REG - Triple Point Venture - Publication of a Circular

Triple Point Venture VCTAnnouncement

04/03/2026 16:45

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RNS Number : 3555V  Triple Point Venture VCT PLC  04 March 2026

4 March 2026

Triple Point Venture VCT plc

(the "Company")

Publication of a Circular

The Board of Triple Point Venture VCT plc (the "Board") announces that the
Company has issued a circular (the "Circular") relating to a recommended
proposal to approve amendments (the "IMA Amendments") to the performance fee
payable to the Company's investment manager, Triple Point Investment
Management LLP ("TPIM"), following approval of the Circular from the Financial
Conduct Authority.

TPIM is currently entitled to a performance incentive fee payable if the total
return (net asset value plus distributions made) to holders of the Company's
venture shares ("Venture Shares") exceeds the initial net asset value at
subscription by an annual threshold of 3% calculated on a compound basis. To
the extent that the total return exceeds the threshold over the relevant
period then a performance incentive fee of 20% of the excess is payable to
TPIM. High water marks will apply such that any previous threshold pursuant to
which a performance incentive fee was paid must be exceeded in order for a
subsequent performance fee to be paid.

The Board and TPIM have agreed, subject to the approval of the Company's
shareholders, to amend the performance incentive fee calculation to one that
is based on portfolio company realisations. Where the cash proceeds from a
sale of a portfolio company exceed investment cost plus a 3% annual compound
threshold (the excess above that threshold being the "Excess"), a performance
incentive fee equal to 20% of the Excess will be notionally apportioned to the
Company's issued Venture Shares and paid to TPIM. No Performance Fee
apportioned to a Venture Share will be paid before the fifth anniversary of
the issue of that Venture Share and there will be deductions in the event that
the total return, being the latest published net asset value of an issued
Venture Share, adjusted to add back any distributions made or declared in
respect of a Venture Share, does not exceed the initial net subscription paid
for that Venture Share. Further details of the IMA Amendments are set out in
the Circular.

The amended and restated investment management agreement between TPV, TPIM and
Triple Point Administration LLP (the "Amended and Restated IMA"); which will
give effect to the IMA Amendments, will constitute a related party transaction
falling within UK Listing Rule 8.2.1R. Pursuant to the UK Listing Rule
11.5.5R, the Amended and Restated IMA is required to be approved by the
Company's shareholders at a general meeting, to be held on 31 March 2026 at
3.00pm at 1 King William Street, London EC4N 7AF, further details of which are
set out in the Circular.

A copy of the Circular will shortly be submitted to the National Storage
Mechanism located at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) and may be viewed on
the Triple Point website at: www.triplepoint.co.uk
(http://www.triplepoint.co.uk) .

 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 

 Triple Point Investment Management LLP  Tel: 020 7201 8989

 (Investment Manager)
  Seb Wallace

  Jack Rose

 

The Company's LEI is 213800AOOAQA5XQDEA89

 

Further information on the Company can be found on its website

https://www.triplepoint.co.uk/current-vcts/triple-point-venture-vct-plc/s2539/
(https://www.triplepoint.co.uk/current-vcts/triple-point-venture-vct-plc/s2539/)

 

NOTES:

The Company is a Venture Capital Trust incorporated in July 2010 and was
established to fund small and medium sized enterprises. The Investment Manager
is Triple Point Investment Management LLP.

 

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