TIDMTPOA TIDMTPOB
RNS Number : 5321P
Triple Point VCT 2011 PLC
10 October 2019
10 October 2019
Triple Point VCT 2011 plc
(the "Company")
RESULTS FOR THE SIX MONTHSED 31 AUGUST 2019
The directors of Triple Point VCT 2011 VCT plc are pleased to
announce its unaudited results for the six months to 31 August
2019.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management Tel: 020 7201 8989
LLP
(Investment Manager)
Ben Beaton
Belinda Thomas
Harry Penberthy
The Company's LEI is 213800AOOAQA5XQDEA89
For further information please contact Triple Point Investment
Management LLP on 020 7201 8989. The Interim report will be
available in full at www.triplepoint.co.uk
NOTES:
The Company is a Venture Capital Trust incorporated in July
2010. The Investment Manager is Triple Point Investment Management
LLP. The Company was established to fund small and medium sized
enterprises (SMEs). The Company launched a new share class, known
as The Venture Fund, in March 2019 which is mandated to invest in
SMEs producing products or digital services that solve challenges
faced by their larger corporate customers.
Financial Summary
6 months ended 31 August 2019
Venture
Unaudited A Shares B Shares Shares Total
Net assets GBP'000 10,704 6,892 6,850 24,446
Net asset value per share Pence 107.55p 100.95p 99 n/a
---------- ---------- --------
Profit/(loss) before tax GBP'000 132 (13) (70) 49
Earnings/(loss) per share Pence 1.07p (0.15p) (1.16p) n/a
---------- ---------- --------- --------
Cumulative return to shareholders
(p)
Net asset value per share 107.55p 100.95p 99.11p
Total dividends paid 11.75p 5.00p -
Net asset value plus dividends
paid 119.30p 105.95p 99.11p
--------------------------------------------- ---------- ---------- --------- --------
Year ended 28 February 2019
Venture
Audited A Shares B Shares Shares Total
Net assets GBP'000 10,995 7,243 - 18,238
Net asset value per share Pence 110.49p 106.10p - n/a
---------- ---------- --------
Profit before tax GBP'000 801 414 - 1,215
Earnings per share Pence 7.34p 6.10p - n/a
---------- ---------- --------- --------
Cumulative return to shareholders
(p)
Net asset value per share 110.49p 106.10p -
Total dividends paid 7.75p - -
Net asset value plus dividends
paid 118.24p 106.10p -
--------------------------------------------- ---------- ---------- --------- --------
6 months ended 31 August 2018
Venture
Unaudited A Shares B Shares Shares Total
Net assets GBP'000 10,524 6,823 - 17,347
Net asset value per share Pence 105.77p 99.93p - n/a
---------- ---------- --------
Profit/(loss) before tax GBP'000 198 (4) - 194
Earnings/(loss) per share Pence 1.62p (0.07p) - n/a
---------- ---------- --------- --------
Cumulative return to shareholders
(p)
Net asset value per share 105.77p 99.93p -
Total dividends paid 6.75p - -
Net asset value plus dividends
paid 109.77p 99.93p -
--------------------------------------------- ---------- ---------- --------- --------
Triple Point VCT 2011 plc ("the Company") is a Venture Capital
Trust ("VCT"). The Investment Manager is Triple Point Investment
Management LLP ("TPIM" and "Triple Point"). The Company was
incorporated in July 2010.
-- A Shares: On 30 April 2015 the A Share Class offer closed
having raised GBP10.3 million with a total of 9,951,133 A Shares
being issued.
-- B Shares: On 29 April 2017 the B Share Class offer closed
having raised GBP6.97 million with a total of 6,824,266 B Shares
being issued.
-- Venture Fund: On 30 August 2019 the Venture Fund offer closed
having raised gross proceeds of GBP7.1 million with a total of
6,912,338 Venture Fund Shares being issued.
Chairman's Statement
I am writing to present the unaudited Interim Financial Report
for Triple Point VCT 2011 plc ("the Company") for the period ended
31 August 2019.
During the period the Company continued to monitor the ongoing
operation of both the A and B Share Class investments.
We are pleased to report, both the A Share Class and the B Share
Class portfolios remain fully invested and are performing in line
with expectations.
Offer for Subscription
The recent Offer for Subscription of Venture Shares closed on 30
August 2019. The Board are pleased to announce the total raised,
net of all costs, was GBP6.91 million and resulted in the issuance
of 6,912,388 new Venture Shares. On behalf of the board I would
like to welcome all new Shareholders and to also thank the existing
Shareholders for their continued support.
Since the successful original offer, the Company, under a new
top-up offer for the Venture Fund, are seeking to raise a further
GBP10 million (with a GBP10 million over-allotment facility) in
order to continue investing in early-stage businesses with strong,
long term growth potential.
I am pleased to announce that a 1% Venture Share bonus will
apply in respect of completed applications received and accepted
from existing holders of Venture Shares, which will be paid for by
Triple Point.
Investment Portfolio
The Company's funds at 31 August 2019 were invested in a
portfolio of VCT qualifying and non-qualifying unquoted
investments. It continues to meet the condition that 70% of
relevant funds must be invested in qualifying investments.
Legislation introduced through the Finance Act 2018 will begin to
apply to the Company from 1 March 2020, implementing an increase in
the qualifying investment test to 80%. The Investment Manager
monitors this ratio closely and the Board are confident that the
Company will meet the new requirement when it comes into
effect.
The Company continued to satisfy all other tests relevant to its
status as a Venture Capital Trust.
The Investment Manager's review on pages 4 to 8 gives an update
on the portfolio of investments in 15 small unquoted
businesses.
A Share Class
I am pleased to report the A Share Class has recorded a profit
over the period of 1.07p per share and as at 31 August 2019 the NAV
per share stood at 107.55p. On 27 June 2019 the A Class
Shareholders were paid their fourth dividend of GBP398,045 equal to
4p per share, taking total dividends paid to A Shareholders to date
to 11.75p per share. This distribution brings Net Asset Value plus
dividends paid to 119.30p.
The initial target for the A Share Class is to provide a cash
return to investors of 100p by the end of the sixth year of
investment from a mixture of the initial 30% income tax rebate, tax
free dividends and a capital realisation. Thereafter the target is
to provide an ongoing annual dividend of 3.50p per annum with a
final payment of capital.
During the period, in line with the way the investment was
structured, the Company completed the sale of its holding in Green
Highland allt Garbh Limited ("Garbh"). The A Share Class received
net proceeds in excess of GBP2.25 million from the sale. This
disposal contributes significantly to both the dividend and partial
realisation target for the sixth year of the Share Class.
Following the sale of Garbh, the board has resolved to pay a
special dividend to A Class Shareholders of GBP2,338,516 equal to
23.5p which will be paid on 29 November 2019 to shareholders on the
register on 15 November 2019. This sum in conjunction with prior
dividends results in total distributions of 35.25p per share
excluding the initial income tax rebate.
B Share Class
The B Share Class has qualifying investments in two companies
that have each constructed a gas fired energy centre. Both energy
centres have now been successfully commissioned and are fully
operational.
The B Share Class has recorded a small loss over the period of
0.15p per share due to running costs of the Share Class exceeding
income. At 31 August 2019 the NAV per share stood at 100.95p. On 27
June 2019 the B Class Shareholders were paid their first dividend
of GBP341,213 equal to 5p per share, in line with the target for
this Share Class. This first distribution brings Net Asset Value
plus dividends paid to 105.95p.
Venture Fund
The Venture Fund offer for subscription closed on 30 August 2019
having raised GBP6.91 million net of all costs. The level of
investment during the period has been promising. Four qualifying
investments, totalling GBP1.25 million have been made by the
Venture Fund to date spanning sectors such as financial technology
("fintech") and telecommunications ("telecoms"). More detail on
these investments can be found in the Investment Manager's
Review.
As highlighted above, the new offer for subscription will
continue to target significant capital growth by investing in
early-stage innovative companies with an indication or firm
commitment from a corporate providing market validation.
These companies will continue to be sourced from the Investment
Manager's venture network and have the potential to deliver
ground-breaking technology or products, at scale, and to transform
markets.
For investments in the 2019/20 tax year, the Offer will remain
open until no later than noon on Friday 3 April 2020 subject to
cleared funds. For all investments in the 2020/21 tax year, the
Offer will remain open until Monday 31 August 2020, unless fully
subscribed at an earlier date.
The Venture Fund made a loss during the period of 1.16p per
share due to the running costs of the Share Class exceeding income
whilst new qualifying investments are sought. At 31 August 2019 the
NAV per share stood at 99.11p.
Specific Risks
The Board believes that the specific risks facing the Company
are:
-- Compliance risk of failure to maintain approval as a qualifying VCT;
-- Investment risk associated with the VCT's portfolio of
unquoted investments, including the inability to invest funds
raised and the inability to realise funds to facilitate return to
investors;
-- Financial risk of investing on a medium to long-term basis; and
-- Risk of failure of internal controls.
The Board believes these risks are manageable and, with the
Investment Manager, continues to work to minimise either the
likelihood or potential impact of these risks within the scope of
the Company's established investment strategy.
Outlook
The investment portfolio of the Company continues to operate
well with much of the portfolio being in companies which are mature
and profitable, providing attractive income returns.
One of the Company's objectives is a partial realisation of the
A Share Class after 5 years with a targeted total distribution of
70p. The realisation of our investment in Garbh is a first step
towards that objective. The Board and the Investment Manager are
now working towards investment disposals to fund the target
distribution as well as optimising the portfolio owned by the B
Shareholders.
Following the successful Venture Fund raise of GBP6.91m (net of
costs) and the current offer for subscription, the Board believes
that the Company is well positioned to take advantage of any
opportunities to provide growth capital and help companies achieve
scale. The Board, the Investment Manager and the Triple Point
Venture Network will continue to assess, balance and diversify the
risks within the Venture Share Class.
The Board and Investment Manager continue to monitor and discuss
the possible impact of Brexit on the underlying portfolio to
identify the principal areas of risk. We are continuing to monitor
the ongoing Brexit negotiations and will take mitigating action
where possible as and when required.
If you have any questions about your investment, please do not
hesitate to contact Triple Point on 020 7201 8990.
Jane Owen
Chairman
10 October 2019
Investment Manager's Review
Sector Analysis
During the period there has been changes to the Unquoted
Investment portfolio. The Venture Fund has made investments into
five companies, examples of which can be seen on page 8 of the
Investment Manager's Review.
The unquoted investment portfolio can be analysed as
follows:
Electricity
Generation SME Funding
Software Hydro Hydro Total
Industry as a Service Electric Gas Electric Unquoted
Sector (SaaS) Telecoms Fintech Power Power Power Other* Investments
-------------- ---------- --------- --------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ---------- --------- ---------
Investments
at
31 August
2019
---------
A Shares - - - 4,754 - 1,652 1,295 7,701
B Shares - - - - 5,513 - 1,386 6,899
Venture
Shares 450 300 500 - - - 490 1,740
450 300 500 4,754 5,513 1,652 3,171 16,340
---------------
Unquoted
Investments
% 2.75% 1.84% 3.06% 29.09% 33.74% 10.11% 19.41% 100.00%
-------------- ---------- --------- --------- ----------- ---------
* Other SME funding includes GBP1,295,000 of A Ordinary Share
Class investments, GBP1,386,000 of B Ordinary Share Class and
GBP490,000 of Venture Fund investment in to a UK based company
which provides finance to small and medium sized enterprises.
The VCT was established to fund small and medium sized
enterprises. It has three share classes with separate portfolios as
detailed on page 4. At the period end the overall portfolio
comprised investments in 15 small, unquoted companies across
several sectors spanning electricity generation, SME funding,
Software as a Service (SaaS), fintech and telecoms.
Both the A and B Share Class remain fully invested. The Company
and the Investment Manager continue to focus on asset optimisation
and portfolio management for both Share Classes, whilst deal
origination remains the focus of the Venture Fund.
The A and B Share Class portfolios consist of businesses which
are fully operational and revenue generating. Generally,
performance during the period across each portfolio has been in
line with expectations with the A Share Class recording an uplift
in NAV (including dividends) from the performance of its portfolio
from 118.24p per share to 119.30p per share whilst the B Share
Class recorded a small loss, reducing the NAV from 106.10p per
share to 105.95p. This is due to the ongoing operational costs
exceeding revenues for the period.
Review & Outlook
A Share Class
Following the successful realisation of the A Shares Investment
in Green Highland Allt Garbh, the A Share Class has investments in
five hydroelectric companies which between them own six
hydroelectric schemes in the Scottish Highlands.
All six schemes have been commissioned and are operational. The
A Share Class also has investments in two other companies which
provide funding to SMEs.
We are happy to report that the performance of the hydro schemes
has improved over the course of 2019. Overall, we are pleased to
confirm that the A Share Class has recorded a profit of 1.62p per
share for the period.
The six hydroelectric schemes are "run of river" plants and each
company benefits from government backed Feed-in Tariff (FiT)
payments based on output and from the sale of the electricity
produced to utilities or other power companies under Power Purchase
Agreements (PPAs). The companies have continued to obtain better
power prices than were originally forecast, earning an average of
6.3 pence per kWh compared to the 5 pence per kWh which was
projected at the time of investment. The companies have recently
renewed their PPA contracts and continue to achieve higher prices
than the current available export tariff.
Although rainfall variability is to be expected over the 40-year
period of generation which our hydroelectric companies are expected
to experience, overall, we continue to be pleased with the
efficiency of the hydroelectric schemes owned by them. The
hydroelectric companies remain highly focussed on improving
efficiencies and maximising output and are working alongside hydro
experts to further enhance performance.
Industry Update
The hydroelectric companies, together with other industry
members and the British Hydropower Association, are continuing to
lobby the Scottish Government to recognise the concern on business
rates in the hydro sector. For the financial year 2019/20, the
hydroelectric companies received a 60% relief and it is expected
that this relief will continue to be applied each year until such
time as the Scottish Government address the issues of the business
rates in the hydro sector.
An update from the Scottish Government is expected to be
announced sometime during November 2019.
In July 2018, the government announced the end of the FiT scheme
for renewable energy from 31 March 2019. All businesses that
already have FiT registrations will continue to receive payments
for the remainder of their agreement. Therefore, as the companies
entered in to 20-year agreements prior to this announcement, the
seven hydroelectric companies are unaffected by this change.
B Share Class
The B Share Class remains fully invested with two Qualifying
Investments in companies operating gas fired energy centres and one
Non-Qualifying Investment. Both energy centres were commissioned
during May 2018 and consist of containerised gas combustion engines
that generate electricity for onward sale, especially at times when
there is high demand for power. The UK is aiming to close its
coal-fired power plants by 2025, and it is therefore expected that
there will be a shortage in the supply of energy in the UK.
Although renewable energy makes an increasing contribution, the
irregular nature of its production means that other baseload
sources will also be required to make up the deficit.
The companies have taken advantage of a gap in the market by
constructing and operating gas fired energy centres to produce and
sell electricity to customers. The energy centres utilise simple
technology, provided by Rolls Royce, which can respond rapidly to
grid fluctuations to deliver a reliable and secure energy
supply.
Gas is purchased from the National Transmission System and
combusted in the engines to generate electricity. The electricity
is then exported to the grid and sold under a power purchase
agreement. The companies receive revenues from the sale of
electricity and additional income from embedded benefits.
Embedded benefits cover a range of payments available to small
electricity generators connected to local distribution networks,
rather than National Grid's transmission network. Benefits can be
earned for generating between the hours of 4-7pm, when demand is
typically at its peak, and for local distribution.
Generators can earn additional revenues by operating outside the
peak hours to take advantage of electricity market price
volatility.
Both qualifying companies are fully operational and performing
well. During the six-month period to 31 August 2019, Green Peak
Generation Ltd generated 7,989 MWh of electricity, and Distributed
Generators Ltd generated 4,587 MWh of electricity. Based on an
average of 3.8 MWh annual use per household, the energy centres
generated enough electricity for 4,204 and 2,414 homes
respectively during the period.
In August 2019, the engine silencers at the Lillyhall energy
centre, owned by Green Peak Generation Ltd, were replaced due to
their poor acoustic performance. This replacement was performed at
no extra cost to the investee company.
Industry Update
The Capacity Market consists of fixed payments to power
generators to ensure they are available during periods of high
demand. Eligible power generators must bid in an auction process to
win a contract, they will then receive these payments in exchange
for ensuring the generator is available during the peak demand
periods.
On 15 November 2018, the European Court of Justice unexpectedly
announced that it did not believe that sufficient work had been
undertaken when the European Commission ('EC') approved the UK's
Capacity Market scheme, leading to a halt to all payments under the
scheme.
The UK's Department for Business, Energy and Industrial Strategy
('BEIS') have indicated they are working closely with the EC to
secure approval and have suggested they anticipate securing this
approval by the end of 2019 (including making the currently frozen
Capacity Market payments). As the expected impact of this
announcement is only a delay in payments which will be received by
the projects, it is not anticipated that this will have a material
impact on investor returns, but there is currently uncertainty over
the timing of when these revenues will be received.
In addition, Ofgem completed its review of embedded benefits
available to small generators and announced certain planned
changes. Albeit a relatively small element of the revenue generated
by the companies, embedded benefits form another income stream
which the energy centres receive. Assuming these changes are
implemented, this will have the effect of reducing the income the
energy centres are able to earn as well as introducing a small cost
for each MWh of electricity that is generated. This is expected to
have a minor negative impact on investor returns.
Venture Fund
The Venture Fund was launched in September 2018 and closed on 30
August 2019 having raised GBP6.91 million net of all costs. To date
the Venture Fund has made four qualifying investments ranging from
GBP150,000 to GBP500,000. These investments total GBP1.25
million.
The Venture Fund also acquired a non-qualifying investment in an
LLP which provides financing to SMEs. The intention of this
acquisition was to enable the Venture Fund to generate a modest
income for the fund to help enable the Share Class to service
costs. The total deployed by the Venture fund to date, including
both qualifying and non-qualifying investments, is GBP1.74 million.
The balance of the share class's assets are held in cash and cash
deposits.
The Venture Fund will continue to focus on business-to-business
investment opportunities using a challenge-led approach. Businesses
targeted by the Venture Fund will have the potential to generate
long term capital growth for investors. Over time, realised capital
gains are expected to contribute to the payment of dividends by the
VCT along with growing the Net Asset Value.
The Venture Fund looks to maximise shareholder returns by
investing in innovative early-stage businesses typically at the
point when they have achieved market validation, for instance by
securing a contract with one or more established corporate
customers. The Venture Fund aims to mitigate some of the risks
typically associated with venture capital investing by proactively
working with businesses with the potential for high growth that are
actively solving problems for established corporates, increasing
their chances of success.
Working with industry experts, the Investment Manager has
established a network of innovation specialists and venture
capitalists which will work proactively with high-growth companies
that are actively solving problems for large corporates. Together
with the Triple Point Venture Network, the Investment Manager, on
behalf of the Venture Fund, will identify innovative small
businesses and make investment recommendations into small
businesses.
The Strategy in Practice
During the period the Venture Fund made four qualifying
investments. Two examples of investments using a challenge-led
approach are below:
Counting Up
Challenge
Companies across the UK struggle with the impact of day-to-day
business administration, particularly accounting, compliance and
tax. It is estimated that up to 250,000 businesses close annually
due to financial and personnel resources being devoted to back
office administration instead of focussing on the business
itself.
Solution
Counting Up has worked with these corporates to develop a fully
integrated business bank account and accounting system, in one
easy-to-use digital app. The account automatically produces
management and annual accounts for businesses, and all debit card
spend is recorded and tagged for accurate tracking. Counting Up's
product can also raise invoices, automate bookkeeping and deal with
corporate tax returns, providing a more streamlined service than
other accounting software providers. This enables companies to
efficiently manage their administration requirements in one place,
allowing them to focus on growing their business.
Augnet
Challenge
Companies who use text messaging services as part of their
day-to-day business activity, lose approximately GBP3 billion each
year due to their inability to verify receipt and the cost of their
text messages. This impacts their bottom line and efficiency.
Solution
Augnet worked alongside corporates to utilise an existing app
housed on mobile phones in order to validate the delivery of text
messages to recipients. This system allows companies to not only
increase day-to-day efficiency by providing reporting data, but
also to reduce the costs historically associated with sending text
messages.
Non-Qualifying Investments
SME Funding
The Company has non-qualifying investments in two finance
companies. These companies provide funds to a dedicated non-bank
SME lending business which aims to address the financing needs of
the UK SME market by providing business critical loans and asset
finance to over 100,000 UK Corporate and SME customers.
Brexit
The current uncertainty within both financial markets and
parliament looks likely to continue beyond October 2019, certainly
in the short-term and perhaps even the longer-term. The Investment
Manager and the Board continue to keep the possible impact of
Brexit on the Company under review. The Company's strategy of
investing in small UK based businesses means that it is unlikely to
be directly exposed to the terms of an exit from the EU.
We believe that by investing carefully, monitoring our portfolio
rigorously and providing support to the businesses in which we have
invested, we can minimise the effects of the current political and
economic uncertainty.
If you have any questions, please do not hesitate to call us on
020 7201 8990.
Ben Beaton
Partner
For Triple Point Investment Management LLP
10 October 2019
Investment Portfolio
Unaudited Audited
31 August 2019 28 February 2019
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 10,423 45.92 11,518 48.28 11,423 70.49 12,518 72.00
Non-Qualifying holdings 4,756 20.95 4,822 20.21 4,736 29.23 4,823 27.74
Financial assets at fair value
through profit or loss 15,179 66.87 16,340 68.49 16,159 99.72 17,341 99.74
Cash and cash equivalents 7,519 33.13 7,519 31.51 46 0.28 46 0.26
22,698 100.00 23,859 100.00 16,205 100.00 17,387 100.00
========= ======== ========= ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Venture Investments
Adepto Ltd 300 1.32 300 1.26 - - - -
Augnet Ltd 300 1.32 300 1.26 - - - -
MWS Technology Ltd 150 0.66 150 0.63 - - - -
Counting Ltd 500 2.20 500 2.10 - - - -
Hydro Electric Power
Green Highland Allt Choire
A Bhalachain (225) Ltd 30 0.13 35 0.15 30 0.19 35 0.20
Green Highland Allt Garbh Ltd - - - - 2,250 13.88 2,250 12.94
Green Highland Allt Ladaidh
(1148) Ltd 1,470 6.48 2,063 8.65 1,470 9.07 2,063 11.87
Green Highland Allt Luaidhe
(228) Ltd 855 3.77 958 4.02 855 5.28 958 5.51
Green Highland Allt Phocachain
(1015) Ltd 858 3.78 1,088 4.56 858 5.29 1,088 6.26
Green Highland Shenval Ltd 860 3.79 611 2.56 860 5.31 611 3.51
Gas Power
Distributed Generators Ltd 3,200 14.10 3,472 14.55 3,200 19.75 3,472 19.97
Green Peak Generation Ltd 1,900 8.37 2,041 8.55 1,900 11.72 2,041 11.74
10,423 45.92 11,518 48.28 11,423 70.49 12,518 72.00
========= ======== ========= ======== ========= ======== ========= ========
Non-Qualifying Holdings
Unquoted
Hydro Electric Power
Green Highland Allt Choire
A Bhalachain (225) Ltd 3 0.01 3 0.01 3 0.02 3 0.02
Green Highland Allt Ladaidh
(1148) Ltd 30 0.13 30 0.13 30 0.19 30 0.17
Green Highland Allt Luaidhe
(228) Ltd 61 0.27 61 0.26 61 0.38 61 0.35
Green Highland Allt Phocachain
(1015) Ltd 2 0.01 2 0.01 2 0.01 3 0.02
SME Funding:
Hydro Electric Power
Broadpoint 2 Ltd 550 2.42 550 2.31 550 3.39 550 3.16
Broadpoint 3 Ltd 1,005 4.43 1,005 4.21 1,005 6.20 1,005 5.78
Other
Funding Path Ltd 925 4.08 925 3.88 925 5.71 925 5.32
Modern Power Generation Ltd 2,180 9.60 2,246 9.41 2,160 13.33 2,246 12.92
4,756 20.95 4,822 20.21 4,736 29.23 4,823 27.74
========= ======== ========= ======== ========= ======== ========= ========
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 31 August 2019, 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 Chairman's statement on pages 2 and 3 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 auditors.
Jane Owen
Chairman
10 October 2019
Unaudited Statement of Comprehensive Income
Unaudited Audited Unaudited
Year ended Year ended 6 months ended
31 August 2019 28 February 2019 31 August 2018
------------------------------- ------------------------------- -------------------------------
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment
income 4 346 - 346 711 - 711 364 - 364
Gain arising on
the
revaluation
of investments
at the period
end - - - - 862 862 - - -
Investment
return 346 - 346 711 862 1,573 364 - 364
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Investment
management
fees 5 136 46 182 135 45 180 68 23 91
Financial and
regulatory
costs 15 - 15 26 - 26 14 - 14
General
administration 32 - 32 49 - 49 22 - 22
Legal and
professional
fees 23 21 44 43 12 55 20 - 20
Directors'
remuneration 6 23 - 23 48 - 48 23 - 23
Interest
expense 1 - 1 - - - - - -
Operating
expenses 230 67 297 301 57 358 147 23 170
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit/(loss)
before
taxation 116 (67) 49 410 805 1,215 217 (23) 194
Taxation 7 (21) 8 (13) (78) 11 (67) (41) 5 (36)
Profit/(loss)
after taxation 95 (59) 36 332 816 1,148 176 (18) 158
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit and
total
comprehensive
income/(loss)
for the period 95 (59) 36 332 816 1,148 176 (18) 158
Basic & diluted earnings per share
(pence)
A Share 8 1.30p (0.23p) 1.07p 3.39p 3.95p 7.34p 1.77p (0.15p) 1.62p
B Share 8 (0.09p) (0.06p) (0.15p) (0.09p) 6.19p 6.10p (0.02p) (0.05p) (0.07p)
Venture Share 8 (0.56p) (0.60p) (1.16p) - - - - - -
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
in accordance with the Association of Investment Companies
Statement of Recommended Practice (AIC SORP). 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
Company No: 07324448
Unaudited Audited Unaudited
28 February
31 August 2019 2019 31 August 2018
Note GBP'000 GBP'000 GBP'000
Non-current assets
Financial assets at fair
value through profit
or loss 16,340 17,341 16,554
---------------- ------------- ----------------
Current assets
Receivables 821 1,052 771
Cash and cash equivalents 9 7,519 46 319
8,340 1,098 1,090
---------------- ------------- ----------------
Total assets 24,680 18,439 17,644
---------------- ------------- ----------------
Current liabilities
Payables and accrued
expenses 154 135 157
Current taxation payable 80 66 140
234 201 297
---------------- ------------- ----------------
Net assets 24,446 18,238 17,347
================ ============= ================
Equity attributable to
equity holders
Share capital 10 237 168 168
Share Premium 13,598 6,756 16,683
Special distributable
reserve 9,529 9,927 -
Capital reserve 1,076 1,135 301
Revenue reserve 6 252 195
Total equity 24,446 18,238 17,347
================ ============= ================
Shareholders' funds
Net asset value per A
Share 11 107.55p 110.49p 105.77p
Net asset value per B
Share 11 100.95p 106.10p 99.93p
Net asset value per Venture
Share 11 99.11p - -
The statements were approved by the Directors and authorised for
issue on 10 October 2019 and are signed on their behalf by:
Jane Owen
Chairman
10 October 2019
The accompanying notes are an integral part of this
statement.
Unaudited Statement of Changes in Shareholders' Equity
Issued Share Special Distributable Capital Revenue
Capital Premium Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
6 months ended 31 August
2019 (unaudited)
Opening balance 168 6,756 9,927 1,135 252 18,238
---------- ---------- ----------------------- ---------- ---------- ---------
Issue of share capital 69 7,033 - - - 7,102
Cost of issue of shares - (191) - - - (191)
Dividends paid - - (398) - (341) (739)
Transactions with owners 69 6,842 (398) - (341) 6,172
---------- ---------- ----------------------- ---------- ---------- ---------
(Loss)/profit before
taxation - - - (67) 116 49
Taxation - - - 8 (21) (13)
(Loss)/profit after taxation - - - (59) 95 36
Other comprehensive income - - - - - -
Total comprehensive
(loss)/profit
for the period - - - (59) 95 36
---------- ---------- ----------------------- ---------- ---------- ---------
Balance at 31 August
2019 237 13,598 9,529 1,076 6 24,446
========== ========== ======================= ========== ========== =========
The Capital Reserve consists
of:
Investment holding gains 1,182
Other realised losses (106)
1,076
----------
Year ended 28 February
2019 (audited)
Opening balance 168 16,683 - 319 293 17,463
---------- ---------- ----------------------- ---------- ---------- ---------
Cancellation of Share
Premium - (9,927) 9,927 - - -
Dividend Paid - - - - (373) (373)
Transactions with owners - (9,927) 9,927 - (373) (373)
---------- ---------- ----------------------- ---------- ---------- ---------
Profit after taxation - - - 816 332 1,148
Total comprehensive profit
for the period - - - 816 332 1,148
---------- ---------- ----------------------- ---------- ---------- ---------
Balance at 28 February
2019 168 6,756 9,927 1,135 252 18,238
========== ========== ======================= ========== ========== =========
The Capital Reserve consists
of:
Investment holding gains 1,182
Other realised losses (47)
1,135
----------
6 months ended 31 August
2018 (unaudited)
Opening balance 168 16,683 - 319 293 17,463
---------- ---------- ----------------------- ---------- ---------- ---------
Dividends paid - - - - (274) (274)
Transactions with owners - - - - (274) (274)
---------- ---------- ----------------------- ---------- ---------- ---------
(Loss)/profit after taxation - - - (18) 176 158
Total comprehensive
(loss)/profit
for the period - - - (18) 176 158
---------- ---------- ----------------------- ---------- ---------- ---------
Balance at 31 August
2018 168 16,683 - 301 195 17,347
========== ========== ======================= ========== ========== =========
The Capital Reserve consists
of:
Investment holding gains 320
Other realised losses (19)
301
----------
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 is not distributable. The special
distributable reserve was created on court cancellation of the
share premium account. The revenue reserve, realised capital
reserve and special distributable reserve are distributable by way
of dividend.
At 31 August 2019 the total reserves available for distribution
are GBP9,429,000. This consists of the distributable revenue
reserve and special distributable reserve net of the realised
capital loss.
Unaudited Statement of Cash Flows
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
28 February
31 August 2019 2019 31 August 2018
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit before taxation 49 1,215 194
(Gain) arising on the revaluation
of investments at the period end - (862) -
Cashflow generated by operations 49 353 194
Decrease/(increase) in receivables 231 (273) 8
Increase in payables 19 15 38
Cash flows from operating activities 299 95 240
---------------- ------------- ----------------
Increase/(decrease) in taxation 1 (104) -
Net cash flows from operating
activities 300 (9) 240
---------------- ------------- ----------------
Cash flows from investing activities
Purchase of financial assets at
fair value through profit or loss (1,250) - -
Sales of financial assets at fair
value through profit or loss 2,251 75 -
Net cash flows from investing
activities 1,001 75 -
---------------- ------------- ----------------
Cash flows from financing activities
Issue of shares 6,911 - -
Dividends paid (739) (373) (274)
Net cash flows from financing
activities 6,172 (373) (274)
---------------- ------------- ----------------
Net increase/(decrease) in cash
and cash equivalents 7,473 (307) (34)
================ ============= ================
Reconciliation of net cash flow
to movements in cash and cash
equivalents
Cash and cash equivalents at start
of period 46 353 353
Net increase/(decrease) in cash
and cash equivalents 7,473 (307) (34)
Cash and cash equivalents at end
of period 7,519 46 319
================ ============= ================
The accompanying notes are an integral part of this
statement.
Non-Statutory Analysis - The A Share Fund
Unaudited Audited Unaudited
Statement of
Comprehensive 6 months ended 31 Year ended 28 February 6 months ended 31
Income August 2019 2019 August 2018
------------------------------- ------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 286 - 286 629 - 629 322 - 322
Unrealised gain
on investments - - - - 433 433 - - -
Investment return 286 - 286 629 433 1,062 322 - 322
Investment
management
fees (83) (28) (111) (110) (37) (147) (56) (19) (75)
Other expenses (43) - (43) (102) (12) (114) (49) - (49)
Profit/(loss)
before
taxation 160 (28) 132 417 384 801 217 (19) 198
Taxation (30) 5 (25) (79) 9 (70) (41) 4 (37)
Profit/(loss)
after
taxation 130 (23) 107 338 393 731 176 (15) 161
Profit and total
comprehensive
income/(loss)
for the period 130 (23) 107 338 393 731 176 (15) 161
Basic and diluted
earnings/(loss)
per share 1.30p (0.23p) 1.07p 3.39p 3.95p 7.34p 1.77p (0.15p) 1.62p
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Unaudited Audited Unaudited
Balance Sheet 31 August 2019 28 February 2019 31 August 2018
GBP'000 GBP'000 GBP'000
Non-current
assets
Financial assets
at fair value
through
profit or loss 7,701 10,102 9,744
--------- --------- ---------
Current assets
Receivables 711 995 752
Cash and cash
equivalents 2,407 3 267
3,118 998 1,019
--------- --------- ---------
Current
liabilities
Payables (21) (36) (96)
Corporation Tax (94) (69) (143)
--------- --------- ---------
Net assets 10,704 10,995 10,524
--------- --------- ---------
Equity attributable to
equity holders 10,704 10,995 10,524
--------- --------- ---------
Net asset value
per share 107.55p 110.49p 105.77p
--------- --------- ---------
Statement of
Changes
in Shareholders'
Equity
Unaudited Audited Unaudited
28 February
31 August 2019 2019 31 August 2018
GBP'000 GBP'000 GBP'000
Opening
shareholders'
funds 10,995 10,637 10,637
Profit for the
period 107 731 161
Dividend paid (398) (373) (274)
Closing
shareholders'
funds 10,704 10,995 10,524
--------- --------- ---------
Investment Portfolio Unaudited Audited
31 August 2019 28 February 2019
---------------------------------------- ------------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 4,073 43.27 4,755 47.04 6,323 67.25 7,005 69.32
Non-Qualifying holdings 2,932 31.15 2,946 29.15 3,076 32.72 3,097 30.65
Financial assets at fair
value through profit or
loss 7,005 74.43 7,701 76.19 9,399 99.97 10,102 99.97
Cash and cash equivalents 2,407 25.57 2,407 23.81 3 0.03 3 0.03
9,412 100.00 10,108 100.00 9,402 100.00 10,105 100.00
========= ======== ========= ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Hydro Electric Power
Green Highland Allt Choire
A Bhalachain (225) Ltd 30 0.32 35 0.35 30 0.32 35 0.35
Green Highland Allt Garbh
Ltd - - - - 2,250 23.93 2,250 22.27
Green Highland Allt Ladaidh
(1148) Ltd 1,470 15.62 2,063 20.41 1,470 15.63 2,063 20.42
Green Highland Allt Luaidhe
(228) Ltd 855 9.08 958 9.48 855 9.09 958 9.48
Green Highland Allt
Phocachain
(1015) Ltd 858 9.12 1,088 10.76 858 9.13 1,088 10.77
Green Highland Shenval Ltd 860 9.14 611 6.04 860 9.15 611 6.05
4,073 43.27 4,755 47.04 6,323 67.25 7,005 69.32
========= ======== ========= ======== ========= ======== ========= ========
Unaudited Audited
31 August 2019 28 February 2019
---------------------------------------- ------------------------------------------
Cost Valuation Cost Valuation
Non-Qualifying Holdings GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted
Hydro Electric Power
Green Highland Allt Choire
A Bhalachain (225) Ltd 3 0.03 3 0.03 3 0.03 3 0.03
Green Highland Allt Ladaidh
(1148) Ltd 30 0.32 30 0.30 30 0.32 30 0.30
Green Highland Allt Luaidhe
(228) Ltd 61 0.65 61 0.60 61 0.65 61 0.60
Green Highland Allt
Phocachain
(1015) Ltd 2 0.02 2 0.02 2 0.02 3 0.03
SME Funding:
Hydro Electric Power
Broadpoint 2 Ltd 550 5.84 550 5.44 550 5.85 550 5.44
Broadpoint 3 Ltd 1,005 10.68 1,005 9.94 1,005 10.69 1,005 9.95
Other
Funding Path Ltd 925 9.83 925 9.15 925 9.84 925 9.15
Modern Power Generation Ltd 356 3.78 370 3.66 500 5.32 520 5.15
2,932 31.15 2,946 29.15 3,076 32.72 3,097 30.65
========= ======== ========= ======== ========= ======== ========= ========
Non-Statutory Analysis - The B Share Fund
Statement of Unaudited Audited Unaudited
Comprehensive 6 months ended 31 Year ended 28 February 6 months ended 31
Income August 2019 2019 August 2018
------------------------------- ------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 36 - 36 82 - 82 42 - 42
Unrealised gain
on investments - - - - 429 429 - - -
Investment return 36 - 36 82 429 511 42 - 42
Investment
management
fees (15) (5) (20) (25) (8) (33) (12) (4) (16)
Other expenses (29) - (29) (64) - (64) (30) - (30)
(Loss)/profit
before taxation (8) (5) (13) (7) 421 414 - (4) (4)
Taxation 2 1 3 1 2 3 - 1 1
(Loss)/profit
after taxation (6) (4) (10) (6) 423 417 - (3) (3)
Loss and total
comprehensive
(loss)/income
for the period (6) (4) (10) (6) 423 417 - (3) (3)
Basic and diluted
(loss)/earnings
per share (0.09p) (0.06p) (0.15p) (0.09p) 6.19p 6.10p (0.02p) (0.05p) (0.07p)
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Unaudited Audited Unaudited
Balance Sheet 31 August 2019 28 February 2019 31 August 2018
GBP'000 GBP'000 GBP'000
Non-current
assets
Financial assets
at fair value
through profit
or loss 6,899 7,239 6,810
--------- --------- ---------
Current assets
Receivables 96 57 19
Corporation Tax 5 3 3
Cash and cash
equivalents 14 43 52
115 103 74
--------- --------- ---------
Current
liabilities
Payables (122) (99) (61)
--------- --------- ---------
Net assets 6,892 7,243 6,823
--------- --------- ---------
Equity attributable to equity
holders 6,892 7,243 6,823
--------- --------- ---------
Net asset value
per share 100.95p 106.10p 99.93p
--------- --------- ---------
Statement of
Changes
in Shareholders'
Equity
Unaudited Audited Unaudited
28 February
31 August 2019 2019 31 August 2018
GBP'000 GBP'000 GBP'000
Opening
shareholders'
funds 7,243 6,826 6,826
(Loss)/profit
for the period (10) 417 (3)
Dividend paid (341) - -
Closing
shareholders'
funds 6,892 7,243 6,823
--------- --------- ---------
Investment Portfolio Unaudited Audited
31 August 2019 28 February 2019
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 5,100 79.09 5,513 79.75 5,100 74.97 5,513 75.71
Non-Qualifying holdings 1,334 20.69 1,386 20.05 1,660 24.40 1,726 23.70
Financial assets at fair
value through profit or
loss 6,434 99.78 6,899 99.80 6,760 99.37 7,239 99.41
Cash and cash equivalents 14 0.22 14 0.20 43 0.63 43 0.59
6,448 100.00 6,913 100.00 6,803 100.00 7,282 100.00
========= ======== ========= ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Gas Power
Distributed Generators Ltd 3,200 49.63 3,472 50.22 3,200 47.04 3,472 47.68
Green Peak Generation Ltd 1,900 29.47 2,041 29.52 1,900 27.93 2,041 28.03
5,100 79.09 5,513 79.75 5,100 74.97 5,513 75.71
========= ======== ========= ======== ========= ======== ========= ========
Unaudited Audited
31 August 2019 28 February 2019
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
Non-Qualifying Holdings GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted
SME Funding
Other
Modern Power Generation
Ltd 1,334 20.69 1,386 20.05 1,660 24.40 1,726 23.70
1,334 20.69 1,386 20.05 1,660 24.40 1,726 23.70
========= ======== ========= ======== ========= ======== ========= ========
Non-Statutory Analysis - The Venture Share Fund
Unaudited Audited Unaudited
Statement of
Comprehensive 6 months ended 31 Year ended 28 February 6 months ended
Income August 2019 2019 31 August 2018
------------------------------- ------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 24 - 24 - - - - - -
Investment return 24 - 24 - - - - - -
Investment
management
fees (44) (13) (57) - - - - - -
Other expenses (16) (21) (37) - - - - - -
(Loss)/profit
before
taxation (36) (34) (70) - - - - - -
Taxation 7 2 9 - - - - - -
(Loss)/profit
after
taxation (29) (32) (61) - - - - - -
Profit and total
comprehensive
(loss)/income
for the period (29) (32) (61) - - - - - -
Basic and diluted
(loss)/earnings
per share (0.56p) (0.60p) (1.16p) - - - - - -
Unaudited Audited Unaudited
Balance Sheet 31 August 2019 28 February 2019 31 August 2018
GBP'000 GBP'000 GBP'000
Non-current
assets
Financial assets
at fair value
through
profit or loss 1,740 - -
Current assets
Receivables 14 - -
Corporation tax 9 - -
Cash and cash
equivalents 5,098 - -
5,121 - -
Current
liabilities
Payables (11) - -
Net assets 6,850 - -
Equity
attributable
to equity
holders 6,850 - -
Net asset value
per share 99.11p - -
Statement of
Changes
in Shareholders'
Equity
Unaudited Audited Unaudited
31 August 2019 28 February 2019 31 August 2018
GBP'000 GBP'000 GBP'000
Issue of new
shares 6,911 - -
(Loss)/profit for
the period (61) - -
Closing
shareholders'
funds 6,850 - -
Investment Portfolio Unaudited Audited
31 August 2019 28 February 2019
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 1,250 18.28 1,250 18.28 - - - -
Non-Qualifying holdings 490 7.17 490 7.17 - - - -
Financial assets at fair
value through profit or
loss 1,740 25.45 1,740 25.45 - - - -
Cash and cash equivalents 5,098 74.55 5,098 74.55 - - - -
6,838 100.00 6,838 100.00 - - - -
Qualifying Holdings
Unquoted
Venture Investments
Adepto Ltd 300 4.39 300 4.39 - - - -
Augnet Ltd 300 4.39 300 4.39 - - - -
MWS Technology Ltd 150 2.19 150 2.19 - - - -
Counting Up Ltd 500 7.31 500 7.31 - - - -
1,250 18.28 1,250 18.28 - - - -
Unaudited Audited
31 August 2019 28 February 2019
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Non-Qualifying Holdings
Unquoted
Other
Modern Power Generation
Ltd 490 7.17 490 7.17 - - - -
490 7.17 490 7.17 - - - -
Notes to the Unaudited Interim Financial Report
1. Corporate information
The Unaudited Interim Financial Report of the Company for the 6
months ended 31 August 2019 was authorised for issue in accordance
with a resolution of the Directors on 10 October 2019.
The Company applied for listing on the London Stock Exchange on
24 December 2010.
Triple Point VCT 2011 plc is incorporated and domiciled in Great
Britain 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 pounds sterling (GBP),
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.
2. Basis of preparation and accounting policies
Basis of preparation
The Unaudited Interim Financial Report of the Company for the 6
months ended 31 August 2019 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 28 February 2019.
Estimates
The preparation of the Unaudited Interim Financial Report
requires management 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
Unaudited Audited
6 months ended 31 August
2019 Year ended 28 February 2019
Venture Venture
A Shares B Shares Shares Total A Shares B Shares Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Interest
receivable
on bank balances 1 - 15 16 1 - - 1
Loan interest 285 36 9 330 628 82 - 710
286 36 24 346 629 82 - 711
5. Investment management fees
TPIM provides investment management and administration services
to the Company under an Investment Management Agreement effective
23 September 2010 and a deed of variation to that agreement
effective 23 December 2015.
A Shares: The agreement provides for an investment management
fee of 2.00% per annum of net assets payable quarterly in arrear
for A Shares. For A Shares the appointment shall continue for a
period of at least 6 years from the admission of those shares.
B Shares: The agreement provides for an investment management
fee of 1.90% per annum of net assets payable quarterly in arrear
for B Shares. For B Shares the appointment shall continue for a
period of at least 6 years from the admission of those shares.
Venture Shares: The agreement provides for an investment
management fee of 2.00% per annum of net assets payable quarterly
in arrear for Venture Shares. For Venture Shares the appointment
shall continue for a period of at least 6 years from the admission
of those shares.
Following a deed of variation to the Investment Management
agreement, dated 14 September 2018. An administration fee equal to
0.25% of the Company's NAV replaces the previously charged
GBP37,500 per annum.
TPIM agreed not to charge their management fees for the A share
class for the financial year ending 28 February 2018 in order to
build up distributable reserves, thereby improving the ability of
the share class to make dividend payments. The amount waived during
the previous year was GBP206,400. Subject to performance of the A
Share Class, these fees may be recovered by TPIM. During the
current year TPIM recommenced the charging of their management fees
to the A Share Class recommence.
TPIM agreed not to charge their management fees from 1 January
2017 on the amounts invested in gas power projects, which
represents circa 75% of the B Share Class NAV, until these
investments started to generate income. The total fee waived to
date for the B Share Class is GBP264,520. Subject to performance of
the B Share Class, these fees may be recovered by TPIM.
6. Directors' remuneration
Unaudited Audited
6 months ended 31 August 2019 Year ended 28 February 2019
Venture Venture
A Shares B Shares Shares Total A Shares B Shares Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Jane Owen 4 3 2 9 11 7 - 18
Chad Murrin 4 1 2 7 9 6 - 15
Tim Clarke 3 3 1 7 9 6 - 15
11 7 5 23 29 19 - 48
The only remuneration received by the Directors was their
Directors' fees. The Company has no employees other than the
Non-Executive Directors. The average number of Non-Executive
Directors in the period was three.
7. Taxation
Unaudited Audited
6 months ended 31 August Year ended 28 February
2019 2019
Venture Venture
A Shares B Shares Shares Total A Shares B Shares Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Profit/(loss) on
ordinary
activities before
tax 132 (13) (70) 49 801 414 - 1,215
Corporation tax @
19% 25 (3) (13) 9 156 79 - 235
Effect of:
Capital
(gains)/losses
not taxable - - - - (82) (82) - (164)
Disallowed
expenditure - - 4 4 - - - -
Unrelieved tax
losses
arising in the
year - - - - (4) - - (4)
Tax
charge/(credit)
for the period 25 (3) (9) 13 70 (3) - 67
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 A Share is 1.07p and is based on a profit from
ordinary activities after tax of c.GBP107,000 and on the weighted
average number of A Shares in issue during the period of
9,951,133.
The loss per B Share is 0.15p and is based on a loss from
ordinary activities after tax of c.GBP10,000 and on the weighted
average number of B Shares in issue during the period of
6,824,266.
The loss per Venture Share is 1.16p and is based on a loss from
ordinary activities after tax of c.GBP61,000 and on the weighted
average number of B Shares in issue during the period of
5,200,952.
9. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank
of Scotland plc and Cater Allen Private Bank.
10. Share capital
Unaudited Audited Unaudited
31 August 2019 28 February 2019 31 August 2018
A Ordinary Shares of GBP0.01
each
Issued & Fully Paid
Number of shares 9,951,133 9,951,133 9,951,133
Par Value GBP'000 100 100 100
B Ordinary Shares of GBP0.01
each
Issued & Fully Paid
Number of shares 6,824,266 6,824,266 6,824,266
Par Value GBP'000 68 68 68
Venture Shares of GBP0.01
each
Issued & Fully Paid
Number of shares 6,912,338 - -
Par Value GBP'000 69 - -
Company Total Shares of GBP0.01
each
Issued & Fully Paid
Number of shares 23,687,737 16,775,399 16,775,399
Par Value GBP'000 237 168 168
11. Net asset value per share
The net asset value per share for the A Shares is 107.55p and is
calculated based on net assets of GBP10,704,000 divided by the
9,951,133 A Shares in issue.
The net asset value per share for the B Shares is 100.95p and is
calculated on net assets of GBP6,892,000 divided by the 6,824,266 B
Shares in issue.
The net asset value per share for the Venture Shares is 99.11p
and is calculated on net assets of GBP6,850,000 divided by the
6,912,338 Venture Shares in issue.
12. Commitments and contingencies
As highlighted in note 5, the Investment Manager has waived
GBP470,920 of management fees to date. Subject to the performance
of the underlying investments, the Investment Manager may decide to
charge these previously waived fees to the Company. The likelihood
of these outstanding fees being recovered is not considered
probable and therefore no provision has been made.
13. Relationship with Investment Manager
During the period, TPIM received GBP207,744 (which has been
expensed by the Company) for providing management and
administrative services to the Company.
At the Balance Sheet date, the total fees which have been waived
by the Investment Manager stood at GBP470,920.
14. Related party transactions
There were no related party transactions during the period.
15. Post balance sheet events
On 11 September 2019, the Company had its latest Venture Fund
prospectus approved by the Financial Conduct Authority.
16. Dividend
A Share Class:
On 27 June 2019 a dividend of GBP398,045 equal to 4.00p per
share was paid to the A Class Shareholders. This takes total
dividends paid to A Shareholders to 11.75p.
The board has resolved to pay a special dividend to A Class
Shareholders of GBP2,338,516 equal to 23.5p which will be paid on
29 November 2019 to shareholders on the register on 15 November
2019.
B Share Class:
On 27 June 2019 a dividend of GBP341,213 equal to 5.00p per
share was paid to the B Class Shareholders. This was the first
dividend paid to B Class Shareholders.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR BSBDGSDBBGCG
(END) Dow Jones Newswires
October 10, 2019 10:33 ET (14:33 GMT)
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