6 September 2024
Triple
Point Energy Transition plc
("TENT"
or the "Company" and together with its
subsidiaries, the "Group")
SPECIAL
DIVIDEND
The Board of Triple Point Energy
Transition plc (ticker: TENT) announces that, as part of the
managed wind-down approved by shareholders on 22 March 2024, and as
a result of timely realisations to date and taking into account
feedback received from shareholders, it has declared a
distribution by way of a special dividend of
c.£25m, equivalent to c.29% of the Company's NAV as at 31 March
2024.
This is equivalent to
25 pence per ordinary share in the capital of the Company
("Ordinary Share"), payable on or around 4 October 2024 to holders
of Ordinary Shares on the register on 20 September 2024.
The ex-dividend date will be 19 September
2024.
To date, the Group has disposed of the Boxed
LED receivables finance facility, the Battery Energy Storage System
loan portfolio ("BESS Portfolio"), and the Combined Heat and Power
loan portfolio ("CHP Portfolio"), along with the repayment of the
Innova Development Debt Facility. These realisations returned 91%
of the carrying value of those investments. After the BESS
Portfolio was sold, the proceeds were used, in part, to fully repay
and cancel the Group's Revolving Credit Facility on 19 April 2024.
The balance, together with proceeds from other announced sales will
be used to fund this special dividend.
The Group's remaining assets include the
Hydroelectric Portfolio and the remaining LED receivables finance
facility. Both assets are actively being marketed and are on track
to be realised before the end of the Company's financial year. The
Board intends to continue to return the realised funds to
shareholders in a timely manner.
For further information, please
contact:
|
Triple Point Investment Management
LLP
Jonathan Hick
Christophe Arnoult
Chloe Smith
|
+44 (0) 20 7201 8989
|
|
J.P. Morgan Cazenove (Corporate
Broker)
William Simmonds
Jérémie Birnbaum
|
+44
(0) 20 3493 8000
|
|
Akur Limited (Financial Adviser)
Tom Frost
Siobhan Sergeant
|
+44
(0) 20 7493 3631
|
LEI: 213800UDP142E67X9X28
Further information on the Company
can be found on its website: http://www.tpenergytransition.com/
NOTES:
The Company is an investment trust
which was established to invest in
assets that support the transition to a lower carbon, more
efficient energy system and help the UK achieve Net
Zero.
The Investment Manager is Triple
Point Investment Management LLP ("Triple Point") which is
authorised and regulated by the Financial Conduct Authority. Triple
Point manages private, institutional, and public capital, and has a
proven track record of investment in energy transition and
decentralised energy projects.
On 22 March 2024, shareholders
approved the Company's proposed orderly realisation of
assets. Details of future divestments or returns of capital are
expected to be announced via a Regulatory Information Service in
due course.