Triple Point VCT 2011 PLC Update on hydroelectric assets (2699N)
29 Septembre 2021 - 8:00AM
UK Regulatory
TIDMTPOA TIDMTTM TIDMTPOB TIDMTPON
RNS Number : 2699N
Triple Point VCT 2011 PLC
29 September 2021
29 September 2021
Triple Point VCT 2011 plc
(the " Company ")
UPDATE ON HYDROELECTRIC ASSETS
The Board of Triple Point VCT 2011 plc is pleased to announce
that it has entered into a period of exclusivity with a preferred
bidder for the sale of a substantial part of its portfolio of
hydroelectric power assets which are predominantly held in the A
Ordinary Share Class (the "Hydro Assets"). The Company will seek to
dispose of the remaining asset in the A 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
at the Company's A Share Class Meeting on 28 July 2021 to proceed
with a disposal 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 Circular and
Notice dated 24 June 2021 which can be found on the Company's
website:
https://www.triplepoint.co.uk/current-vcts/triple-point-vct-2011-plc/s2539/
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Triple Point Investment Management LLP Tel: 020 7201 8989
(Investment Manager)
Ian McLennan
Belinda Thomas
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. The Investment Manager is Triple Point Investment Management
LLP. The Company was established to fund small and medium sized
enterprises (SMEs). The Company launched a new share class, known
as The Venture Fund, in March 2019 which is mandated to invest in
SMEs producing products or digital services that solve challenges
faced by their larger corporate customers.
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END
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