REG - Triple Point - TPVE Triple Point - TPVC Triple Point - TPVD - Disposal of hydro assets and Dividend Declaration

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29/11/2021 08:05

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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 £20,719,036, being
£5,239,303 for the C Ordinary Share Class, £9,409,513 for the D Ordinary
Share Class and £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 £10.5 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 LLP  Tel: 020 7201 8989

 (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/
(https://www.triplepoint.co.uk/current-vcts/triple-point-income-vct-plc/s1238/)
.

 

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