REG - Triple Point Inc VCT Triple Point - TPVE Triple Point - TPVD Triple Point - TPVC - MEMBERS' VOLUNTARY LIQUIDATION & EXTENSION OF ARD

Triple Point Income VCTAnnouncement

14/07/2023 11:00

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RNS Number : 0807G  Triple Point Income VCT PLC    14 July 2023

14 July 2023

Triple Point Income VCT plc

 

(the "Company")

 

RECOMMENDED MEMBERS' VOLUNTARY LIQUIDATION

AND

EXTENSION OF ACCOUNTING REFERENCE DATE

 

 

Introduction

 

The board (the "Board") of Triple Point Income VCT plc (ticker: TPVE)
announces that it is recommending that the Company be placed into members'
voluntary liquidation (the "Proposal").

 

The Proposal will require the approval of shareholders. A circular outlining
the full details of the Proposal and a recommendation to shareholders to vote
in favour of the resolutions to approve the Proposal (the "Circular") will be
published in due course. The Circular will include a notice of a general
meeting of the Company to be held on 1 September 2023 at 10.00 a.m. at 1 King
William Street, London, EC4N 7AF, United Kingdom ("General Meeting") to
consider the resolutions to approve the Proposal.

 

As a practical step to implement the Proposal efficiently, the Board has today
also resolved to extend the Company's accounting reference date from 31 March
2023 to 30 September.

 

Background

 

As announced on 2 December 2022, the Company concluded successful exits for
the C and D Share Classes, providing investors with a tax-free internal rate
of return exceeding 10% in each case, including the initial tax relief secured
on investment. The Company has one remaining share class, its E Share Class,
and has realised investments in the E Share Class portfolio over the course of
2022, leading to further reductions in the size of that portfolio. The
portfolio of investments in the E Share Class now includes four assets within
the controlled environment agriculture sector; four assets within the solar
energy sector; and one remaining asset within the hydroelectric power sector.
The total assets of the Company have reduced to such size that both the Board
and Triple Point Investment Management LLP, the Company's investment manager
(the "Investment Manager") are of the opinion that the substantial running
costs of operating as a Venture Capital Trust ("VCT") and as a publicly listed
company are no longer justifiable and are uneconomic for its shareholders.

 

In addition, the Company, as a VCT, must have at least 80% by value of its
investments represented by investments that qualify under the rules relating
to VCTs (the "QI Hurdle"). Later this year, the Company is likely to fall
below the QI Hurdle in the absence of making further qualifying investments or
carrying out further disposals. Subject to shareholders approving the Proposal
at the General Meeting, the Company would benefit from a three-year period in
which the QI Hurdle would be disregarded and during which any distributions
can be made tax free in the hands of the shareholders, allowing for the
orderly realisation of the Company's remaining assets in a commercially viable
manner.

 

Accordingly, after due and careful consideration, the Board believes that it
is in the shareholders' best interests that the Company be wound up, with the
intention that there will be an orderly realisation of the Company's assets
and a return of cash proceeds to shareholders in a manner which will be
intended to preserve VCT tax-reliefs.

 

Process

 

Subject to shareholders' approval of the Proposal, the Company will be placed
in voluntary liquidation and liquidators (the "Liquidators") will be
appointed. The winding-up of the Company will be a solvent winding-up in which
it is intended that all creditors will be paid in full.

 

The Liquidators will then assume responsibility for the winding-up of the
Company, including the realisation of the remaining assets of the Company, the
payment of fees, costs and expenses and the discharging of the liabilities of
the Company. Given the Investment Manager's extensive knowledge of the
Company's portfolio, the Liquidators will obtain and, where they consider
appropriate, act upon advice from the Investment Manager regarding exits on
all remaining investments, and the distribution of the Company's surplus
assets to shareholders.

 

The approval by shareholders of the Proposal will result in the cancellation
of the listing of the E Share Class on the FCA's Official List and the shares
ceasing to trade on the London Stock Exchange. It is expected that the
cancellation of listing and trading would take effect from 8.00 a.m. on 4
September 2023.

 

Next Steps

 

If shareholders have any additional enquiries in the meantime, please do not
hesitate to contact the Investment Manager using the details below.

 

 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 Triple Point Investment Management LLP   Tel: 020 7201 8989

 (Investment Manager)                     Email: contact@triplepoint.co.uk

 Jonathan Parr

 Belinda Thomas

 Henry Sumner

 Share Communications (Media Enquiries)   Email: triplepoint@sharecomms.co.uk
 Zoe Powell                               Tel: 020 7071 3932 | 0786 6639 014
 Sarah Plevnik                            Tel:020 7074 3571 | 0738 4677 969

 

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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