Brochure - Triple Point

Triple Point VCT 2011 plc
Brochure
Important Information
This document is issued and approved as a financial
promotion for the purposes of section 21 of the
Financial Services and Markets Act 2000 by Triple
Point Administration LLP.
Subscriptions for shares will only be received and shares
will only be issued on the basis of the Triple Point VCT
2011 plc Prospectus. This brochure summarises the
offering and prospective investors should review the
information contained in the Prospectus before making
a decision to invest. An investment in a VCT will not be
appropriate for all investors and independent advice
should be sought as to whether this offering is suitable for
an individual’s needs.
Nothing contained herein constitutes investment,
legal, tax or other advice nor is it to be relied on in
making an investment or other decision. Nothing in this
document should be construed as a solicitation, offer or
recommendation to acquire or dispose of any investment
or to engage in any other transaction.
Past performance is no guide to future performance. The
value of an investment in the VCT may go down as well
as up. An investor may not get back the amount invested.
There can be no guarantee that the performance targets
of the VCT will be met. An investment in the VCT may be
higher risk than investing in other securities listed on the
London Stock Exchange official list. You should regard the
VCT as a longer term investment. In the past there has
been limited liquidity in VCT shares listed on the London
Stock Exchange; it may therefore be difficult to realise
shares in Triple Point VCT 2011 plc in the future. The
share price may not reflect the underlying net asset value.
Hydro VCT is a trading style of the Hydro share class of
Triple Point VCT 2011 plc.
If you have any questions about an investment in Hydro
VCT or require further information, please contact your
financial adviser.
Triple Point participates in the Financial Services
Compensation Scheme (“FSCS”) and, if Triple Point
defaults, investors may have a claim against the FSCS
if they are classified under the FSCS’s rules as “eligible
claimants”. The maximum amount of such a claim is
currently £50,000. Further details of how the FSCS
operates and how claims are made and processed can
be found at www.fscs.org.uk. Triple Point has established
procedures in accordance with the FCA Rules for
consideration of complaints. Details of these procedures
are available on request. Should an investor have a
complaint, they should contact Triple Point in the first
instance. If Triple Point cannot resolve the complaint to
the satisfaction of the investor, the investor may be
entitled to refer it to the Financial Ombudsman Service.
Triple Point (“Triple Point”) is the trading name for the Triple
Point Group which includes the following companies and
associated entities: Triple Point Investment Management
LLP registered in England & Wales no. OC321250,
authorised and regulated by the Financial Conduct Authority
no. 456597; Triple Point Administration LLP registered
in England & Wales no. OC391352 and authorised and
regulated by the Financial Conduct Authority no. 618187;
TP Nominees Limited registered in England & Wales no.
07839571, and Triple Point LLP no. OC310549, all of
18 St. Swithin’s Lane, London, EC4N 8AD, UK.
20 October 2014
Contents
Introduction to Hydro VCT
1
VCT Tax Benefits
2
Innovative Target Return Profile
3
Hydropower in the UK
4
Hydropower Subsidies
5
How Hydro Works
6
Cornerstone Projects Overview
8
Location of Hydro Projects
9
The Triple Point Team
10
Green Highland Renewables Limited (“GHR”)
11
Risk Summary
12
Fees and Charges
14
How to Invest in Hydro VCT
15
About Triple Point
16
Introduction to Hydro VCT
Triple Point has been working with the specialist
hydropower developer, Green Highland Renewables,
and the Forestry Commission Scotland on a portfolio
of run-of-river hydroelectric power schemes since
2010 and has five schemes under construction.
Hydro VCT is an opportunity for investors to finance companies
which will have the exclusive rights to construct, operate and
maintain the next tranche of projects in this portfolio. Examples
of the projects in which Hydro VCT is expected to invest are
described on page 8.
Hydro VCT aims to deliver:
• Attractive Returns: a target tax free IRR of 10% over 16
years.
A Compelling
Investment Case
3 Hydro technology is tried,
tested and reliable
3 A diversified portfolio of
projects, selected from the
Forestry Commission Scotland
estate
• Income: long-term, tax-free, and inflationlinked over 15 years.
3 Stable long-term inflation-
• Quick payback: the rapid return of investors’ initial
capital outlay.
3 Additional revenues will be
• Predictability: tried and tested technology.
• Diversification: returns which are uncorrelated with
stock market investments.
3 Extensive commercial, legal
• Tax benefits: that are available to VCT investors.
3 Sector leading development
linked revenues from FITs
earned for the power that is
generated and sold under the
power purchase agreements
and technical due diligence
partner in GHR
3 Equipment supplied by leading
A major attraction of Hydro VCT’s investments is their ability to benefit from Feed-in
Tariffs (FITs). Under the Government mandated FIT regime, producers of qualifying
renewable energy are guaranteed minimum, inflation-linked, tariffs.
It is important that you review carefully the risks outlined on pages 12 and 13 and
in the prospectus before investing.
manufacturers of hydropower
systems
3 Triple Point has market
leading expertise in arranging
and executing funding for
Hydro projects.
HYDRO VCT
1
VCT Tax Benefits
There are a number of tax benefits available to investors in
Hydro VCT.
Investments of up to £200,000 per person, per tax year, may be made
which benefit from:
30% Income Tax relief
Tax-free dividends
Tax-free growth
An investment in a VCT qualifies
for 30% upfront Income Tax relief,
provided investors hold their shares
for five years.
VCT dividends are free of Income Tax.
Returns on VCT investments are
free from both capital gains tax and
income tax.
These benefits will be subject to investors’ personal circumstances and advice
should be sought from tax professionals before investing.
2
HYDRO VCT
Hydro VCT’s Innovative Target Return Profile
Hydro VCT targets a tax free IRR of 10% over 16 years
(equivalent to a pre-tax IRR of 18% for a 45% taxpayer).
These returns are generated through two distinct stages:
an initial deployment stage, which covers the construction,
commissioning and early years of operation, and an
income generation stage.
Stage 1
Initial deployment stage
One of Hydro VCT’s core targets is to deliver to investors a cash return of 100p
per share by the end of year six. It is intended that this will be derived from a
combination of the initial income tax rebate, tax-free dividends in years two, three,
four and five, followed by a substantial capital realisation in year six.
Although at that point the net cost per share to investors would be zero, as their
initial outlay will have been repaid in full, it is anticipated that investors will retain
an investment with a net asset value (NAV) per share in excess of 50p.
Stage 2
Income generation stage
It is anticipated that from year six investors will then receive, on average, an
annual tax-free dividend of around 7% of the residual NAV per share (a return
which is equivalent to 13% per annum for a 45% tax payer) in each of the next
nine years, and a final tax-free payment of approximately 50p per share in 2030,
following the sale of the VCT’s hydro projects.
These targets are forecasts only, based on modelled assumptions for operating
performance, revenues and costs. Actual investment performance and returns
may be different and your attention is drawn to the risk factors outlined on pages
12 and 13.
Hydro VCT is a new share class (the Hydro Share Class) in the well
established Triple Point VCT 2011 plc. This means that although the
Hydro VCT will have its own fully segregated and dedicated portfolio of
investments, Triple Point VCT 2011 plc is able to spread the fixed costs
of running a VCT over a larger pool of assets, thus reducing the cost
burden and boosting the potential returns available to shareholders.
HYDRO VCT
3
Hydropower in the UK
The European Union’s Renewable Energy Directive (2009)
requires member states to contribute to its target for 20% of
energy consumption to be generated from renewable sources
by 2020.
To meet this requirement, over 30% of the UK’s total electricity
output must come from renewable sources by 2020. In 2013
this figure was 14.9%.*
Hydropower is a well established
renewable technology and has a long
history in Scotland, which accounts for
approximately 90% of the UK’s hydro
power generation.
As large scale installations use dam and
storage reservoirs, suitable locations
are limited. Therefore there is significant
demand for the development of small
scale run-of-river projects.
To encourage the installation of new
hydropower capacity, run-of-river
schemes of less than 2MW are eligible
for 20 year index-linked Feed-in Tariffs.
* Source: DECC
Catchment
Intake
Power to Grid
Buried Penstock
Powerhouse
Outfall
Diagram of a Typical High-Head Run-of-River Hydro Project
4
HYDRO VCT
Buried Cable
Hydropower Subsidies
Hydro VCT is designed to benefit from the highly predictable
and stable long-term index-linked revenues provided by the
Feed-in Tariffs.
Feed-in Tariffs
In the UK legislative framework, FITs
were introduced under the UK Energy
Act 2008, administered by the energy
regulator, the Office of Gas and
Electricity Markets (“Ofgem”) in order
to stimulate investment in renewable
energy generation.
The FIT scheme offers a number of
attractive features for investors:
• A minimum tariff per unit of
electricity produced, which is
linked to inflation (Retail Price
Index or “RPI”)
Whilst the Government has mandated
the form and level of the FITs, and
Ofgem oversee the scheme, utility
companies are responsible for making
tariff payments to power producers.
Electricity suppliers with more than
50,000 customers are compelled to
pay FITs and those with fewer than that
number of customers may “opt in” to
the FIT programme. Ofgem administer
a levelisation process whereby the
burden of FIT payments is adjusted,
so that it is spread evenly amongst
electricity suppliers, depending on the
scale of their business.
• The RPI-linked tariff is guaranteed
for 20 years
Hydro in the Community
The local Communities in the areas where the projects are sited will be
given the opportunity to invest in the underlying hydro companies alongside
Hydro VCT. It is important that the local Community interests are aligned with the
companies’ and the amount of monetary benefit the Communities will receive
is directly related to the performance of the businesses. The Communities will
have the opportunity to invest pari passu with Hydro VCT, although without the
tax benefits associated with a VCT investment. Communities also receive royalty
payments from our schemes regardless of whether they invest.
HYDRO VCT
5
How Hydro Works
Small scale run-of-river projects are highly efficient and can
remain in operation for 50 years or, in many cases, considerably
longer achieving high levels of capacity utilisation.
Intake
Water diverted at the intake passes over a
‘washover’ which filters debris from the
flow directed to the Penstock.
Penstock (under construction)
A pipe formed of either HPPE or
ductile iron which directly feeds
the turbine.
Powerhouse
A standalone or partially buried structure,
the powerhouse is where the turbine and
generator are housed.
Turbine
For run-of-river hydro projects, a Turgo
or Pelton wheel turbine (shown) is
usually selected.
6
HYDRO VCT
Each site is unique in terms of its
topographical and hydrological profile
and the exact configuration, therefore,
varies from site to site. However, all
follow the same basic principles, which
are outlined below.
Intake
In most cases this is in the form of a weir.
The weir allows some volume of water to
flow down the main course of the river,
whatever the conditions. This is referred
to as the “hands-off flow”.
Any additional river flow is siphoned
off from the main river flow into the
penstock. Water diverted at the weir
passes over a ‘washover screen’ which
filters debris from the flow directed to
the penstock. Once the penstock is at
maximum capacity, the river flows over
the crest of the weir and is discharged
downstream. This flow is referred to as
the “spill” (the excess over the hands-off
flow plus the maximum penstock flow).
The electrical output of the hydro scheme
is correlated with the volume of water
flowing in the river upstream of the weir.
This will be affected by the height of the
water table, the speed of run-off of the
catchment area, and recent rainfall, all
of which are subject to seasonal change.
A scheme’s particular conditions are
reviewed, calculated and allowed for in
the planning and construction of each
site.
Penstock
The penstock is essentially a pipe formed
of either high performance polyethylene in
the low-pressure sections near the intake,
or ductile iron near the powerhouse when
the flow is under pressure. This pipe
feeds the turbine directly. It is buried to
reduce visual impact on the landscape.
How Hydro Works
Powerhouse
The penstock connects to the
powerhouse, where the turbine and
generator are housed. The electrical
output will be a product of the “head”
(the difference between the elevation of
the intake and that of the powerhouse)
and the “flow” (the volume of water).
The powerhouse may be a standalone
or partially buried structure.
Turbines
For high-head projects, a description
which fits the majority of small-scale runof-river hydro projects in a mountainous
region such as North-West Scotland,
usually a Pelton wheel or Turgo turbine
is selected. These typically have
efficiencies of between 70-90% of the
total gravitational potential and kinetic
energy of the water flow, and can in some
instances exceed 90%.
The turbine is typically manufactured by
Gilkes, Newmills, Kössler or Canyon. They
will be contracted to design, manufacture,
supply and install the turbine and ancillary
equipment. Extensive due diligence is
conducted on supply companies and their
manufacturing facilities.
Grid Connection
Electricity is exported via a connection
to the grid, provided by SSE Power
Distribution Ltd.
HYDRO VCT
7
Cornerstone Projects Overview
The three cornerstone projects in which Hydro VCT is
expected to invest are; Allt Ladaidh near Glengarry in
Inverness-shire, and Gleann nam fiadh and Allt Garbh in
Glen Affric. All of these sites are on land in the Scottish
Highlands owned by Forestry Commission Scotland.
N
1 Allt Ladaidh
This scheme within the Glen Garry area will have an estimated
output of 1.26MW.
Loch Garry
Intake Structure(s)
Penstock Route
N
River Garry
Riv
Turbine House
Glen Garry
h
ala
aid
Bh
ad
tL
e
Al
lt
All
Ch
oir
Connection Point
a
Export Cable Route
ch
ain
Penstock Route
2 Gleann nam fiadh
Gleann nam fiadh is on the north side of Glen Affric and will have
an estimated output of 2MW.
Lo
Al
lt
C
ho
ir
e
a
Bh
ala
ch
ain
River Garry
Riv
3 Allt Garbh
Allt Garbh is on the south side of Glen Affric and will have an
estimated output of 1.5MW.
8
HYDRO VCT
Gle
Location of Hydro Projects
Allt Garbh
Gleann nam fiadh
3
2
1
Allt Ladaidh
HYDRO VCT
9
The Triple Point Team
Since 2004 Triple Point has raised over £440m of funding for a
wide range of businesses. This has included funding over £100m
in the renewable energy sector including; hydropower, anaerobic
digestion plants, landfill gas and solar PV. Hydro VCT’s investment
process will be led by a team comprising:
Claire Ainsworth
Managing Partner
• Managing Partner, Chief
Investment Officer and Chairman
of the Investment Committee
• Eight years’ venture capital
investment experience
• 30 years’ industry experience,
including 16 years in structured
finance at Deutsche Bank where
she was Managing Director and
involved in transactions totalling
£10 billion
• BA in Law from the University
of Oxford
Ben Beaton
• Partner, Head of Investment and member of the
Investment Committee
• Seven years’ venture capital investment experience
• Four years’ hydroelectric power investment
experience and led the sourcing and negotiating
of a broad spectrum of investments including
£80m in the cinema digitisation sector
• BSc in Biological Sciences from the University
of Edinburgh
Ian McLennan
• Partner and member of Investment Committee
• Seven years’ venture capital investment experience
• 27 years’ investment industry experience with
global players such as UBS AG & Brevan Howard
• Led the sourcing and negotiating of over £75m
in the renewable energy sector
• First class Accountancy degree from the University
of Glasgow and CFA Charterholder since 1991
Alexandra Tucker
• Investment Manager
• Six years’ venture capital investment experience
• Completed investments in hydroelectric power,
landfill gas and anaerobic digestion
• MA in Business Studies from the University of
Edinburgh and the University of British Colombia
Oliver Scutt
• Legal Counsel
• Five years’ combined experience as a solicitor in
the venture capital and private equity sectors
• Private practice experience with Pinsent Masons LLP
• GDL and LPC in Law at BPP and English Literature
graduate of the University of Durham
10
HYDRO VCT
Green Highland Renewables Limited (“GHR”)
As a developer of small scale hydro schemes, GHR has
extensive experience and expertise in consultancy, engineering,
project management and operation and maintenance services.
The company was established in
2007 and has grown into a leading
hydropower developer in the UK. GHR
has worked on a wide range of small
scale schemes at every phase of the
development process, and has a 100%
success rate in gaining the appropriate
consents including planning for hydro
schemes, consenting 46 schemes to
date, equating to approximately 27 MW
of hydro capacity.
In addition GHR has project managed
construction and commissioning works
on 8 projects with another 13 under
construction. GHR also has over 20MW
under development within its current
portfolio of schemes.
Richard Round
Chief Executive Officer
Green Highland Renewables
Ian Cartwright
Chief Operating Officer
Green Highland Renewables
Richard has a 30-year track record in
senior finance and leadership roles
in a range of quoted and private
companies. Previously, Richard has led
the development and implementation
of wave energy company Aquamarine
Power’s business plan and corporate
strategy for over four years, successfully
securing around £60 million of funding
for the development of Oyster wave
power technology. Prior to joining
Aquamarine Power Richard was Acting
Chief Executive at quoted Novera
Energy plc where he led the sale of
the landfill gas, wind and hydro group.
Richard has also held a number of
finance director roles in the renewable,
oil and gas, coal and mining sectors
with companies including Scottish Coal,
AIM-listed Anglo Asian Mining plc and
Cambrian Mining plc.
Ian has over 20 years experience in
renewable power generation and has
managed high profile projects such as
Kinlochleven Power Station Replanting,
EMEC Wave and Tidal Test Sites M&E
systems design and installation, Isle of
Eigg Electrification and various wind farm
projects. He is a Chartered Electrical
Engineer and has broad business
experience having run his family business
and been the Engineering Manager and
Regional Director for SSE Contracting.
The company employs 20 people and is
based in Perth, in central Scotland with a
northern office in Dingwall. Biographies of
key team members are given below.
Alex Reading
Development Director
Green Highland Renewables
Alex studied Mechanical Engineering at
Newcastle University before spending
seven years in the British Army. He
is responsible for all aspects of the
technical, hydrological, environmental,
social and commercial appraisal of Green
Highland Renewables’ portfolio of hydro
schemes.
HYDRO VCT
11
Risk Summary
Prospective investors in Hydro VCT are strongly advised to consult
a qualified financial adviser before making an investment.
Fund Performance
Past performance is not a guide to future
performance and there is no guarantee
that the investment performance that is
being targeted will be achieved, or that all
of the targeted VCT qualifying investments
will be secured, or that they will perform
as expected.
A VCT investment should be viewed as
a long term investment, and applicants
should not consider investing in Hydro
VCT unless they already have a diversified
investment portfolio.
Investment risk and returns
The value of shares in Hydro VCT may go
down as well as up, and may fall below
the original amount invested. Investors
may not ultimately get back the amount
that they originally invested, and the
market price of shares may not fully
reflect the underlying net asset value at
any given point in time.
Investments in private companies can
involve a higher degree of risk than
investments in larger, investment grade
companies, and there can be a risk of
substantial losses. The dividend targets
may not be achieved, and all dividend
payments are subject to the VCT having
adequate distributable reserves and cash
reserves. The fees and expenses payable
by the VCT and by the companies within
the investment portfolio will also affect
returns.
Hydro VCT’s investments will be affected
by general economic conditions, in
particular changes to inflation and
interest rates, and to the electricity export
prices. Investee companies may incur
12
HYDRO VCT
unplanned costs or delays for example
during the construction of plants, or
as a result of statutory and regulatory
requirements which can change, for
example labour costs, health and safety
requirements, etc. Factors such as these
are more likely to reduce than increase
the level of returns to Hydro VCT.
Future changes in the regulatory,
operating, legal or tax environments could
at any time affect investment returns
and/or the ability of the VCT to obtain
maximum value from the investments
that it makes.
Tax reliefs
Investment into a VCT may not be
suitable for all investors and advice
should be taken to ensure that tax reliefs
that are expected to be received will
actually be available following investment.
Tax reliefs may be lost by investors taking,
or not taking, certain steps. Investors
should also seek advice from their
financial adviser about the suitability for
them of an investment in Hydro VCT.
Levels, bases of, and relief from, taxation
are subject to change and investors
should be mindful that tax changes
could be retrospective. The tax reliefs
described in this document are based
on the current legislation, practice and
interpretation of tax law.
Conflicts of Interest
Triple Point, and its officers, agents and
affiliates, company directors and persons
or company with whom they are affiliated
or by whom they are employed (each
an ‘Interested Party’) may be involved
in other financial, investment or other
professional activities which may result in
conflicts of interest with the companies
invested in. In particular, the companies
may trade with other companies that
have received investment from Triple
Point managed funds. There is the
potential for conflicts of interest between
Triple Point’s responsibilities to Hydro VCT
and its responsibility to raise funds for the
companies themselves.
Diversification
Triple Point VCT 2011 is required to
ensure that no more than 15% by
value of its investments is made into
any single portfolio company at the
time the investment is made, or added
to. However, Hydro VCT will invest into
companies in the same target sector
(i.e. hydro based renewable energy
generation) and their income may be
derived from the same sources (e.g.
electricity company counterparties).
The level of returns to Hydro VCT may,
therefore, be adversely affected by
a sector downturn, and/or regulatory
changes within the hydro sector, or
sectors from which income is derived, or
costs are incurred. These diversification
constraints could increase the risk to
investors.
Risks related to the construction
and operation of hydro sites
There are a variety of business risks
associated with the design, construction
and ongoing operation of the project
sites including reliance that will be placed
on certain suppliers and contractors to
the investee companies, which GHR will
assess and monitor by using their own
expertise and by employing the services
of expert technical advisers. Construction
contracts will include penalties for the late
delivery of projects. There will be rainfall
and weather variations from year to year,
although over the twenty year life of the
project the hydrology is predictable. All
sites will be pre-accredited for Feed-in
Tariffs before investment is made and
any retrospective change to the hydro
Feed-in Tariff regime is possible, although
currently believed to be unlikely.
Liquidity and exit
Triple Point is committed to ensuring a
timely exit for investors and has a strong
track record in managing such exits. VCT
shares have traditionally been relatively
illiquid, and consequently Hydro VCT has
put in place a buy-back policy to facilitate
exits for investors who may wish to sell
shares before the end of the five year
holding period. Such a buy back of shares
is subject to VCT Board approval and will
result in additional costs to the investor
- full details of this facility can be found
in the Prospectus. Note that disposal of
shares before the end of the five year
holding period will result in investors being
required to repay any Income Tax relief
received. There is no tax claw-back on a
disposal following the death of the holder
within the five year holding period.
This risk summary includes what are
believed to be key risks relating to an
investment in Hydro VCT but it is not
exhaustive. Investors should refer to the
risk factors in the Prospectus.
HYDRO VCT
13
Fees and Charges
Initial Charge
• There is an initial charge paid to Triple Point of 2.5%.
Annual Charges
• The annual management charge is 2% of Net Asset Value (NAV) and there is
an administration fee of 0.25%.
• Other annual running costs are predicted to be approximately 0.4%.
• Total costs for the VCT as a whole are capped at 3.5% p.a. including the
annual management charge.
Performance Fee
Once investors have received a cumulative return totalling 100 pence per share
from the VCT, Triple Point will receive a Performance Incentive Fee of 20% of
subsequent distributions to holders of Hydro Shares. Further details of how the
performance fee is calculated is shown in the Prospectus.
Arrangement fees
Arrangement fees are paid on VCT qualifying investments amounting to no more
than 3% of the sum invested. Where an investment does not proceed to
completion Triple Point will bear the full abort costs.
The Triple Point Group may also benefit from the receipt of business
administration fees charged to such companies. Business administration
fees may in certain circumstances be related to the investee companies’
performance.
Financial Advice
All applications will need to be submitted through an intermediary.
There are two application forms in the Securities Note part of the
Prospectus.
Application Form 1: Professional
Clients and Execution Only
This form on pages 31 to 34 of the
Securities Note should only be used
when an application is submitted
through a financial adviser on behalf
of Professional Clients or an Execution
Only Broker.
Commission
For Professional Clients and Execution
Only, initial commission of up to 3%
and ongoing commission up to 0.5%
of the NAV of the Hydro Shares (paid
in arrear on an annual basis) may be
payable where:
• the intermediary has confirmed
to Triple Point that the investor
is a Professional Client of the
intermediary; or
14
HYDRO VCT
• there is an execution-only
transaction and no advice has
been provided by the intermediary
to the investor.
Application Form 2: Retail Clients
This form on pages 35 to 38 should
be used for Retail Clients.
Adviser Facilitated Charging
Any adviser charge must be agreed in
advance between the intermediary and
investor.
• This charge can either be paid
directly by the investor to the
intermediary or, if it is an initial
one-off charge, the investor may
request for the payment to be
facilitated by Hydro VCT.
• Hydro VCT cannot facilitate
ongoing adviser charges.
Triple Point aims to send an
acknowledgement email for all
applications within 24 hours of
receipt.
How to Invest
Investment Levels
The minimum investment is £10,000 and the maximum that can be invested in any
one tax year is £200,000, per person.
Early Investment Incentive
2014/2015 tax year Bonus Shares
(capped to the first £5,000,000 of
subscription monies)
2015/2016 tax year Bonus Shares
(capped to the first £1,000,000 of
subscription monies)
2% Share bonus for completed applications
received and accepted by 16 January 2015
1% Share bonus for completed applications
received between 17 January 2015 and 27
February 2015
2% Share bonus for completed applications
received and accepted by 30 April 2015
For your copy of the Hydro VCT
Prospectus and Application
Form please call Triple Point
on 020 7201 8990 or visit
our website.
Application Deadlines
•12 noon
on Thursday 2 April 2015
for tax year 2014/2015.
•12 noon
on Thursday 30 April 2015
for tax year 2015/2016.
Please see the Prospectus for further information.
Tax Relief
The target returns of Hydro VCT are enhanced and
underpinned by the VCT tax benefits.
Eligible investors can claim Income Tax relief of 30% of their investment amount.
This relief is only available to investors who have Income Tax liabilities for the
relevant tax year up to the amount on which relief is claimed and is dependent on
an investor’s individual circumstances.
Income Tax relief is available for investors with liabilities in tax years 2014/2015
and 2015/2016.
HYDRO VCT
15
About Triple Point
For more information about Triple
Point please contact a member of
the team on 020 7201 8990 or
visit our website.
Partnership
Triple Point is an independent investment
management partnership founded in
2004 with experience in asset and
project finance, private equity, portfolio
management, and investment structuring.
Expertise
In addition to seeking attractive risk
adjusted returns for investors, a strong
emphasis is placed on preserving the value
of investments and on liquidity. Funds are
typically raised from private investors and
may be held in a number of tax advantaged
vehicles including Venture Capital Trusts
(“VCTs”) and investments qualifying under
the Enterprise Investment Scheme (“EIS”).
Many also qualify for inheritance tax relief
through Business Property Relief.
18 St. Swithin’s Lane, London EC4N 8AD
16
HYDRO VCT
Track Record
Hydro VCT is one of many investment
opportunities that benefit from our track
record in sourcing, executing, and exiting
investments for our clients.
18 St. Swithin’s Lane
London
EC4N 8AD
United Kingdom
+44 (0)20 7201 8989
[email protected]
www.triplepoint.co.uk
Triple Point is the trading name for the Triple Point Group which includes the following companies and associated
entities: Triple Point Investment Management LLP registered in England & Wales no. OC321250, authorised and
regulated by the Financial Conduct Authority no. 456597, Triple Point Administration LLP registered in England
& Wales no. OC391352 and authorised and regulated by the Financial Conduct Authority no. 618187, and TP
Nominees Limited registered in England & Wales no.07839571, all of 18 St. Swithin’s Lane, London, EC4N 8AD, UK.

Download Report