TIDMTPOA TIDMTTM TIDMTPOB TIDMTPON
RNS Number : 7223O
Triple Point VCT 2011 PLC
12 October 2021
12 October 2021
Triple Point VCT 2011 plc
(the "Company")
RESULTS FOR THE SIX MONTHSED 31 AUGUST 2021
The Directors of Triple Point VCT 2011 plc are pleased to
announce the unaudited results for the six months ended 31 August
2021.
You may view the Interim Report in due course on the Triple
Point website: www.triplepoint.co.uk .
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management Tel: 020 7201 8989
LLP
(Investment Manager)
Ian McLennan
Belinda Thomas
The Company's LEI is 213800AOOAQA5XQDEA89
Further information on the Company can be found on its website
https://www.triplepoint.co.uk/current-vcts/triple-point-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.
Financial Summary
Six months ended 31 August
2021
Venture
Unaudited A Shares B Shares Shares Total
Net assets GBP'000 4,838 3,847 25,609 34,294
Net asset value per share Pence 49.49p 56.91p 110.91p
---------- ---------- ---------
Profit/(loss) before tax GBP'000 62 (38) 4,239 4,263
Earnings/(loss) per share Pence 0.50p (0.47p) 21.29p
---------- ---------- --------- ---------
Cumulative return to shareholders
(p)
Net asset value per share 49.49p 56.91p 110.91p
Total dividends paid 73.50p 10.00p 6.00p
Net asset value plus dividends
paid 122.99p 66.91p 116.91p
--------------------------------------------- ---------- ---------- --------- ---------
Year ended 28 February 2021
Venture
Audited A Shares B Shares Shares Total
Net assets GBP'000 5,216 3,907 14,209 23,331
Net asset value per share Pence 52.43p 57.36p 93.26p
---------- ---------- ---------
Profit/(loss) before tax GBP'000 172 (2,772) (209) (2,809)
Earnings per share Pence 1.40p (40.41p) (1.16p)
---------- ---------- --------- ---------
Cumulative return to shareholders
(p)
Net asset value per share 52.43p 57.36p 93.26p
Total dividends paid 70.00p 10.00p 3.00p
Net asset value plus dividends
paid 122.43p 67.36p 96.26p
--------------------------------------------- ---------- ---------- --------- ---------
Six months ended 31 August
2020
Venture
Unaudited A Shares B Shares Shares Total
Net assets GBP'000 5,154 6,612 11,232 22,998
Net asset value per share Pence 51.79p 97.13p 90.00p
---------- ---------- ---------
Profit/(loss) before tax GBP'000 95 (55) (667) (627)
Earnings/(loss) per share Pence 0.76p (0.64p) (5.71p)
---------- ---------- --------- ---------
Cumulative return to shareholders
(p)
Net asset value per share 51.79p 97.13p 89.54p
Total dividends paid 70.00p 10.00p 3.00p
Net asset value plus dividends
paid 121.79p 107.13p 92.54p
--------------------------------------------- ---------- ---------- --------- ---------
Triple Point VCT 2011 plc ("the Company") is a Venture Capital
Trust ("VCT"). The Investment Manager is Triple Point Investment
Management LLP ("TPIM" and "Triple Point"). The Company was
incorporated in July 2010.
-- A Ordinary Shares ("A Shares"): On 30 April 2015 the A Share
Class offer closed having raised GBP10.3 million with a total of
9,951,133 A Shares being issued.
-- B Ordinary Shares ("B Shares"): On 29 April 2016 the B Share
Class offer closed having raised GBP6.97 million with a total of
6,824,266 B Shares being issued.
-- Venture Shares ("Venture Fund"): On 20 August 2021 the third
Venture Fund offer closed having raised gross proceeds of GBP10.7
million with a total of 10,795,347 Venture Shares being issued.
This takes gross proceeds raised to date to GBP23.4 million and
23,087,868 Venture Shares have now been issued.
Key Highlights
-- A Shares Cumulative Dividends Paid: 73.50p (a dividend of
3.50 pence per A Share was paid on 25 June 2021).
-- B Shares Cumulative Dividends Paid: 10.00p (nil B share dividends paid during the period).
-- Venture Shares: 6.00p (a dividend of 3.00 pence per Venture
Share was paid on 30 July 2021).
-- Total Return per A Share *: 122.99p (total Return for the A
Share Class includes cumulative dividends paid of 73.50 pence per A
share).
-- Total Return per B Share *: 66.91p (total Return for the B
Share Class includes cumulative dividends paid of 10.00 pence per B
share).
-- Total Return per Venture Share *: 116.91p (total Return for
the Venture Share Class includes cumulative dividends paid of 6.00
pence per Venture share).
-- Fundraising: GBP10.7 m into the Venture Fund offer which closed on 20 August 2021.
*Total Return is made up from the current Net Asset Value plus
Dividends paid to date. Total Return is defined as an Alternative
Performance Measure ("APM"). Total Return, calculated by reference
to the cumulative dividends paid plus net asset value (excluding
tax reliefs received by shareholders), is the primary measure of
performance in the VCT industry.
Chair's Statement
I am writing to present the Interim Report for the Company for
the period ended 31 August 2021.
This period has seen a welcome lift to the restrictions in place
due to the Covid-19 pandemic to the 'new normal', both for our
businesses and the wider marketplace. Our Venture portfolio has
continued to perform well through the current period, having made
six new qualifying investments, at a total investment of GBP6.7
million. It has also seen an increase in the NAV of 80% since 28
February 2021. Further information on the investment portfolio for
all the Share Classes can be found below and in the Investment
Manager's review.
Offer for Subscription of Venture Shares
The recent Offer for Subscription of Venture Shares closed on 20
August 2021. The Board are pleased to announce that the offer
raised GBP10.7 million and resulted in the issuance of 10,795,347
new Venture Shares. On behalf of the Board, I would like to welcome
all new Shareholders and to also thank the existing Shareholders
for their continued support.
The Board and the Investment Manager believe that the level of
Venture investment opportunity in our chosen sectors continues to
be promising. The Company has announced that it is seeking to raise
a further GBP10 million (with a GBP15 million over-allotment
facility), under a new top-up offer for the Venture Fund, to
continue investing in early-stage businesses with strong, long-term
growth potential. The offer for subscription opened on 15 September
2021, subject to Shareholder approval, and will close on 29 July
2022.
Investment Portfolio
The Company's funds at 31 August 2021 were 88% 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 A and B Share Classes remain fully deployed and further
information regarding these share classes is set out in both the
Chair's Statement and Investment Manager's Review below.
As at 31 August 2021, the Venture Fund had deployed GBP15.0
million into 25 qualifying investments. Our latest new investment,
Ryde, closed in July 2021, and there were 3 further follow-on
investments during the month of August taking deployment in the
Share Class to over 60%.
Regulation
Legislation introduced through the Finance Act 2018 began to
apply to the Company from 1 March 2020, implementing an increase in
the qualifying investment test to 80%. The Investment Manager
continues to monitor this ratio closely and the Board are pleased
that the Company comfortably continues to meet the new
requirements.
In line with HMRC guidance, any new investments made by the
Company are now self-assured by the Board and the Investment
Manager on a case-by-case basis and always with confirmation from
professional legal advisers that they are Qualifying Investments,
unless the company has already received a suitable advance
assurance directly from HMRC . Advance assurance is sought where
there is an element of uncertainty or doubt over the application of
the rules.
The Company continued to satisfy all other tests relevant to its
status as a Venture Capital Trust.
A Share Class
At the Company's A Share Class meeting on 28 July 2021, the
Board put forward a resolution to proceed with the disposal of its
assets, which was passed on a show of hands. Following this
resolution, and as announced on 29 September 2021, the Board is
pleased to report that it has entered into a period of exclusivity
with a preferred bidder for the sale of a substantial part of its
portfolio of hydroelectric assets which are predominantly held in
the A Share Class, with the exception of its interest in Green
Highland Shenval Limited "Shenval". Separately, the Company is
exploring the options to dispose of its interest in Shenval once a
favourable sale price and terms can be achieved, and an update will
be provided to A Shareholders in due course.
The company has revised its dividend target for the A Share
Class, such that the net proceeds of the sale of the hydroelectric
assets would be paid to A Shareholders following the sale of its
assets. At the appropriate time, the Company will seek shareholder
approval at a general meeting to wind down and ultimately to cancel
the A share class. During the period, the Board has exercised its
discretion not to facilitate share buybacks in the A Share Class
due to insufficient liquidity. The Board will continue to monitor
this position.
The A Share Class has recorded a profit over the period of 0.50
pence per share and as at 31 August 2021 the NAV per share stood at
49.49 pence per share. Following payment of the most recent 3.50
pence per share dividend, A Shareholders have now received an
amount of 73.5 pence per share, excluding the initial tax relief of
30%. Total return for the A Share Class, which consists of the net
assets plus dividends paid to investors since launch, currently
stands at 122.99 pence per share. Therefore, we are achieving our
target for the A Share Class.
B Share Class
The B Share Class has qualifying investments in two companies
that have each constructed a gas fired energy centre . The B Share
Class has recorded a small loss over the period of 0.47 pence per
share due to running costs of the Share Class exceeding income. At
31 August 2021 the NAV per share stood at 56.91 pence per share.
Total Return for the B Share Class, which consists of the net
assets plus dividends paid to investors since launch currently
stands at 66.91 pence per share.
The Board note that due to an insufficient number of votes being
cast, the resolution at the AGM on 12 July 2021 in respect of the
sale of the B Share Class Assets failed to carry. Nevertheless, the
Board note that the votes which were cast were overwhelmingly in
favour of a sale and that the B Share Class has now surpassed its
5-year holding period. However, in light of the water ingress issue
explained further in the Investment Manager's Review, it is the
Investment Manager and the Board's view that any sale process for
the assets should be re-evaluated once the engine has been repaired
and better indications of future availability have been
demonstrated. At that time, the Board will evaluate whether it
should reapproach the market to sell the assets or continue to
retain them in order to optimise returns for B Shareholders.
Separately, the B Share Class interest in Broadpoint 3 Limited
is included as part of the hydroelectric asset sale as set out in
the update for the A Share Class.
Once the Company's interest in Broadpoint 3 Limited has been
disposed, at the appropriate time, the proceeds of sale will be
returned to B Shareholders by way of a special dividend. In
addition, where the Board receives excess cash generated through
the gas fired energy assets prior to their sale, it will consider
whether it is appropriate to declare an additional dividend. During
the period, the Board has exercised its discretion not to
facilitate share buybacks in the B Share Class due to insufficient
liquidity. The Board will continue to monitor this position.
Venture Fund
The Venture Fund recorded a healthy profit during the period of
21.29 pence per share, largely due to unrealised net gains in the
values of its portfolio investments. As explained below this was a
result of several of the Fund's earlier investments having
successful follow-on funding rounds at higher share price
valuations, offset to some extent by some provisioning being made
against investments that have underperformed.
A year ago, we focused on the impact of Covid-19 on the
portfolio however we are pleased to report that the Venture Fund
has, so far, come through this difficult period relatively
unscathed. The Fund benefited from being a relatively young fund
going into the Covid-19 lockdowns and associated economic and
revenue disruptions during 2020. The Investment Manager was able to
benefit from the Fund's high liquidity position to deploy
substantial funds into new opportunities in 2020/21, taking
advantage of an acceleration of innovation in the market. In
addition, the investment portfolio already in place pre-pandemic
generally benefited from having raised money just ahead of the
pandemic and hence those companies were in a healthy position to
withstand any temporary business shocks from Covid-19.
Furthermore, given the Fund's business-to-business software
focus, there was relatively little exposure to the sectors more
impacted by Covid-19 such as travel and hospitality. Some
businesses in fact saw a benefit from the change or acceleration in
some societal dynamics over the last 18 months. These include, for
example, HeyDoc, where their health sector software includes easy
facilitation of video calls for medics which has boosted its
popularity, and Ably Realtime, whose solutions for reducing data
latency continued to be in strong demand as the world went digital.
Both companies had successful fundraises in the period under review
at valuations which were meaningfully higher than when the Fund had
originally invested in 2019. Both fund raises were led by new
independent investors with the Venture Fund expressing its
confidence in the future of both businesses by subscribing for our
pro rata share of these raises.
There have been a number of other increases in valuations and
some provisions made across the portfolio during this half year.
Our valuation policy is based primarily on share prices achieved in
the latest material funding round involving 3(rd) party investors,
and with provisions being made against valuations where in our
judgment a portfolio company is underperforming.
In general, the portfolio has been maturing with the slightly
more seasoned investments dating from 2019 seeing, on balance,
upward valuations which has led to the rise in the Venture Fund NAV
mentioned above.
The Fund's NAV has seen several positive increases over the last
18 months as the investee company valuations have recovered from
some weakness at the onset of Covid-19 to benefit from the trends
mentioned above as well as the general recovery in investor risk
appetite and funding availability for technology start-ups.
Investors should remain aware that Venture Fund NAV volatility may
remain high and will be impacted by trends in global venture
capital valuations as well as the portfolio's underlying commercial
performance.
By the end of August 2021, all the Venture Fund's 2019 and 2020
raises had been invested into qualifying venture investments, and
the share class is currently over 75% invested. There were 14
investments made in the period under review including 6 new
investments and 8 follow-on investments into existing portfolio
companies, reflecting the maturing of the 2019 investments. While
all the investments involved software services or platforms, the
sub-sectors included Cyber-security, Middleware software,
logistics, Digital Health and Fintech. More detail on these
investments can be found in the Investment Manager's Review.
Both the Board and the Investment Manager believe Environmental,
Social and Governance ("ESG") considerations are important and they
are taken into account through the investment process within the
Venture Fund. Whilst early-stage companies do not have the scale or
resources to adopt the full scale of ESG initiatives open to large
corporates, we always check the processes and policies they have in
place to ensure that they are proportionate to their size and
activities.
Outlook
The Board are pleased with the progress in the sale of the
hydroelectric assets in the A Share Class following the A Share
Class Meeting in July 2021 . As reported to the market, the Company
has entered into a period of exclusivity with a preferred bidder
for sale of a substantial part of its portfolio of hydroelectric
power assets which are predominantly held in the A Share Class. The
Company will seek to dispose of the remaining asset in the A Share
Class once a favourable sale price and terms are achieved. The
Board will re-evaluate whether it should reapproach the market to
sell the gas-fired energy centre assets or retain the assets once
the operational issues have been rectified .
The venture capital funding market has been very robust of late,
making it a good time to be a founder with a good idea seeking
investment. We are conscious that the funding market for our
portfolio companies may not always be so supportive and that there
continue to be economic uncertainties, not least around the
continued global pandemic. We are pleased to report that t he third
Venture Fund offer for subscription closed on 20 August 2021 having
raised GBP10.7 million and the Investment Manager has already made
good progress in deploying some of those funds. We have a full
pipeline of new investments for the next six months including two
further investments that are already under heads-of-terms and in
the process of deal execution.
As highlighted above, the new offer for subscription announced
on 15 September 2021, subject to Shareholder approval, will
continue to target significant capital growth by investing in
early-stage innovative companies with a particular focus on the
business-to-business technology sector, and we remain excited about
the opportunities ahead.
If you have any questions about your investment, please do not
hesitate to contact Triple Point on 020 7201 8990.
Jane Owen
Chair
11 October 2021
Investment Manager's Review
Sector Analysis
During the period there have been changes to the Unquoted
Investment Portfolio. The Venture Fund has made investments into
six new companies, examples of which can be seen below in the
Investment Manager's Review. There were also six follow-on
deployments into existing Venture Fund portfolio companies.
The Unquoted Investment Portfolio can be analysed as
follows:
Electricity Generation SME Funding
Industry Fintech Middleware Health Logistics Insuretech Proptech Cyber HR Education Content Hydroelectric Gas Power Hydroelectric Other Total
Sector Security & Power Power Unquoted
Design Investments
--------- ----------- --------- ---------- ----------- ---------- --------- --------- ---------- --------- -------------- ---------- -------------- --------- ------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------- ----------- --------- ---------- ----------- ---------- --------- --------- ---------- --------- -------------- ---------- -------------- --------- ------------
Investments at 31 August 2021
A Shares - - - - - - - - - - 4,887 - - - 4,887
--------- ----------- --------- ---------- ----------- ---------- --------- --------- ---------- --------- -------------- ---------- -------------- --------- ------------
B Shares - - - - - - - - - - - 2,969 1,005 - 3,974
--------- ----------- --------- ---------- ----------- ---------- --------- --------- ---------- --------- -------------- ---------- -------------- --------- ------------
Venture Shares 5,678 4,285 4,175 1,751 2,151 1,088 351 800 354 121 - - - 495 21,228
--------- ----------- --------- ---------- ----------- ---------- --------- --------- ---------- --------- -------------- ---------- -------------- --------- ------------
5,678 4,285 4,175 1,751 2,151 1,088 351 800 354 121 4,887 2,969 1,005 495 30,089
--------- ----------- --------- ---------- ----------- ---------- --------- --------- ---------- --------- -------------- ---------- -------------- --------- ------------
Unquoted
Investments % 18.87% 14.24% 13.88% 5.82% 7.15% 3.62% 1.17% 2.66% 1.18% 1.18% 16.24% 9.87% 3.34% 1.61% 100.00%
--------- ----------- --------- ---------- ----------- ---------- --------- --------- ---------- --------- -------------- ---------- -------------- --------- ------------
* Other SME funding includes GBP455,000 of Venture Fund
investment into a UK-based company which provides finance to small
and medium-sized enterprises.
A Share Class
Hydroelectric Power 100%
B Share Class
Gas Power 85%
SME Funding Hydroelectric
Power 15%
100%
Venture Fund
Fintech 27%
Middleware 20%
Health 20%
Insuretech 10%
Logistics 8%
Proptech 5%
HR 4%
Cyber Security 2%
Education 2%
SME Funding - Other 2%
Content & Design 1%
100%
We have the pleasure in presenting our interim review for the
six months ended 31 August 2021.
Review & Future Developments
The past six months encompasses both a period of continued
Covid-19-related lockdown and the subsequent staged opening of most
of the economy and many social activities that had previously been
restricted. The UK and global economy have continued their recovery
from the shock of 2020, supported by significant fiscal spending
and unprecedented monetary stimulus across many geographies. Both
public and private capital investment markets have bounced back
strongly from earlier weakness, with activity in the UK venture
capital market for example returning to pre-Covid-19 highs. We are
currently in an environment of rapid innovation and robust economic
growth, but uncertainties seem even higher than usual, not least
the question of whether a partially Covid-19-vaccinated world may
face further social and/or economic disruption if Covid-19
infections surge during the northern hemisphere's winter
months.
Energy Investments - Active Asset Management
Both the A and B Share Class remain fully invested across
companies in the hydroelectric power sector and the gas power
sector. Despite the ongoing pandemic and the change in electricity
demand profile, investments across both share classes continue to
generate electricity.
Triple Point continue to work actively to both increase the
value of the Company's A and B Share Class portfolio through
operational improvements in the underlying assets and to protect
value where market conditions have deteriorated, this is best
illustrated by fixing power prices in the near term. Other areas
where hands-on asset management delivers additional shareholder
value is in relation to the negotiation of major commercial
contracts including the power purchase agreements for each
individual site and operation and maintenance agreements.
Triple Point continue to seek to reduce operating costs on a
project by project basis by, for example, successfully appealing
business rates assessments which has delivered significant savings
for investee companies.
A Share Class
The A Share Class has investments in five hydroelectric
companies which between them own six hydroelectric schemes in the
Scottish Highlands. All six schemes have been commissioned and are
operational. The primary means of optimising revenue from, and
hence capital value of hydroelectric assets is to ensure the plant
is kept available to generate electricity and to increase the
revenue per unit produced. The highest levels of electricity
generation can be achieved by proactive management by the operation
and maintenance providers through managing planned downtime and
ensuring that unplanned downtime is kept to a minimum.
During the period to 31 August 2021, the hydroelectric companies
generated 1,816 MWh of electricity. Based on an average of 3.81 MWh
annual use per household, the companies generated enough
electricity for 477 homes during the period. Low rainfall across
the Scottish Highlands over the period has had a significant impact
on output, which has fallen by c.50% on the same period last year,
however, it was envisaged in the forecast that there would be
periods of low rainfall over the operational lifetime of the
assets. In the wider market, power prices are rising and power
purchase agreements ("PPAs") entered into by the hydro companies
continue to be above the government FiT Export Tariff of 5.50p per
kWh, at 7p per kWh. There continues to be substantial uncertainty
surrounding Ofgem's ongoing review of the embedded benefits regime
which could impact the pricing under the PPAs from 2023-2024
onwards, at which time it is expected that the assets would have
been disposed. In addition, there continues to be no notable impact
of Covid-19 on the maintenance of the hydro schemes and sourcing
parts has not been an issue.
As set out in the Chair's Statement, the Company has entered
into an exclusivity agreement for the disposal of its hydroelectric
assets predominantly held in the A Share Class, with the exception
of its interest in Green Highland Shenval Limited "Shenval". A sale
at this time enables A shareholders to capitalise on the current
favourable market conditions reflecting low discount rates,
scarcity of in demand hydroelectric assets with inflation-linked
Feed-In-Tariff Income, and a long c.15 year remaining FIT period,
making these assets attractive to a buyer. Given that this area of
the market is relatively niche, several bidders with a strong
understanding of small scale run of the river hydroelectric assets
were selected and invited into the sale process to optimise value
for A shareholders. Pleasingly, offers were received from all those
invited to bid and the offers were assessed by a dedicated sell
side team within Triple Point and presented to the Board. Bids were
assessed based on reference to key criteria of: consideration;
conditionality of the bid; and acceptance of the share price
agreement terms, with a preferred bidder being chosen. The
Investment Manager was pleased with the outcome of the process and
will work together with the Board and the preferred bidder to
complete the transaction prior to the conclusion of the exclusivity
period.
B Share Class
The B Share Class remains fully invested with two Qualifying
Investments in companies operating gas fired energy centres.
Both energy centres were commissioned in May 2018 and consist of
containerised gas combustion engines that generate electricity for
onward sale, especially at times when there is high demand for
power. Although renewable energy makes an increasing contribution
to the supply of energy in the UK, the irregular nature of its
production means that other sources will continue to be required to
make up the deficit. The fast start up times and low running costs
of the gas fired energy centres allow them to take advantage of
increased energy market volatility caused by the continued
penetration of irregular renewables onto the grid. For example, if
there is a sudden lull in wind output, prices begin to spike and
the energy centres can quickly take a profitable advantage, whilst
simultaneously helping balance the grid.
During the period to 31 August 2021, Green Peak Generation
Limited produced 5,848 MWh of electricity and Distributed
Generators Limited produced 5,142 MWh. Based on an annual use of
3.8MWh electricity per household, this equates to enough
electricity to power 3,087 and 2,706 homes respectively.
There have been operational challenges during the period causing
both companies to underperform expectations based on energy
generation. That said, the electricity market has been very
favourable over the period, and both companies were able to trade
their operating engines successfully. Notably Green Peak has
returned to achieving gross profits of just under expected levels
over the six months.
One of the three engines operated by Green Peak Generation has
been offline caused by damage due to a water ingress issue. The
damage to this asset has been evaluated by the original
manufacturer who will be carrying out the necessary repairs as soon
as practically possible. Green Peak has notified its insurers and
is proceeding with a full insurance claim. It is expected that the
insurance will cover both the property damage and business
interruption for the downtime of the engine. We and the Board are
monitoring the progress of repairing the engine and insurance
claims closely.
Distributed Generators Limited has also suffered from some
availability issues which have been compounded by delays procuring
some spare parts. Since it has only two engines this has meant that
any engine fault reduces availability (and profitability) more
significantly than at other similar sites. The Investment Manager
has increased its contact with its asset managers and maintenance
contractor in recent months to ensure diagnostics and part
procurement are occurring as swiftly as possible. Both engines at
Distributed Generators Limited are now fully available.
Venture Fund
The Venture Fund was initially launched in September 2018 and
has raised GBP23.41m to date net of costs, including most recently
its third offer, which closed on 21 August 2021 having raised a
further GBP10.7 million.
The Triple Point team began investing the fund in April 2019 and
as at 31 August 2021 have completed 25 unique investments in
predominantly business-to-business technology firms serving sectors
spanning across Fintech, Healthcare, Logistics, HR Tech,
Middleware, Insuretech, Proptech, Cyber Security, Education,
Telecommunications and Content & Design.
As the portfolio matures, there have been a number of follow-on
investments into existing portfolio companies, particularly in the
6-month period under review. Follow on investments were made into
Ably, Bkwai, Heydoc, Localz, Quit Genius and Vyne Technologies.
With all the investments under review, the Fund has coinvested with
other venture capital funds and/or angel investors. A number of
those companies have seen material valuation uplifts which has
contributed to the rise in the Venture Fund's NAV in the period.
The Fund's valuations for these companies reflect independent
market dynamics, rather than being internal valuations. There have
of course also been a number of portfolio investments which have
not met our expectations and, where appropriate, provisions have
been taken against the Fund's valuation of those companies. To
date, none of the Fund's portfolio has failed but it is in the
nature of venture investing that we will see failures in
future.
While some of the costs of doing business for venture-backed
start-ups have risen as the economy has recovered, notably skilled
staff costs, the rate of innovation remains compelling and the
Triple Point team are continuing to see a healthy pipeline of
potential opportunities for the Fund. Our London Evening
Standard-backed 'Kick Start' campaign, which we discussed last year
and which allows direct applications for funding by innovative
early stage UK businesses, continues to be in place. We are still
seeing many such opportunities even though the range of funding
options early stage companies has increased notably since
mid-2020.
The Venture Fund will continue to focus on business-to-business
investment opportunities using a challenge-led approach which in
essence means that we seek new products that are addressing a major
pain point for their corporate customers. By doing this and
focussing on backing businesses with large addressable markets for
their products, the Venture Fund has the potential to generate
long-term capital growth for investors. Over time, realised capital
gains are expected to contribute to the payment of dividends by the
VCT along with growing the Net Asset Value.
The total deployed by the Venture fund to date, including both
qualifying and non-qualifying investments, is GBP15.5 million. The
balance of the Share Class's assets are held in cash and cash
deposits.
As mentioned above, during the period, the Venture Fund made six
new qualifying investments, at a total cost of GBP3.6 million.
Their businesses are described briefly below:
Seedata - Seedata provides assurance to a company's existing
cybersecurity suite, by creating honeypots for potential
cyber-attacks by planting trackable data records (seeds) into the
databases, emails and CRMs of its clients (via APIs). These seeds
then monitor for any evidence of that data having been stolen. The
seeds are replaced regularly in order to create a time stamp to
determine the date of the breach and the client can choose to
replace the seeds daily, weekly or monthly. The platform benefits
from only requiring a few hours of set-up time for new
customers.
Stepex - StepEx is the first FCA authorised financial
institution providing "Future Earning Agreements" (FEAs). FEAs are
an alternative to term loans and are a credit instrument where the
'borrower' pays a portion of their future earnings for a fixed
period to the 'lender'. London Business School, INSEAD, Makers
Academy and General Assembly are StepEx clients, as are a number of
other education providers, who see this as a marketing tool to sell
extra courses.
Anorak - Anorak is an FCA regulated online adviser broker
reinventing the life insurance distribution model. Lack of scalable
distribution is credited with being part of the problem. Policies
are predominately sold via IFAs and brokers as online price
comparison sites are not able to provide the advice consumers
require. Anorak is attempting to become the Moneysupermarket of the
life insurance industry.
Ryde - Ryde provides a fully integrated delivery management
platform combining the best of fleet management software, third
party logistics software and a flexible workforce to Ecommerce
companies utilizing deliveries, enabling them to more effectively
manage their demand by supplementing their own fleet with third
party fleets and Ryde's own fleet.
Nook - Nook's platform creates a "shared ledger" between
suppliers and buyers by integrating their accounting software and
using the open banking API to verify sending and receipt of
payments. This two-way syncing of ledgers minimises manual data
entry and eliminates PDF documents being sent via email, making the
verification, and payment of invoices faster, cheaper, and less
prone to fraud. The platform enables suppliers and buyers to
communicate and edit 'invoices' via the shared ledger without
having to send, change and resend PDFs and aims to automate the
workflows in AP and AR out of existence.
Tickitto - Tickitto is building a universal API for tickets to
events and experiences, with the goal of becoming the rails that
the distribution of tickets runs on, representing a $4.8bn revenue
opportunity over the next 5 years. With a few lines of code,
developers can integrate and go live using Tickitto within a few
hours versus incurring the time and costs of building all the
integrations themselves.
Outlook
After the robust rate of investment in the Venture Fund over the
last 6 months, the opportunity set of new and follow-on investments
remain attractive. A slower rate of deployment may be anticipated
for the immediate few months, but the Fund continues to be well
positioned to deploy its liquidity into its chosen niche. The focus
remains on B2B Technology businesses, primarily in early-stage
companies with software products which the manager believes are
addressing real pain points for their corporate customers. We
continue to have a focus on Seed-stage investment rounds and
despite the growth in the Fund over the last 12 months, we will
also invest time and capital in finding various pre-Seed
opportunities that we believe have the potential for larger
returns. As the portfolio continues to mature, we are also
participating in a growing number of Series A and Series B
follow-on funding rounds by portfolio companies. When we are
impressed with a portfolio company that is raising new funds it is
our policy to try to take advantage of the Fund's pre-emption
rights to join the round, VCT investment rules permitting. We
expect to see more such follow-on opportunities in the coming
months as investee companies mature.
We remain committed to seeking to improve availability of the
assets within the A and B share classes and achieving an optimal
value for the sale of the hydroelectric assets.
If you have any questions, please do not hesitate to call us on
020 7201 8990.
Ian McLennan
Partner
For Triple Point Investment Management LLP
11 October 2021
Investment Portfolio Summary
Unaudited Audited
31 August 2021 28 February 2021
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying
holdings 24,185 79.03 28,600 81.64 17,500 71.64 16,348 70.20
Non-Qualifying holdings 1,476 4.82 1,489 4.25 1,475 6.04 1,488 6.39
Financial assets at
fair value through
profit or loss 25,661 83.85 30,089 85.89 18,975 77.68 17,836 76.59
Cash and cash equivalents 4,944 16.15 4,944 14.11 5,451 22.32 5,451 23.41
30,605 100.00 35,033 100.00 24,426 100.00 23,287 100.00
========= ======== ========= ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Venture Investments
Degreed Inc. 300 0.98 328 0.94 300 1.23 315 1.35
Augnet Ltd. 300 0.98 - - 300 1.23 150 0.64
MWS Technology Ltd 150 0.49 353 1.01 150 0.61 177 0.76
Counting Ltd (t/a
Counting Up) 920 3.01 1,044 2.98 920 3.77 1,044 4.48
Ably Real Time Ltd 1,312 4.29 3,284 9.37 500 2.05 500 2.15
Heydoc Limited 760 2.48 1,374 3.92 400 1.64 400 1.72
Vyne Technologies
Limited 1,127 3.68 3,484 9.95 560 2.29 894 3.84
Aventus Platform Limited 700 2.29 450 1.28 500 2.05 475 2.04
Digital Therapeutics
Inc (t/a Quit Genius) 1,245 4.07 2,800 7.99 698 2.86 614 2.64
Adfenix AB 799 2.61 712 2.03 799 3.27 723 3.10
Credit Kudos 500 1.63 400 1.14 500 2.05 500 2.15
Artificial Artists 150 0.49 120 0.34 150 0.61 150 0.64
Veremark 450 1.47 471 1.34 150 0.61 150 0.64
Localz 750 2.45 750 2.14 500 2.05 500 2.15
Sealit 200 0.65 200 0.57 200 0.82 200 0.86
Bkwai 250 0.82 125 0.36 200 0.82 200 0.86
Exate 500 1.63 500 1.43 500 2.05 500 2.15
Expression Insurance 500 1.63 500 1.43 500 2.05 500 2.15
Kamma 500 1.63 250 0.71 500 2.05 500 2.15
Seedata 150 0.49 150 0.43 - - - -
Stepex 499 1.63 499 1.42 - - - -
Anorak 700 2.29 700 2.00 - - - -
Ryde 1,000 3.27 1,000 2.85 - - - -
Nook 250 0.82 250 0.71 - - - -
Tickitto 1,000 3.27 1,000 2.85 - - - -
Hydroelectric Power
Green Highland Allt
Choire A Bhalachain
(255) Limited 30 0.10 36 0.10 30 0.12 36 0.15
Green Highland Allt
Ladaidh (1148) Limited 1,470 4.80 2,201 6.28 1,470 6.02 2,201 9.45
Green Highland Allt
Luaidhe (228) Limited 855 2.79 1,037 2.96 855 3.50 1,037 4.45
Green Highland Allt
Phocachain (1015)
Limited 858 2.80 1,021 2.91 858 3.51 1,021 4.38
Green Highland Shenval
Limited 860 2.81 592 1.69 860 3.52 592 2.54
Gas Power
Distributed Generators
Limited 3,200 10.46 1,925 5.49 3,200 13.10 1,925 8.27
Green Peak Generation
Limited 1,900 6.21 1,044 2.98 1,900 7.78 1,044 4.48
24,185 79.03 28,600 81.64 17,500 71.64 16,348 70.20
========= ======== ========= ======== ========= ======== ========= ========
Unaudited Audited
31 August 2021 28 February 2021
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Non-Qualifying Holdings
Unquoted
SME Funding:
Hydroelectric Power
Broadpoint 2 Limited - - - - - - - -
Broadpoint 3 Limited 1,005 3.28 1,005 2.87 1,005 4.11 1,005 4.32
Other
Modern Power Generation
Limited 471 1.54 484 1.38 470 1.92 483 2.07
1,476 4.82 1,489 4.25 1,475 6.04 1,488 6.39
========= ======== ========= ======== ========= ======== ========= ========
Principal Risks and Uncertainties
The Directors seek to mitigate its principal risks by regularly
reviewing performance and monitoring progress and compliance. In
the mitigation and management of these risks, the Directors carry
out a robust assessment of the Company's emerging and principal
risks, including those that would threaten its business model,
future performance, solvency or liquidity and reputation.
The main areas of risk identified by them, along with the risks
to which the Company is exposed through its operational and
investing activities, are detailed below.
VCT Qualifying Status Risk the Company is always required to
observe the conditions laid down in the Income Tax Act 2007 for the
maintenance of approved VCT status. The loss of such approval could
lead to the Company losing its exemption from corporation tax on
capital gains, to investors being liable to pay income tax on
dividends received from the Company and, in certain circumstances,
to investors being required to repay the initial income tax relief
on their investment.
Mitigation: The Investment Manager keeps the Company's VCT
qualifying status under continual review and reports to the Board
on a quarterly basis. The Board has appointed Philip Hare &
Associates LLP to undertake an independent VCT status monitoring
role. Any new Venture investments are reviewed by legal advisers,
and their opinion sought on whether the investment is likely to be
a qualifying investment.
Investment Risk the Company's VCT qualifying investments will be
held in small and medium-sized unquoted investments which, by their
nature, entail a higher level of risk and lower liquidity than
investments in large, quoted companies. This could make it
difficult to realise investments in line with the relevant
strategy.
Mitigation: The Directors and Investment Manager aim to limit
the risk attached to the portfolio by careful selection and timely
realisation of investments, by carrying out rigorous due diligence
procedures and by maintaining a spread of holdings in terms of
industry sector and geographical location. The Board reviews the
investment portfolio with the Investment Manager on a regular
basis. Where possible, a member of the Investment Manager holds a
seat on the board of the portfolio companies. This enables the
Investment Manager to observe and offer guidance to the portfolio
company when and where this may be required. The Investment Manager
has developed a wide industry network and strong pipeline which is
reviewed quarterly by the Board. The Venture Fund aims to mitigate
some of the risks typically associated with venture capital
investing by proactively working with businesses with the potential
for high growth that are actively solving problems for established
corporates, increasing their chances of success, as set out in
further detail on page 46 of its Annual Report available at:
https://www.triplepoint.co.uk/current-vcts/triple-point-vct-2011-plc/s2539/.
Financial Risk as a VCT the Company is exposed to market price
risk, credit risk, fair value risk, liquidity risk and interest
rate risk. As most of the Company's investments will involve a
medium to long-term commitment and will be relatively illiquid, the
Directors consider that it is inappropriate to finance the
Company's activities through borrowing, other than for short-term
liquidity.
Mitigation: The key elements of financial risk are discussed in
more detail in the 2021 Annual Report available at:
https://www.triplepoint.co.uk/current-vcts/triple-point-vct-2011-plc/s2539/.
Covid-19 pandemic The Covid-19 pandemic has caused and could
continue to cause economic disruption and depression, closure of
businesses, staff absences, unemployment, reduction of consumer
demand, and sectoral restructuring. This may impact on investee
companies' performance and valuation metrics, ability to exit
investments on a timely basis, ability to raise new funds and
ability to make new investments.
Mitigation: Deployment of funds into a number of investee
companies across a diverse range of sectors. TPIM has been in close
contact with investee companies to ensure that they are able to
maximise their runway during the disruption caused by the Covid-19
pandemic, and the Company regularly monitors their performance and
appropriateness of their valuations.
Failure of Internal Controls Risk the Board regularly reviews
the system of internal controls, both financial and non-financial,
operated by the Company and the Investment Manager. These include
controls designed to ensure that the Company's assets are
safeguarded and that proper accounting records are maintained.
Mitigation: The Board maintains a risk register which sets out
the risks affecting both the Company and the investee companies in
which the Company is invested. This risk register is reviewed and
updated at least annually to ensure that procedures are in place to
identify the principal risks which may affect the Company and its
portfolio companies, mitigate, and minimise the impact of those
risks should they crystallise and to identify emerging risks and to
determine whether any actions are required. This enables the Board
to carry out a robust assessment of the risks facing the Group,
including those risks that would threaten its business model,
future performance, solvency or liquidity and reputation.
Emerging Risks
Climate Change and related legislation
Taking into account the potential impact of climate change and
any related legislation which may be enacted in respect of meeting
the UK's climate change targets, an assessment of the key risks for
each share class has been considered. If a change in Government
renewable energy policy were applied retrospectively to current
operating projects including those in the A Share Class, or
indirectly through interests in the B Share Class, this could
adversely impact the market price for the hydroelectric assets or
the value of the green benefits earned from generating renewable
energy. Further, performance of hydroelectric assets may be
adversely affected by lower or more concentrated rainfall in
Scotland. Performance will continue to be monitored closely. The
risk of climate change and related legislation has already impacted
the B Share Class gas-fired energy centres, as discussed further in
the Investment Manager's Review on pages 41 to 43 of the 2021
Annual Report available at:
https://www.triplepoint.co.uk/current-vcts/triple-point-vct-2011-plc/s2539/.
Climate Change or related legislation is unlikely to have a major
impact on the Venture Share Class by the nature of its investments
and diversification of its portfolio.
Directors' Responsibility Statement
The Directors have elected to prepare the Interim Report for the
Company in accordance with International Financial Reporting
Standards ("IFRS").
In preparing the Interim Report for the six month period to 31
August 2021, 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 above 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.
This Interim Financial Report has not been audited or reviewed
by the auditors.
Jane Owen
Chair
11 October 2021
Unaudited Statement of Comprehensive Income
For the six months ended 31 August 2021
Unaudited Audited Unaudited
Six months ended Year ended Six months ended
31 August 2021 28 February 2021 31 August 2020
------------------------------- -------------------------------------- --------------------
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment
income 4 173 - 173 374 - 374 199 - 199
(Loss)/gain
arising on
the
revaluation
of
investments
at the period
end - 5,530 5,530 - (2,485) (2,485) - - -
Investment
return 173 5,530 5,703 374 (2,485) (2,111) 199 (539) (340)
--------- --------- --------- -------------- ---------- ---------- --------- --------- ---------
Investment
management
fees 5 207 57 264 252 84 336 118 40 158
Other expenses 407 - 407 362 - 362 129 - 129
Performance
Fee 6 - 769 769 - - - - - -
614 826 1,440 614 84 698 247 40 287
--------- --------- --------- -------------- ---------- ---------- --------- --------- ---------
(Loss)/profit
before
taxation (441) 4,704 4,263 (240) (2,569) (2,809) (48) (579) (627)
--------- --------- --------- -------------- ---------- ---------- --------- --------- ---------
Taxation 8 38 156 194 41 16 57 4 8 12
(Loss)/profit
after
taxation (403) 4,860 4,457 (199) (2,553) (2,752) (44) (571) (615)
--------- --------- --------- -------------- ---------- ---------- --------- --------- ---------
Other
comprehensive
income - - - - - - - - -
Total
comprehensive
(loss)/income (403) 4,879 4,476 (199) (2,553) (2,752) (44) (571) (615)
--------- --------- --------- -------------- ---------- ---------- --------- --------- ---------
Basic & diluted
earnings per share
(pence)
A Shares 9 0.61p (0.11p) 0.50p 1.62p (0.22p) 1.40p 0.87p (0.11p) 0.76p
B Shares 9 (0.47p) - (0.47p) (1.36p) (39.05p) (40.41p) (0.60p) (0.04p) (0.64p)
Venture Shares 9 (2.08p) 23.37p 21.29p (2.17p) 1.01p (1.16p) (0.79p) (4.92p) (5.71p)
The total column of this statement is the Statement of
Comprehensive Income of the Company prepared in accordance with
International Financial Reporting Standards (IFRS). The
supplementary revenue return and capital columns have been prepared
in accordance with the Association of Investment Companies
Statement of Recommended Practice (AIC SORP). All revenue and
capital items in the above statement derive from continuing
operations. This Statement of Comprehensive Income includes all
recognised gains and losses. The accompanying notes are an integral
part of this statement.
Unaudited Balance Sheet
At 31 August 2021
Company No: 07324448
Unaudited Audited Unaudited
31 August 28 February
2021 2021 31 August 2020
Note GBP'000 GBP'000 GBP'000
Non-current assets
Financial assets at
fair value through profit
or loss 30,089 17,836 17,375
----------- ------------- ----------------
Current assets
Receivables 385 445 437
Cash and cash equivalents 10 4,943 5,451 5,597
5,328 5,896 6,034
----------- ------------- ----------------
Total assets 35,417 23,732 23,409
----------- ------------- ----------------
Current liabilities
Payables and accrued
expenses 1,377 459 423
Current taxation payable (254) (58) (12)
1,123 401 411
----------- ------------- ----------------
Net assets 34,294 23,331 22,998
=========== ============= ================
Equity attributable
to equity holders
Share capital 397 320 294
Share Premium 22,652 14,847 19,158
Share redemption reserve 7 2 2
Special distributable
reserve 8,635 9,657 3,268
Capital reserve 3,564 (1,296) 686
Revenue reserve (961) (199) (410)
Total equity 34,294 23,331 22,998
=========== ============= ================
Shareholders' funds
Net asset value per
A Share 11 49.49p 52.43p 51.79p
Net asset value per
B Share 11 56.91p 57.36p 97.13p
Net asset value per
Venture Share 11 110.91p 93.26p 89.54p
The statements were approved by the Directors and authorised for
issue on 11 October 2021 and are signed on their behalf by:
Jane Owen
Chair
11 October 2021
The accompanying notes are an integral part of this
statement.
Unaudited Statement of Changes in Shareholders' Equity
For the six months ended 31 August 2021
Share Special
Issued Share Redemption Distributable Capital Revenue
Capital Premium Reserve Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months
ended 31
August 2021
Opening
balance 320 14,847 2 9,657 (1,296) (199) 23,331
---------- ---------- --------------- --------------- ------------- ---------- ---------
Issue of share
capital 79 8,073 - - - - 8,152
Cost of issue
of shares - (268) - - - - (268)
Buy back of
own shares (2) - 5 - - (359) (356)
Dividends paid - - - (1,022) - - (1,022)
Transfer
between share
classes - - - - - - -
Transactions
with owners 77 7,805 5 (1,022) - (359) 6,506
---------- ---------- --------------- --------------- ------------- ---------- ---------
Loss before
taxation - - - - 4,727 (441) 4,286
Taxation - - - - 152 38 190
Loss after
taxation - - - - 4,879 (403) 4,476
Other
comprehensive
income - - - - - - -
Total
comprehensive
loss for the
period - - - - 4,879 (403) 4,476
---------- ---------- --------------- --------------- ------------- ---------- ---------
Balance at 31
August
2021 397 22,652 7 8,635 3,564 (961) 34,294
========== ========== =============== =============== ============= ========== =========
The Capital
Reserve
consists of:
Investment
holding
gains 4,431
Other realised losses (848)
3,583
-------------
Year ended 28
February
2021
Opening
balance 235 13,598 2 4,279 1,257 (1) 19,370
---------- ---------- --------------- --------------- ------------- ---------- ---------
Issue of share
capital 85 8,236 - - - - 8,321
Cost of issue
of shares - (231) - - - - (231)
Cancellation
of Share
Premium - (6,756) - 6,756 - - -
Dividend Paid - - - (1,378) - - (1,378)
Transactions
with owners 85 1,249 - 5,378 - - 6,712
---------- ---------- --------------- --------------- ------------- ---------- ---------
Profit after
taxation - - - - (2,569) (239) (2,808)
Other
comprehensive
income - - - - 16 41 57
Total
comprehensive
profit for
the period - - - - (2,553) (198) (2,751)
---------- ---------- --------------- --------------- ------------- ---------- ---------
Balance at 28
February
2021 320 14,847 2 9,657 (1,296) (199) 23,331
========== ========== =============== =============== ============= ========== =========
The Capital
Reserve
consists of:
Investment
holding
losses (1,099)
Other realised losses (197)
(1,296)
-------------
Six months
ended 31
August 2020
Opening
balance 235 13,598 2 4,279 1,257 (1) 19,370
---------- ---------- --------------- --------------- ------------- ---------- ---------
Issue of share
capital 59 5,740 - - - - 5,799
Cost of issue
of shares - (180) - - - - (180)
Dividends paid - - - (1,377) - - (1,377)
---------- ---------- --------------- --------------- ------------- ---------- ---------
Transactions
with owners 59 5,560 - (1,377) - - 4,242
---------- ---------- --------------- --------------- ------------- ---------- ---------
Loss before
taxation - - - - (579) (47) (626)
Taxation - - - - 8 4 12
Loss after
taxation - - - - (571) (43) (614)
Other
comprehensive
income - - - - - - -
---------- ---------- --------------- --------------- ------------- ---------- ---------
Total
comprehensive
loss for the
period - - - - (571) (43) (614)
========== ========== =============== =============== ============= ========== =========
Balance at 31
August
2020 294 19,158 2 2,902 686 (44) 22,998
========== ========== =============== =============== ============= ========== =========
The Capital
Reserve
consists of:
Investment
holding
gains 847
Other realised losses (161)
686
-------------
The capital reserve represents the proportion of Investment
Management fees charged against capital and realised/unrealised
gains or losses on the disposal/revaluation of investments. The
unrealised capital reserve is not distributable. The special
distributable reserve was created on court cancellation of the
share premium account. The revenue reserve, realised capital
reserve and special distributable reserve are distributable by way
of dividend.
At 31 August 2021 the total reserves available for distribution
are GBP6,807,000. This consists of the distributable revenue
reserve and special distributable reserve net of the realised
capital loss.
Unaudited Statement of Cash Flows
For the six months ended 31 August 2021
Unaudited Audited Unaudited
Six months Six months
ended Year ended ended
28 February 31 August
31 August 2021 2021 2020
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
(Loss)/profit before taxation 4,263 (2,809) (627)
Loss arising on the disposal
of investments during the period - - -
Loss/(gain) arising on the revaluation
of investments at the period
end (5,530) 2,485 539
Cash flow generated by operations (1,267) (324) (88)
Decrease in receivables 60 54 62
Increase in payables 918 112 78
Cash flows from operating activities (289) (158) 52
------------ ------------- ------------
Adjustment for non-cash items:
Foreign exchange gain (37) 57 (17)
Increase/(decrease) in taxation (2) - -
Net cash flows from operating
activities (328) (101) 35
------------ ------------- ------------
Cash flows from investing activities
Purchase of financial assets
at fair value through profit
or loss (6,686) (3780) (1,300)
Disposal of financial assets
at fair value through profit
or loss - 550 550
Net cash flows from investing
activities (6,686) (3,230) (750)
------------ ------------- ------------
Cash flows from financing activities
Issue of shares 7,884 8,321 5,619
Share buy-back & cancellation (356) - -
Cost of share issues - (231) -
Dividends paid (1,022) (1,378) (1,377)
Net cash flows from financing
activities 6,506 6,712 4,242
------------ ------------- ------------
Net increase in cash and cash
equivalents (508) 3,381 3,527
============ ============= ============
Reconciliation of net cash flow
to movements in cash and cash
equivalents
Cash and cash equivalents at
1 March 2020 5,451 2,070 2,070
Net increase in cash and cash
equivalents (508) 3,381 3,527
Cash and cash equivalents at
31 August 2020 4,943 5,451 5,597
============ ============= ============
The accompanying notes are an integral part of this
statement.
Non-Statutory Analysis - The A Share Fund
For the six months ended 31 August 2021
Statement of
Comprehensive Six months ended Year ended 28 February Six months ended
Income 31 August 2021 2021 31 August 2020
------------------------------- ------------------------------- -------------------------------
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 159 - 159 339 - 339 179 - 179
Unrealised
gain
on investments - - - - - - - - -
Investment
return 159 - 159 339 - 339 179 - 179
Investment
management
fees (46) (13) (59) (80) (27) (107) (41) (14) (55)
Other expenses (38) - (38) (60) - (60) (29) - (29)
Profit before
taxation 75 (13) 62 199 (27) 172 109 (14) 95
Taxation (14) 2 (12) (38) 5 (33) (21) 3 (18)
Profit after
taxation 61 (11) 50 161 (22) 139 88 (11) 77
Profit and
total
comprehensive
income for the
period 61 (11) 50 161 (22) 139 88 (11) 77
Basic and
diluted
earnings per
share 0.61p (0.11p) 0.50p 1.62p (0.22p) 1.40p 0.87p (0.11p) 0.76p
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Balance Sheet 31 August 2021 28 February 2021 31 August 2020
GBP'000 GBP'000 GBP'000
Non-current
assets
Financial
assets
at fair value
through profit
or loss 4,887 4,887 4,887
--------- --------- ---------
Current assets
Receivables 322 416 393
Cash and cash
equivalents (234) 52 49
88 468 442
--------- --------- ---------
Current
liabilities
Payables (63) (77) (128)
Corporation
Tax (74) (62) (47)
--------- --------- ---------
Net assets 4,838 5,216 5,154
--------- --------- ---------
Equity attributable
to equity holders 4,838 5,216 5,154
--------- --------- ---------
Net asset value
per share 49.49p 52.43p 51.79p
--------- --------- ---------
Statement of
Changes in
Shareholders'
Equity
28 February
31 August 2021 2021 31 August 2020
GBP'000 GBP'000 GBP'000
Opening
shareholders'
funds 5,216 5,749 5,749
Profit for the
period 50 139 77
Dividend paid (348) (672) (672)
Share buyback
& cancellation (80) - -
Closing
shareholders'
funds 4,838 5,216 5,154
--------- --------- ---------
Non-Statutory Analysis - The A Share Fund
For the six months ended 31 August 2021
Investment Portfolio 31 August 2021 28 February 2021
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 4,073 106.09 4,887 105.03 4,073 98.74 4,887 98.95
Non-Qualifying holdings - - - - - - - -
Financial assets at fair
value through profit
or loss 4,073 106.09 4,887 105.03 4,073 98.74 4,887 98.95
Cash and cash equivalents (234) (6.09) (234) (5.03) 52 1.26 52 1.05
3,839 100.00 4,653 100.00 4,125 100.00 4,939 100.00
========= ======== ========= ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Hydroelectric Power
Green Highland Allt Choire
A Bhalachain (255) Limited 30 0.78 36 0.77 30 0.73 36 0.73
Green Highland Allt Ladaidh
(1148) Limited 1,470 38.29 2,201 47.30 1,470 35.64 2,201 44.56
Green Highland Allt Luaidhe
(228) Limited 855 22.27 1,037 22.29 855 20.73 1,037 21.00
Green Highland Allt Phocachain
(1015) Limited 858 22.35 1,021 21.94 858 20.80 1,021 20.67
Green Highland Shenval
Limited 860 22.40 592 12.72 860 20.85 592 11.99
4,073 106.09 4,887 105.03 4,073 98.74 4,887 98.95
========= ======== ========= ======== ========= ======== ========= ========
31 August 2021 28 February 2021
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
Non-Qualifying Holdings GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted
Hydroelectric Power
Broadpoint 2 Limited - - - - - - - -
- - - - - - - -
========= ======== ========= ======== ========= ======== ========= ========
Non-Statutory Analysis - The B Share Fund
For the six months ended 31 August 2021
Statement of
Comprehensive Six months ended Year ended 28 February Six months ended
Income 31 August 2021 2021 31 August 2020
------------------------------- --------------------------------- -------------------------------
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 - - - 1 - 1 1 - 1
Unrealised gain
on investments - - - - (2,651) (2,651) - - -
Investment return - - - 1 (2,651) (2,650) 1 - 1
Investment
management
fees (6) - (6) (37) (7) (44) (20) (4) (24)
Other expenses (32) - (32) (78) - (78) (32) - (32)
(Loss)/profit
before taxation (38) - (38) (114) (2,658) (2,772) (51) (4) (55)
Taxation 7 - 7 22 1 23 10 1 11
(Loss)/profit
after taxation (31) - (31) (92) (2,657) (2,749) (41) (3) (44)
Loss and total
comprehensive
(loss)/income
for the period (31) - (31) (92) (2,657) (2,749) (41) (3) (44)
Basic and diluted
(loss)/earnings
per share (0.47p) - (0.47p) (1.36p) (39.05p) (40.41p) (0.60p) (0.04p) (0.64p)
--------- --------- --------- --------- ---------- ---------- --------- --------- ---------
Balance Sheet 31 August 2021 28 February 2021 31 August 2020
GBP'000 GBP'000 GBP'000
Non-current
assets
Financial assets
at fair value
through profit
or loss 3,974 3,974 6,625
--------- ---------- ---------
Current assets
Receivables 5 5 6
Corporation Tax 38 30 17
Cash and cash equivalents 13 83 124
56 118 147
--------- ---------- ---------
Current
liabilities
Payables (183) (185) (160)
Net assets 3,847 3,907 6,612
--------- ---------- ---------
Equity attributable to equity
holders 3,847 3,907 6,612
--------- ---------- ---------
Net asset value
per share 56.91p 57.36p 97.13p
--------- ---------- ---------
Statement of
Changes
in Shareholders'
Equity
28 February
31 August 2021 2021 31 August 2020
GBP'000 GBP'000 GBP'000
Opening shareholders'
funds 3,907 6,996 6,996
Share buyback & cancellation - - -
(Loss)/profit
for the period (31) (2,749) (44)
Dividend paid - (340) (340)
Share buyback
& cancellation (29) - -
Closing shareholders'
funds 3,847 3,907 6,612
--------- ---------- ---------
Non-Statutory Analysis - The B Share Fund
For the six months ended 31 August 2021
Investment Portfolio 31 August 2021 28 February 2021
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 5,100 83.36 2,969 74.47 5,100 82.42 2,969 73.18
Non-Qualifying holdings 1,005 16.43 1,005 25.21 1,005 16.24 1,005 24.77
Financial assets at fair
value through profit
or loss 6,105 99.79 3,974 99.67 6,105 98.66 3,974 97.95
Cash and cash equivalents 13 0.21 13 0.33 83 1.34 83 2.05
6,118 100.00 3,987 100.00 6,188 100.00 4,057 100.00
Qualifying Holdings
Unquoted
Gas Power
Distributed Generators
Limited 3,200 52.30 1,925 48.28 3,200 51.71 1,925 47.45
Green Peak Generation
Limited 1,900 31.06 1,044 26.19 1,900 30.70 1,044 25.73
5,100 83.36 2,969 74.47 5,100 82.42 2,969 73.18
31 August 2021 28 February 2021
Cost Valuation Cost Valuation
Non-Qualifying Holdings GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted
Hydroelectric Power
Broadpoint 3 Limited 1,005 16.43 1,005 25.21 1,005 16.24 1,005 24.77
1,005 16.43 1,005 25.21 1,005 16.24 1,005 24.77
Non-Statutory Analysis - The Venture Fund
For the six months ended 31 August 2021
Statement of
Comprehensive Six months ended Year ended 28 February Six months ended
Income 31 August 2021 2021 31 August 2020
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 14 - 14 34 - 34 19 - 19
Unrealised
(loss) on
investments - 5,530 5,530 - 166 166 - (539) (539)
Investment
return 14 5,530 5,544 34 166 200 19 (539) (520)
Investment
management
fees (155) (44) (199) (173) (50) (223) (75) (22) (97)
Other expenses (337) - (337) (186) - (186) (50) - (50)
Performance
fee - (769) (769) - - - - - -
Loss before
taxation (478) 4,717 4,239 (325) 116 (209) (106) (561) (667)
Taxation 45 154 199 57 10 67 15 4 19
Loss after
taxation (433) 4,871 4,438 (268) 126 (142) (91) (557) (648)
Profit and
total
comprehensive
loss for the
period (433) 4,871 4,438 (268) 126 (142) (91) (557) (648)
Basic and
diluted
loss per share (2.08p) 23.37p 21.29p (2.17p) 1.01p (1.16p) (0.79p) (4.92p) (5.71p)
Balance Sheet 31 August 2021 28 February 2021 31 August 2020
GBP'000 GBP'000 GBP'000
Non-current
assets
Financial
assets
at fair value
through profit
or loss 21,228 8,975 5,863
Current assets
Receivables 58 24 38
Corporation
tax 290 90 42
Cash and cash
equivalents 5,164 5,316 5,424
5,512 5,430 5,504
Current
liabilities
Payables (1,131) (197) (135)
Net assets 25,609 14,208 11,232
Equity
attributable
to equity
holders 25,609 14,208 11,232
Net asset value
per share 110.91p 93.26p 89.54p
Statement of
Changes in
Shareholders'
Equity
31 August 2021 28 February 2021 31 August 2020
GBP'000 GBP'000 GBP'000
Opening
shareholders'
funds 14,208 6,625 6,625
Issue of new
shares 7,884 8,090 5,619
Share buyback
& cancellation (247) - -
Profit for
the period 4,438 (141) (647)
Dividend paid (674) (366) (365)
Closing
shareholders'
funds 25,609 14,208 11,232
Non-Statutory Analysis - The Venture Fund
For the six months ended 31 August 2021
Investment Portfolio
31 August 2021 28 February 2021
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 15,012 72.70 20,744 78.60 8,327 59.00 8,492 59.42
Non-Qualifying holdings 471 2.28 484 1.83 470 3.33 483 3.38
Financial assets at fair
value through profit
or loss 15,483 74.99 21,228 80.43 8,797 62.33 8,975 62.80
Cash and cash equivalents 5,165 25.01 5,165 19.57 5,316 37.67 5,316 37.20
20,648 100.00 26,393 100.00 14,113 100.00 14,291 100.00
Qualifying Holdings
Unquoted
Venture Investments
Degreed Inc. 300 1.45 328 1.24 300 2.13 315 2.20
Augnet Ltd. 300 1.45 - - 300 2.13 150 1.05
MWS Technology Ltd 150 0.73 353 1.34 150 1.06 177 1.24
Counting Ltd (t/a Counting
Up) 920 4.46 1,044 3.96 920 6.52 1,044 7.31
Ably Real-Time Ltd 1,312 6.35 3,284 12.44 500 3.54 500 3.50
Heydoc Limited 760 3.68 1,374 5.21 400 2.83 400 2.80
Vyne Technologies Limited 1,127 5.46 3,484 13.20 560 3.97 894 6.26
Aventus Platform Limited 700 3.39 450 1.70 500 3.54 475 3.32
Digital Therapeutics
Inc (t/a Quit Genius) 1,245 6.03 2,800 10.61 698 4.95 614 4.30
Adfenix AB 799 3.87 712 2.70 799 5.66 723 5.06
Credit Kudos 500 2.42 400 1.52 500 3.54 500 3.50
Artifical Artists 150 0.73 120 0.45 150 1.06 150 1.05
Veremark 450 2.18 471 1.78 150 1.06 150 1.05
Localz 750 3.63 750 2.84 500 3.54 500 3.50
Sealit 200 0.97 200 0.76 200 1.42 200 1.40
Bkwai 250 1.21 125 0.47 200 1.42 200 1.40
Exate 500 2.42 500 1.89 500 3.54 500 3.50
Expression Insurance 500 2.42 500 1.89 500 3.54 500 3.50
Kamma 500 2.42 250 0.95 500 3.54 500 3.50
Seedata 150 0.73 150 0.57 - - - -
Stepex 499 2.42 499 1.89 - - - -
Anorak 700 3.39 700 2.65 - - - -
Ryde 1,000 4.84 1,000 3.79 - - - -
Nook 250 1.21 250 0.95 - - - -
Tickitto 1,000 4.84 1,000 3.79 - - - -
15,012 72.70 20,744 78.60 8,327 59.00 8,492 59.42
31 August 2021 28 February 2021
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Non-Qualifying Holdings
Unquoted
Other
Modern Power Generation
Limited 471 2.28 484 1.83 470 3.33 483 3.38
471 2.28 484 1.83 470 3.33 483 3.38
Condensed Notes to the Unaudited Interim Financial
Statements
For the six months ended 31 August 2021
1. Corporate information
The Unaudited Interim Report of the Company for the six months
ended 31 August 2021 was authorised for issue in accordance with a
resolution of the Directors on 11 October 2021.
The Company applied for listing on the London Stock Exchange on
24 December 2010.
Triple Point VCT 2011 plc is incorporated and domiciled in
United Kingdom and registered in England and Wales. The address of
the Company's registered office, which is also its principal place
of business, is 1 King William Street, London, EC4N 7AF.
The Company is required to nominate a functional currency, being
the currency in which the Company predominately operates. The
functional and reporting currency is pounds sterling (GBP),
reflecting the primary economic environment in which the Company
operates.
The principal activity of the Company is investment. The
Company's investment strategy is to offer combined exposure to cash
or cash-based funds and venture capital investments focused on
companies with contractual revenues from financially secure
counterparties.
2. Basis of preparation and accounting policies
Basis of preparation
The Unaudited Interim Report of the Company for the six months
ended 31 August 2021 has been prepared in accordance with IAS 34:
Interim Financial Reporting. The same accounting policies and
methods of computation are followed in the Interim Financial Report
as were followed in the most recent Financial Statements. It does
not include all the information required for full Financial
Statements and should be read in conjunction with the Financial
Statements for the year ended 28 February 2021.
Estimates
The preparation of the Unaudited Interim Report requires
management to make judgements, estimates and assumptions that
reflect the application of accounting policies and the reported
amounts of assets and liabilities, income and expenditure. However,
actual results may differ from these estimates.
3. Segmental reporting
The Directors are of the opinion that the Company only has a
single operating segment of business, being investment
activity.
All revenues and assets are generated and held in the UK.
4. Investment income
Unaudited Audited
Six months ended 31 August Year ended 28 February
2021 2021
Venture Venture
A Shares B Shares Shares Total A Shares B Shares Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Interest
receivable
on bank balances - - 2 2 1 1 7 9
Loan interest 159 - 12 171 338 - 27 365
Dividend income - - - - - - - -
159 - 14 173 339 1 34 374
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 14 September 2018 and an amended and restated investment
management and administration agreement dated 30 April 2020.
A Shares: The agreement provides for an investment management
fee of 2.00% per annum of net assets payable quarterly in arrear
for A Shares. For A Shares, the appointment shall continue for a
period of at least six years from the admission of those
shares.
B Shares: The agreement provides for an investment management
fee of 1.90% per annum of net assets payable quarterly in arrear
for B Shares. For B Shares, the appointment shall continue for a
period of at least six years from the admission of those
shares.
Venture Fund: The agreement provides for an investment
management fee of 2.00% per annum of net assets payable quarterly
in arrear for Venture Shares. For Venture Shares, the appointment
shall continue for a period of at least six years from the
admission of those shares.
Following a deed of variation to the Investment Management
agreement, dated 14 September 2018, an administration fee equal to
0.25% of the Company's NAV replaces the previously charged
GBP37,500 per annum.
TPIM agreed not to charge their management fees for the A Share
Class for the financial year ending 28 February 2018, to build up
distributable reserves improving the ability of the share class to
make dividend payments. The amount waived during the 2018 financial
year was GBP206,400.
Subject to performance of the A Share Class, these fees may be
recovered by TPIM.
TPIM agreed not to charge their management fees from 1 January
2017 on the amounts invested in gas power projects, which
represents circa 75% of the B Share Class NAV, until these
investments started to generate income. These fees continue not to
be accrued.
The total fee waived to date for the B Share Class is
GBP690,475.
Subject to performance of the B Share Class and in the event of
a successful disposal of B Share Assets, these fees may be
recovered by TPIM.
6. Performance fee
Triple Point earns a performance fee if the total return (net
asset value plus distributions made) to holders of the Venture
Shares exceeds their net initial subscription price by an annual
threshold of 3% per annum, calculated on a compound basis. To the
extent that the total return exceeds the threshold over the
relevant period then a performance incentive fee of 20% of the
excess is payable to Triple Point. Performance fees are assessed
based on the VCT's audited year-end valuations (i.e. in February
each year) and will be accrued in the accounts of TP11. High water
marks apply. As described in the Chair's Statement and the
Investment Managers Review, the Venture Fund's total return has
grown materially over the last year such that it is exceeding the
3% annual compound performance fee threshold. Therefore an accrual
has been made in these interim accounts for a performance fee and
this will be reviewed at the time of the year-end accounts.
7. Directors' remuneration
Unaudited Audited
Six months ended 31 August Year ended 28 February
2021 2021
Venture Venture
A Shares B Shares Shares Total A Shares B Shares Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Jane Owen 2 2 7 11 6 6 10 22
Chad Murrin 2 2 6 10 4 6 8 18
Tim Clarke 2 1 6 9 4 6 8 18
6 5 19 30 14 18 26 58
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.
8. Taxation
Unaudited Audited
Six months 31 August 2021 Year ended 28 February 2021
Venture Venture
A Shares B Shares Shares Total A Shares B Shares Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Profit/(loss) on
ordinary
activities
before tax 62 (38) 4,239 4,263 172 (2,772) (209) (2,809)
Corporation tax
@ 19% 12 (7) 805 810 33 (527) (40) (534)
Effect of:
Capital
(gains)/losses
not taxable - - (1,051) (1,051) - 504 (32) 472
Dividends received
not taxable - - - - - - - -
Disallowed
expenditure - - 45 45 - - 5 5
Unrelieved tax
losses - - 1 1 - 0 (1) (0)
Tax
charge/(credit)
for the period 12 (7) (199) (194) 33 (23) (67) (57)
Capital gains and losses are exempt from corporation tax due to
the Company's status as a Venture Capital Trust.
9. Earnings per share
The earnings per A Share is 0.50p and is based on a profit from
ordinary activities after tax of c.GBP49,700 and on the weighted
average number of A Shares in issue during the period of
9,884,050.
The loss per B Share is 0.47p and is based on a loss from
ordinary activities after tax of c. GBP32,000 and on the weighted
average number of B Shares in issue during the period of
6,787,386.
The earnings per Venture Share is 21.29p and is based on a
profit from ordinary activities after tax of c.GBP4,438,000 and on
the weighted average number of B Shares in issue during the period
of 20,843,930.
10. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank
of Scotland plc and Cater Allen Private Bank.
11. Net asset value per share
The net asset value per share for the A Shares is 49.49p and is
calculated based on net assets of GBP4,838,000 divided by the
9,777,285 A Shares in issue.
The net asset value per share for the B Shares is 56.91p and is
calculated on net assets of GBP3,847,000 divided by the 6,758,795 B
Shares in issue.
The net asset value per share for the Venture Shares is 110.91
and is calculated on net assets of GBP25,609,000 divided by the
23,087,868 Venture Shares in issue.
12. Related party transactions
There were no related party transactions during the period.
13. Post balance sheet events
The following events occurred between the balance sheet date and
the signing of this interim report:
On 21 September 2021, the Venture Fund completed a GBP450,020
investment.
On 23 September 2021, the Venture Fund completed a GBP915,000
investment.
On 29 September 2021, the Company entered into an exclusivity
agreement for the partial disposal of the A Share Class Assets,
being a sale of the hydroelectric assets. This transaction is
uncommitted, subject to due diligence and further negotiation.
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END
IR FZMMGRMVGMZM
(END) Dow Jones Newswires
October 12, 2021 02:00 ET (06:00 GMT)
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