TIDMTPVE TIDMTPVD TIDMTPVC
RNS Number : 6863G
Triple Point Income VCT PLC
17 November 2022
17 November 2022
Triple Point Income VCT plc
(the "Company")
RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2022
The Directors of Triple Point Income VCT plc are pleased to
announce the unaudited results for the six months ended 30
September 2022.
You may view the Interim Report in due course on the Triple
Point website: www.triplepoint.co.uk . Please note that page
numbers in this announcement are in reference to the Interim
Report.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management Tel: 020 7201 8989
LLP
(Investment Manager)
Jonathan Parr
Belinda Thomas
The Company's LEI is 213800IXD8S5WY88L245
Further information on the Company can be found on its website
https://www.triplepoint.co.uk/current-vcts/triple-point-income-vct-plc/s1238/
.
Financial Summary
Six months ended 30 September
2022
C Shares D Shares E Shares Total
Net assets GBP'000 1,017 1,183 23,595 25,795
Net asset value per
share Pence 7.61p 8.70p 81.53p
----------------------- ---------- ---------- ---------- ---------- --------
Net profit before
tax GBP'000 (18) 5 1,377 1,364
Earnings per share Pence (0.14p) 0.03p 4.76p
----------------------- ---------- ---------- ---------- ---------- --------
Cumulative return
to Shareholders (p)
Net asset value per
share 7.61p 8.70p 81.53p
Dividends paid 147.75p 116.75p 32.50p
Net asset value plus
dividends paid 155.36p 125.45p 114.03p
----------------------------------- ---------- ---------- ---------- --------
Year ended 31 March
2022
C Shares D Shares E Shares Total
Net assets GBP'000 1,035 1,178 22,218 24,431
Net asset value per
share Pence 7.75p 8.67p 76.76 -
----------------------- ---------- ---------- ---------- ---------- --------
Net profit before
tax GBP'000 (179) (568) 928 181
Earnings per share Pence (1.33p) (4.17p) 3.17p
----------------------- ---------- ---------- ---------- ---------- --------
Cumulative return
to Shareholders (p)
Net asset value per
share 7.75p 8.67p 76.76p -
Dividends paid 147.75p 116.75p 32.50p -
----------
Net asset value plus
dividends paid 155.50p 125.42p 109.26p -
----------------------------------- ---------- ---------- ---------- --------
Six months ended 30 September
2021
Unaudited C Shares D Shares E Shares Total
Net assets GBP'000 10,936 7,968 26,444 45,348
Net asset value per
share Pence 81.56p 58.57p 91.38p
----------------------- ---------- ---------- ---------- ---------- --------
Net profit/(loss)
before tax GBP'000 (3) 123 89 209
Earnings/(loss) per
share Pence (0.01p) 0.74p 0.29p
----------------------- ---------- ---------- ---------- ---------- --------
Cumulative return
to shareholders (p)
Net asset value per
share 81.56p 58.57p 91.38p
Dividends paid 75.25p 71.75p 15.00p
Net asset value plus
dividends paid 156.81p 130.32p 106.38p
----------------------------------- ---------- ---------- ---------- --------
Triple Point Income VCT plc ("the Company") is a Venture Capital
Trust ("VCT"). The Investment Manager is Triple Point Investment
Management LLP ("TPIM" or "Triple Point"). The Company was
incorporated in November 2007 and currently has three classes of
issued Ordinary Shares:
-- C Ordinary Shares ("C Shares"): these are the shares issued
in the Offer that closed on 27 May 2014. A total of GBP14 million
was raised and 13,413,088 C Shares were issued.
-- D Ordinary Shares ("D Shares"): these are the shares issued
in the Offer that closed on 30 April 2015. A total of GBP14.3
million was raised and 13,604,637 D Shares were issued.
-- E Ordinary Shares ("E Shares"): these are the shares issued
in the Offer that closed on 15 May 2017. Just under GBP30 million
was raised and 28,940,076 E Shares were issued.
Key Highlights
-- C Shares Cumulative Dividends Paid(1) : 147.75p (Nil C share
dividend was paid during the period).
-- D Shares Cumulative Dividends Paid(1) : 116.75p (Nil D share
dividend was paid during the period).
-- E Shares Cumulative Dividends Paid(1) : 32.50p (Nil E share
dividend was paid during the period).
-- Total Return per C Share(2) : 155.36p
-- Total Return per D Share(2) : 125.45p
-- Total Return per E Share(2) : 114.03p
(1) The following dividends have been paid to shareholders
following the period end:
-- 5.24p per share to C Class Shareholders paid on 21 October 2022;
-- 6.02p per share to D Class Shareholders paid on 21 October 2022;
-- 4.76p per share to E Class Shareholders paid on 21 October 2022; and
-- 7.24p per share to E Class Shareholders paid on 4 November 2022.
(2) Total Return is made up by current Net Asset Value plus
Dividends paid to date. Total Return is defined as an Alternative
Performance Measure ("APM"). Total Return, calculated by reference
to the cumulative dividends paid plus net asset value (excluding
tax reliefs received by shareholders), is the primary measure of
performance in the VCT industry and the Board considers Total
Return to be the primary measure of shareholder value .
Chair's Statement
I am pleased to present the Interim Report for the Company for
the period ended 30 September 2022.
We are very pleased to report that, shortly after the end of the
reporting period, we successfully sold our investment in Green Peak
Generation Limited ("Green Peak") for a tota l of GBP2,633,610,
repres enting a 4.36% uplift in the E Share Class's total return
from 31 March 2022 following renewed interest in these types of
assets due to changes in the energy market landscape. Further
information on the sale and next steps for the E share class can be
found below and in the Investment Manager's Review .
The Company's funds on 30 September 2022 were 80.61 % invested
in a portfolio of VCT qualifying and non-qualifying unquoted
investments. It continues to meet the condition that 80% of
relevant funds must be invested in qualifying investments.
The wind-up and cancellation of the C and D Share Classes has
commenced and funds are expected to be returned to C and D Class
shareholders before the end of 2022. The E Share Class has realised
investments in Green Peak and in Furnace Managed Services Limited
("FMS"). Further information regarding these share classes is set
out in this Chair's Statement and in the Investment Manager's
Review below.
Regulation
The Company continued to satisfy all requirements relevant to
its status as a Venture Capital Trust.
C Share Class
The C Share Class recorded a loss over the period of 0.14 pence
per share. At 30 September 2022 the net asset value stood at 7.61
pence per share and is represented solely by cash and debtors, as
its investment portfolio has been realised. Adding back the total
dividends paid to date of 147.75 pence per share takes the total
return, including the net asset value, to 155.36 pence per share. A
dividend of 5.24 pence per share was paid after the period end on
21 October 2022 to the C Class Shareholders.
As previously indicated by the Company, following the disposals
of the Company's hydroelectric power assets it is the Company's
intention to wind down and cancel the C Share Class . Shareholders
approved the reduction of the Company's share capital through a
cancellation of the C Share Class at the General and Class Meetings
held on 4 October 2022. It is expected that the share class will be
wound up and a final return of capital be made to C Share Class
Shareholders in early December 2022. The value to be distributed
will also be subject to associated wind-up fees and costs payable
on distribution.
D Share Class
The D Share Class recorded a profit over the period of 0.03
pence per share. At 30 September 2022 the net asset value stood at
8.70 pence per share and is represented solely by cash and debtors,
as its investment portfolio has been realised. Adding back the
total dividends paid to date of 116.75 pence per share takes the
total return, including the net asset value, to 125.45 pence per
share. During the period, the Company transferred its interest in
Green Highland Shenval Limited (Shenval), a hydroelectric power
company, from the D Share Class to the E Share Class at its most
recent audited value (31 March 2022) and adjusted for developments
since that date. A dividend of 6.02 pence per share was paid after
the period end on 21 October 2022 to the D Class Shareholders.
As previously indicated by the Company, following the disposals
of the Company's hydroelectric power assets and the transfer of the
final hydroelectric asset to the E Share Class, it is the Company's
intention to wind down and cancel the D Share Class . Shareholders
approved the reduction of the Company's share capital through a
cancellation of the D Share Class at the General and Class Meetings
held on 4 October 2022. It is expected that the share class will be
wound up and a final return of capital be made to D Share Class
Shareholders in early December 2022. The value to be distributed
will also be subject to associated wind-up fees and costs payable
on distribution.
E Share Class
The E Share Class holds a diverse portfolio of investments
spanning controlled environment agriculture, solar, gas fired
energy and hydroelectric power. The E Share Class held an
investment in FMS which owned and operated a crematorium. The
investment in FMS was fully divested during the period. The E Share
Class recorded a profit over the period of 4.76 pence per share. At
30 September 2022 the net asset value stood at 81.53 pence per
share. Adding back the total dividends paid of 32.50 pence per
share takes the total return, including the net asset value, to
114.03 pence per share. A dividend of 4.76 pence per share was paid
after the period end on 21 October 2022 and an additional dividend
of 7.24 pence per share was paid on 4 November 2022 to the E Class
Shareholders following the sale of its gas fired energy
holdings.
Following the period end on 10 October 2022, the Company
completed the sale of its gas fired energy holdings by selling its
investment in Green Peak for total consideration of GBP2,633,610,
as part of a wider portfolio sale of gas fired energy generation
companies and following a competitive bidding process.
As a result of that sale, the Board announced a dividend of 7.24
pence per share for E Shareholders to return the net proceeds of
the sale of these assets and to ensure the Company's continuing
qualifying status. As announced by the Company on 31 October 2022,
the interim dividend of 12.0 pence per share to E Class
Shareholders was corrected to 7.24 pence per share, following an
administrative error in the calculation of the amount available for
distribution, which did not account for the interim dividend of
4.76 pence per share paid to E Class Shareholders on 21 October
2022. We appreciate this will have caused some disappointment for E
Class Shareholders and we and the Investment Manager would like to
apologise for any inconvenience caused. The Investment Manager has
implemented improved internal controls.
Also, as a result of the sale, the E Share NAV increased due to
achieving a price significantly higher than the previous valuation
on 31 March 2022. Since that date the operating performance of
Green Peak has improved significantly and the energy market
landscape moved in favour of gas fired energy assets, leading to
significant improvements in actual and projected trading
performance.
The Company also sold its final residual interest in crematorium
business FMS for total consideration of GBP25,001. This investment
outperformed expectations at the point of its original investment
as a result of contract extensions with the Local Authority.
The Company's investment in Perfectly Fresh Cheshire ("PFC")
continues to progress slowly, but has nonetheless achieved some
positive milestones. PFC maintains a strong trading relationship
with a leading retailer, whilst also establishing new opportunities
with further retail market leaders who desire to create a premium
tier product offering in their stores. PFC has faced challenges
during the year in its ability to capitalise on the demand seen for
its product, due to very limited growing capacity and difficulties
in securing a new facility, given the increase in material costs
and operating expenses. However, PFC has continued to pursue its
expansion plan and it is expected that the first funding round will
be launched in Q4 2022.
The solar and hydroelectric power investments continue to
perform in line with expectations.
Outlook
The macroeconomic environment for the UK and internationally
looks increasingly challenging with the energy crisis and related
cost of living/inflation pressures being met by central banks which
are still raising interest rates. That interest rates are rising,
even as economic headwinds blow harder, is a new development
relative to the experience of the last few decades where, in the US
and UK in particular, monetary policy tended to loosen quite early
in economic downturns. Thus, we are not complacent about the
portfolio.
Initial discussions, and levels of interest between PFC and
potential investors are positive and customer engagement and
interest in PFC's product continue to remain strong. However, given
the current macroeconomic environment, and rising operating costs,
it will be challenging for PFC to scale up and capitalise on
increasing demand, and we will continue to monitor this.
The Company's solar and hydro investments are expected to be
more resilient to the current macroeconomic climate, with
contracted revenues and inflation-linked subsidies dominating the
revenue stack. However, we remain cautious about the prospect of
possible regulatory change including for example the possibility of
an energy price cap or additional taxation on profits. We will
continue to monitor these developments.
In respect of the C Share Class and the D Share Class, the next
stage is for the Company to wind-up and ultimately for it to cancel
these share classes, which is expected in early December 2022, with
final distributions to be paid to enable the Company to maintain
its VCT qualifying status.
If you have any questions or comments, please do not hesitate to
contact Triple Point on 020 7201 8989.
David Frank
Chair
16 November 2022
Investment Manager's Review
Sector Analysis
The unquoted investment portfolio can be analysed as
follows:
Electricity
Generation SME Funding
Solar
Controlled & Gas
Environment Hydroelectric Fired
Industry Sector Agriculture Power Energy Other Total Investments
--------------- --------- -------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- --------------- --------- ------------- -------------------
Investments at
30 September 2022
------------------------------------------------------------------------------
E Shares 6,788 749 9,269 4,694 21,500
-------------- --------------- --------- ------------- -------------------
Total 6,788 749 9,269 4,694 21,500
-------------- --------------- --------- ------------- -------------------
Total investments
% 31.57% 3.48% 43.12% 21.83% 100.00%
-------------- --------------- --------- ------------- -------------------
Investments by Sector - E Share Class
Controlled Environment
Agriculture 32%
Electricity Generation
- Hydroelectric Power 3%
-----
Electricity Generation
- Solar & Gas Fired Energy 43%
-----
SME Funding - Other 22%
-----
We are pleased to present our interim review of the six months
ended 30 September 2022.
The VCT was established to fund small and medium-sized
enterprises. As at 30 September 2022 it has three share classes.
The overall portfolio comprises investments in 9 small, unquoted
companies spanning sectors including hydroelectric power, solar,
gas fired energy, SME funding and controlled environment
agriculture.
At 30 September 2022 the Company continues to meet the condition
that at least 80% of relevant funds must be invested in VCT
qualifying investments within three years.
Review and Future Developments
The UK and global economy bounced back from Covid-19 only to be
faced with a severely inflationary environment caused by the QE and
fiscal expansion that governments undertook during Covid, by supply
chain disruption and by the rising costs of energy as a result of
the Russia-Ukraine war. This has resulted in a fall in global stock
markets, a sharp rise in bond yields and economic weakness in the
UK and EU. This has affected and will continue to affect valuations
of businesses both in the public and private markets.
Only the E Share Class within the Company remains fully invested
as both the C and D Share Classes are in the process of being wound
down. The E Share Class contains investments across rooftop solar,
gas fired energy, hydroelectric power, and controlled environment
agriculture.
C and D Share Classes
The C and D Share Classes are represented solely by cash and are
in the process of being wound down to enable the Company to return
funds to these shareholders.
E Share Class
Crematorium Management
The Company held an investment in a business called FMS that
provided crematory and mercury abatement services for the
crematoria of a London Borough. This investment received revenues
from local authorities and generated a steady return over the years
it has been held. The Company sold its final residual interest in
the business for total consideration of GBP25,001. This investment
has outperformed expectations at the point of its original
investment as a result of contract extensions with the Local
Authority.
Hydroelectric Power
The remaining hydroelectric power asset, Shenval, performed in
line with expectations and there were no material asset management
concerns. Shenval recently appointed a new external asset manager
to optimise the performance of the asset. The investment is
protected in a high inflationary environment due to its revenues
being linked to RPI.
Solar
The Company holds four separate portfolios of rooftop solar
systems which are performing in line with expectations and there
were no material asset management concerns. The companies each
recently appointed an external asset manager to optimise the
performance of the assets. The investments are protected in a high
inflationary environment due to revenues being linked to RPI.
Controlled Environment Agriculture
The Company holds an investment in a controlled environment
agriculture business called PFC, which trades under the brand name,
Perfectly Fresh. Over the last 6 months, the business has continued
to pursue its plan for product improvement and expansion of its
growing facilities.
Existing Site Performance
The existing product facility at Alderley Edge has continued to
produce product successfully and perform slightly ahead of
forecasted revenue. Perfectly Fresh has continued to ramp up
production with the aim of reaching 0.5 tonnes per week by 31
December 2022. Over the last 6 months, since the re-fresh of the
Alderley site, the business has been able to increase supply to its
leading retail partner without any breaks in production.
A site for a second larger Perfectly Fresh facility had been
identified.
Customer Relationships
Perfectly Fresh is in discussions with both its existing
customer and other retailers to supply product from the planned
second facility. Overall, the customer engagement and interest in
Perfectly Fresh controlled environment agriculture salad is strong,
and believed to be sufficient to support the funding and
development of the second facility.
Restructure and Funding
As reported in our 2022 Annual Report, the Perfectly Fresh
senior team has expanded and refined the strategy to help the
company scale. This includes a restructure and rebranding exercise
to broaden the customer base and enable the business to conduct a
professional fund-raising round. The restructure is progressing,
with a newly branded website and online presence launched in early
November 2022.
Early discussions with potential investors have demonstrated
interest, and Perfectly Fresh is expecting to launch an initial
funding round in Q4 2022.
Challenges
The cost plan for the planned new facility has proved
challenging, given the increase in material costs and operational
expenses. Perfectly Fresh is looking to value engineer a solution
and continues to explore other options, as its current growing
capacity is limiting its ability to capitalise on the demand for
its product.
The impact of the general macroeconomic environment in the UK on
fund raising is unknown, but initial discussions and levels of
interest have been positive.
Gas Fired Energy
Following an extensive process to improve the operating
performance of the gas fired energy generation centre we entered
into discussions for the disposal of this investment to an
independent third party. We are pleased to announce that on 10
October 2022 following a competitive tender process we completed on
the sale of the Company's investment in Green Peak for total
consideration of GBP 2,633,610. This was part of a wider portfolio
sale of gas-fired energy generation companies to a third party,
independent of the Investment Manager.
The carrying value was last updated at the year-end which was a
time when there was significant uncertainty over the valuation of
the assets. In addition to the uncertainty around secondary market
valuation for this type of asset, the centre had experienced some
downtime and issues in relation to water ingress. Since then, the
asset was fully repaired and operated well. Following the
Russia-Ukraine war and ensuing energy market volatility, the market
has also moved in favour of generating assets, leading to
significant improvements in trading performance and increased
interest from prospective secondary market acquirors. As a result
we have been able to secure prices for these investments which we
believe to be attractive and which led to securing an uplift in
valuations for E Shareholders.
Outlook
As stated in the Chair's letter, in respect of the C and D Share
Classes, the next stage is for the Company to wind up and
ultimately for it to cancel these share classes, which is expected
to take place in early December 2022, following which final
distributions will be made to investors.
The Company's solar and hydroelectric investments are expected
to perform well in the current macroeconomic climate, with
contracted revenues and inflation-linked subsidies dominating the
revenue stack. However, we remain cautious about the prospect of
possible regulatory or tax changes and will continue to monitor
these developments.
If you have any questions, please do not hesitate to call us on
020 7201 8989.
Jonathan Parr
Partner, Head of Energy
Triple Point Investment Management LLP
16 November 2022
Investment Portfolio Summary
Unaudited Audited
30 September 2022 31 March 2022
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 11,750 60.61 16,806 66.54 12,002 59.42 15,379 64.17
Quoted non-qualifying holdings - - - -
Unquoted non-qualifying
holdings 3,877 20.00 4,694 18.58 4,365 21.61 4,755 19.84
Financial assets at fair value
through profit or loss 15,627 80.61 21,500 85.12 16,367 81.03 20,134 84.01
Cash and cash equivalents 3,761 19.39 3,761 14.88 3,831 18.97 3,831 15.99
19,388 100.00 25,261 100.00 20,198 100.00 23,965 100.00
========= ======== ========= ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Solar
Digima Limited 1,262 6.51 2,139 8.47 1,262 6.25 2,139 8.93
Digital Screen Solutions
Limited 2,020 10.42 3,061 12.12 2,020 10.00 3,061 12.77
Green Energy for Education
Limited 400 2.06 1,435 5.68 400 1.98 1,435 5.99
Hydroelectric Power
Green Highland Shenval Limited 868 4.48 749 2.97 1,120 5.55 750 3.13
Gas Fired Energy
Green Peak Generation Limited 2,200 11.35 2,634 10.43 2,200 10.89 1,206 5.03
Controlled Environment
Agriculture
Perfectly Fresh Cheshire
Limited 5,000 25.79 6,788 26.87 5,000 24.75 6,788 28.32
11,750 60.61 16,806 66.54 12,002 59.42 15,379 64.17
Unquoted
Crematorium Management
Furnace Managed Services
Limited - - - - 488 2.42 60 0.25
SME Funding
Hydroelectric Power:
Broadpoint 2 Limited 1,159 5.98 1,379 5.46 1,159 5.74 1,379 5.75
Broadpoint 3 Limited - - - -
Other:
Aeris Power Limited 518 2.67 644 2.55 518 2.56 644 2.69
Funding Path Limited 2,200 11.35 2,671 10.57 2,200 10.89 2,672 11.15
3,877 20.00 4,694 18.58 4,365 21.61 4,775 19.84
--------- -------- --------- -------- --------- -------- --------- --------
Principal Risks and Uncertainties
The Audit Committee, which assists the Board with its
responsibilities for managing risk, considers that the principal
risks and uncertainties as presented on pages 22 to 24 of our 2022
Annual Report were unchanged during the period and will remain
unchanged for the remaining six months of the financial year.
The following additional emerging risk has been identified, and
is detailed below:
Emerging Risks
Macroeconomic Environment
The macroeconomic environment for the UK and internationally
looks increasingly challenging with the energy crisis and related
cost of living/inflation pressures being met by central banks which
are still raising interest rates. That interest rates are rising
even as economic headwinds blow harder is a new development
relative to the experience of the last few decades where, in the US
and UK in particular, monetary policy tended to loosen quite early
in economic downturns. This time we appear to be faced by economic
weakness and still rising interest rates which could lead to either
a deep or a prolonged recession despite UK fiscal policies aimed at
countering such a threat. Until inflation rates clearly peak and
fall, the economic outlook is likely to remain difficult. Thus, we
are not complacent about the portfolio.
Directors' Responsibility Statement
The Directors have elected to prepare the Interim Financial
Report for the Company in accordance with International Financial
Reporting Standards ("IFRS").
In preparing the Interim Financial Report for the six month
period to 30 September 2022, the Directors confirm that, to the
best of their knowledge, this condensed set of financial statements
has been prepared in accordance with International Accounting
Standard 34 "Interim Financial Reporting" as adopted by the
European Union and that the Chair's statement on pages 8 to 12
includes a fair review of the information required by DTR 4.2.7 and
DTR 4.2.8 of the Disclosure and Transparency rules of the United
Kingdom's Financial Conduct Authority namely:
a) the Interim Financial Report includes a fair review of
important events during the period and their effect on the
Financial Statements and a description of specific risks and
uncertainties for the remainder of the accounting period;
b) the Interim Financial Report gives a true and fair view in
accordance with IFRS of the assets, liabilities, financial position
and of the results of the Company for the period and complies with
IFRS and the Companies Act 2006;
c) the Interim Financial Report includes a fair review of
related party transactions and changes therein. There were no
related party transactions for the accounting period; and
d) the Directors believe that the Company has sufficient
financial resources to manage its business risks in the current
uncertain economic outlook.
The Directors have reasonable expectations that the Company has
adequate resources to continue in operational existence for at
least the next 12 months. Thus, they continue to adopt the going
concern basis of accounting in preparing the financial
statements.
This Interim Financial Report has not been audited or reviewed
by the Company's auditor.
David Frank
Chair
16 November 2022
Unaudited Statement of Comprehensive Income
Unaudited Audited Unaudited
Six months ended Year ended Six months ended
30 September 2022 31 March 2022 30 September 2021
------------------------------- ------------------------------- -------------------------------
Note Rev. Cap. Total Rev. Cap. Total Rev. Cap. Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income
Investment
income 4 420 - 420 1,488 - 1,488 869 - 869
(Loss)/gain
arising on
the disposal
of investments
during the
year - (461) (461) - 1,254 1,254 - 4 4
Gain arising
on the
revaluation
of investments
at the year
end - 1,853 1,853 683 686 - 12 12
Investment
return 420 1,392 1,812 1,488 1,937 3,425 869 16 885
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Investment
management
fees 5 183 61 244 616 205 821 349 116 465
Other expenses 204 - 204 575 1,732 2,307 226 - 226
Finance costs - - - 116 - 116 52 - 52
387 61 448 1,307 1,937 3,244 627 116 743
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit before
taxation 33 1,331 1,364 181 - 181 242 (100) 142
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Taxation 7 (1) 1 - (30) 23 (7) (37) 22 (15)
Profit after
taxation 32 1,332 1,364 151 23 174 205 (78) 127
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Other
comprehensive
income - - - - - - - - -
Total
comprehensive
income 32 1,332 1,364 151 23 174 205 (78) 127
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Basic and
diluted
earnings/(loss)
per share
(pence)
C Share 8 (0.12p) (0.02p) (0.14p) (0.92p) (0.40p) (1.32p) 0.16p (0.17p) (0.01p)
D Share 8 0.05p (0.02p) 0.03p 0.45p (4.62p) (4.17p) 0.86p (0.12p) 0.74p
E Share 8 0.14p 4.62p 4.76p 0.73p 2.44p 3.17p 0.23p (0.14p) 0.09p
0.07p 6.58p 4.65p 0.26p (2.58p) (2.32p) 1.25p (0.43p) 0.82p
The Total column of this statement is the Statement of
Comprehensive Income of the Company prepared in accordance with
International Financial Reporting Standards (IFRS). The
supplementary Revenue Return and Capital columns have been prepared
under guidance published by the Association of Investment
Companies. All revenue and capital items in the above statement
derive from continuing operations. This Statement of Comprehensive
Income includes all recognised gains and losses.
The accompanying notes are an integral part of this
statement.
Unaudited Balance Sheet
Unaudited Audited Unaudited
30 September 31 March 30 September
2022 2022 2021
Note GBP'000 GBP'000 GBP'000
Non-current assets
Financial assets at fair
value through profit or
loss 21,500 20,134 46,876
-------------- ---------- ---------------
Current assets
Receivables 728 725 1,270
Cash and cash equivalents 9 3,761 3,831 193
4,489 4,556 1,463
-------------- ---------- ---------------
Total Assets 25,989 24,690 48,339
-------------- ---------- ---------------
Current liabilities
Payables and accrued expenses 183 248 636
Current taxation payable 11 11 109
Short-term debt facility - - 2,300
194 259 3,045
-------------- ---------- ---------------
Net Assets 25,795 24,341 45,294
============== ========== ===============
Equity attributable to
equity holders of the parent
Share capital 560 560 560
Share redemption reserve 1 1 1
Share premium - - 28,661
Special distributable reserve 23,628 23,628 9,069
Capital reserve 8,837 7,505 6,814
Revenue reserve (7,231) (7,263) 189
Total equity 25,795 24,431 45,294
============== ========== ===============
Shareholder' funds
C Share 10 7.61p 7.75p 81.56p
D Share 10 8.70p 8.67p 58.57p
E Share 10 81.53p 76.76p 91.19p
The Statements were approved by the Directors and authorised for
issue on 16 November 2022 and are signed on their behalf by:
David Frank
Chair
16 November 2022
The accompanying notes are an integral part of this
statement.
Unaudited Statement of Changes in Shareholders' Equity
Share Special
Issued Redemption Share Distributable Capital Revenue
Capital Reserve Premium Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months
ended 30 September
2022
Opening balance 560 1 - 23,628 7,505 (7,263) 24,431
---------- ------------- ---------- ---------------- ---------- ---------- ----------
Issue of new
shares - - - - - - -
Purchase of
own shares - - - - - - -
Dividends paid
Transactions
with owners - - - - - - -
---------- ------------- ---------- ---------------- ---------- ---------- ----------
Profit for the
year - - - - 1,332 32 1,364
Other comprehensive
income - - - - - - -
Profit and total
comprehensive
income for the
year - - - - 1,332 32 1,364
---------- ------------- ---------- ---------------- ---------- ---------- ----------
Balance at
30 September
2022 560 1 - 23,628 8,837 (7,231) 25,795
========== ============= ========== ================ ========== ========== ==========
Capital reserve
consists of:
Investment holding
gains 5,614
Other realised
gains 3,223
8,837
==========
Year ended
31 March 2022
Opening balance 560 1 28,661 10,555 6,891 14 46,682
---------- ------------- ---------- ---------------- ---------- ---------- ----------
Purchase of
own shares - - - - - (29) (29)
Cancellation
of share premium - - (28,661) 28,661 - - -
Dividends paid - - - (15,588) - (6,808) (22,396)
T/f revenue
to unrealised - - - - 591 (591) -
Transactions
with owners - - (28,661) 13,073 591 (7,428) (22,425)
---------- ------------- ---------- ---------------- ---------- ---------- ----------
Profit for the
year
Profit and total
comprehensive
income for the
year - - - - 23 151 174
---------- ------------- ---------- ---------------- ---------- ---------- ----------
Balance at
31 March 2022 560 1 - 23,628 7,505 (7,263) 24,431
========== ============= ========== ================ ========== ========== ==========
Capital reserve
consists of:
Investment holding
gains 3,762
Other realised
gains 3,743
7,505
==========
Six months
ended 30 September
2021
Opening balance 560 1 28,661 10,555 6,892 13 46,682
---------- ------------- ---------- ---------------- ---------- ---------- ----------
Issue of new
shares - - - - - - -
Purchase of
own shares - - - - - (29) (29)
Dividends paid - - - (1,486) - - (1,486)
---------- ------------- ---------- ---------------- ---------- ---------- ----------
Transactions
with owners - - - (1,486) - (29) (1,515)
Profit for the
year - - - - (78) 205 127
---------- ------------- ---------- ---------------- ---------- ---------- ----------
Other comprehensive
income - - - - - - -
========== ============= ========== ================ ========== ========== ==========
Profit and total
comprehensive
income for the
year - - - - (78) 205 127
Balance at
30 September
2021 560 1 28,661 9,069 6,814 189 45,294
Capital reserve
consists of:
Investment holding
gains 9,838
==========
Other realised
losses (3,024)
==========
6,814
==========
The capital reserve represents the proportion of Investment
Management fees charged against capital and realised/unrealised
gains or losses on the disposal/revaluation of investments. The
unrealised capital reserve, share redemption reserve and share
premium reserve are not distributable. The special distributable
reserve was created on court cancellation of the share premium
account. The revenue, special distributable and realised capital
reserves are distributable by way of dividend.
At 30 September the total reserves available for distribution
were GBP19,620,000. This consisted of the distributable revenue
reserve, net of the realised capital loss, plus the special
distributable reserve.
Unaudited Statement of Cash Flows
Unaudited Audited Unaudited
Six months
Six months ended Year ended ended
30 September 31 March 30 September
2022 2022 2021
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit before taxation 1,364 181 142
Adjustments for:
Add back financing costs - 116 52
Transfer from revenue reserve to
unrealised capital reserve - (591) -
Loss/(gain) arising on the disposal
of investments during the period 461 (1,254) (4)
(Gain)/loss arising on the revaluation
of investments at the period end (1,853) (683) (12)
Cashflow generated by operations (28) (2,231) 178
(Increase)/decrease in receivables (3) 256 (284)
Increase in payables (65) (204) 184
Cash flows from operating activities (96) (2,179) 78
-------------- ------------ --------------
Tax paid 1 (89) 1
Net cash flows from operating activities (95) (2,268) 79
-------------- ------------ --------------
Cash flow from investing activities
Purchase of financial assets at
fair value through profit or loss -
Proceeds of sale of financial assets
at fair value through profit or
loss 25 30,419 1,160
Net cash flows from investing activities 25 30,419 1,160
-------------- ------------ --------------
Cash flows from financing activities
Issue of new shares - - -
Repayment of capital - (29) (29)
Dividends paid - (22,396) (1,486)
Proceeds from short-term debt - (2,300) (52)
Financing costs - (116)
Net cash flows from financing activities - (24,841) (1,567)
-------------- ------------ --------------
Net (decrease)/increase in cash
and cash equivalents (70) 3,310 (328)
============== ============ ==============
Reconciliation of net cash flow
to movements in cash and cash equivalents
Opening cash and cash equivalents 3,831 521 521
Net (decrease)/increase in cash
and cash equivalents (70) 3,310 (328)
Closing cash and cash equivalents 3,761 3,831 193
============== ============ ==============
The accompanying notes are an integral part of this
statement.
Unaudited Non-Statutory Analysis - The C Share Fund
Statement of
Comprehensive
Income
Six months ended Year ended Six months ended
30 September 2022 31 March 2022 30 September 2021
------------------------------- ------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income - - - 175 - 175 170 - 170
Realised gain on
investments - - - - 1,277 1,277
Unrealised gain
on investments - - - - - - - - -
Investment return - - - 175 1,277 1,452 170 - 170
Investment
management
fees (8) (2) (10) (180) (1,331) (1,511) (108) (28) (136)
Other expenses (8) - (8) (120) - (120) (36) - (36)
Profit/(loss)
before
taxation (16) (2) (18) (125) (54) (179) 26 (28) (2)
Taxation - - - (4) 5 1
Profit/(loss)
after
taxation (16) (2) (18) (125) (54) (179) 22 (23) (1)
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit and total
comprehensive
income
for the period (16) (2) (18) (125) (54) (179) 22 (23) (1)
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Basic and diluted
earnings/(loss)
per share (0.12p) (0.02p) (0.14p) (0.92p) (0.40p) (1.32p) 0.16p (0.17p) (0.01p)
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Balance Sheet Six months ended Year ended Six months ended
30 September 2022 31 March 2022 30 September 2020
GBP'000 GBP'000 GBP'000
Non-current
assets
Financial assets
at fair value
through
profit or loss - - 11,035
--------- --------- ---------
Current assets
Receivables 10 255 272
Cash and cash
equivalents 1,007 835 100
1,017 1,090 372
Current
liabilities
Payables - (55) (162)
Corporation tax - - (8)
Short-term debt
facility - - (300)
--------- --------- ---------
Net assets 1,017 1,035 10,937
--------- --------- ---------
Equity
attributable
to equity
holders 1,017 1,035 10,937
--------- --------- ---------
Net asset value
per share 7.61p 7.75p 81.56p
--------- --------- ---------
Statement of
Changes
in Six months ended Year ended Six months ended
Shareholders' 31 March
Equity 30 September 2022 2022 30 September 2021
GBP'000 GBP'000 GBP'000
Opening
shareholders'
funds 1,035 11,194 11,194
Purchase of own
shares - (21) (21)
Profit for the
period (18) (179) (1)
Dividends paid - (9,959) (235)
Closing
shareholders'
funds 1,017 1,035 11,184
--------- --------- ---------
Unaudited Non-Statutory Analysis - The D Share Fund
Statement of
Comprehensive
Income
Six months ended Year ended Six months ended
30 September 2022 31 March 2022 30 September 2021
------------------------------- ------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 26 - 26 337 - 337 289 - 289
Realised loss on
investments - - - (153) (153)
Unrealised gain
on investments - - - 7 7 - - -
Investment return 26 - 26 337 (146) 191 289 - 289
Investment
management
fees (9) (3) (12) (115) (483) (598) (118) (20) (138)
Other expenses (9) - (9) (161) - (161) (28) - (28)
Profit/(loss)
before
taxation 8 (3) 5 61 (629) (568) 143 (20) 123
Taxation (1) 1 - - - - (27) 4 (23)
Profit after
taxation 7 (2) 5 61 (629) (568) 116 (16) 100
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit and total
comprehensive
income
for the period 7 (2) 5 61 (629) (568) 116 (16) 100
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Basic and diluted
earnings/(loss)
per share 0.05p (0.02p) 0.03p 0.45p (4.62p) (4.17p) 0.86p (0.12p) 0.74p
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Balance Sheet Six months ended Year ended Six months ended
30 September 2022 31 March 2022 30 September 2021
GBP'000 GBP'000 GBP'000
Non-current
assets
Financial assets
at fair value
through
profit or loss - 509 10,036
--------- --------- ---------
Current assets
Receivables 22 258 570
Cash and cash
equivalents 1,161 431 (125)
1,183 689 445
--------- --------- ---------
Current
liabilities
Payables - (20) (123)
Corporation tax - - (90)
Short-term debt
facility - - (2,000)
--------- --------- ---------
Net assets 1,183 1,178 7,968
--------- --------- ---------
Equity
attributable
to equity
holders 1,183 1,178 7,968
--------- --------- ---------
Net asset value
per share 8.70p 8.67p 58.57p
--------- --------- ---------
Statement of
Changes
in Six months ended Year ended Six months ended
Shareholders' 31 March
equity 30 September 2022 2022 30 September 2021
GBP'000 GBP'000 GBP'000
Opening
shareholders'
funds 1,178 8,106 8,106
Purchase of own
shares - - -
Profit for the
period 5 (568) 100
Dividends paid - (6,360) (238)
Closing
shareholders'
funds 1,183 1,178 7,968
--------- --------- ---------
Investment Portfolio 30 September 2022 31 March 2022
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying
holdings - - - - 761 63.84 509 54.15
Unquoted non-qualifying
holdings - - - - - - - -
--------- -------- --------- --------
Financial assets
at fair value through
profit or loss - - - - 761 63.84 509 54.15
Cash and cash equivalents 1,161 100.00 1,161 100.00 431 36.16 431 45.85
1,161 100.00 1,161 100.00 1,192 100.00 940 100.00
========= ======== ========= ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Hydro Electric
Power - - - -
Green Highland Shenval
Limited - - - - 761 63.84 509 54.15
- - - - 761 63.84 509 54.15
========= ======== ========= ======== ========= ======== ========= ========
Non-Statutory Analysis - The E Share Fund
Statement of
Comprehensive
Income
Six months ended Year ended Six months ended
30 September 2022 31 March 2022 30 September 2021
------------------------------- ------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 394 - 394 976 - 976 410 - 410
Realised
gain/(loss)
on investments - (461) (461) - 130 130 - 4 4
Unrealised loss
on investments - 1,854 1,854 - 676 676 - 12 12
Investment return 394 1,393 1,787 976 806 1,782 410 16 426
Investment
management
fees (167) (56) (223) (448) (123) (571) (245) (68) (313)
Other expenses (187) - (187) (283) - (283) (92) - (92)
Profit/(loss)
before
taxation 40 1,337 1,377 245 683 928 73 (52) 21
Taxation - - - (30) 23 (7) (6) 13 7
Profit/(loss)
after
taxation 40 1,337 1,377 215 706 921 67 (39) 28
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit/(loss) and
total
comprehensive
income for the
period 40 1,337 1,377 215 706 921 67 (39) 28
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Basic and diluted
earnings/(loss)
per share 0.14p 4.62p 4.76p 0.73p 2.44p 3.17p 0.23p (0.14p) 0.09p
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Balance Sheet Six months ended Year ended Six months ended
30 September 2022 31 March 2021 30 September 2021
GBP'000 GBP'000 GBP'000
Non-current
assets
Financial assets
at fair value
through
profit or loss 21,500 19,625 26,105
--------- --------- ---------
Current assets
Receivables 696 212 1,047
Cash and cash
equivalents 1,593 2,565 (401)
2,289 2,777 646
--------- --------- ---------
Current
liabilities
Payables (183) (173) (351)
Corporation tax (11) (11) (11)
Net assets 23,595 22,218 26,389
--------- --------- ---------
Equity
attributable
to equity
holders 23,595 22,218 26,389
--------- --------- ---------
Net asset value
per share 81.53p 76.76 91.19p
--------- --------- ---------
Statement of
Changes
in Six months ended Year ended Six months ended
Shareholders' 31 March
equity 30 September 2022 2022 30 September 2021
GBP'000 GBP'000 GBP'000
Opening
shareholders'
funds 22,218 27,382 27,382
Purchase of own
shares - (8) (8)
Profit for the
period 1,377 921 28
Dividends paid - (6,077) (1,013)
Closing
shareholders'
funds 23,595 22,218 26,389
--------- --------- ---------
Investment Portfolio 30 September 2022 31 March 2022
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying
holdings 11,750 68.24 16,806 72.77 11,241 61.88 14,870 67.01
Quoted non-qualifying
holdings - - - - - - - -
Unquoted non-qualifying
holdings 3,877 22.51 4,694 20.33 4,365 24.03 4,755 21.42
--------- ---------
Financial assets
at fair value through
profit or loss 15,627 90.75 21,500 93.10 15,606 85.91 19,625 88.43
Cash and cash equivalents 1,593 9.25 1,593 6.90 2,565 14.09 2,565 11.57
17,220 100.00 23,093 100.00 18,171 100.00 22,190 100.00
========= ======== ========= ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Solar
Digima Limited 1,262 7.33 2,139 9.26 1,262 6.95 2,139 9.64
Digital Screen Solutions
Limited 2,020 11.73 3,061 13.25 2,020 11.12 3,061 13.79
Green Energy for
Education Limited 400 2.32 1,435 6.21 400 2.20 1,435 6.47
Hydro Electric Power
Green Highland Shenval
Limited 868 5.04 749 3.25 359 1.98 241 1.09
Gas Fired Energy
Green Peak Generation
Limited 2,200 12.78 2,634 11.41 2,200 12.11 1,206 5.43
Vertical Growing
Perfectly Fresh Cheshire
Limited 5,000 29.04 6,788 29.39 5,000 27.52 6,788 30.59
11,750 68.24 16,806 72.77 11,241 61.88 14,870 67.01
========= ======== ========= ======== ========= ======== ========= ========
Unquoted
Crematorium Management
Furnace Managed Services
Limited - - - - 488 2.69 60 0.27
SME Funding
Hydroelectric Power:
Broadpoint 2 Limited 1,159 6.72 1,379 5.97 1,159 6.38 1,379 6.21
Other:
Funding Path Limited 2,200 12.78 2,671 11.57 2,200 12.11 2,672 12.04
Aeris Power Limited 518 3.01 644 2.79 518 2.85 644 2.90
3,877 22.51 4,694 20.33 4,365 24.03 4,775 21.42
========= ======== ========= ======== ========= ======== ========= ========
Condensed Notes to the Unaudited Interim Financial
Statements
1. Corporate information
The Interim Report of the Company for the six months ended 30
September 2022 was authorised for issue in accordance with a
resolution of the Directors on 16 November 2022.
The Company is listed on the London Stock Exchange.
Triple Point Income VCT plc is incorporated and domiciled in the
United Kingdom and registered in England and Wales. The address of
the Company's registered office, which is also its principal place
of business, is 1 King William Street, London, EC4N 7AF.
The Company is required to nominate a functional currency, being
the currency in which the Company predominately operates. The
functional and reporting currency is pound sterling (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.
The financial information set out in this report does not
constitute statutory accounts as defined in S434 of the Companies
Act 2006.
2. Basis of preparation and accounting policies
Basis of preparation
The Interim Report of the Company for the six months ended 30
September 2022 has been prepared in accordance with IAS 34: Interim
Financial Reporting. The same accounting policies and methods of
computation are followed in the Interim Financial Report as were
followed in the most recent Annual Report. It does not include all
of the information required for full Financial Statements and
should be read in conjunction with the Financial Statements for the
year ended 31 March 2022.
Estimates
The preparation of the Interim Report requires the Board to make
judgements, estimates and assumptions that reflect the application
of accounting policies and the reported amounts of assets and
liabilities, income and expenditure. However, actual results may
differ from these estimates.
3. Segmental reporting
The Directors are of the opinion that the Company only has a
single operating segment of business, being investment
activity.
All revenues and assets are generated and held in the UK.
4. Investment income
C Shares D Shares E Shares Total
Unaudited GBP'000 GBP'000 GBP'000 GBP'000
Six months ended 30 September 2022
Loan stock interest - 26 351 377
Dividends receivable - - 40 40
Interest receivable on bank balances - - 3 3
Property Income - - - -
- 26 394 420
---------- ---------- ---------- ---------
Audited
Year ended 31 March 2022
Loan stock interest 169 337 916 1,422
Dividends receivable 6 - 60 66
Interest receivable on bank balances - - - -
Other Investment Income - - - -
Property Income - - - -
175 337 976 1,488
---------- ---------- ---------- ---------
5. Investment management fees
TPIM provides investment management and administration services
to the Company under an Investment Management Agreement effective 6
February 2008 and deeds of variation to that agreement effective 21
November 2012, 28 October 2014, 7 October 2016 and an amended and
restated investment management and administration agreement dated
27 April 2020.
C shares: The agreement provides for an administration and
investment management fee of 2% per annum of net assets payable
quarterly in arrear for an appointment of at least six years from
the admission of those shares. Subject to distributions to the C
Shareholders exceeding the C Share hurdle, the Investment Manager
will be entitled to a performance incentive fee of 20%.
D shares: The agreement provides for an administration and
investment management fee of 2% per annum of net assets payable
quarterly in arrear for an appointment of at least six years from
the admission of those shares. Subject to distributions to the D
Shareholders exceeding the D Share hurdle, the Investment Manager
will be entitled to a performance incentive fee of 20%.
E shares: The agreement provides for an administration and
investment management fee of 2% per annum of net assets payable
quarterly in arrear for an appointment of at least six years from
the admission of those shares. Subject to distributions to the E
Shareholders exceeding the E Share hurdle, the Investment Manager
will be entitled to a performance incentive fee of 20%.
There have been no performance fees paid to date.
An administration fee equal to 0.25% per annum of the Company's
net assets is payable quarterly in arrears.
6. Directors' remuneration
C Shares D Shares E Shares Total
Unaudited GBP'000 GBP'000 GBP'000 GBP'000
Six months ended 30 September 2022
David Frank - 1 10 11
Simon Acland - 1 10 11
Michael Stanes 1 - 10 11
1 2 30 33
---------- ---------- ---------- ---------
Audited
Year ended 31 March 2022
David Frank 6 3 15 24
Simon Acland 5 3 13 21
Michael Stanes 5 3 13 21
16 9 41 66
---------- ---------- ---------- ---------
The only remuneration received by the Directors was their
Directors' fees. The Company has no employees other than the
Non-Executive Directors. The number of Non-Executive Directors in
the period was three.
7. Taxation
C Shares D Shares E Shares Total
Unaudited GBP'000 GBP'000 GBP'000 GBP'000
Six months ended 30 September 2022
Profit on ordinary activities before tax (18) 5 1,377 1,364
Corporation tax @ 19% (3) 1 261 379
Effect of:
Capital (gains) not taxable - - (265) (385)
Income received not taxable - - (8) (8)
Excess management expense on which deferred
tax not recognised 3 - 11 14
Tax charge - 1 (1) -
Audited
Year ended 31 March 2022
Profit on ordinary activities before tax 179 (568) 928 181
Corporation tax @ 19% (34) (108) 176 34
Effect of:
Capital (gains)/losses not taxable (243) 28 (154) (369)
Income received not taxable (1) - (11) (12)
Unrelieved tax losses arising in the year
Prior year adjustment 278 80 - 358
Tax charge - - 7 7
Capital gains and losses are exempt from corporation tax due to
the Company's status as a Venture Capital Trust.
8. Earnings per share
The earnings per share for C Shares is based on the loss after
tax of GBP18,000, and on the weighted average number of shares in
issue during the period of 13,413,088, which is equal to the number
of shares at 30 September 2022.
The earnings per share for D Shares is based on the profit after
tax of GBP5,000, and on the weighted average number of shares in
issue during the period of 13,604,637, which is equal to the number
of shares at 30 September 2022.
The earnings per share for E Shares is based on the profit after
tax of GBP1,377,000, and on the weighted average number of shares
in issue during the period of 28,940,076, which is equal to the
number of shares at 30 September 2022.
9. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank
of Scotland plc.
10. Net asset value per share
The calculation of the Company's net asset value per share for C
Shares is based on the Company's net assets attributable to the C
Shares of GBP1,017,000 divided by the 13,413,088 C Shares in
issue.
The calculation of the Company's net asset value per share for D
Shares is based on the Company's net assets attributable to the D
Shares of GBP1,183,000 divided by the 13,604,637 D Shares in
issue.
The calculation of the Company's net asset value per share for E
Shares is based on the Company's net assets attributable to the E
Shares of GBP23,595,000 divided by the 28,940,076 E Shares in
issue.
11. Commitments and contingencies
The Company had no commitments or contingent liabilities at 30
September 2022.
12. Relationship with Investment Manager
During the period, TPIM charged GBP244,000 (which has been
expensed by the Company) for providing management services to the
Company.
Fees paid to the Investment Manager for administrative and
Company Secretarial services during the period were GBP30,000.
At 30 September 2022 GBP137,433 was due to TPIM.
13. Related party transactions
The Directors remuneration is disclosed on page 30.
14. Dividends
C Shares:
The Company paid a dividend to C Class Shareholders of
GBP703,000 equal to 5.24 pence per share, on 21 October 2022.
D Shares:
The Company paid a dividend to D Class Shareholders of
GBP819,000 equal to 6.02 pence per share, on 21 October 2022.
E Shares:
The Company paid a dividend to E Class Shareholders of
GBP1,378,00 equal to 4.76 pence per share on 21 October 2022 and an
additional dividend of GBP2,095,000 equal to 7.24 pence per share
on 4 November 2022.
Nil dividends were paid during the period ending 30 September
2022.
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