Triple Point VCT 2011 PLC Disposal of gas fired assets & B Share Class NAV (3978C)
11 Octubre 2022 - 1:00AM
UK Regulatory
TIDMTPOA TIDMTTM TIDMTPOB TIDMTPON
RNS Number : 3978C
Triple Point VCT 2011 PLC
11 October 2022
THIS ANNOUNCEMENT HAS BEEN DETERMINED TO CONTAIN INSIDE
INFORMATION. UPON PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
11 October 2022
Triple Point VCT 2011 plc
(the "Company")
Disposal of gas fired energy assets
B Share Class Net Asset Value
Disposal of gas fired energy assets
The Board is pleased to announce that yesterday it completed on
the sale of Green Peak Generation Limited within the Company's B
Share Class for total consideration of GBP 2,274,162 and the sale
of Distributed Generators Limited within the Company's B Share
Class for total consideration of GBP3,259,915, as part of a wider
portfolio sale of gas-fired energy generation companies.
The Company conducted a competitive process and invited bids
from some of the leading energy infrastructure investors in the UK,
following renewed interest in these types of assets due to changes
in the energy market landscape. The Company received bids from all
invited bidders, following which Conrad Energy (Holdings) II
Limited ("Conrad") was selected as the preferred bidder for the
gas-fired generation projects, with reference to key criteria
including total consideration, level of offer conditionality and
high level of deliverability. At the conclusion of the sale
process, Conrad's final offer was considered the most attractive to
the Company.
The Board is focussed on returning the net proceeds of the sale
of these assets to the B share class holders as soon as possible,
and expects to be in a position to announce a dividend in the first
quarter of 2023 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
Shareholders as soon as possible. In addition, at the appropriate
time, a proposal will be put to shareholders for the wind-up and
cancellation of the B Share Class, which is expected to be in
2023.
B Share Class Net Asset Value
As a result of the disposal of its gas fired energy assets, the
Company announces that the unaudited net asset value ("NAV") per B
Share as at 10 October 2022 was 80.00 pence per share (as at 28
February 2022 the audited NAV per B Share was 57.69 pence per
share). This represents a 38.67% increase in the B Share NAV in
comparison to 28 February 2022. The new unaudited NAV per B Share
as at 10 October 2022 of 80.00 pence combined with total dividends
per B Share paid to date of 20 pence brings the total shareholder
return per B Share to 100.00 pence. The aforementioned NAV and
total shareholder return figures include a deduction for a portion
of outstanding investment management fees, with the remaining
balance waived.
The B Share NAV has increased due to the sale of the gas fired
energy assets at a share price significantly higher than the price
at which they had previously been valued. The valuation of the B
Share NAV was last updated as at 28 February 2022, when the assets
were experiencing availability issues in relation to water ingress.
The assets have since been fully repaired and are operating well.
In addition, the energy market landscape has moved in favour of gas
fired energy assets, which has led to significant improvements in
trading performance.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management Tel: 020 7201 8989
LLP
(Investment Manager)
Belinda Thomas
Jonathan Parr
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-vct-2011-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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END
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October 11, 2022 02:00 ET (06:00 GMT)
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