Last checked at 10 Mar 2009 15:26
Triple Point VCT plc
The directors of Triple Point VCT plc are pleased to announce the following extract from a letter being sent today by the VCT's Chairman, Michael Sherry, to its shareholders:
"Realisation plans for Triple Point VCT plc
I have pleasure in writing to you to elaborate on the Triple Point VCT Board's intention to effect a timely realisation of shareholders' investment.
In terms of a trading update, the Company is on track to deliver upon its objectives. The Company's objective at launch was to return a total to investors, including dividends, of 95 - 105p per share by the end of the fourth year of investment. You will recall that you were required to hold your shares for three years in order to secure the 40% income tax relief received on your investment. This three year period ends on 5 April 2009. The Company's most recent Net Asset Value per share at 31 December 2008 was 93.57p and 5.43p has already been paid in dividends.
The Triple Point team is working on a plan to make substantial distributions to shareholders early in the new tax year. Triple Point VCT's most recent Interim Management Statement included the following: "The Board's focus in the period up to 6 April 2009 will be on realising investments so that funds can be returned to shareholders as soon as practical in accordance with objectives set out in the company's prospectuses". The realisation process is under way and I expect to be in a position to write to you with more details in the coming weeks including providing an estimate of the timetable for distributions and their value. We expect that these distributions will incur neither income nor capital gains tax liabilities."
For further information please contact:
Triple Point Investment Management LLP on 020 7201 8989