Triple Point Income VCT plc
The Company is pleased to announce that the net asset value per ordinary share in the capital of the Company ("Ordinary Shares") as at 28 February 2013 was 81.36p (31 December 2012 80.90p).
Enhanced Share Buy Back
In January 2013, the Company's shareholders approved proposals for (i) an enhanced share buy back facility ("ESBB") for holders of Ordinary Shares ("Ordinary Shareholders") who wish to reinvest the proceeds in buying new Ordinary Shares (ii) a subsequent tender offer to be made later in 2013 for Ordinary Shareholders not wishing to participate in the ESBB and (iii) the change in the Company's name to Triple Point Income VCT plc.
Following the publication of the net asset value per Ordinary Share of 80.90p as at 31 December 2012, the Board confirmed that, until further notice, this would be the price at which the Company purchased Ordinary Shares under the ESBB, and will form the basis of the price at which substitute shares ("Substitute Shares") are subscribed for under the ESBB. The Substitute Share price takes account of the costs of the ESBB and, based on the net asset value per Ordinary Share as at 31 December 2012, was 84.1831p per Ordinary Share where the application was advised on by an independent financial adviser before 31 December 2012 and 81.6347p per Ordinary Share for all other applications.
Allotments of 1,489,655 and 549,959 Substitute Shares were made at these prices on 12 February 2013 and 11 March 2013 respectively.
Close Dealing Period
The ESBB facility is expected to remain open until 15 May 2013. The Company is, however, about to enter into a close period on account of its year end being 31 March 2013. Under Listing Rule 15.5.1R, the Company announces that it is satisfied that all price sensitive information which the Directors and the Company have in periods leading up to an announcement of results has previously been notified to a RNS and, therefore, that purchases by the Company of Ordinary Shares under the ESSB are permitted during the period to the announcement of the results for the year ended 31 March 2013.
Enhanced Share Buy Back Tender Price and Substitute Share Price
The Board confirms that, following the publication of the net asset value per Ordinary Share of 81.63p as at 28 February 2013, until further notice this will be the price at which the Company purchase Ordinary Shares under the ESBB and will form the basis at which Substitute Shares are subscribed for under the ESBB. The Substitute Share price will continue to take account of the costs of the ESBB and based on the net asset value per Ordinary Share as at 28 February 2013 will be 84.6618p per Ordinary Share where the application was advised on by an independent financial adviser before 31 December 2012 and 82.0989p per Ordinary Share for all other applications.
Further Information
For further information, please contact Claire Ainsworth or Chris Tottle at Triple Point Investment Management LLP on 02072018989 or contact@triplepoint.co.uk.