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TENT Triple Point Energy Transition Plc

62.90
-0.10 (-0.16%)
24 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Triple Point Energy Transition Plc LSE:TENT London Ordinary Share GB00BMCBZL07 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.10 -0.16% 62.90 61.80 64.00 62.00 62.00 62.00 312,679 16:35:19
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 11.3M 8.81M 0.0881 7.04 62.01M

Triple Point Energy Transition PLC Completion of Asset Sale

22/04/2024 7:00am

RNS Regulatory News


RNS Number : 4129L
Triple Point Energy Transition PLC
22 April 2024
 

 

22 April 2024

 

Triple Point Energy Transition plc

("TENT", the "Company" or together with its subsidiaries, the "Group")

 

Completion of Asset Sale

 

Triple Point Energy Transition plc (ticker: TENT), is pleased to announce that the sale of the Group's Field Debt Facility described in the Circular sent on 5 March 2024, and approved by Shareholders on 22 March 2024, has completed at the carrying value.

 

The sale has been transacted with TP Leasing Limited ("TPLL"), a member of the group of the Company's investment manager, Triple Point Investment Management LLP. This will result in a return of £11.6 million to the Company, after the repayment and cancellation of the Revolving Credit Facility.

 

Background

On 31 March 2022, the Group, via TENT Holdings, entered into a facility agreement pursuant to which it agreed to provide a debt facility (the "Field Debt Facility") to a subsidiary of Virmati Energy Ltd (trading as Field), for the purposes of building a portfolio of four geographically diverse BESS assets in the UK. The total committed Field Debt Facility is £37 million, which was fully drawn at the date of the transaction.

 

John Roberts, the Company's Chair commented:

 

"We are delighted to have progressed TENT's orderly realisation process, which was approved by shareholders on Friday 22 March 2024. The completion of this sale reduces the number of investments within the Group's portfolio by four. We will continue to update the market on the orderly realisation process and on our plans for returning capital to shareholders."

 

For further information, please contact:

Triple Point Investment Management LLP

Jonathan Hick

Christophe Arnoult

Chloé Smith

 

+44 (0) 20 7201 8989

J.P. Morgan Cazenove (Corporate Broker and Sponsor)

William Simmonds

Jérémie Birnbaum

 

+44 (0) 20 3493 8000

Akur Limited (Financial Adviser)

Tom Frost

Siobhan Sergeant

 

+44 (0) 20 7493 3631

Buchanan (Financial PR)

Helen Tarbet

Henry Wilson

Verity Parker

+44 (0) 20 7466 5111

LEI: 213800UDP142E67X9X28

 

Further information on the Company can be found on its website: www.tpenergytransition.com

NOTES:

The Company is an investment trust which was established to invest in assets that support the transition to a lower carbon, more efficient energy system and help the UK achieve Net Zero. 

The Investment Manager is Triple Point Investment Management LLP ("Triple Point") which is authorised and regulated by the Financial Conduct Authority. Triple Point manages private, institutional, and public capital, and has a proven track record of investment in energy transition and decentralised energy projects.

On 22 March 2024, shareholders approved the Company's proposed orderly realisation of assets. Details of future divestments or returns of capital are expected to be announced via a Regulatory Information Service in due course.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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