Triple Point VCT 2011 PLC Disposal of hydro assets and Dividend Declaration (8004T)
29 Novembre 2021 - 8:00AM
UK Regulatory
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RNS Number : 8004T
Triple Point VCT 2011 PLC
29 November 2021
29 November 2021
Triple Point VCT 2011 plc
(the "Company")
Disposal of hydroelectric assets and Dividend Declaration
Disposal of hydroelectric assets
Further to the Company's announcement on 29 September 2021, the
Board is pleased to announce that on 26 November 2021 it completed
on the sale of a substantial part of its hydroelectric power assets
within the A Ordinary Share Class for total consideration of GBP
4,245,725 , and a substantial part of the hydroelectric power
portfolio indirectly held through its interest in Broadpoint 3
Limited within the B Ordinary Share Class for a total consideration
of GBP1,102,722 . It remains the Company's intention to dispose of
its interest in the remaining asset, Green Highland Shenval Ltd,
held by the A Ordinary Share Class and indirectly held through
Broadpoint 3 Limited in the B Ordinary Share Class, once a
favourable sale price and terms can be achieved.
As announced on 29 September 2021, the Company conducted a
competitive process and invited bids from some of the leading
energy infrastructure investors in the UK which had a strong
understanding of small scale run of the river hydroelectric assets.
The Company received bids from all invited bidders, following which
Triple Point Energy Efficiency Infrastructure Company plc ("TEEC")
was selected as the preferred bidder for the portfolio, with
reference to key criteria including total consideration, level of
offer conditionality and acceptance of share purchase agreement
terms. At the conclusion of the sale process, TEEC's final offer
was considered the most attractive to the Company. TEEC, which
invests exclusively in a diversified portfolio of Energy Efficiency
assets in the UK, is managed by Triple Point Investment Management
LLP, and as such, additional measures were implemented and
carefully monitored to manage any potential conflict appropriately,
including obtaining an independent third-party valuation.
The Company expects to return the net proceeds of the sale to
its A and B shareholders, taking into account all relevant fees and
costs , and any other legal or tax considerations , as soon as
possible.
The Company will seek shareholder approval at a general meeting
to wind down and ultimately cancel the A Ordinary Share Class at
the appropriate time.
Dividend Declaration
The Board has today resolved to pay an interim dividend of 33p
per share to A Ordinary Class Shareholders. The dividend will be
paid on 23 December 2021 to A Shareholders on the register at the
close of business on 10 December 2021. The ex-dividend date will be
9 December 2021.
Dividends to B Ordinary Shareholders in respect of the return of
the net proceeds of the sale of the hydroelectric assets are
expected to be made in the first quarter of 2022 in order for the
Company to continue to satisfy the qualifying investment test under
the Finance Act 2018 as required as a Venture Capital Trust. The
Board will provide an update to B Ordinary Shareholders as soon as
possible.
The Company will continue to consider if further dividends in
respect of the sale of hydroelectric assets are appropriate.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management Tel: 020 7201 8989
LLP
(Investment Manager)
Belinda Thomas
Ian McLennan
The Company's LEI is 213800AOOAQA5XQDEA89
Further information on the Company can be found on its website
https://www.triplepoint.co.uk/investments/triple-point-venture-fund/s7881/
.
NOTES:
The Company is a Venture Capital Trust incorporated in July
2010. The Investment Manager is Triple Point Investment Management
LLP. The Company was established to fund small and medium sized
enterprises (SMEs). The Company launched a new share class, known
as The Venture Fund, in March 2019 which is mandated to invest in
SMEs producing products or digital services that solve challenges
faced by their larger corporate customers.
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END
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