Source - RNS
RNS Number : 3897M
Triple Point VCT 2011 Plc
12 October 2016
 

 

 

Triple Point VCT 2011 VCT plc

 

Interim Results

 

The directors of Triple Point VCT 2011 VCT plc are pleased to announce its Interim results for the six months to 31 August 2016

 

For further information please contact Triple Point Investment Management LLP on 020 7201 8989. The Interim report will be available in full at www.triplepoint.co.uk

 

Financial Summary

 


Unaudited

Audited

Unaudited


6 months ended

Year ended

6 months ended


31 August 2016

29 February 2016

31 August 2015


Ord. Shares

A Shares

B Shares

Total

Ord. Shares

A Shares

Total

Ord. Shares

A Shares

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000












Net assets

7,108

10,157

6,788

24,053

7,176

10,005

17,181

11,095

9,909

21,004

 

Profit/(loss) before tax

(106)

190

(36)

48

41

137

178

(226)

14

(212)












Earnings/(loss) per share

(0.33p)

1.53p

(0.67p)

n/a

0.33p

1.20p

n/a

(1.11p)

0.16p

n/a












Cumulative return to shareholders











Net asset value per share

34.93p

102.07p

99.47p


35.26p

100.54p


54.52p

99.58p


Total dividends paid

79.75p

-   

-   


79.75p

-   


59.05p

-   


Net asset value plus dividends paid

114.68p

102.07p

99.47p


115.01p

100.54p


113.57p

99.58p


 

 

 

Triple Point VCT 2011 plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP ("TPIM" and "Triple Point"). The Company was incorporated in July 2010.

 

 

·      Ordinary Shares: On 28 April 2011 the Company raised £19.3 million and as at the date of this report has a total of 20,349,869 Ordinary Shares in issue from that offer. By 31 August 2016 a total of £16.2 million had been returned to the Ordinary Shareholders.

 

·      A Shares: On 30 April 2015 the A Share Class offer closed having raised £10.3 million with a total of 9,951,133 A Shares being issued.

 

·      B Shares: On 29 April 2016 a new B Share Class offer closed having raised £6.97 million with a total of 6,824,266 B Shares being issued.

 

 



 

 

Chairman's Statement

 

I am writing to present the Financial Statements for Triple Point VCT 2011 plc ("the Company") for the 6 months ended 31 August 2016. During the period the Company has continued to make progress with the realisation of the investment portfolio attributable to the Ordinary Share Class, whilst investing funds raised through last year's B Share Class Offer and continuing to monitor the ongoing operation of the A Share Class investments.

 

There have been significant changes to the VCT legislation in the last 12 months, which have further restricted the investments which a VCT can make on both a Qualifying and a Non-Qualifying basis. Some of the investments which we have targeted prior to the rule changes would no longer be permitted, but as most of the changes took effect from 6 April 2016 they did not affect the investment of the proceeds of the B Share Offer.

 

Investment Portfolio

 

The Company's funds at 31 August 2016 were 79% invested in a portfolio of VCT qualifying and non-qualifying unquoted investments. The Company continues to meet the condition that 70% of funds must be invested in VCT qualifying investments within three years. At 31 August 2016 qualifying investments represented 50% of the total Investment Portfolio and 78% of the funds that are required to meet that condition.

 

The Investment Manager's report on pages 4 to 6 gives an update on the portfolio which includes companies in the renewable electricity and cinema digitisation sectors.  

 

Ordinary Share Class

 

The Ordinary Share Class has made a provision of £100,000 for exit costs which have contributed to a loss over the period of 0.33p per share. Included in the provision is a 1% exit fee for the Investment Manager payable when the remaining funds are returned to shareholders. At the end of the period the net asset value ("NAV") per share stood at 34.93p. Taken together with the cumulative dividends paid of 79.75p per share this gives an equivalent NAV per share total return of 114.68p.

 

The Company and the Investment Manager have successfully realised £4.5 million of investments to the 31 August 2016 and since that date have realised a further £0.5 million.

 

The Board has resolved to pay a further dividend to Ordinary Class Shareholders of £4.9 million equal to 24p per share which will be paid on 11 November 2016 to shareholders on the register on 28 October 2016.

 

The remaining assets held by the Ordinary Share Class represent two investments that are due to be transferred to the A Share Class within the next month; a small investment in a cinema digitisation company that will be realised by the end of the calendar year; and deferred consideration from the sale of investments during 2015 that is expected to be received by the second quarter of 2017.

 

A Share Class

 

The A Share Class has recorded a profit over the period of 1.53p per share. The net asset value ("NAV") per share stood at 102.07p.

 

The A Share Class has investments in six companies in the Hydro Electric Power sector which between them own seven hydroelectric schemes in the Scottish Highlands. As expected six of the schemes have been successfully commissioned and are operational, with one due to be commissioned in May 2017.

 

New B Share Class 

 

The B Share Class offer closed on 29 April 2016 with a total of 6,824,266 B Shares being issued.

 

The B Share Class has recorded a loss over the period of 0.67p per share due to running costs exceeding income while investments are being sought. The net asset value ("NAV") per share stood at 99.47p.

 

Since the year end the B Share Class has invested £4.6 million into companies exploring opportunities to construct and operate combined heat and other gas power projects ("Gas Power") in the UK and £2.1 million into SME funding.

 

Principal Risks

 

The Board believes that the principal risks facing the Company are:

 

·    investment risk associated with the VCT's portfolio of unquoted investments;

·    risk of failure to maintain approval as a qualifying VCT;

·    risk of inability to realise investments in order to return funds to investors in line with expectations.

 

The Board believes these risks are manageable and, with the Investment Manager, continues to work to minimise either the likelihood or potential impact of these risks within the scope of the Company's established investment strategy.

 

Outlook

 

The remainder of the year will see the Company and the Investment Manager continuing to focus on: successful realisation of the Ordinary Share Class investments; monitoring ongoing operation of the A Share Class investments in hydro electricity generation businesses; and ensuring that the companies in which the B Share Class has invested develop their businesses in line with the Company's strategy and the requirements of the VCT legislation.

 

If you have any questions about your investment, please do not hesitate to contact Triple Point on 020 7201 8990.

 

 

Jane Owen

Chairman

12 October 2016

 

Investment Manager's Review

 

The Company's funds at 31 August 2016 were 79% invested in a portfolio of VCT qualifying and non-qualifying unquoted investments. It continues to meet the condition that 70% of funds must be invested in VCT qualifying investments within three years. At 31 August 2016 qualifying investments represented 50% of the total Investment Portfolio and 78% of the funds that are required to meet that condition.

 

The VCT was established to fund small and medium sized enterprises. It has three share classes each invested in their own portfolio as detailed on page 5. At the period end the overall portfolio comprised investments in 15 small, unquoted companies in four sectors: cinema digitisation; hydro project management; electricity generation; and SME funding.

 

The Company's portfolio is spread between businesses which are at start-up stage and those which are more mature, and where the Company is looking for potential exits. Generally performance across the portfolio has been satisfactory, with the A and Ordinary Share Classes recording a modest uplift in net asset value from the performance of their portfolios, albeit the Ordinary Share Class recording an actual reduction to its net asset value due to a provision for exit costs.

 

Portfolio Review

 

Cinema Digitisation

The Company maintains a small holding in DLN Digital Ltd, which provides cinema digitisation services in the UK and Italy. This business continues to look for opportunities to grow and acquire projectors.

 

Hydro Project Management

Highland Hydro Services Limited ("HHS") managed the planning and environmental impact studies for a portfolio of new small scale run-of-river hydroelectric schemes in the Scottish Highlands. HHS recorded a high success rate in in its applications, and all those submitted received planning consent and HHS successfully sold the rights to these schemes. The increasing maturity of the hydro market in Scotland, however, and changes to the developer model meant that HHS was unable to secure additional sites on acceptable terms and on 30 August 2016 HHS went into Members Voluntary Liquidation and repaid a large proportion of the equity held by the Company. After the period end HHS paid a dividend to the Company leaving a small amount of equity to be realised.

 

Electricity Generation:

 

Hydro Electric Power

The Company has investments in six companies which between them own seven hydroelectric schemes in the Scottish Highlands. Four of the schemes were commissioned at the end of 2015 and the first quarter of the year was spent addressing snagging issues and bringing the schemes up to full capacity. Rainfall levels and generation were below forecast during the second quarter but ahead of forecast during the summer and the schemes are operating efficiently. The two schemes commissioned in August and September 2016 have operated well during this initial period. The final scheme is forecast to be commissioned during the second quarter 2017.

 

Gas Power

The Company has invested in to two companies pursuing opportunities in combined heat and other gas power projects.

 

 

SME Funding

The Company has investment in finance companies which provide short and medium term funding to a range of small and medium sized businesses.

 

Sector Analysis

 

The unquoted investment portfolio can be analysed as follows:

 




Electricity Generation

SME Funding


Industry Sector

Cinema Digitisation

Hydro Project Management

Hydro Electric Power

Other

Hydro Electric Power

Other

Total Unquoted Investments


£'000

£'000

£'000

£'000

£'000

£'000

£'000

Investments at 29 February 2016








Ordinary Shares

141

1,099

1,342

2,696

-  

1,265

6,543

A shares

-  

-  

6,661

-  

1,805

1,000

9,466


141

1,099

8,003

2,696

1,805

2,265

16,009

Investments made during the period








Ordinary Shares

-  

-  

-  

-  

-  

-  

-  

A Shares

-  

-  

60

-  

6

-  

66

B Shares

-  

-  

-  

4,600

-  

2,650

7,250


-  

-  

60

4,600

6

2,650

7,316

Investments disposed of during the period








Ordinary Shares

-  

(640)

(462)

(2,226)

-  

(1,137)

(4,465)

A shares

-  

-  

(1,258)

-  

1,258

-  

-  

B Shares

-  

-  

-  

-  

-  

(490)

(490)


-  

(640)

(1,720)

(2,226)

1,258

(1,627)

(4,955)

Investment revaluations during the period








Ordinary Shares

-  

58

-  

30

-  

(123)

(35)

A shares

-  

-  

-  

-  

-  

-  

-  

B Shares

-  

-  

-  

-  

-  

-  

-  


-  

58

-  

30

-  

(123)

(35)

Investments at 31 August 2016








Ordinary Shares

141

517

880

500

-  

5

2,043

A Shares

-  

-  

5,463

-  

3,069

1,000

9,532

B Shares

-  

-  

-  

4,600

-  

2,160

6,760


141

517

6,343

5,100

3,069

3,165

18,335

Unquoted Investments %

0.77%

2.82%

34.60%

27.82%

16.74%

17.25%

100.00%

 

Outlook

 

Ordinary Share Class

 

The coming year will see the Company and the Investment Manager continuing to focus on the successful realisation of the Ordinary Share Class investments. April 2016 marked the end of the Company's five year minimum VCT holding period. In line with its investment strategy we are working towards facilitating a rapid exit for shareholders.

 

To date the Company has distributed to the Ordinary Class Shareholders 79.75p per share. A further dividend of 24p per share has been declared, payable on 11 November 2016. The remaining assets will be realised within 6 months.

 

A Share Class

 

As Investment Manager we are committed to ensuring that returns on the investment portfolio are optimised and that the VCT continues to be managed in line with the Company's investment strategy and risk profile.

 

We are pleased to report that six of the seven of Hydro schemes held by the A Share Class were commissioned on time and within budget. Our focus now turns to improving operation and efficiency of the schemes. The seventh scheme is under construction and due to be commissioned during the second quarter of 2017.

 

Since the Referendum result, there has been talk of a second referendum on Scottish independence, and were this to happen, it may have an effect on our hydro-electric businesses. We believe that even if Scotland were in due course to vote for independence, any new Scottish government would continue to be highly supportive of its renewable energy industry. Overall our analysis remains the same as prior to the Scottish Referendum vote in 2014. We believe that, should Scotland vote for independence its new government would not want to jeopardise investor confidence, nor Scotland's highly prized energy sector by retrospectively changing any commercial obligations. However potential currency risk in the event of Scottish Independence cannot be eliminated.

 

B Share Class

 

Going forward, the Company and the Investment Manager will focus on ensuring that the proceeds of the B Share Class offer are invested in line with the Company's strategy and the requirements of the VCT legislation.

 

If you have any questions, please do not hesitate to call us on 020 7201 8990.

 

 

Ben Beaton

Managing Partner

For Triple Point Investment Management LLP

12 October 2016

 

Investment Portfolio

 


 

Unaudited


Audited


31 August 2016


29 February 2016


        Cost 

     Valuation


        Cost 

     Valuation


£'000

£'000


£'000

£'000

Unquoted Qualifying Holdings

11,743

51.16

11,584

50.05


10,637

65.72

10,672

65.27

Unquoted Non Qualifying Holdings

6,402

27.89

6,751

29.15


5,208

32.19

5,337

32.65


18,145

79.05

18,335

79.20


15,845

97.91

16,009

97.92

Cash and cash equivalents

4,808

20.95

4,808

20.80


337

2.09

337

2.08


22,953

100.00

23,143

100.00


16,182

100.00

16,346

100.00

Unquoted Qualifying Holdings










Cinema Digitisation










DLN Digital Ltd

300

1.31

141

0.61


300

1.85

141

0.86

Hydro Project Management










Highland Hydro Services Ltd

-  

-  

-  

-  


813

5.02

1,099

6.72

Landfill Gas










Aeris Power Ltd

-  

-  

-  

-  


575

3.55

464

2.84

Craigahulliar Energy Ltd

-  

-  

-  

-  


310

1.92

329

2.01

Hydro Electric Power










Green Highland Allt Choire A Bhalachain (255) Ltd

30

0.13

30

0.13


30

0.19

30

0.18

Green Highland Allt Garbh Ltd

2,250

9.80

2,250

9.72


2,250

13.90

2,250

13.76

Green Highland Allt Ladaidh (1148) Ltd

1,470

6.40

1,470

6.35


1,470

9.08

1,470

8.99

Green Highland Allt Luaidhe (228) Ltd

855

3.73

855

3.69


855

5.28

855

5.23

Green Highland Allt Phocachain (1015) Ltd

858

3.74

858

3.71


858

5.30

858

5.25

Green Highland Shenval Ltd

880

3.83

880

3.80


1,276

7.89

1,276

7.81

Gas Power










Distributed Generators Ltd

3,200

13.94

3,200

13.83


-  

-  

-  

-  

Green Highland Hydro Generation Ltd *

1,900

8.28

1,900

8.21


1,900

11.74

1,900

11.62


11,743

51.16

11,584

50.05


10,637

65.72

10,672

65.27

Unquoted Non Qualifying Holdings










Hydro Project Management










Highland Hydro Services Ltd

173

0.75

517

2.23


-  

-  

-  

-  

Hydro Electric Power










Green Highland Allt Choire A Bhalachain (255) Ltd

3

0.01

3

0.01


3

0.02

3

0.02

Green Highland Allt Phocachain (1015) Ltd

3

0.01

3

0.01


3

0.02

3

0.02

Green Highland Allt Ladaidh (1148) Ltd

30

0.13

30

0.13


30

0.19

30

0.18

Green Highland Allt Luaidhe (228) Ltd

61

0.27

61

0.26


61

0.38

61

0.37

Kinlochtecius Hydro Ltd

1,167

5.08

1,167

5.04


1,167

7.21

1,167

7.14

Gas Power










Green Highland Hydro Generation Ltd *

-  

-  

-  

-  


3

0.02

3

0.02

SME Funding:










Hydro Electric Power










Broadpoint 2 Ltd

800

3.49

800

3.46


800

4.94

800

4.89

Broadpoint 3 Ltd

1,005

4.38

1,005

4.34


1,005

6.21

1,005

6.15

Other










Modern Power Generation Ltd

2,160

9.41

2,160

9.33


-

-

-

-

Broadpoint Ltd

-  

-  

5

0.02


1,136

7.02

1,265

7.74

Funding Path Ltd

1,000

4.36

1,000

4.32


1,000

6.18

1,000

6.12


6,402

27.89

6,751

29.15


5,208

32.19

5,337

32.65

 

·   Since the 31 August 2016 Green Highland Hydro Generation Ltd has changed its name to Green Peak Generation Ltd

 

Directors' Responsibility Statement

 

The Directors have elected to prepare the Interim Financial Report for the Company in accordance with International Financial Reporting Standards ("IFRS").

 

In preparing the Interim Financial Report for the 6 month period to 31 August 2016, the Directors confirm that to the best of their knowledge:

a)  the Interim Financial Report has been prepared in accordance with International Accounting Standard IAS34, "Interim Financial Reporting" issued by the International Accounting Standards Board;

b)  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 principal risks and uncertainties for the remainder of the accounting period;

c)  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; 

d)  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

e)  the Directors believe that the Company has sufficient financial resources to manage its business risks in the current uncertain economic outlook.

The Directors have reasonable expectations that the Company has adequate resources to continue in operational existence for at least the next 12 months. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

 

This Interim Financial Report has not been audited or reviewed by the auditors.

 

Jane Owen

Chairman

12 October 2016

 



The Ordinary Share Fund

 

 

Statement of Comprehensive Income


Unaudited


Audited

Note

6 months ended 31 August 2016


Year ended 29 February 2016



Revenue

Capital

Total


Revenue

Capital

Total



£'000

£'000

£'000


£'000

£'000

£'000

Investment income

4

166

-  

166


1,943

-  

1,943

Realised gain/(loss) on investments


-  

88

88


-  

(1,589)

(1,589)

Unrealised loss/(gain) on investments


-  

(124)

(124)


-  

228

228

Investment return


166

(36)

130


1,943

(1,361)

582

Investment management fees

5

(58)

(70,019)

(70,077)


(267)

(171)

(438)

Other expenses


(89)

69,930

69,841


(96)

(7)

(103)

Profit/(loss) before taxation


19

(125)

(106)


1,580

(1,539)

41

Taxation

7

6

32

38


16

11

27

Profit/(loss) after taxation


25

(93)

(68)


1,596

(1,528)

68

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


25

(93)

(68)


1,596

(1,528)

68

Basic and diluted earnings/(loss) per share

8

0.12p

(0.46p)

(0.33p)


7.84p

(7.51p)

0.33p




Unaudited



Audited

Balance Sheet

Note

31 August 2016


29 February 2016





£'000




£'000

Non-current assets









Financial assets at fair value through profit or loss




2,043




5,750










Current assets









Financial assets held for sale




-  




793

Receivables




684




681

Cash and cash equivalents

9



4,545




30





5,229




1,504

Current liabilities









Payables




(164)




(78)

Net assets




7,108




7,176










Equity attributable to equity holders



7,108




7,176

Net asset value per share

11



34.93p




35.26p

 

Statement of Changes in Shareholders' Equity



Unaudited



Audited



31 August 2016



29 February 2016





£'000




£'000

Opening shareholders' funds




7,176




20,553

Issue of new shares




-  




-  

Purchase of own shares




-  




-  

Profit/(loss) for the period




(68)




68

Dividend paid




-  




(13,445)

Closing shareholders' funds




7,108




7,176










 

Non-Statutory Analysis - The Ordinary Share Fund

 

 

Investment Portfolio

Unaudited


Audited


31 August 2016


29 February 2016


        Cost 

     Valuation


        Cost 

     Valuation


£'000

£'000


£'000

£'000

Unquoted Qualifying Holdings

1,680

26.25

1,521

23.09


5,234

81.68

5,269

80.18

Unquoted Non Qualifying Holdings

173

2.70

522

7.93


1,145

17.88

1,274

19.40


1,853

28.95

2,043

31.02


6,379

99.56

6,543

99.58

Cash and cash equivalents

4,545

71.05

4,545

68.98


30

0.44

30

0.42


6,398

100.00

6,588

100.00


6,409

100.00

6,573

100.00

Unquoted Qualifying Holdings










Cinema Digitisation










DLN Digital Ltd

300

4.69

141

2.14


300

4.68

141

2.15

Hydro Project Management










Highland Hydro Services Ltd

-  

-  

-  

-  


813

12.69

1,099

16.72

Landfill Gas










Aeris Power Ltd

-  

-  

-  

-  


575

8.97

464

7.06

Craigahulliar Energy Ltd

-  

-  

-  

-  


310

4.84

329

5.01

Hydro Electric Power










Green Highland Allt Choire A Bhalachain (255) Ltd

-  

-  

-  

-  


30

0.47

30

0.46

Green Highland Allt Phocachain (1015) Ltd

-  

-  

-  

-  


30

0.47

30

0.46

Green Highland Shenval Ltd

880

13.75

880

13.36


1,276

19.91

1,276

19.41

Gas Power










Green Highland Hydro Generation Ltd *

500

7.81

500

7.59


1,900

29.65

1,900

28.91


1,680

26.25

1,521

23.09


5,234

81.68

5,269

80.18











Unquoted Non Qualifying Holdings










Hydro Project Management










Highland Hydro Services Ltd

173

2.70

517

7.85


-  

-  

-  

-  

Hydro Electric Power










Green Highland Allt Choire A Bhalachain (255) Ltd

-  

-  

-  

-  


3

0.05

3

0.05

Green Highland Allt Phocachain (1015) Ltd

-  

-  

-  

-  


3

0.05

3

0.05

Gas Power










Green Highland Hydro Generation Ltd *

-  

-  

-  

-  


3

0.05

3

0.05

SME funding:










Other










Broadpoint Ltd

-  

-  

5

0.08


1,136

17.73

1,265

19.25


173

2.70

522

7.93


1,145

17.88

1,274

19.40

 

 

·   Since the 31 August 2016 Green Highland Hydro Generation Ltd has changed its name to Green Peak Generation Ltd

 

Non-Statutory Analysis - The A Share Fund

Statement of Comprehensive Income


Unaudited


Audited

Note

6 months ended 31 August 2016


Year ended 29 February 2016



Revenue

Capital

Total


Revenue

Capital

Total



£'000

£'000

£'000


£'000

£'000

£'000

Investment income

4

311

-  

311


322

-  

322

Realised gain on investments


-  

-  

-  


-  

1

1

Investment return


311

-  

311


322

1

323

Investment management fees

5

(78)

(22)

(100)


(65)

(22)

(87)

Other expenses


(21)

-  

(21)


(87)

(12)

(99)

Profit/(loss) before taxation


212

(22)

190


170

(33)

137

Taxation

7

(42)

4

(38)


(34)

7

(27)

Profit/(loss) after taxation


170

(18)

152


136

(26)

110

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


170

(18)

152


136

(26)

110

Basic and diluted earnings/(loss) per share

8

1.71p

(0.18p)

1.53p


1.49p

(0.29p)

1.20p




Unaudited



Audited

Balance Sheet

Note

31 August 2016


29 February 2016





£'000




£'000

Non-current assets









Financial assets at fair value through profit or loss




9,532




9,466










Current assets









Financial assets held for sale




-  




-  

Receivables




496




276

Cash and cash equivalents

9



209




307





705




583

Current liabilities









Payables




(80)




(44)

Net assets




10,157




10,005










Equity attributable to equity holders



10,157




10,005

Net asset value per share

11



102.07p




100.54p

Statement of Changes in Shareholders' Equity












Unaudited



Audited



31 August 2016



29 February 2016





£'000




£'000

Opening shareholders' funds




10,005




-  

Issue of new shares




-  




9,895

Purchase of own shares




-  




-  

Profit for the period




152




110

Dividend paid




-  




-  

Closing shareholders' funds




10,157




10,005

 

 

Investment Portfolio

Unaudited


Audited


31 August 2016


29 February 2016


        Cost 

     Valuation


        Cost 

     Valuation


£'000

£'000


£'000

£'000

Unquoted Qualifying Holdings

5,463

56.09

5,463

56.09


5,403

55.28

5,403

55.28

Unquoted Non Qualifying Holdings

4,069

41.78

4,069

41.78


4,063

41.57

4,063

41.57


9,532

97.87

9,532

97.87


9,466

96.85

9,466

96.85

Cash and cash equivalents

209

2.13

209

2.13


307

3.15

307

3.15


9,741

100.00

9,741

100.00


9,773

100.00

9,773

100.00

Unquoted Qualifying Holdings










Hydro Electric Power










Green Highland  Allt Choire A Bhalachain Ltd

30

0.31

30

0.31


-  

-  

-  

-  

Green Highland Allt Garbh Ltd

2,250

23.10

2,250

23.10


2,250

23.02

2,250

23.02

Green Highland Allt Ladaidh (1148) Ltd

1,470

15.09

1,470

15.09


1,470

15.04

1,470

15.04

Green Highland Allt Luaidhe (228) Ltd

855

8.78

855

8.78


855

8.75

855

8.75

Green Highland Allt Phocachain (1015) Ltd

858

8.81

858

8.81


828

8.47

828

8.47


5,463

56.09

5,463

56.09


5,403

55.28

5,403

55.28





















Unquoted Non Qualifying Holdings










Hydro Electric Power










Green Highland  Allt Choire A Bhalachain Ltd

3

0.03

3

0.03


-  

-  

-  

-  

Green Highland Allt Ladaidh (1148) Ltd

30

0.31

30

0.31


30

0.31

30

0.31

Green Highland Allt Luaidhe (228) Ltd

61

0.63

61

0.63


61

0.62

61

0.62

Green Highland Allt Phocachain (1015) Ltd

3

0.03

3

0.03


-  

-  

-  

-  

Kinlochtecius Hydro Ltd

1,167

11.98

1,167

11.98


1,167

11.94

1,167

11.94

SME Funding:






-  


-  


Hydro Electric Power






-  


-  


Broadpoint 2 Ltd

800

8.21

800

8.21


800

8.19

800

8.19

Broadpoint 3 Ltd

1,005

10.32

1,005

10.32


1,005

10.28

1,005

10.28

Other






-  


-  


Funding Path Ltd

1,000

10.27

1,000

10.27


1,000

10.23

1,000

10.23


4,069

41.78

4,069

41.78


4,063

41.57

4,063

41.57

 

The B Share Fund

 

Statement of Comprehensive Income


Unaudited


Audited

Note

6 months ended 31 August 2016


Year ended 29 February 2016



Revenue

Capital

Total


Revenue

Capital

Total



£'000

£'000

£'000


£'000

£'000

£'000

 

Investment income

4

30

-  

30


-  

-  

-  

Investment return


30

-  

30


-  

-  

-  

Investment management fees

5

(43)

(12)

(55)


-  

-  

-  

Other expenses


(11)

-  

(11)


-  

-  

-  

Loss before taxation


(24)

(12)

(36)


-  

-  

-  

Taxation

7

-  

-  

-  


-  

-  

-  

Loss after taxation


(24)

(12)

(36)


-  

-  

-  

Loss and total comprehensive (loss) for the period


(24)

(12)

(36)


-  

-  

-  

Basic and diluted (loss) per share

8

(0.44p)

(0.23p)

(0.67p)


-   

-   

-   




Unaudited



Audited

Balance Sheet

Note

31 August 2016


29 February 2016





£'000




£'000

Non-current assets









Financial assets at fair value through profit or loss




6,760




-  










Current assets









Financial assets held for sale




-  




-  

Receivables




22




-  

Cash and cash equivalents

9



54




-  





76




-  

Current liabilities









Payables




(48)




-  

Net assets




6,788




-  










Equity attributable to equity holders



6,788




-  

Net asset value per share

11



99.47p




-  

Statement of Changes in Shareholders' Equity












Unaudited



Audited



31 August 2016



29 February 2016





£'000




£'000

Opening shareholders' funds




-  




-  

Issue of new shares




6,824




-  

Purchase of own shares




-  




-  

Loss for the period




(36)




-  

Dividend paid




-  




-  

Closing shareholders' funds




6,788




-  

 

Non-Statutory Analysis - The B Share Fund

 

Investment Portfolio

Unaudited


Audited


31 August 2016


29 February 2016


        Cost 

     Valuation


        Cost 

     Valuation


£'000

£'000


£'000

£'000

Unquoted Qualifying Holdings

4,600

67.51

4,600

67.51


-  

-  

-  

-  

Unquoted Non Qualifying Holdings

2,160

31.70

2,160

31.70


-  

-  

-  

-  


6,760

99.21

6,760

99.21


-  

-  

-  

-  

Cash and cash equivalents

54

0.79

54

0.79


-  

-  

-  

-  


6,814

100.00

6,814

100.00


-  

-  

-  

-  

 

 

Unquoted Qualifying Holdings










Gas Power










Distributed Generators Ltd

3,200

46.96

3,200

46.96


-  

-  

-  

-  

Green Highland Hydro Generation Ltd *

1,400

20.55

1,400

20.55


-  

-  

-  

-  


4,600

67.51

4,600

67.51


-  

-  

-  

-  











Unquoted Non Qualifying Holdings










Modern Power Generation Ltd

2,160

31.70

2,160

31.70


-  

-  

-  

-  


2,160

31.70

2,160

31.70


-  

-  

-  

-  

 

 

 

·   Since the 31 August 2016 Green Highland Hydro Generation Ltd has changed its name to Green Peak Generation Ltd


Unaudited Statement of Comprehensive Income

 



Unaudited


Audited


Unaudited



6 months ended


Year ended


6 months ended



31 August 2016


29 February 2016


31 August 2015


Note

Revenue

Capital

Total


Revenue

Capital

Total


Revenue

Capital

Total



£'000

£'000

£'000


£'000

£'000

£'000


£'000

£'000

£'000














Investment income

4

507

-  

507


2,265

-  

2,265


1,979

-  

1,979

Gain/(loss) arising on the realisation of investments during the period


-  

88


-  

(1,588)

(1,588)


-  

(1,590)

(1,590)

(Loss)/gain arising on the revaluation of investments at the period end


-  

(124)

(124)


-  

228

228


-  

(111)

(111)

Investment return


507

(36)

471


2,265

(1,360)

905


1,979

(1,701)

278

Investment management fees

5

187

123

310


332

193

525


205

151

356

Financial and regulatory costs


14

-  

14


27

-  

27


15

-  

15

General administration


1

-  

1


12

-  

12


5

-  

5

Legal and professional fees


76

-  

76


46

19

65


19

17

36

Directors' remuneration

6

22

-  

22


40

-  

40


20

-  

20

Interest payable


-  

-  

-  


58

-  

58


58

-  

58

Operating expenses


300

123

423


515

212

727


322

168

490

Profit/(loss) before taxation


207

(159)

48


1,750

(1,572)

178


1,657

(1,869)

(212)

Taxation

7

(36)

36

-  


(18)

18

-  


7

(7)

-  

Profit/(loss) after taxation


171

(123)

48


1,732

(1,554)

178


1,664

(1,876)

(212)

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


171

(123)

48


1,732

(1,554)

178


1,664

(1,876)

(212)














Basic & diluted earnings per share


n/a

n/a

n/a


n/a

n/a

n/a


n/a

n/a

n/a














The total column of this statement is the Statement of Comprehensive Income of the Company prepared in accordance with International Financial Reporting Standards (IFRS). The supplementary revenue return and capital columns have been prepared in accordance with the Association of Investment Companies Statement of Recommended Practice (AIC SORP). All revenue and capital items in the above statement derive from continuing operations. This Statement of Comprehensive Income includes all recognised gains and losses. The accompanying notes are an integral part of this statement.


Balance Sheet

 



Unaudited  

31 August 2016


Audited

29 February 2016


Unaudited

31 August 2015


Note

£'000


£'000


£'000








Non current assets







Financial assets at fair value through profit or loss


18,335


15,216


17,718








Current assets







Assets held for sale


-  


793


-  

Receivables


1,202


957


825

Cash and cash equivalents

9

4,808


337


2,607



6,010


2,087


3,432

Total assets


24,345


17,303


21,150








Current liabilities







Payables and accrued expenses


292


122


146



292


122


146

Net assets


24,053


17,181


21,004








Equity attributable to equity holders







Share capital

10

371


303


303

Share Premium


16,683


9,927


9,927

Chare redemption reserve


1


1


1

Special distributable reserve


4,900


4,900


7,449

Capital reserve


1,859


1,982


1,660

Revenue reserve


239


68


1,664

Total equity


24,053


17,181


21,004








Net asset value per share  (pence)


n/a


n/a


n/a

 

 

The statements were approved by the Directors and authorised for issue on 12 October 2016 and are signed on their behalf by:

 

 

 

Jane Owen

Chairman

12 October 2016

 

The accompanying notes are an integral part of this statement.

 

 

Statement of Changes in Shareholders' Equity

 










Issued Capital

Share Premium

Share Redemption Reserve

Special Distributable Reserve

Capital Reserve

Revenue Reserve

Total

 


£'000



£'000

£'000

£'000

£'000









6 months ended 31 August 2016








Opening balance

303

9,927

1

4,900

1,982

68

17,181

Issue of share capital

68

6,904

-  

-  

-  

-  

6,972

Cost of issue of shares

-  

(148)

-  

-  

-  

-  

(148)

Transactions with owners

68

6,756

-  

-  

-  

-  

6,824

Total comprehensive (loss)/profit for the period

-  

-  

-  

-  

(123)

171

48

Balance at 31 August 2016

371

16,683

1

4,900

1,859

239

24,053

The Capital Reserve consists of:








Investment holding losses





(154)



Other realised gains




2,013








1,859



Year ended 29 February 2016








Opening balance

203

-  

1

16,630

3,536

183

20,553

Issue of share capital

100

10,168

-  

-  

-  

-  

10,268

Cost of issue of shares

-  

(241)

-  

(132)

-  

-  

(373)

Dividend Paid

-  

-  

-  

(11,598)

-  

(1,847)

(13,445)

Transactions with owners

100

9,927

-  

(11,730)

-  

(1,847)

(3,550)

Total comprehensive (loss)/profit for the year

-  

-  

-  

-  

(1,554)

1,732

178

Balance at 29 February 2016

303

9,927

1

4,900

1,982

68

17,181

The Capital Reserve consists of:








Investment holding gains





164



Other realised gains




1,818








1,982



6 months ended 31 August 2015








Opening balance

203

-  

1

16,630

3,536

183

20,553

Issue of share capital

100

10,168

-  

-  

-  

-  

10,268

Cost of issue of shares

-  

(241)

-  

(132)

-  

-  

(373)

Dividends paid

-  

-  

-  

(9,049)

-  

(183)

(9,232)

Transactions with owners

100

9,927

-  

(9,181)

-  

(183)

663

Total comprehensive (loss)/profit for the period

-  

-  

-  

-  

(1,876)

1,664

(212)

Balance at 31 August 2015

303

9,927

1

7,449

1,660

1,664

21,004

The Capital Reserve consists of:








Investment holding (losses)





(175)



Other realised gains




1,835








1,660



 

The capital reserve represents the proportion of Investment Management fees charged against capital and realised/unrealised gains or losses on the disposal/revaluation of investments. The unrealised capital reserve is not distributable. The special distributable reserve was created on court cancellation of the share premium account. The revenue reserve, realised capital reserve and special distributable reserve are distributable by way of dividend.

 

 

Statement of Cash Flows

 


Unaudited


Audited


Unaudited


6 months ended

Year ended

6 months ended

31 August 2016


29 February 2016


31 August 2015


£'000


£'000


£'000







Cash flows from operating activities






Profit/(loss) before taxation

48


178


(212)

(Profit)/loss arising on the disposal of investments during the period

(88)


1,588


1,590

Loss/(gain) arising on the revaluation of investments at the period end

124



111

Cash generated by operations

84


1,538


1,489

(Increase) in receivables

(244)


(187)


(715)

Increase/(decrease) in payables

170


(16)


8

Net cash flows from operating activities

10


1,335


782

Cash flows from investing activities






Purchase of financial assets at fair value through profit or loss

(5,850)


(17,636)


(13,582)

Sales of financial assets at fair value through profit or loss

3,487


20,171


14,727

Net cash flows from investing activities

(2,363)


2,535


1,145

Cash flows from financing activities






Issue of shares

6,824


9,895


9,895

Dividends paid

-  


(13,445)


(9,232)

Net cash flows from financing activities

6,824


(3,550)


663

Net increase in cash and cash equivalents

4,471


320


2,590

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






Cash and cash equivalents at 1 March 2016

337


17


17

Net increase in cash and cash equivalents

4,471


320


2,590

Cash and cash equivalents at 31 August 2016

4,808


337


2,607















 

 

The accompanying notes are an integral part of this statement.

 

Notes to the Unaudited Interim Financial Report

 

1       Corporate information             

                                                                                                                 

The Unaudited Interim Financial Report of the Company for the 6 months ended 31 August 2016 was authorised for issue in accordance with a resolution of the Directors on 12 October 2016.

 

The Company is listed on the London Stock Exchange.

 

Triple Point VCT 2011 plc is incorporated and domiciled in Great Britain. The address of Triple Point VCT 2011 plc's registered office, which is also its principal place of business, is 18 St. Swithin's Lane, London, EC4N 8AD.

 

Triple Point VCT 2011 plc's Unaudited Interim Financial Report is presented in Pounds Sterling (£) which is also the functional currency of the Company, rounded to the nearest thousand.

 

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

 

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

                                                                                                                                   

2       Basis of preparation and accounting policies                                      

                                                                                                                                    

Basis of preparation

 

The Unaudited Interim Financial Report of the Company for the 6 months ended 31 August 2016 has been prepared in accordance with IAS 34: Interim Financial Reporting. The same accounting policies and methods of computation are followed in the Interim Financial Report as were followed in the most recent Financial Statements. It does not include all of the information required for full Financial Statements and should be read in conjunction with the Financial Statements for the year ended 28 February 2016.

                                    

Estimates

 

The preparation of the Unaudited Interim Financial Report requires management to make judgements, estimates and assumptions that reflect the application of accounting policies and the reported amounts of assets and liabilities, income and expenditure. However, actual results may differ from these estimates.

 

3.      Segmental reporting

                                                                                                                                             

The Company only has one class of business, being investment activity. All revenues and assets are generated and held in the UK. 

 

4.           Investment income

 


Unaudited


Audited


6 months ended


Year ended


31 August 2016


29 February 2016


Ordinary Shares

A Shares

B Shares

Total


Ordinary Shares

A Shares

B Shares

Total


£'000

£'000

£'000

£'000


£'000

£'000

£'000

£'000

Interest receivable on bank balances

-  

-  

-  

-  


3

2

-  

5

Loan stock interest

49

311

30

390


281

320

-  

601

Dividend Income

117

-  

-  

117


1,659

-  

-  

1,659


166

311

30

507


1,943

322

-  

2,265

 

5.      Investment management fees

                                                                                                                                             

TPIM provides investment management and administration services to the Company under an Investment Management Agreement effective 23 September 2010 and a deed of variation to that agreement effective 23 December 2015.The agreement provides for an investment management fee of 2.25% per annum of net assets payable quarterly in arrear for Ordinary Shares until 1 October 2016. The agreement provides for an investment management fee of 2.00% per annum of net assets payable quarterly in arrear for A Shares. For A Shares the appointment shall continue for a period of at least 6 years from the admission of those shares. The agreement provides for an investment management fee of 1.90% per annum of net assets payable quarterly in arrear for B Shares. For B Shares the appointment shall continue for a period of at least 6 years from the admission of those shares. The agreement provides for an annual fee for administration services of £37,500 per annum, payable quarterly in arrear.

 

6.      Directors' remuneration

 


Unaudited


Audited


6 months ended


Year ended


31 August 2016


29 February 2016


Ordinary Shares

A Shares

B Shares

Total


Ordinary Shares

A Shares

B Shares

Total


£'000

£'000

£'000

£'000


£'000

£'000

£'000

£'000

Jane Owen

3

4

1

8


8

7

-  

15

Chad Murrin

2

3

2

7


7

6

-  

13

Tim Clarke

2

3

2

7


5

7

-  

12

Total

7

10

5

22


20

20

-  

40

 

7.      Taxation

 


Unaudited


Audited


6 months ended


Year ended


31 August 2016


29 February 2016


Ordinary Shares

A Shares

B Shares

Total


Ordinary Shares

A Shares

B Shares

Total


£'000

£'000

£'000

£'000


£'000

£'000

£'000

£'000

Profit on ordinary activities before tax

(106)

190

(36)

48


41

137

-  

178











Corporation tax @ 20%

(21)

38

(7)

10


8

27

-  

35

Effect of:


-  

-  

-  




-  

-  

Utilisation of tax losses brought forward

(32)

-  

-  

(32)


-  

-  

-  

-  

Capital losses/(gains) not taxable

7

-  

-  

7


272

-  

-  

272

Dividends received not taxable

(23)

-  

-  

(23)


(332)

-  

-  

(332)

Disallowed expenditure

13

-  

-  

13


-  

-  

-  

-  

Unrelieved tax losses arising in the year

18

-  

7

25


25

-  

25

Tax (credit)/charge 

(38)

38

-  

-  


(27)

27

-  

-  

 

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

 

8.      Earnings per share

 

Earnings per Ordinary Share are based on the loss after tax of £68,000 and on the weighted average number of shares in issue during the period of 20,349,869. Earnings per A Share are based on the profit after tax of £152,000 and on the weighted average number of shares in issue during the period of 9,951,133. Earnings per B Share are based on the loss after tax of £36,000 and on the weighted average number of shares in issue during the period of 5,406,422.

Weighted average number of shares:

 


Ordinary Shares


A Shares


Shares

No. of

Weighted


Shares

No. of

Weighted


Issued

Days

Average


Issued

Days

Average









01-Mar-16

20,349,869

184

20,349,869


9,951,133

184

9,951,133









31-Aug-16

20,349,869

184

20,349,869


9,951,133

184

9,951,133

 


B Shares


Shares

No. of

Weighted


Issued

Days

Average





01-Mar-16

-  

184

-  

04-Apr-16

5,768,291

150

4,702,411

05-Apr-16

63,037

149

51,046

03-May-16

992,938

121

652,965





31-Aug-16

6,824,266

184

5,406,422

 

 

9.      Cash and cash equivalents

 

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

 

10.    Share capital


Unaudited

Audited


31 August 2016

29 February 2016




Ordinary Shares of £0.01 each



Issued & Fully Paid



Number of shares

20,349,869

20,349,869

Par Value £'000

203

203

Authorised



Number of shares

60,000,000

60,000,000

Par Value £'000

600

600




A Ordinary Shares of £0.01 each



Issued & Fully Paid



Number of shares

9,951,133

9,951,133

Par Value £'000

100

100

Authorised



Number of shares

10,000,000

10,000,000

Par Value £'000

100

100  




B Ordinary Shares of £0.01 each



Issued & Fully Paid



Number of shares

6,824,266

-  

Par Value £'000

68

-  

Authorised



Number of shares

10,000,000

-  

Par Value £'000

100

-  




 

11.    Net asset value per share

 

The calculation of net asset value per share for the Ordinary Shares is based on Net Assets of £7,108,000 divided by the 20,349,869 Ordinary Shares in issue.

 

The calculation of net asset value per share for the A Shares is based on Net Assets of £10,157.000 divided by the 9,951,133 A Shares in issue.

 

The calculation of net asset value per share for the B Shares is based on Net Assets of £6,788,000 divided by the 6,824,266 B Shares in issue.

 

12.    Commitments and contingencies                                                                                     

                                                                                                                                     

The Company has no contingent liabilities or commitments.

 

13.    Relationship with Investment Manager                          

 

During the period, TPIM received £244,328 which has been expensed, for providing management and administrative services to the Company. There is also a provision for £70,000 which represents a 1% exit fee payable to TPIM when the remaining funds are returned to Ordinary Shareholders.

 

14.    Related party transactions                         

 

There were no related party transactions during the period.

 

 

 

15.    Post balance sheet events

 

There were no post balance sheet events.

 

16.    Dividend

 

The Board has resolved to pay a further dividend to Ordinary Class Shareholders of £4.9 million equal to 24p per share which will be paid on 11 November 2016 to shareholders on the register on 28 October 2016.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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