REG - Triple Point Energy - Special Dividend

Triple Point Energy TransitionAnnouncement

06/09/2024 07:00

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RNS Number : 1524D  Triple Point Energy Transition PLC  06 September 2024

6 September 2024

Triple Point Energy Transition plc

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

SPECIAL DIVIDEND

 

The Board of Triple Point Energy Transition plc (ticker: TENT) announces that,
as part of the managed wind-down approved by shareholders on 22 March 2024,
and as a result of timely realisations to date and taking into account
feedback received from shareholders, it has declared a distribution by way of
a special dividend of c.£25m, equivalent to c.29% of the Company's NAV as at
31 March 2024.

 

This is equivalent to 25 pence per ordinary share in the capital of the
Company ("Ordinary Share"), payable on or around 4 October 2024 to holders of
Ordinary Shares on the register on 20 September 2024. The ex-dividend date
will be 19 September 2024.

 

To date, the Group has disposed of the Boxed LED receivables finance facility,
the Battery Energy Storage System loan portfolio ("BESS Portfolio"), and the
Combined Heat and Power loan portfolio ("CHP Portfolio"), along with the
repayment of the Innova Development Debt Facility. These realisations returned
91% of the carrying value of those investments.  After the BESS Portfolio was
sold, the proceeds were used, in part, to fully repay and cancel the Group's
Revolving Credit Facility on 19 April 2024. The balance, together with
proceeds from other announced sales will be used to fund this special
dividend.

 

The Group's remaining assets include the Hydroelectric Portfolio and the
remaining LED receivables finance facility. Both assets are actively being
marketed and are on track to be realised before the end of the Company's
financial year. The Board intends to continue to return the realised funds to
shareholders in a timely manner.

 

For further information, please contact:

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

 Jonathan Hick

 Christophe Arnoult

 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. Details of future divestments or returns of capital
are expected to be announced via a Regulatory Information Service in due
course.

 

 

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