REG - Triple Point Energy - Result of General Meeting

Triple Point Energy TransitionAnnouncement

24/02/2025 12:15

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RNS Number : 2334Y  Triple Point Energy Transition PLC  24 February 2025

24 February 2025

Triple Point Energy Transition plc

("TENT" or the "Company")

Result of General Meeting

Appointment of Joint Liquidators

The Board of Triple Point Energy Transition plc announces the result of the
Company's General Meeting held earlier today.

All resolutions were voted by way of a poll and the Board is pleased to
announce that the resolutions required to place the Company into members'
voluntary liquidation ("Liquidation") were approved by the requisite
majorities of Shareholders. As a result, Henry Anthony Shinners and Adam Henry
Stephens, licensed insolvency practitioners of Evelyn Partners LLP of 45
Gresham Street, London, United Kingdom EC2V 7BG, (the "Joint Liquidators")
have been appointed with immediate effect.

The Joint Liquidators will use their best endeavours to make the Initial
Distribution of approximately £43 million to Shareholders as soon as possible
and, in any event, within 10 business days. The Joint Liquidators, in their
absolute discretion, will make further distributions of capital as and when
further cash from deferred payments becomes available and any creditors have
been satisfied, with a view to making a subsequent distribution in Q3 2025 and
a final distribution of any residual cash (and winding up the Company)
expected to be made in Q4 2026.

Trading in the Company's Shares remains suspended and the Joint Liquidators
will seek to cancel the admission of the Shares to the Official List of the
FCA and to trading on the Main Market of the London Stock Exchange following
the payment of the Initial Distribution.

For the avoidance of doubt, in light of the approval of the Liquidation, the
Tender Offer will not proceed.

Following the Liquidation's approval, Rosemary Boot, Anthony White and Sonia
McCorquodale have stepped down as Directors of the Company with immediate
effect.

Rosemary Boot, Chair of the Company, commented:

"The Board would like to thank Shareholders for taking the time to vote and
have their voices heard at this crucial meeting. The Liquidation is the
conclusion of the Managed Wind-Down process and represents the most
cost-effective and tax-efficient way of returning value to Shareholders, with
the most certainty.

With the appointment of the Joint Liquidators, the powers of the Directors now
cease and we have stepped down. On behalf of my fellow Directors, I would like
to thank Shareholders for their support, as well as the Triple Point team and
our other advisers for their services over the past four years and for helping
to deliver a swift and successful Managed Wind-Down."

Voting Results

Resolution 1 was proposed as a special resolution (requiring a majority of at
least 75% of votes cast to be approved) while Resolutions 2 and 3 were
proposed as ordinary resolutions (requiring a simple majority of votes cast to
be approved).

 Resolution                                                                        Votes For                            Votes Against                 Total votes validly cast                    Votes Withheld*
                                                                                   Number                       %       Number               %        Number                       % of ISC       Number
 1       To approve the members' voluntary liquidation of the Company                       68,502,640          99.00%       690,108         1.00%             69,192,748          69.18%         662
 2       To approve the appointment of the Joint Liquidators and related matters            68,499,448          99.07%       645,709         0.93%             69,145,157          69.14%         48,253
 3       To approve, subject to Resolutions 1 and 2 not passing, the Tender Offer           69,156,515          99.95%         32,703        0.05%             69,189,218          69.18%         4,192

*A vote withheld is not a vote in law and is not counted in the calculation of
the votes for or against a resolution

 

All defined terms included herein are as set out in the Circular regarding the
Proposals which is available on the Company's website at
https://www.tpenergytransition.com/investor-communication/151/
(https://www.tpenergytransition.com/investor-communication/151/) . Copies of
the resolutions will also be available shortly on the National Storage
Mechanism in accordance with UKLR 6.4.

 

For further information, please contact:

 Evelyn Partners LLP                      +44 (0) 20 4617 5230

 Saskia Lawrence
 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)         TENT@akur.co.uk

 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 which was completed with the sale of the final assets
announced on 22 January 2025. At a general meeting held on 24 February 2025,
shareholders voted to place the Company into members' voluntary liquidation
and trading in the Company's ordinary shares remains suspended until further
notice.

 

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