TPVC.L Regulatory News (TPVC)

21 July 2022

Triple Point Income VCT plc

(the "Company")

PUBLICATION OF CIRCULAR

The Company announces that a circular in relation to the Proposed Related Party Transaction and Class 1 Transactions (the "Circular") has been approved by the FCA and published by the Company.

Shareholders will be aware that in July and December last year and in January this year, interim dividends were paid. Unfortunately, it has transpired that there was an accounting issue in respect of the payment of those dividends (the "Dividends").

Under the Companies Act 2006 (the "CA 2006"), a company may only pay a dividend to its shareholders out of its distributable reserves. The Dividends were paid to Shareholders under the mistaken belief that the Company had sufficient distributable reserves to make these distributions. While the Company had more than sufficient reserves to pay the Dividends, not all of those reserves were "distributable reserves" for the purposes of the CA 2006. Therefore, the proportion of the Dividends that were not satisfied by the distributable reserves of the Company at the time the Dividends were paid are technically unlawful distributions for the purposes of the CA 2006.

The purpose of the Circular is to provide Shareholders with more details of the accounting issues and the proposed actions Shareholders are being asked to approve in order to rectify this issue.

The Company may technically have claims for the return of the Dividends against those Shareholders who received the Dividends (the "Recipient Shareholders") and against those persons who were directors of the Company at the time of the payment of the Dividends (the "Relevant Directors"). In order to protect the Recipient Shareholders from a claim for repayment of the Dividends and the Relevant Directors against a claim in respect of the unlawful payment of the Dividends, the Company is proposing that deeds of release are entered into which would waive any claim that the Company has against these parties.

Under the Listing Rules the entering into of the deeds of release in favour of the Recipient Shareholders and the Relevant Directors are each classified as a "class 1" transaction and as such require Shareholder approval prior to the deeds of release being entered into. In addition, under the Listing Rules the entering into of the deeds of release with the Relevant Directors is classified as a related party transaction.

The Circular is available to view and download on the Company's website at  https://www.triplepoint.co.uk/current-vcts/triple-point-income-vct-plc/s1238/. Shareholders who require a Form of Proxy should contact the Company's Registrars at: Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol BS99 6ZY. The Company is in the process of printing copies of the Circular and Form of Proxy for distribution to Shareholders. Shareholders will receive copies of these documents by post shortly.

In accordance with Listing Rule 9.6.1 copies of the documents have been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

A General Meeting of the Company will be held at 10.00 am on 2 September 2022 at 1 King William Street, London, EC4N 7AF. Further details are set out in the Circular and the notice of general meeting contained therein.

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

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/.