RNS Number : 3522V
Triple Point Income VCT PLC
13 December 2021
 

13 December 2021

Triple Point Income VCT plc

 

(the "Company")

 

Disposal of further hydroelectric assets and Dividend Declaration

 

The Board is pleased to announce that on 10 December 2021 it completed on a further disposal of hydroelectric assets with the sale of Achnacarry Hydro Ltd ("Achnacarry"). Achnacarry was sold for a total consideration of £7,053,180 for the C Ordinary Share Class and £3,646,967 for the E Ordinary Share Class. This sale formed part of the same competitive sales process as set out the Company's announcements on 29 September and 29 November 2021.

 

Dividend Declaration

Following this disposal, the Board has today resolved to pay the following interim dividends (together 'the Dividends'):

·      40p per share to C Class Shareholders; and

·      5.5p per share to E Class Shareholders.

The Dividends will be paid on 14 January 2022 to those C Class and E Class Shareholders on the register at the close of business on 24 December 2021. The ex-dividend date will be 23 December 2021.

 

Update

 

A short update in respect of the remaining hydroelectric power assets and intended next steps for each share class is as follows:

 

·         C Share Class - All assets within the C Ordinary Share Class have now been sold and following the payment of the dividend announced today, the majority of sales proceeds will have been distributed to shareholders. A relatively small amount has been retained as required under the terms of sale and to ensure that the share class can meet all of its relevant costs and fees, including running and wind-down costs. At the appropriate time, Company will seek shareholder approval, at a general meeting, to wind down and ultimately cancel the C Share Class. It is anticipated that this process will conclude in 2022.  

·      D Share Class - As announced on 29 November 2021, it remains the intention to dispose of its remaining hydroelectric power interest which is in Green Highland Shenval Ltd, once favourable terms and sale price can be achieved, and an update will be provided to shareholders in due course. The Company will seek shareholder approval, at a general meeting, to wind down and ultimately cancel the D Share Class at the appropriate time.

·      E Share Class - As announced on 29 November 2021, options are being explored with regards to Green Highland Shenval Ltd, its remaining hydroelectric power interest, and the Board will focus on the continued management of and optimising returns on the other non-hydroelectric power assets in the share class. The announced E Share Class dividends payable on 23 December 2021 and 14 January 2022 are a partial return of the proceeds of sale of the hydroelectric power assets within the E Share Class. A proportion of the proceeds are due to be received by the Company in early 2022, and the Company will continue to consider, subject to VCT qualifying Investment Rules, if further dividends in respect of the hydro disposals are appropriate.

 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

Triple Point Investment Management LLP

(Investment Manager)

Tel: 020 7201 8989

 

Jonathan Hick

Belinda Thomas

 

 

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/.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DIVEAEAEFLKFFAA