B Share Class Net Asset Value

THIS ANNOUNCEMENT HAS BEEN DETERMINED TO CONTAIN INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

27 April 2021

Triple Point VCT 2011 plc

(the "Company")

B Share Class Net Asset Value

B Share Class Net Asset Value

The Company announces that the unaudited net asset value ("NAV") of the B Share Class as at 28 February 2021 is 57.36 pence per share, a reduction of 44.19% in comparison to the previous audited NAV of the B Share Class as at 29 February 2020. This also reflects a 40.77% reduction in the NAV of the B Share Class from the unaudited NAV as at 30 November 2020. Total dividends paid to date to B Shareholders is 10.00 pence per share. Following the reduction of the unaudited NAV of the B Share Class, the overall unaudited NAV of the Company as at 28 February 2021 is £23.331m, a reduction of 10.41% in comparison to the combined latest published NAVs as at 31 January 2021.

The aforementioned unaudited B Share Class and Company NAVs as at 28 February 2021 are subject to audit review, and the final audited B Share Class and Company NAVs will be announced in the Annual Report of the Company expected to be published in May 2021.

Background

The NAV of the B Share Class has reduced due to a restatement of the carrying value of two gas-fired energy centres held by the B Share Class; Green Peak Generation Limited and Distributed Generation Limited (the "Assets"). The decision to restate the carrying value of these Assets has been taken after careful review and consideration of an independent report obtained by the Board. The NAV is based on a valuation within the range of valuations set out in the independent report. It also reflects feedback received from an ongoing sales process of the Assets. 

A number of external factors have contributed to the reduced valuation of the Assets: the costs of constructing new gas-fired energy centres, compared to the original build price of the Assets, have reduced; because of the requirements of VCT rules at the time, the Assets do not hold long term 15-year capacity market contracts which could offer a valuable additional income stream; the ongoing disposal process has indicated that potential buyers are assuming, and pricing in, shorter operational lifespans for the Assets following the acceleration of the Government's and the public's desire to phase out fossil fuels in favour of alternatives.

Price reductions have also been factored into valuation assumptions relating to the regulator, Ofgem's, ongoing review of the embedded benefits regime (around which there are substantial uncertainties), future Balancing Market revenues, assumed terminal values, and site-specific factors including recent availability issues. All of these elements have led to an increase in discount rates to be applied to these assets and therefore the overall NAV reduction of the B Share Class.

The Board will continue to endeavour to optimise value for B Share Class shareholders.

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

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.