Triple Point Inc VCT - TPVE Update on hydroelectric assets (2693N)
September 29 2021 - 1:00AM
UK Regulatory
TIDMTPVE TIDMTPVC TIDMTPVD
RNS Number : 2693N
Triple Point Inc VCT - TPVE
29 September 2021
29 September 2021
Triple Point Income VCT plc
(the " Company ")
UPDATE ON HYDROELECTRIC ASSETS
The Board of Triple Point Income VCT plc is pleased to announce
that it has entered into a period of exclusivity with a preferred
bidder for the sale of its portfolio of hydroelectric power assets
in the C Ordinary Share Class, and a partial sale of its portfolio
of hydroelectric power assets in the D and E Ordinary Share Class
(the "Hydro Assets"). The Company will seek to dispose of the
remaining asset in the D Ordinary Share Class once a favourable
sale price and terms can be achieved.
Competitive sale process
The Company conducted a competitive process with several
counterparties with a view to concluding a transaction for the sale
of the Hydro Assets (the " Transaction " ) . The Company invited
bids from a number of entities which own, or are mandated to own
large infrastructure assets, including portfolios of hydroelectric
assets, and/or which had a strong understanding of small scale run
of the river hydroelectric assets. The Company received bids from
all invited bidders, following which bids were assessed by
reference to key criteria to determine a preferred bidder
including:
1. Consideration for the Hydro Assets;
2. Conditionality of the Offer; and
3. Acceptance of Share Purchase Agreement terms.
The Company and the preferred bidder will now work exclusively
together in order to complete the Transaction prior to the
conclusion of the exclusivity period. Completion of the Transaction
remains subject to due diligence, relevant third-party engagement
and consents, as well as satisfactory commercial and legal
terms.
The proposed disposal of the Hydro Assets is in line with the
Company's Investment Policy.
The competitive sale process followed approval by shareholders
to amend the Investment Policy on 28 July 2021 at the Company's AGM
which allowed for the Company to complete a sale of the Hydro
Assets, should a favourable sale price and terms be achieved. The
Board have previously outlined the benefits for a sale of the Hydro
Assets within the Notice of AGM dated 21 June 2021 which can be
found on the Company's website:
https://www.triplepoint.co.uk/current-vcts/triple-point-income-vct-plc/s1238/
.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management LLP Tel: 020 7201 8989
(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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