TIDMTPOA TIDMTTM TIDMTPOB TIDMTPON
RNS Number : 5849S
Triple Point VCT 2011 PLC
09 July 2020
9 July 2020
Triple Point VCT 2011 plc
(the "Company")
NET ASSET VALUES FOR THE QUARTER ENDED 31 MAY 2020
The Company
The Company's funds at 31 May 2020 were invested in a portfolio
of VCT qualifying and non-qualifying unquoted investments.
The Venture Fund is progressing well in deploying its funds, and
now has 11 qualifying investments as at 31 May 2020, at a valuation
totalling GBP4.61m. While a further 3 investments are scheduled to
close imminently.
During the period the Company allotted 4,810,332 new Venture
Shares raising gross proceeds of GBP4.8m. Following the reporting
date on 1 June 2020 a further 200,222 shares were allotted raising
additional gross proceeds of GBP192k.
Following the outbreak of the COVID-19 pandemic and in
particular the impact of the associated economic disruption on
portfolio companies within the Venture share class. The Board,
advised by the Investment Manager, reviewed the porfolio and made a
provision of cGBP500k for potential impairment.
This provision reflected valuation adjustments across the
portfolio, which are carried at fair value, resulting from economic
and venture funding conditions arising from the COVID-19 pandemic.
The portfolio benefits from having both a significant portion of
assets held in cash and from the relative youth of its venture
portfolio, meaning that most investee companies themselves entered
the COVID-19 lockdown period with significant cash resources and
cash runways, on average, of over a year.
Nevertheless COVID-19 has inevitably impacted the ability of
many portfolio companies to close sales during the lockdown and,
while Government initiatives have eased the cash flow burden for
some companies, cash resources available for future growth have
been reduced. In this light it was deemed appropriate to make a
provision on the NAV. Since then many portfolio companies have
adapted robustly to the new working environment and are seeing a
rebound in sales activity. The Board expect to formally review the
NAV again at the time of the interim results.
A Share Class
-- The Net Asset Value at 31 May 2020 was 51.47p per share. This
includes the provision for dividends paid on 30 June 2020.
-- During the 3-month period to 31 May 2020 the A Share Class
made a profit of 0.44p per share.
-- A further dividend of 6.25 pence per share was paid on 30
June 2020 bringing the total dividends paid to date to 70.00 pence
per share.
-- At 31 May 2020 Net Asset Value plus dividends paid and
declared (Total Shareholder Return) was 121.47p per share.
-- The table below shows the A Shares unquoted investment portfolio by sector at 31 May 2020:
Hydroelectric Power 87%
SME Funding Hydroelectric
Power 13%
----
B Share Class
-- The Net Asset Value at 31 May 2020 was 97.47p per share.
-- During the 3-month period to 31 May 2020 the B Share Class
made a small loss of 0.30p per share.
-- A further dividend of 5 pence per share was paid on 30 June
2020 bringing the total dividends paid to date to 10 pence per
share.
-- At 31 May 2020 Net Asset Value plus dividends paid and
declared (Total Shareholder Return) was 107.47p per share.
-- The table below shows the B Shares unquoted investment portfolio by sector at 31 May 2020:
Gas Power 85%
SME Funding Hydroelectric
Power 15%
----
Venture Share Class
-- The Net Asset Value at 31 May 2020 was 93.36p per share.
-- During the 3-month period to 31 May 2020 the Venture Share
Class made a loss of 4.74p per share. This loss is due to the
adjustment of its portfolio valuations referred to above following
the outbreak of the Coronavirus pandemic.
-- During the period the Venture Share fund made a GBP0.5m
investment into its 11th qualifying company, meaning that around
63% of Venture Share Class funds raised in 2019 had been deployed
into qualifying investments as at the date of this update.
-- At the reporting period the Venture Fund has 53% of it's Net Assets in cash.
-- The Venture Share Class will pay it's first dividend to
shareholders on 31 July 2020 of 3p per share.
-- The table below shows the Venture Funds unquoted investment
portfolio by sector at 31 May 2020:
Software as a Service
(SaaS) 9%
Telecoms 5%
----
Human resources 5%
----
Fintech 34%
----
Health 20%
----
Digital marketing 14%
----
Education 3%
----
SME Funding - Other 10%
----
Net Assets at 31 May 2020:
Venture
A Shares B Shares Shares Total
--------- --------- -------- --------
GBP'000 GBP'000 GBP'000 GBP'000
--------- --------- -------- --------
VCT qualifying unquoted
investments 4,887 5,620 4,615 15,122
--------- --------
VCT non qualifying unquoted
investments - 1,005 494 1,499
--------- --------- --------
Cash and cash equivalents 588 494 5,663 6,745
--------- --------- --------
Total Investments 5,475 7,119 10,772 23,366
--------- --------- --------
Other assets & liabilities (353) (484) (35) (872)
--------- --------- -------- --------
Net assets 5,122 6,635 10,737 22,494
--------- --------- -------- --------
Net asset value per share
(pence) 51.47 97.47 93.36
--------- --------- -------- --------
Net Assets at 29 February 2020:
Venture
A Shares B Shares Shares Total
--------- --------- -------- --------
GBP'000 GBP'000 GBP'000 GBP'000
--------- --------- -------- --------
VCT qualifying unquoted
investments 4,887 5,620 4,590 15,097
--------- --------
VCT non-qualifying unquoted
investments 550 1,005 495 2,050
--------- --------- --------
Cash and cash equivalents 2 504 1,564 2,070
--------- --------- --------
Total Investments 5,439 7,129 6,649 19,217
--------- --------- --------
Other assets & liabilities 310 (133) (24) 153
--------- --------
Net assets 5,749 6,996 6,625 19,370
--------- --------- --------
Net asset value per share
(pence) 57.78 102.77 99.01
--------- --------- -------- --------
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management Tel: 020 7201 8989
LLP
(Investment Manager)
Ben Beaton
Belinda Thomas
Ian McLennan
Seb Wallace
The Company's LEI is 213800AOOAQA5XQDEA89
Further information on the Company can be found on its website
https://www.triplepoint.co.uk/current-vcts/triple-point-vct-2011-plc/s2539/
.
NOTES:
The Company is a Venture Capital Trust incorporated in July
2010. The Investment Manager is Triple Point Investment Management
LLP. The Company was established to fund small and medium sized
enterprises (SMEs). The Company launched a new share class, known
as The Venture Fund, in March 2019 which is mandated to invest in
SMEs producing products or digital services that solve challenges
faced by their larger corporate customers.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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