TIDMTPV
RNS Number : 0200R
Triple Point Venture VCT PLC
24 October 2023
24 October 2023
Triple Point Venture VCT Plc
( the "Company")
RESULTS FOR THE SIX MONTHSED 31 AUGUST 2023
The Directors of Triple Point Venture VCT plc are pleased to
announce the unaudited results for the six months ended 31 August
2023.
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 Tel: 020 7201 8989
LLP
(Investment Manager)
Ian McLennan
Belinda Thomas
The Company's LEI is 213800AOOAQA5XQDEA89
Further information on the Company can be found on its
website
https://www.triplepoint.co.uk/current-vcts/triple-point-venture-vct-plc/s2539/
NOTES:
The Company is a Venture Capital Trust incorporated in July 2010
and was established to fund small and medium sized enterprises. The
Investment Manager is Triple Point Investment Management LLP.
Financial Summary
Six months ended 31 August
2023
Venture
Unaudited Shares A Shares B Shares Total
Net assets GBP'000 53,541 - - 53,541
Net asset value per share Pence 99.61 - -
Loss before tax GBP'000 (1,377) - - (1,377)
Loss per share Pence (2.71) - -
Cumulative return to shareholders
(p)
Net asset value per share 99.61 - -
Total dividends paid 9.00 - -
Net asset value plus dividends
paid (Total Return)(1) 108.61 - -
Year ended 28 February 2023
Venture
Shares A Shares B Shares Total
Net assets GBP'000 43,654 94 69 43,817
Net asset value per share (NAV) Pence 102.17 1.00 1.00
Loss before tax GBP'000 (3,273) (275) 2,183 (1,365)
Earnings/(loss) per share Pence (8.47) (2.83) 32.31
Cumulative return to Shareholders
(p)
Net asset value per share 102.17 1.00 1.00
Total dividends paid 9.00 115.92 99.00
Net asset value plus dividends
paid (Total Return) (1) 111.17 116.92 100.00
Six months ended 31 August
2022
Venture
Unaudited Shares A Shares B Shares Total
Net assets GBP'000 42,708 1,293 5,407 49,408
Net asset value per share Pence 107.99 13.32 80.00
Profit/(loss) before tax GBP'000 (2,147) 2 2,109 (36)
Earnings/(loss) per share Pence (5.94) 0.02 32.31
Cumulative return to shareholders
(p)
Net asset value per share 107.99 13.22 80.00
Total dividends paid 6.00 106.50 20.00
Net asset value plus dividends
paid (Total Return)(1) 113.99 119.72 100.00
(1) Total Return is made up from the 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.
Triple Point Venture VCT 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.
-- Venture Shares: On 29 July 2023 the fourth Venture Share
Class offer closed having raised gross proceeds of GBP14.97 million
with a total of 14,205,221 Venture Shares being issued. This takes
gross proceeds raised to date to GBP57.48 million and 54,243,600
Venture Shares have now been issued.
-- A Ordinary Shares ("A Shares"): As at the date of this
report, the A Ordinary Shares have been cancelled and are no longer
in existence. The A Share Class was wound up earlier during the
period (further information is below).
-- B Ordinary Shares ("B Shares"): As at the date of this
report, the B Ordinary Shares have been cancelled and are no longer
in existence. The B Share Class was wound up earlier during the
period (further information is below).
Key Highlights
-- Venture Shares Cumulative Dividends Paid: 9.00p (Nil Venture
dividends paid during the period(3) ).
-- Net Asset Value per Venture Share: 99.61p (Period ended 28 February 2023: 102.17p).
-- Total Return per Venture Share(2) : 108.61p (Total Return for
the Venture Share Class includes cumulative dividends paid of 9
pence per Venture share(3) ).
-- Fundraising: GBP14.97m (into the Venture Share Class offer which closed on 29 July 2023).
-- Ongoing Charges Ratio: 3% (The ongoing charges ratio is a
ratio of annualised ongoing charges expressed as a percentage of
average net asset values throughout the period (2023: 3.21%)).
(2) Total Return is made up from the 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.
(3) A dividend of 2p per share was paid to Shareholders
following the period end on 4 September 2023.
Chair's Statement
I am writing to present the Interim Report for the Company for
the period ended 31 August 2023.
The Company now has a single share class investing in
early-stage venture opportunities. The portfolio has continued to
grow through the period, having made five new qualifying
investments and eight follow-on investments, at a total value of of
GBP7.18 million. Further information on the Company's investment
portfolio can be found below and in the Investment Manager's Review
on pages 12 to 19 . During the period, the Company's name was
changed to Triple Point Venture VCT Plc, following shareholders
approval at the Company's Annual General Meeting held on 19 July
2023.
Offer for Subscription of Venture Shares
The recent Offer for Subscription of Venture Shares closed on 29
July 2023. The Board are pleased to announce that the offer raised
GBP14.97 million and resulted in the issuance of 14,205,221 new
Venture Shares. On behalf of the Board, I would like to welcome all
new Shareholders and to thank the existing Shareholders for their
continued support.
The Board and the Investment Manager believe that the level of
Venture investment opportunity in our chosen sectors continues to
be promising. The Company has announced that it is seeking to raise
a further GBP10 million (with a GBP20 million over-allotment
facility), to continue investing in early-stage businesses with
strong, long-term growth potential. The offer for subscription
opened on 22 September 2023 and will close on 31 July 2024 or
earlier if fully subscribed.
Venture Shares
The Company's funds at 31 August 2023 were 70% deployed in a
portfolio of VCT qualifying and non-qualifying unquoted
investments. It continues to meet comfortably the condition that
80% of new funds raised must be invested into qualifying
investments by the year-end of the period two years after the funds
are allotted.
Since inception, GBP 35.9 million has been deployed into 48
qualifying growth companies, making a meaningful impact to support
innovation and employment in the wider UK economy. In the last
year, jobs within our portfolio companies has risen from 1,200 to
1,400 . We have judiciously continued to support a number of our
existing portfolio companies with follow-on funding during the
period; the Company has now provided almost GBP9.5m in follow-on
funding to 19 portfolio companies.
There were thirteen investments made in the half-year period
under review including five new investments and eight follow-on
investments into existing portfolio companies, reflecting the
maturing of our earlier cohorts of investments. While all these
investments involved software services or platforms, the
sub-sectors that we have backed range across FinTech, Digital
Health, HR Tech, Hospitality and Data Analytics.
While we do not separate out Artificial Intelligence ("AI") as a
distinct sector, within the portfolio there are a number of
companies, such as Channel, where AI is intrinsic to the software
that they offer to their customers, but there are far more investee
companies, such as Aptem and Nory, where AI is being used to
enhance efficiencies and information around their existing core
products.
More detail on these investments can be found in the Investment
Manager's Review on pages 12 to 19.
In the six month period to 31 August 2023, a loss of 2.71 pence
per share was recorded. We are pleased to report that 5 portfolio
companies successfully achieved higher valuations when raising
additional funding during the period, reflecting their continued
revenue growth or product development achievements. At the same
time, however, there have been several unrealised fair valuation
reductions made during the period in light of the continuing
challenging global macro and fund-raising environments for
early-stage businesses and, of course, individual portfolio
companies' commercial performance. Despite the significant recovery
in large, listed technology share prices this calendar year,
valuations of venture-backed start-ups remained under pressure
except in certain niche sectors such as Artificial Intelligence
which attracted considerable investor excitement.
The rising interest rates and bond yields since early 2022 had a
direct impact on the start-up ecosystem in March 2023 when they
contributed to the collapse of Silicon Valley Bank ("SVB") a
crucial provider of loans to start ups in the UK as well as the
USA. While a number of our portfolio companies held accounts with
SVB UK, the prompt acquisition of SVB's UK business by HSBC meant
there was no impact on our investees access to liquidity. The
Investment Manager worked with a number of portfolio businesses to
add diversification to their banking relationships. There was also
very limited further impact from SVB on the broader macro
environment, with the UK economy remaining sluggish (but so far
avoiding technical recession). While inflationary pressures have
eased slightly in the period, short term interest rates continued
their rise in the UK, US and EU suggesting that the economic
backdrop will remain challenging for a little longer.
Macro stories have been a big theme during the early years of
the Venture Portfolio yet, in the long run, what will matter most
for our returns to investors are the bottom-up fundamentals of our
portfolio companies and how succesful they can be in carving out
innovative new business niches for themselves. Since its launch in
September 2018, we have been pleased to see the Venture portfolio
demonstrate resilience despite being buffeted by a wide variety of
external factors such as higher interest rates, the Russia-Ukraine
invasion and the energy inflation shock, lower tech sector
valuation multiples and, before that, the Covid-19 lockdowns.
Funding has remained available for good businesses, but the more
demanding external environment has prompted start-up founders and
their investors to focus on value-for-money rather than the
growth-at-any-price approach of 2021.
As we have said before, a period of adversity can represent a
period of opportunity for investors. We remain of this view and
Triple Point report that they continue to see a good flow of new
opportunities for seed stage investment, while the existing
portfolio remains well positioned for future growth. The Investment
Manager has deployed all the funds raised from offers prior to 2022
in a timely manner and has successfully deployed 69% of the funds
raised in the 2022 Offer into Qualifying Investments to date,
comfortably exceeding the 30% investment requirement.
Both the Board and the Investment Manager believe ESG
considerations are important, and they are taken into account
through the Company's investment process. Whilst early-stage
companies do not always have the scale or resources to adopt the
full scale of ESG initiatives open to large corporates, we always
check the processes and policies they do have in place to ensure
that they are proportionate to their size and activities.
Wind down and Cancellation of the A and B Share Classes
The period under review included the wind down and cancellation
of the A and B Share Classes, as approved by Shareholders at the
Company's general meeting held on 9 February 2023 and the A and B
Share Class meetings held on 1 March 2023. The cancellations were
effective on 30 March 2023, and all funds including nominal
capital, have now been returned to the A and B Share Class
Shareholders.
From 12 September 2023, the Investment Manager was appointed as
the Company's Alternative Investment Fund Manager ("AIFM") and is
now responsible for risk management and portfolio management.
Therefore, the Investment Manager has full discretion under the
Investment Management Agreement to make investments in accordance
with the Company's Investment Policy from time to time. In
addition, the Company has appointed a depositary(4) Indos Financial
Limited, and their details can be found on page 37. There are no
changes to Triple Point's fees as a result of their appointment as
AIFM. Further details can be found in Note 6.
(4) Following TPIM's appointment as AIFM and as required under
the Alternative Investment Fund Management Directive, the Company
has appointed a depositary which is an independent third party that
is responsible for the safekeeping of assets of the Company,
performing the cash flow monitoring and the oversight duties of the
Company.
Outlook
The mediocre macro environment seems likely to continue for the
time being. What is less certain is when core inflation will come
down to central bank targets catalysing expectations for lower
interest rates and an easing in the venture funding market and
improvement in valuations. The Investment Manager continues to
monitor portfolio developments carefully, particularly regarding
investee liquidity, given the currently more challenging fund
raising environment.
Regardless, we expect that the cost-effective software solutions
which our portfolio specialises in are likely to remain in demand,
leaving the existing portfolio well positioned for future
growth.
The Board will continue to consider dividends for Venture
Shareholders, subject to realised profits, legal requirements and
liquidity. I am delighted to report that a dividend of 2 pence per
share was paid to Shareholders on 4 September 2023 bringing total
dividends paid to 11 pence. The Board expects that a further
dividend will be paid later in the financial year.
The Company has recently announced the launch of an offer for
subscription of new Venture Shares, for subscription in the
2023/2024 and 2024/2025 tax years. To thank our supporters,
existing Shareholders will be eligible to receive a loyalty bonus
of a 1% reduction in the costs of the Offer for applications
received over the offer period. More information can be found in
the Prospectus issued on 22 September 2023 on the Triple Point
website www.triplepoint.co.uk .
As referred to in the Company's latest annual report, investors
should remain aware that NAV volatility may remain high and will be
impacted by trends in global venture capital valuations as well as
the portfolio companies' underlying commercial performance.
We have a full pipeline of new investments for the next six
months including three investments that are in the process of deal
execution. The new fundraise will allow the Company to continue to
support its existing portfolio of investments, as well as to pursue
new investment opportunities as they are identified. The Company
will continue to target significant capital growth by investing in
early-stage innovative companies with a particular focus on the
business-to-business ("B2B") technology sector, and we remain
excited about the opportunities ahead.
If you have any questions about your investment, please do not
hesitate to contact Triple Point on 020 7201 8990.
Jane Owen
Chair
23 October 2023
Investment Manager's Review
Sector Analysis
During the period there have been changes to the Unquoted
Investment Portfolio. The Company has made investments into five
new companies, examples of which can be seen on page 14 of the
Investment Manager's Review. There were also eight follow-on
deployments into existing portfolio companies.
The sector composition of the Unquoted Investment Portfolio can
be broken down as follows:
Investment Portfolio
Venture Share Class
We have the pleasure in presenting our interim review for the
six months ended 31 August 2023.
Review & Future Developments
With the Bank of England having raised interest rates 14 times
in a row to a 15-year high and other major central banks on a
similar path, the fundraising environment has become gradually more
testing for many start-up founders and CEOs as many venture funds
have been deploying capital at a slower rate and non-venture
specialist funds have reduced their participation in the sector.
That has had an impact on the valuation as well as the availability
of capital for some start-ups. We have started to see a few more
down-rounds, where founders and investors accept that, in order to
raise further funds, valuations set for the new funds may be lower
than 2020-21 levels.
This has in some senses presented us with an opportunity: there
is no shortage of companies with innovative business ideas seeking
funds and some areas of the venture funding market have become less
competitive offering us the possibility of investing the VCT's
funds in growth areas at somewhat more compelling valuations than
previously. Thus, we continue to see a healthy pipeline of
potential investment opportunities. On the other hand, some of our
existing portfolio companies have decided to delay fundraising over
the last year or so, and stretched their cash runway by reducing
costs, or at least reducing the growth of costs. We are also
willing financial supporters of existing portfolio companies that
have demonstrated that they can grow revenues significantly while
maintaining cost discipline in these more straitened times.
Venture Shares
The Venture Share Class was initially launched in September 2018
and has raised gross proceeds of GBP57.5m to date.
The Investment Manager's Venture team began investing in the
Venture portfolio in April 2019 and as at 31 August 2023 has
completed 48 unique investments in predominantly B2B technology
firms serving sectors spanning across Fintech, Healthcare,
Logistics, HR Tech, Middleware, Insure-tech, Proptech, Cyber
Security, Education, Telecommunications and Content &
Design.
In the six months to 31 August 2023 the team has invested a
total of GBP7.2m. This includes five new investments (Modo Energy,
Virtual Science, Fertifa, Nory and Statement) and eight follow-on
investments (Trumpet, Scan.com, Channel, Kamma, Knok, Konfir,
Semble, and SonicJobs). More information about these companies can
be found below. Follow-on investments, when compared to investments
in new companies, have increased in this period from 26% to 44% of
total investments made. This increase is a function of the VCT's
maturing portfolio given that venture-backed businesses typically
raise new funds every 18-24 months or so.
GBP35.9 million of capital has been deployed to date, in both
qualifying and non-qualifying investments.
We note one exit over the period of Localz, which was acquired
by Descartes Systems Group in April. Despite having a strong team,
Localz growth had stalled somewhat and the best thing for the
business and its investors was to introduce a well-capitalised
business partner in Descartes, despite the exit valuation
delivering a small loss for the VCT.
Overall, the portfolio has continued to make good commercial
progress during the period. Revenue across the portfolio continues
to grow, with approximately 40% of the companies in the portfolio
last year growing revenues by over 100% year-on-year. We are also
pleased to report that despite the more demanding fundraising
environment, many of our portfolio companies continue to attract
new investment from third-party investors. Several portfolio
companies successfully raised additional funding at a higher
valuation, showing real quality in the underlying portfolio.
During the period, there have been a number of portfolio
companies which have not met our expectations. We have therefore
reduced the fair value of investments where we believe that growth
rates are not sufficient to offset market valuation declines or the
risks associated with reduced cash runway for individual companies.
In relation to some portfolio companies, which benefitted from the
very positive valuation climate for fundraising completed in 2021,
we have continued to maintain varying fair-value downward
adjustments which we have now held for some time and review
regularly.
Beyond the Company's venture investments, a majority of the
VCT's liquid funds awaiting deployment have been invested in money
market funds and a corporate bond fund. In today's higher interest
rate environment this improves the return on the Company's cash
(relative to bank deposits) whilst complying with VCT rules on
sources of income.
Investments during the period:
As mentioned above, during the period, the Company has made five
new qualifying investments and eight follow-on investments. Their
businesses are described briefly below:
New investments
Modo Energy: Modo have created a complete and popular platform
for market and asset performance data regarding energy storage
assets such as industrial-scale batteries.
Fertifa: Fertifa's platform helps employers to provide services
to employees around i) fertility & family forming; ii)
menopause; and iii) men's reproductive health.
Nory: Nory provides AI-enabled software for hospitality
businesses to manage their business and restaurant operations. The
product currently has 3 core components: automated workforce
management, inventory management and performance insights &
predictive forecasting.
Statement: Statement is a new SME payment provider switching
service, being built to capitalise on the fact that overcharging of
small business by card payment processing providers is very
common.
Virtual Science: Virtual Science enables international
pharmaceutical companies to roll out hybrid advisory boards across
the world and analyse video and text feedback for insights in days
- rather than weeks with medical writers.
Follow-on investments in existing portfolio companies
Scan.com: Scan.com are building the infrastructure layer to
connect the global diagnostic imaging market, aiming to solve the
lack of price transparency for imaging, long waiting lists and
reliance on archaic workflows. The company's monthly B2B scan
volume has grown over 22 times year-on-year to 335.
Trumpet: Trumpet is building a platform to transform the entire
B2B sales process from pitch to onboarding. Trumpet's platform
enables sales organisations to easily create online sales
microsites or "Pods" personalised to each customer.
Channel: Channel is a next-generation Business Intelligence tool
to enable anybody within an organisation to make data queries of
specialist software which usually requires some coding skills. This
is enabled by using the generative powers of large language
models.
Kamma: Kamma is a data company with an engine that processes
geospatial and regulatory data. The engine maps properties by
address, provides on demand regulatory data relating to an address,
and visually overlays data on properties, to help assess the wider
regulatory risk associated with an individual property or
portfolio.
Knok Health: Knok is a telemedicine solution for virtual
consultations that provides a combination of triage, scheduling,
record keeping, and integration with healthcare providers. Knok
Healthcare's product, Panacea, aims to be the reference white label
provider for virtual consultations.
Konfir: Konfir is an Application Programming Interface ("API")
led verification platform that enables instant employment history
and prior income checks. Konfir provides fast, safe and
cost-effective access to employment and income data available
through integrations with payroll APIs, direct relationships with
payroll / payment providers and Open Banking technology.
Semble: Semble is a cloud-based clinic management system, which
helps healthcare practices manage all aspects of their
administration in one place. Their software allows medical
practices to manage patient data and electronic health records,
manage their appointments and other practise management functions.
Having grown rapidly in the UK, Semble are expanding into
France.
SonicJobs: SonicJobs is an app-based job search platform
specialising in roles in blue collar industries including
hospitality, retail, beauty, logistics, health and social care.
SonicJobs differentiates itself from other job sites by the ease
with which a candidate can apply for a role via their platform.
Company Spotlight: Modo Energy
Modo Energy
Battery storage technology helps by making the energy grid more
stable, increasing the usage of renewable energy sources, handling
periods of high energy demand, offering backup power during
emergencies, and lowering carbon emissions.
The Team
Based in Birmingham, Modo Energy was founded in 2019 with a
simple mission: "to transform the energy industry through
transparency of data". Modo's leadership team has strong expertise
in this sector. CEO Quentin Scrimshire was previously Head of
Energy Storage at Kiwi Power. Before this, he spent four years as
an Engineer at Centrica, where he worked on battery energy storage
projects. Tim Overton, Modo's Chief Operating Officer previously
spent six years as an engineer with Fichtner, an energy engineering
consultancy.
The Product
Modo gathers independent data from more than 15 separate sources
to provide companies with focused and actionable insights on energy
markets and energy asset performance, helping to accelerate the
renewable shift in energy grids. Modo's databases have multiple
uses, including within financial reporting, for insurance claims
within the energy sector, helping asset managers to assess
potential acquisitions, energy market forecasting, and educating
company staff around energy markets.
The Market
Due to the rising demand for cleaner energy sources as countries
across the world attempt to achieve net zero carbon emissions, the
global market for battery storage is predicted to reach around $16
billion by 20304. With an estimated 30x more energy storage needed
to meet decarbonisation goals, Modo is well positioned within its
market.
Outlook
We are continuing to gradually expand the portfolio based on
three core beliefs at the heart of the investment strategy for the
Company:
-- It pays to invest early - the Company typically invests at
Seed-stage investment rounds when a company's annual revenues are
usually under GBP1m per annum and at which point the company's
valuation is relatively low. This increases the potential return
when compared with investing in more mature companies whose
investment risk may be lower but business valuations higher.
-- Focusing on business-to-business ("B2B") companies ; allows
us to have thorough due diligence conversations with the existing
(or prospective) customers of potential new investees, and our
research suggests there are far more successful exits of B2B
companies than consumer focused companies.
-- Diversification is key to reduce risk. The Comp any combines
diversification in three main areas: diversifying across 48 (and
growing) individual portfolio companies; sector diversification -
we invest in portfolio companies across several different business
sectors within the B2B theme; company age diversification - earlier
"vintages" of investee companies mature over time and mix with
newer investments so that the portfolio covers various stages of
the venture lifecycle.
Despite economic growth forecasts remaining modest and interest
rates likely to remain high over the next year, we have a healthy
pipeline of new and follow-on investment opportunities for the
Company on which we are currently performing due diligence. As we
write there are three investments that are in the process of deal
execution.
As mentioned in the Chair's Statement on pages 7 to 10, we
recently launched a new offer for subscription on 22 September
2023, which will allow us to continue to support our portfolio
companies, as well as to pursue new investment opportunities as
they arise and leverage some of the fixed cost base of the
Company.
If you have any questions, please do not hesitate to call us on
020 7201 8990.
Ian McLennan
Partner
For Triple Point Investment Management LLP
23 October 2023
Investment Portfolio Summary
For the six months ended 31 August 2023
Unaudited 31 August 2023 Audited 28 February 2023
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 34,167 69.64 37,479 71.55 27,725 59.73 31,498 62.74
Non-Qualifying holdings 471 0.96 481 0.92 471 1.01 481 0.96
Financial assets at fair
value through profit or
loss 34,638 70.60 37,960 72.46 28,196 60.74 31,979 63.70
Cash and cash equivalents 14,425 29.40 14,425 27.54 18,222 39.26 18,222 36.30
49,063 100.00 52,385 100.00 46,418 100.00 50,201 100.00
Qualifying Holdings
Unquoted
Venture Investments
Ably Real Time 1,312 2.67 3,153 6.02 1,312 2.83 3,153 6.28
Semble (previously HeyDoc) 1,760 3.59 2,374 4.53 760 1.64 1,374 2.74
Pelago (previously Quit
Genius) 1,245 2.54 2,265 4.32 1,245 2.68 2,565 5.11
Ryde 2,000 4.08 2,000 3.82 1,988 4.28 1,988 3.96
Vyne Technologies 1,752 3.57 1,981 3.78 1,752 3.77 3,233 6.44
Modo Energy 1,500 3.06 1,862 3.55 - - - -
Veremark 910 1.85 1,529 2.92 910 1.96 1,529 3.05
Scan.com 1,300 2.65 1,500 2.86 800 1.72 1,000 1.99
AeroCloud 1,500 3.06 1,500 2.86 1,500 3.23 1,500 2.99
Channel (previously Rhubarb) 700 1.43 1,489 2.84 400 0.86 400 0.80
Nory 1,527 3.11 1,462 2.79 - - - -
Counting Up 920 1.88 1,044 1.99 920 1.98 1,044 2.08
OutThink 1,000 2.04 1,000 1.91 1,000 2.15 1,000 1.99
PetsApp 1,000 2.04 1,000 1.91 1,000 2.15 1,000 1.99
Biorelate 1,000 2.04 1,000 1.91 1,000 2.15 1,000 1.99
Fertifa 1,000 2.04 1,000 1.91 - - - -
Airly 987 2.01 947 1.81 987 2.13 999 1.99
Kamma 800 1.63 902 1.72 500 1.08 200 0.40
Konfir 800 1.63 838 1.60 500 1.08 519 1.03
Tickitto 1,000 2.04 800 1.53 1,000 2.15 800 1.59
Knok 684 1.39 796 1.52 513 1.11 640 1.27
SonicJobs 600 1.22 788 1.50 450 0.97 638 1.27
Pixie 915 1.86 686 1.31 915 1.97 915 1.82
Crowd Data 500 1.02 500 0.95 500 1.08 500 1.00
Aptem (previously MWS) 150 0.31 441 0.84 150 0.32 441 0.88
Payaable (t/a Nook) 343 0.70 438 0.84 343 0.74 438 0.87
Adepto 300 0.61 410 0.78 300 0.65 432 0.86
Exate 500 1.02 400 0.76 500 1.08 400 0.80
Stepex 499 1.02 399 0.76 499 1.08 399 0.79
Ramp 309 0.63 309 0.59 308 0.66 308 0.61
Konstructly 300 0.61 300 0.57 300 0.65 300 0.60
Shenval 860 1.75 264 0.50 860 1.85 292 0.58
Visibly Tech 300 0.61 240 0.46 300 0.65 300 0.60
Learnerbly 200 0.41 235 0.45 200 0.43 200 0.40
Catalyst 224 0.46 224 0.43 224 0.48 224 0.45
Trumpet 220 0.45 220 0.42 120 0.26 120 0.24
Realforce (previously
Adfenix) 799 1.63 213 0.41 799 1.72 638 1.27
Virtual Science AI 182 0.37 182 0.35 - - - -
Artifical Artists 150 0.31 150 0.29 150 0.32 150 0.30
Seedata 150 0.31 150 0.29 150 0.32 150 0.30
Statement 150 0.31 150 0.29 - - - -
Expression Insurance 1,000 2.04 118 0.23 1,000 2.15 118 0.24
Sealit 200 0.41 100 0.19 200 0.43 100 0.20
Bkwai 250 0.51 91 0.17 250 0.54 91 0.18
Augnet 300 0.61 29 0.06 300 0.65 100 0.20
Aventus 70 0.14 - - 70 0.15 - -
Localz - - - - 750 1.62 300 0.60
34,167 69.64 37,479 71.55 27,725 59.73 31,498 62.74
Investment Portfolio 31 August 2023 28 February 2023
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Non-Qualifying Holdings
Unquoted
Hydroelectric Power
Modern Power Generation
Ltd 471 0.96 481 0.92 471 1.01 481 0.96
471 0.96 481 0.92 471 1.01 481 0.96
Principal Risks and Uncertainties
The Directors seek to mitigate its principal risks by regularly
reviewing performance and monitoring progress and compliance. In
the mitigation and management of these risks, the Directors carry
out a robust assessment of the Company's emerging and principal
risks , including those that would threaten its business model,
future performance, solvency or liquidity and reputation.
The main areas of risk identified by them, along with the risks
to which the Company is exposed through its operational and
investing activities, are detailed below.
VCT Qualifying Status Risk The Company is always required to
observe the conditions laid down in the Income Tax Act 2007 for the
maintenance of approved VCT status. The loss of such approval could
lead to the Company losing its exemption from corporation tax on
capital gains, to investors being liable to pay income tax on
dividends received from the Company and, in certain circumstances,
to investors being required to repay the initial income tax relief
on their investment.
Mitigation: The Investment Manager keeps the Company's VCT
qualifying status under continual review and reports to the Board
at Board Meetings. The Board has appointed Philip Hare &
Associates LLP to undertake an independent VCT status monitoring
role. Any new Venture investments are reviewed by legal advisers,
and their opinion sought on whether the investment is likely to be
a qualifying investment.
Investment Risk the Company's VCT qualifying investments will be
held in small and medium-sized unquoted companies which, by their
nature, entail a higher level of risk and lower liquidity than
investments in large, quoted companies. This could make it
difficult to realise investments in line with the relevant
strategy.
Mitigation: The Directors and Investment Manager aim to limit
the risk attached to the portfolio by careful selection and timely
realisation of investments, by carrying out rigorous due diligence
procedures and by maintaining a spread of holdings in terms of
industry sector and geographical location. The Board reviews the
investment portfolio with the Investment Manager on a regular
basis. Where possible, a member of the Investment Manager team
holds a seat on the board of the portfolio companies. This enables
the Investment Manager to observe and offer guidance to the
portfolio company when and where this may be required. TPIM has
developed a wide industry network and strong pipeline which is
reviewed quarterly by the Board. The Company 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.
Financial Risk as a VCT the Company is exposed to market price
risk, credit risk, fair value risk, liquidity risk, inflation risk
and interest rate risk. As most of the Company's investments will
involve a medium to long-term commitment and will be relatively
illiquid, the Directors consider that it is inappropriate to
finance the Company's activities through borrowing, other than for
short-term liquidity.
Mitigation: The key elements of financial risk are discussed in
more detail in the 2023 Annual Report available at
https://www.triplepoint.co.uk/current-vcts/triple-point-venture-vct-plc/s2539/.
At the reporting date, the Company had no borrowings and
substantial cash on the balance sheet.
Failure of Internal Controls Risk Controls designed to ensure
that the Company's assets are safeguarded and that proper
accounting records are maintained.
Mitigation: The Board regularly reviews the system of internal
controls, both financial and non-financial, operated by the Company
and its Manager.
Emerging Risks
Climate Change and Related Legislation Triple Point as
Investment Manager is committed to sound management of climate risk
and opportunity, to ensure the long-term protection of asset value
through reduction of exposure to the risk and also to contribute to
essential carbon reduction requirements. The Investment Manager is
in the process of setting Net Zero targets across its entire
portfolio, which will cover the Company's assets. The intention is
to follow the most up to date guidance from the Science Based
Targets Initiative ("SBTi"). . Climate Change or related
legislation is considered unlikely to have a major near-term impact
on the Company, as the vast majority of the portfolio is made up of
a diversified range of software-based businesses.
Each prospective new company holding is considered with regard
to how it may be impacted by climate change and how this could in
turn affect future growth. Where appropriate the team may also
access a specialist physical climate risk assessment tool to
determine possible climate risk mitigation requirements prior to
investment.
Economic Conditions A further deterioration in macroeconomic
conditions, such as such as a severe recession, encompassing slow
growth, high unemployment and rising inflation
("stagflation"),could have both a direct and indirect impact on
existing portfolio companies, particularly in
the event that investor risk appetite declines, as this would
make it harder to secure new venture funds or other capital, which
is often necessary for their continued long-term operations.
This could impact investee companies' performance and valuation
metrics, ability to raise new funds (and the valuation of such
raises), and ability to grow. Any sustained deterioration of trust,
liquidity or capital in the banking sector could have a material
impact on existing portfolio companies given their reliance on
existing cash reserves to fund regular outgoings. The Company is
monitoring closely to evaluate the impact on both the Company and
the investee companies.
Directors' Responsibility Statement
The Directors have prepared the Interim Report for the Company
in accordance with International Financial Reporting Standards
("IFRS").
In preparing the Interim Report for the six month period to 31
August 2023, the Directors confirm that to the best of their
knowledge this condensed set of financial statements has been
prepared in accordance with the UK adopted International Accounting
Standard 34 "Interim Financial Reporting" and that the Chair's
Statement on pages 7 to 10 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, as defined in
International Accounting Standards; and
d) the Directors believe that the Company has sufficient
financial resources to manage its business risks in the current
uncertain economic outlook.
This Interim Financial Report has not been audited or reviewed
by the auditors.
Jane Owen
Chair
23 October 2023
Unaudited Statement of Comprehensive Income
For the six months ended 31 August 2023
Unaudited Audited Unaudited
Six months ended Year ended Six months ended
31 August 2023 28 February 2023 31 August 2022
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 5 290 - 290 213 - 213 78 - 78
Realised
(losses)
/ gains on
investment - (450) (450) - 1,013 1,013 - 2,342 2,342
Investment
holding losses - (462) (462) - (826) (826) - (1,631) (1,631)
Investment
return 290 (912) (622) 213 187 400 78 711 789
Investment
management
fees 6 48 431 479 113 1,014 1,127 81 724 805
Other expenses 276 - 276 638 - 638 223 (203) 20
324 431 755 751 1,014 1,765 304 521 825
(Loss)/profit
before taxation (34) (1,343) (1,377) (538) (827) (1,365) (226) 190 (36)
Taxation 8 - - - - - - - 74 74
(Loss)/profit
after taxation (34) (1,343) (1,377) (538) (827) (1,365) (226) 264 38
Total comprehensive
(loss)/income (34) (1,343) (1,377) (538) (827) (1,365) (226) 264 38
Basic &
diluted earnings
per share
A Shares - - - 0.10p (2.93p) (2.83p) 0.14p (0.12p) 0.02p
B Shares - - - (1.44p) 33.75p 32.31p (0.94p) 33.25p 32.31p
Venture Shares 9 (0.07p) (2.64p) (2.71p) (1.17p) (7.30p) (8.47p) (0.48p) (5.46p) (5.94p)
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 statemet
Unaudited Balance Sheet
At 31 August 2023
Company No: 07324448
Unaudited Audited Unaudited
31 August 28 February 31 August
2023 2023 2022
Note GBP'000 GBP'000 GBP'000
Non-current assets
Financial assets at
fair value through profit
or loss 10 37,960 31,979 31,928
Deferred proceeds 300 - -
38,260 31,979 31,928
Current assets
Receivables 1,312 667 1,453
Cash and cash equivalents 11 14,425 18,222 16,656
15,737 18,889 18,109
Total assets 53,997 50,868 50,037
Current liabilities
Payables and accrued
expenses 456 7,035 687
Current taxation payable - 16 (58)
456 7,051 629
Net assets 53,541 43,817 49,408
Equity attributable
to equity holders
Share capital 12 538 593 561
Share premium 14,660 3,497 -
Share redemption reserve 174 9 (11)
Special distributable
reserve 37,503 37,675 45,412
Capital reserve 2,437 3,780 4,871
Revenue reserve (1,771) (1,737) (1,425)
Total equity 53,541 43,817 49,408
Shareholders' funds
Net asset value per
A Share - 1.00p 13.22p
Net asset value per
B Share - 1.00p 80.00p
Net asset value per
Venture Share 14 99.61p 102.17p 107.99p
The statements were approved by the Directors and authorised for
issue on 23 October 2023 and are signed on their behalf by:
Jane Owen
Chair
23 October 2023
The accompanying notes are an integral part of this
statement.
Unaudited Statement of Changes in Shareholders' Equity
For the six months ended 31 August 2023
Issued Share Share Special Capital Revenue Total
Capital Premium Redemption Distributable Reserve Reserve
Reserve Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months ended
31 August 2023
Opening balance 593 3,497 9 37,675 3,780 (1,737) 43,817
Issue of share capital 110 11,457 - - - - 11,567
Cost of issue of shares - (294) - - - - (294)
Buy back of own shares (165) - 165 (172) - - (172)
Transactions with
owners (55) 11,163 165 (172) - - 11,101
Total comprehensive
loss for the period - - - - (1,343) (34) (1,377)
Balance at 31 August
2023 538 14,660 174 37,503 2,437 (1,771) 53,541
The Capital Reserve
consists of:
Investment holding
gains 3,983
Other realised losses (1,546)
2,437
Year ended 28 February
2023
Opening balance 430 26,328 7 5,052 4,607 (1,199) 35,225
Issue of share capital 165 18,587 - - - - 18,752
Cost of issue of shares - (461) - - - - (461)
Buy back of own shares (2) - 2 (211) - - (211)
Conversion of share
premium - (40,957) - 40,957 - - -
Dividends paid/payable - - - (8,123) - - (8,123)
Transactions with
owners 163 (22,831) 2 32,623 - - 9,957
Total comprehensive
loss for the period - - - - (827) (538) (1,365)
Balance at 28 February
2023 593 3,497 9 37,675 3,780 (1,737) 43,817
The Capital Reserve
consists of:
Investment holding
gains 4,445
Other realised losses (665)
3,780
Issued Share Share Special Capital Revenue Total
Capital Premium Redemption Distributable Reserve Reserve
Reserve Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months ended
31 August 2022
Opening balance 430 26,328 7 5,052 4,607 (1,199) 35,225
Issue of share capital 131 15,097 - - - - 15,228
Cost of issue of shares - (386) - - - - (386)
Buy back of own shares - - (18) - - - (18)
Dividends paid - - - (679) - - (679)
Conversion of share
premium - (41,039) - 41,039 - - -
Transactions with
owners 131 (26,328) (18) 40,360 - - 14,145
Total comprehensive
loss for the period - - - - 264 (226) 38
Balance at 31 August
2022 561 - (11) 45,412 4,871 (1,425) 49,408
The Capital Reserve
consists of:
Investment holding
gains 3,843
Other realised gains 1,028
4,871
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 under company law are
distributable by way of dividend.
At 31 August 2023 the total reserves available for distribution
under the Companies Act are GBP34,186,000 (28 February 2023:
GBP35,273,000). This consists of the special distributable reserve
less the realised capital loss and less the revenue loss.
At 31 August 2023 the total reserves available for distribution
under the VCT rules are GBP3,388,143 (28 February 2023:
GBP3,560,976). To maintain VCT status, amounts in the special
distributable reserve are not distributable until after the 3rd
accounting period following the relevant allotments of Share
capital.
Unaudited Statement of Cash Flows
For the six months ended 31 August 2023
Unaudited Audited Unaudited
Six months Year ended Six months
ended ended
31 August 2023 28 February 31 August
2023 2022
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Loss before taxation (1,377) (1,365) (36)
Loss / (gain) arising on
the disposal of investments
during the period 450 (1,013) (2,342)
Loss arising on the revaluation
of investments at the period
end 462 826 1,631
Adjustment for: Interest
on cash deposits (175) (66) -
Cash flow utilised in operations (640) (1,618) (747)
Increase in receivables (646) (391) (1,177)
Decrease in payables (320) (488) (578)
Net cash flows from operating
activities (1,606) (2,497) (2502)
Adjustment for non-cash
items:
Foreign exchange gain - - (200)
Increase/(decrease) in taxation (16) 1 -
Net cash flows from operating
activities (1,622) (2,496) (2,702)
Cash flows from investing
activities
Purchase of financial assets
at fair value through profit
or loss (7,192) (11,381) (4,880)
Disposal of financial assets
at fair value through profit
or loss - 9,570 3,846
Interest on cash deposits 175 66 -
Net cash flows from investing
activities (7,017) (1,745) (1,034)
Cash flows from financing
activities
Issue of shares* 11,274 18,086 14,842
Share buy-back & cancellation (172) (211) (18)
Dividends paid (6,260) (1,659) (679)
Net cash flows from financing
activities 4,842 16,216 14,145
Net (decrease)/increase
in cash and cash equivalents (3,797) 11,975 10,409
Reconciliation of net cash
flow to movements in cash
and cash equivalents
Cash and cash equivalents
at 1 March 2023 18,222 6,247 6,247
Net (decrease)/increase in
cash and cash equivalents (3,797) 11,975 10,409
Cash and cash equivalents
at 31 August 2023 14,425 18,222 16,656
* Net of share issue cost and dividend re-investment
The accompanying notes are an integral part of this
statement.
Condensed Notes to the Unaudited Interim Financial
Statements
For the six months ended 31 August 2023
1. Corporate information
The Unaudited Interim Report of the Company for the six months
ended 31 August 2023 was authorised for issue in accordance with a
resolution of the Directors on 23 October 2023.
The Company applied for listing on the London Stock Exchange on
24 December 2010.
Triple Point Venture VCT plc is incorporated and domiciled in
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 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.
Final returns of capital to the A and B Shareholders totalling
GBP0.92 million and GBP5.4 million respectively were distributed
during the period and the A and B share classes were cancelled
effective 30 March 2023.
2. Basis of preparation and accounting policies
Basis of preparation
The Unaudited Interim Report of the Company for the six months
ended 31 August 2023 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 the information required for full Financial
Statements and should be read in conjunction with the Financial
Statements for the year ended 28 February 2023.
Estimates
In the application of the Company's accounting policies, the
Directors are required to make judgements, estimates and
assumptions that affect the reported amounts of assets,
liabilities, income and expenses. It is possible that actual
results may differ from these estimates.
The estimates and underlying assumptions underpinning our
investments are reviewed on an ongoing basis by both the Board and
the Investment Manager. Revisions to any accounting estimates are
recognised in the period in which the estimate is revised if the
revision affects only that period, or in the period of the revision
and future periods if the revision affects both current and future
periods.
Going Concern
The Company's business activities, together with the factors
likely to affect its future development, performance and position,
are set out in the Investment Manager's Review. The Company faces a
number of risks and uncertainties, as set out above on pages 22 to
23
The Company continues to meet day-to-day liquidity needs through
its cash resources and income from its investment portfolio and
cash and cash equivalents. The Company's revenue comes
predominantly from interest earned on its cash and liquid resources
and from the investments in the Hydropower company, Shenval and
Modern Power Generation ("MPG"), a small lending business.
The major cash out ows of the Company continue to be the payment
of dividends to Shareholders, costs relating to the funding of
investments and investment management fees due to the Investment
Manager. Dividends and new investments are discretionary and, in a
time of stress the Investment Manager may allow the Company to
defer payment of management fees.
The Directors have reviewed cash flow projections which show the
Company has sufficient financial resources to meet its obligations
for at least 12 months from the date of this report. Accordingly,
the Directors continue to adopt the going concern basis in
preparing the nancial statements.
3. Segmental reporting
The Directors are of the opinion that the Company only has a
single operating segment of business, being investment
activity.
4. Significant risk changes in the current reporting period
The Company has reviewed its exposure to climate related and
other emerging business risks, but has not identified any new
significant risks that could impact the financial performance or
position of the Company as at 31 August 2023.
For a detailed discussion about the Company's performance please
refer to the Chairmans statement on pages 7 to 10. The financial
position of the Company can be found on pages 26 to 29.
5. Investment income
Unaudited Audited Unaudited
Six months ended 31 August Year Ended 28 February Six months ended 31 August
2023 2023 2022
Total Total Total
GBP'000 GBP'000 GBP'000
Interest receivable on bank
balances 175 34 44
Loan interest 55 179 34
Other investment income 60 - -
290 213 78
6. Investment management fees
Unaudited Six months Unaudited Six months
ended Audited Year ended ended
31 August 2023 28 February 2023 31 August 2022
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
Management
fees 48 431 479 113 1,014 1,127 81 724 805
Total management
fees 48 431 479 113 1,014 1,127 81 724 805
TPIM provides investment management services to the Company
under an Investment Management Agreement dated 12 September
2023.
From 12 September 2023, the Investment Manager was appointed
AIFM and is now responsible for risk management and portfolio
management. The Investment Manager has full discretion under the
Investment Management Agreement to make investments in accordance
with the Company's Investment Policy from time to time.
The agreement provides for an investment management fee of 2.00%
per annum of net assets, payable quarterly in arrears. The
appointment shall continue for a period of at least six years from
the date of first admission of Venture Shares.
Performance fee
Triple Point earns a performance fee if the total return (net
asset value plus distributions made) to holders of the Venture
Shares exceeds their net initial subscription price by an annual
threshold of 3% per annum, calculated on a compound basis. To the
extent that the total return exceeds the threshold over the
relevant period then a performance incentive fee of 20% of the
excess is payable to Triple Point. Performance fees are assessed
based on the VCT's audited year-end valuations (i.e. in February
each year) and will be accrued in the accounts of the Company. High
water marks apply.
7. Directors' remuneration
Unaudited Audited Unaudited
Six months ended Year ended Six months
31 August 2023 28 February ended 31 August
2023 2022
Total Total Total
GBP'000 GBP'000 GBP'000
Jane Owen 13 24 9
Chad Murrin* 8 19 8
Jamie Brooke 5 - -
Tim Clarke** - 7 6
Julian Bartlett 11 20 8
37 70 31
*Resigned as a Director effective 19 July 2023
**Resigned as a Director effective 14 July 2022
The only remuneration received by the Directors was their
Directors' fees. The Company has no employees other than the
Non-Executive Directors.
8. Taxation
Unaudited Audited Unaudited
Six months Year ended Six months
31 August 2023 28 February 31 August
2023 2022
Total Total Total
GBP'000 GBP'000 GBP'000
Loss on ordinary activities
before tax (1,377) (1,365) (36)
Corporation tax @ 25% (28 Feb
2023 - 19%)
Effect of: (344) (259) (8)
Capital losses/(gains) not taxable 228 (35) (135)
Disallowed expenditure - 10 4
Unrelieved tax losses arising
in the period (457) (3) -
Excess management expenses on
which deferred tax not recognised 573 287 65
Tax charge/(credit) for the
period - - (74)
Capital gains and losses are exempt from corporation tax due to
the Company's status as a Venture Capital Trust.
Investment companies which have been approved by HM Revenue
& Customs under section 1158 of the Corporation Tax Act 2010
are exempt from tax on capital gains. The Directors are of the
opinion that the Company has complied with the requirements for
maintaining investment trust status for the purposes of section
1158 of the Corporation Tax Act 2010. The Company has not provided
for deferred tax on any capital gains or losses arising on the
revaluation of investments.
9. Earnings per share
The loss per share is 2.71p and is based on a loss from ordinary
activities after tax of GBP1,377,000 and on the weighted average
number of Venture Shares in issue during the period of
50,754,091.
10. Financial assets at fair value through profit or loss
Venture Shares Total
GBP'000 GBP'000
Six months ended 31 August
2023:
Opening cost 27,512 27,512
Opening investment holding
gains 4,467 4,467
Opening fair value at
1 March 2023 31,979 31,979
Purchases at cost 7,193 7,193
Disposal Proceeds (300) (300)
Realised loss on disposal (450) (450)
Investment holding losses (462) (462)
Closing fair value at
31 August 2023 37,960 37,960
Closing cost 34,638 34,638
Closing investment holding
gains 3,322 3,322
A Shares B Shares Venture Shares Total
GBP'000 GBP'000 GBP'000 GBP'000
Year ended 28 February
2023:
Opening cost 860 6,105 17,785 24,750
Opening investment holding
gains/(losses) (94) (2,040) 7,366 5,232
Opening fair value at
1 March 2022 766 4,065 25,151 29,982
Purchases at cost - - 11,381 11,381
Disposal proceeds (233) (6,656) (2,681) (9,570)
Adjustments between Share
Classes (246) - 245 (1)
Realised (loss)/gain on
disposal (130) 551 592 1,013
Investment holding (losses)/gains (157) 2,040 (2,709) (826)
Closing fair value at
28 February 2023 - - 31,979 31,979
Closing cost - - 27,512 27,512
Closing investment holding
gains - - 4,467 4,467
A Shares B Shares Venture Shares Total
GBP'000 GBP'000 GBP'000 GBP'000
Six months ended 31 August
2022:
Opening cost 860 6,105 17,785 24,750
Opening investment holding
gains/(losses) (94) (2,040) 7,366 5,232
Opening fair value at
1 March 2022 766 4,065 25,151 29,982
Purchases at cost - - 4,880 4,880
Disposal proceeds (233) (1,096) (2,518) (3,847)
Realised (loss)/gain on
disposal 233 91 2,018 2,342
Investment holding (losses)/gains (233) 2,474 (3,670) (1,429)
Closing fair value at
31 August 2022 533 5,534 25,861 31,928
Closing cost 860 5,100 22,165 28,125
Closing investment holding
gains/(losses) (327) 434 3,696 3,803
11. Cash and cash equivalents
Cash and cash equivalents consist of deposits held with The
Royal Bank of Scotland plc, as well as investments in the Vanguard
UK Short-Term Bond Index Fund and the BlackRock Sterling ICS
Liquidity Funds.
12. Share Capital
Ordinary shares of
GBP0.01.
Six months ended 31 August 2023
As at 1 March 2023 No of V shares No of A No of B Total Shares Amount
shares shares GBP'000
42,720,246 9,777,285 6,758,795 59,256,326 593
Allotted during the period
20 March 2023 5,831,295 - - 5,831,295 58
4 April 2023 2,093,574 - - 2,093,574 21
5 April 2023 464,579 - - 464,579 5
24 April 2023 161,021 - - 161,021 2
6 July 2023 1,138,499 - - 1,138,499 11
28 July 2023 1,347,801 - - 1,347,801 13
Shares bought back and cancelled
10 March 2023 - (9,777,285) - (9,777,285) (97)
10 March 2023 - - (6,758,795) (6,758,795) (68)
4 August 2023 (6,958) - - (6,958) -
Ordinary Share Capital
31 August 2023 53,750,057 - - 53,750,057 538
Year ended 28 February 2023
As at 1 March No of V Shares No of A Shares No of B Shares Total Amount
2022 Shares GBP'000
26,445,431 9,777,285 6,758,795 42,981,511 430
Allotted during the period
1 March 2022 3,034,337 - - 3,034,337 30
15 March 2022 1,172,794 - - 1,172,794 12
1 April 2022 4,067,490 - - 4,067,490 41
5 April 2022 1,698,756 - - 1,698,756 17
8 July 2022 1,755,825 - - 1,755,825 18
27 July 2022 698,271 - - 698,271 7
29 July 2022 692,265 - - 692,265 7
5 September 2022 196,331 - - 196,331 2
4 November 2022 1,308,744 - - 1,308,744 13
13 December 2022 1,859,708 - - 1,859,708 19
Shares bought back and cancelled
18 August 2022 (17,665) - - (17,665) (1)
18 November 2022 (192,041) - - (192,041) (2)
Ordinary Share
Capital 28 February
2023 42,720,246 9,777,285 6,758,795 59,256,326 593
Six months ended 31 August 2022
As at 1 March No of V Shares No of A Shares No of B Shares Total Amount
2022 Shares GBP'000
26,445,431 9,777,285 6,758,795 42,981,511 430
Allotted during the period
1 March 2022 3,034,337 - - 3,034,337 30
15 March 2022 1,172,794 - - 1,172,794 12
1 April 2022 4,067,490 - - 4,067,490 41
5 April 2022 1,698,756 - - 1,698,756 17
8 July 2022 1,755,825 - - 1,755,825 1
27 July 2022 698,271 - -- 698,271 7
29 July 2022 692,265 - 692,265 7
Shares bought back and cancelled
18 August 2022 (17,665) - - (18,408) -
Ordinary Share
Capital 31 August
2022 39,547,504 9,777,285 6,758,795 56,083,584 561
Final returns to the A and B Shareholders totalling GBP0.92
million and GBP5.4 million respectively were distributed during the
period and the A and B share classes were cancelled effective 30
March 2023.
13. Dividends
Six Months ended Year ended 28 Six Months ended
31 August 2023 February 2023 31 August 2022
GBP'000 GBP'000 GBP'000
V Share Dividend 3.00p
per share - 1,187 -
A Share Dividend 9.42p
per share - 921 -
B Share Dividend 10.00p
per share - 676 -
B Share Dividend 79.00p
per share - 5,339 -
Total Dividend Paid - 8,123 -
The Board announced an interim dividend of 2p per share,
equivalent to GBP0.88m to Shareholders. The dividend was paid on 4
September 2023 to Shareholders on the register at the close of
business on 4 August 2023 and as a result is not included in the
table above.
14. Net asset value per share
Six months ended 31 August Year ended 28 February 2023 Six months ended 31 August
2023 2022
Net asset value per share (p)
Venture Shares 99.61 102.17 107.99
The net asset value per share for the Venture Shares is 99.61p
and is calculated on net assets of GBP53,541,000 divided by the
53,750,057 Venture Shares in issue as at 31 August 2023.
15. Ongoing Charges Ratio (annualised)
Six months to 31 August 2023 Year to 28 February 2023 Six months to 31 August 2022
Management fee (GBP'000) 479 1,127 442
Other operating expenses
(GBP'000) 276 347 219
Total management fee and
other operating expenses
(GBP'000) 755 1,474 661
Average net assets (GBP)* 50,340,318 45,917,974 43,903,182
Ongoing Charges ratio
(annualised) 3.00% 3.21% 3.00%
The annualised ongoing charges represent the total expense for
the year with the exclusion of performance fees payable to Triple
Point Investment Management LLP. TPV's annual running costs will
continue to be capped at 3.5% of TPV's NAV (excluding VAT and also
any performance fees payable to TPIM). Any excess will be met by
TPIM by way of a reduction in investment management fees.
*Average net assets is calculated from overall average of
quarterly net asset value.
16. Related party transactions
There were no related party transactions during the period as
defined in International Accounting Standards.
17. Post balance sheet events
The following events occurred between the balance sheet date and
the signing of this interim report:
On 4 September 2023 a dividend of 2 pence per share, totalling
GBP0.88m, was paid to holders of Venture Shares excluding shares
allotted under the dividend reinvestment scheme.
On 12 September 2023, TPIM was appointed as the Company's AIFM.
Further details can be found in the Chair's Statement on page
9.
Shareholder Information
Directors
Jane Owen
Julian Bartlett
Jamie Brooke
Administrator, Company Secretary and Registered Office
Hanway Advisory Limited
1 King William Street
London
EC4N 7AF
Registered Number
07324448
Investment Manager
Triple Point Investment Management LLP
1 King William Street
London
EC4N 7AF
Tel: 020 7201 8989
Independent Auditor
BDO LLP
55 Baker Street
London
W1U 7EU
Solicitors
Howard Kennedy LLP
No. 1 London Bridge
London
SE1 9BG
Registrars
Computershare Investor Services plc
The Pavilions
Bridgwater Road
Bristol
BS99 6ZY
VCT Taxation Advisers
Philip Hare & Associates LLP
6 Snow Hill
London
EC1A 2AY
Bankers
The Royal Bank of Scotland plc
54 Lime Street
London
EC3M 7NQ
Depositary
Indos Financial Limited
The Scalpel,
18th Floor,
52 Lime Street,
London
EC3M 7AF
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END
IR PPGRWUUPWGQW
(END) Dow Jones Newswires
October 24, 2023 02:05 ET (06:05 GMT)
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