividends

 

C Shares:

The Company paid a dividend to C Class Shareholders of £703,000 equal to 5.24 pence per share, on 21 October 2022.

 

D Shares:

The Company paid a dividend to D Class Shareholders of £819,000 equal to 6.02 pence per share, on 21 October 2022.

 

E Shares:

The Company paid a dividend to E Class Shareholders of £1,378,00 equal to 4.76 pence per share on 21 October 2022 and an additional dividend of £2,095,000 equal to 7.24 pence per share on 4 November 2022.

 

Nil dividends were paid during the period ending 30 September 2022.

 

 

 

 

 

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