Triple Point Income VCT PLC Disposal of hydro assets and Dividend Declaration (3522V)
13 12월 2021 - 4:00PM
UK Regulatory
TIDMTPVE TIDMTPVD TIDMTPVC
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 GBP7,053,180 for the C Ordinary Share
Class and GBP3,646,967 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 Tel: 020 7201 8989
LLP
(Investment Manager)
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/
.
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END
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