Triple Point VCT 2011

This is a new offer for the Triple Point 2011 VCT, raising up to £30 million in its new Venture Share Class. The offer seeks to raise up to £15 million with an over-allotment of £15 million.

Highlights

  • New “Venture” Share Class will invest in growth capital opportunities in a range of sectors
  • Raising up to £30 million (£15 million with an over-allotment of £15 million)
  • Initial target dividend of 3p per share from 2020 (not guaranteed)
  • Management team intend to invest in this offer themselves
  • Minimum investment £3,000

Make a no-obligation reservation

The manager

The VCT is managed by Triple Point Investment Management LLP, which has over £900 million total assets under management and a team of over 80.

Triple Point concentrates on four key areas for investment: venture capital; energy and infrastructure; lending, leasing and private debt; and property.

The offer

Triple Point VCT 2011 plc (TP11) issued its first shares in April 2011 and has £17.4 million in net assets (as at 28 February 2018). It has raised over £35 million which has been invested in 33 companies (as at 31 March 2018).

The VCT was originally set up as a Limited Life VCT and had an Ordinary share class, which was fully exited in January 2018. It had two further share classes, ‘A’ and ‘B’ shares, which invest in separate portfolios of Scottish hydroelectric power companies, combined heat and power plants, and lending to small and medium sized companies (SMEs).

This offer for the Venture Fund is an entirely new share class within the VCT. It will focus on providing funding to new unquoted companies at an early stage in their lifecycle, across a diversified range of sectors.

The VCT intends to make initial investments of between £50,000 and £2 million and may make further follow-on investments.

The directors intend to invest £75,000 and the Investment Management Team at least £150,000 in the offer, on the same terms as investors.

Target dividend

The Venture Fund aims to pay regular dividends from 2020, although this is not guaranteed. It targets a dividend of 3p per share in the years ending 28 February 2021 and 2022; after that it aims to pay regular dividends of up to 5p per share per annum.

Performance

This is a new share class, so performance is not yet available.

Risks

Please remember capital is at risk. VCTs are high-risk investments and are not suitable for everyone. Investors should not invest money they cannot afford to lose. 

Tax rules can change and tax benefits depend on individual circumstances.

This is a new VCT share class. If fundraising is slow, shares may take some time to be allotted, or may not be allotted at all.

Fees and charges

A summary of the fees and charges for the Venture share offer is shown below. The net initial charge shown includes the Wealth Club discount and early bird saving.

Full initial charge 5.5%
Wealth Club initial saving 3.5%
Net initial charge through Wealth Club 2%
Annual charge 2%
Performance fee 20%

More detail on the charges

Share buy-backs

The Company may operate a buy back policy at a 5% discount to net asset value. Please see the offer documents for details.

Deadlines

Unless the offer is fully subscribed before these dates, the following deadlines apply:

Deadline for early bird discount: 30 November 2018 

Deadline for shares allotted in the 2018/19 tax year: 5 April 2019

Wealth Club aims to highlight investments we believe have merit, but you should form your own view. You should decide based on the provider's documents and ensure you have read and fully understand them before investing. This review is a marketing communication. It is not advice or a personal or research recommendation to buy the investment mentioned. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination. 03 October 2018

The details

Type
Generalist
Target dividend
3p from 2020
Initial charge
5.5%
Initial saving via Wealth Club
3.5%
Net initial charge
2%
Annual rebate
-
Funds raised / sought
£250,000 / £15 million
Deadline
30 Nov 2018 for early bird saving

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