REG - Triple Point Energy - Board Changes

Triple Point Energy TransitionAnnouncement

19/12/2024 07:15

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RNS Number : 6596Q  Triple Point Energy Transition PLC  19 December 2024

19 December 2024

Triple Point Energy Transition plc

("TENT" or the "Company" and together with its subsidiaries, the "Group")

Board changes

 

The Board of Triple Point Energy Transition plc (ticker: TENT) announces that
John Roberts has decided to step down as the Chair of the Company with
immediate effect, given the substantial progress made in the managed
wind-down, and in order to reduce operating costs. Rosemary Boot will assume
the role of Chair and the remaining Directors will continue on the Board.

 

The Board is keen to maximise the cash returned to shareholders as part of the
wind-down and has carefully considered the required size and composition of
the Board. Given the progress in respect of the disposals to date, and the
substantial progress made in respect of the sale of the TENT Holdings, a Board
of three Directors is felt to be sufficient to oversee the short remaining
period prior to the proposed members' voluntary liquidation.

 

Rosemary will continue as Chair of the Audit Committee which the Board
believes is acceptable in the circumstances. Further, Anthony White has been
appointed as Senior Independent Director.

 

Rosemary Boot, Chair of the Company commented:

 

"On behalf of the Board, Triple Point and our Shareholders, I would like to
thank John for his contribution to the Company since IPO in 2020, particularly
during the last two years in what has been a challenging time for investment
trusts operating in the energy transition sector, with significant
macro-economic and political turmoil over that period. We wish John well in
his future activities, and I look forward to working with my fellow Directors
and Triple Point to achieve the best result possible in respect of the
remaining asset disposals, prior to entering into a proposed members'
voluntary liquidation."

 

For further information, please contact:

 Triple Point Investment Management LLP   +44 (0) 20 7201 8989

 Jonathan Hick

 Chloe Smith

 J.P. Morgan Cazenove (Corporate Broker)  +44 (0) 20 3493 8000

 William Simmonds

 Jérémie Birnbaum

 Akur Limited (Financial Adviser)         +44 (0) 20 7493 3631

 Tom Frost

 Siobhan Sergeant

LEI: 213800UDP142E67X9X28

 

Further information on the Company can be found on its
website: http://www.tpenergytransition.com/
(https://eur03.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.tpenergytransition.com%2F&data=05%7C01%7CRebecca.Lillington%40triplepoint.co.uk%7C5d7dc58447154d71da6108da8a648af1%7Ccde8812e0dbd4dc3b4463655beb81efb%7C0%7C0%7C637974461674664827%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=Qxux6XDdRNrDI2LBUqkiVrj0UyfH30KOouLRCg%2FPxmY%3D&reserved=0)

 

NOTES:

The Company is an investment trust which was established to invest in assets
that support the transition to a lower carbon, more efficient energy system
and help the UK achieve Net Zero.

 

The Investment Manager is Triple Point Investment Management LLP ("Triple
Point") which is authorised and regulated by the Financial Conduct Authority.
Triple Point manages private, institutional, and public capital, and has a
proven track record of investment in energy transition and decentralised
energy projects.

 

On 22 March 2024, shareholders approved the Company's proposed orderly
realisation of assets and on 6 September 2024 the Company declared a special
dividend to return value to shareholders.

 

 

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