LONDON (Alliance News) – Triple Point VCT 2011 PLC late Thursday said its net asset value declined in the six months to the end of August, driven by its ordinary shares, but said profit increased.
Triple Point said its total net assets at the end of August stood at GBP17.9 million, down from GBP19.5 million at the end of February. While net assets under its A and B share classes remained broadly unchanged, net assets under its ordinary shares fell to GBP875,000 from GBP2.3 million.
“During the period the company completed the realization of the investment portfolio attributable to the ordinary share class, continued to monitor the ongoing operation of the A share class investments and continued to monitor the construction of the gas power plants in the B share class portfolio,” said the company.
NAV per ordinary share fell to 4.30 pence from 11.32 pence six months earlier. the NAV per A share dipped to 102.41 pence from 104.07 pence, while NAV per B share dipped to 99.73 pence from 99.76 pence.
The total pretax profit for the six month period amounted to GBP281,000, up from GBP48,000 in the six months to the end of August 2016.
Ordinary shareholders will be paid a dividend of 3.30 pence for the period.
“The company and the investment manager continue to focus on fully exiting the ordinary share class; monitoring ongoing operation of the A Share Class investments in Hydroelectricity generation businesses; and ensuring that the companies in which the B Share Class has invested, construct respective facilities on time and within budget,” said the company.
By Joshua Warner; email@example.com; @JoshAlliance
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