Triple Point Income VCT plc
Proposals for Tender Offer, Conversion of B Shares and issue of C Shares
The board of Triple Point Income VCT plc (the "Company") announces proposals for (i) the Company to make a tender offer to purchase up to 45,699,253 Ordinary Shares (the "Tender Offer"), (ii) the conversion of B Shares into Ordinary Shares, (iii) the obtaining of shareholder authorities for the possible allotment of a new class of C Shares and (iv) the adoption of new articles of association (the "Proposals"). It also announces unaudited NAV per Ordinary Share of 82.04p (rounded up) as at 31 July 2013, 80.79p per A Ordinary Share and 93.11p per B Ordinary Share.
The Proposals require shareholder approval, both by the passing of resolutions by shareholders at a general meeting of the Company and at class meetings of the shareholders of the existing individual share classes of the Company. The notices of the general meeting and the class meetings, and a detailed explanation of the resolutions to be proposed at those meetings for the implementation of the Proposals, are set out in a circular to be posted to shareholders shortly (the "Circular").
The Tender Price, based on the published unaudited NAV per Ordinary Share of 82.04p (rounded up) as at 31 July 2013, is as follows:
|
Tender Price (per Ordinary Share) |
NAV (at 31 July 2013) |
82.0363 |
Plus Ordinary Share Fund Apportionment |
0.0869 |
|
82.1232 |
Less Tender Realisation Payment |
(0.8212) |
|
81.3020 |
Less stamp duty |
(0.4065) |
Tender Price |
80.8955 |
The Tender Offer will thus be at a price of 80.8955 pence per Ordinary Share. It will be made available to holders of Ordinary Shares on the register as at 3 September 2013.
The Circular has been submitted to the National Storage Mechanism and will shortly be available for inspection at:
http://www.morningstar.co.uk/uk/NSM
and from: http://www.triplepoint.co.uk
For further information contact Claire Ainsworth or Chris Tottle of Triple Point Investment Management LLP. Telephone 0207 201 8989