Triple Point Inc VCT - TPVE Disposal of hydro assets and Dividend Declaration (8003T)
29 November 2021 - 6:00PM
UK Regulatory
TIDMTPVE TIDMTPVC TIDMTPVD
RNS Number : 8003T
Triple Point Inc VCT - TPVE
29 November 2021
29 November 2021
Triple Point Income VCT plc
(the " Company ")
Disposal of hydroelectric assets and Dividend Declaration
Disposal of hydroelectric assets
Further to the Company's announcement on 29 September 2021, the
Board is pleased to announce that on 26 November 2021 it completed
on the sale of a substantial part of its hydroelectric power
portfolio held in the C, D and E Ordinary Share Classes for a total
consideration of GBP 20,719,036 , being GBP 5,239,303 for the C
Ordinary Share Class, GBP 9,409,513 for the D Ordinary Share Class
and GBP 6,070,220 for the E Ordinary Share Class.
As announced on 29 September 2021, the Company conducted a
competitive process and invited bids from some of the leading
energy infrastructure investors in the UK which had a strong
understanding of small scale run of the river hydroelectric assets.
The Company received bids from all invited bidders, following which
Triple Point Energy Efficiency Infrastructure Company plc ("TEEC")
was selected as the preferred bidder for the portfolio, with
reference to key criteria including total consideration, level of
offer conditionality and acceptance of share purchase agreement
terms. At the conclusion of the sale process, TEEC's final offer
was considered the most attractive to the Company. TEEC which
invests exclusively in a diversified portfolio of Energy Efficiency
assets in the UK is managed by Triple Point Investment Management
LLP, and as such, additional measures were implemented and
carefully monitored to manage any potential conflict appropriately,
including obtaining an independent third-party valuation.
A short update in respect of the remaining assets in each share
class is as follows:
-- C Share Class - The sale of the remaining asset, Achnacarry
Hydro Ltd, is underway and is expected to be sold in the coming
months, subject to favourable terms and conditions being achieved.
The Company will seek shareholder approval, at a general meeting,
to wind down and ultimately cancel the C Share Class at the
appropriate time.
-- D Share Class - It remains the intention to dispose of its
remaining interest in Green Highland Shenval Ltd, once favourable
terms and sale price can be achieved, and an update will be
provided to shareholders in due course. The Company will seek
shareholder approval, at a general meeting, to wind down and
ultimately cancel the D Share Class at the appropriate time.
-- E Share Class - The sale of Achnacarry Hydro Ltd is underway
and is expected to be sold in the coming months, subject to
favourable terms and conditions being achieved. Options are being
explored with regards to Green Highland Shenval Ltd.
The total consideration for the sale of Achnacarry Hydro Ltd is
expected to be approximately GBP10.5 million subject to any
non-material adjustments as a result of buyer due diligence.
The Company expects to return any net proceeds of sale to its C,
D and E shareholders, taking into account all relevant fees and
costs, and any other legal or tax considerations, as soon as
possible.
Dividend Declaration
The Board has today resolved to pay the following interim
dividends (together 'the Dividends'):
-- 32.5p per share to C Class Shareholders;
-- 45p per share to D Class Shareholders; and
-- 12p per share to E Class Shareholders.
The Dividends will be paid on 23 December 2021 to those C Class,
D Class and E Class Shareholders on the register at the close of
business on 10 December 2021. The ex-dividend dates will be 9
December 2021.
The Company will continue to consider if further dividends in
respect of the sale of hydroelectric assets are appropriate.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management Tel: 020 7201 8989
LLP
(Investment Manager)
Jonathan Hick
Belinda Thomas
The Company's LEI is 213800IXD8S5WY88L245
Further information on the Company can be found on its website
https://www.triplepoint.co.uk/current-vcts/triple-point-income-vct-plc/s1238/
.
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END
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