Last checked at 24 Jul 2009 11:08
RETURN OF CAPITAL TO SHAREHOLDERS
By 6 April 2009 all ordinary shareholders had held their shares for the three years in order to secure the VCT income tax relief they received on investment. In the circumstances the board concentrated on planning realisations of investments in order to return funds to the shareholders as soon as possible after 6 April 2009 with the result that the board has been able to pay two significant dividends subsequent to the Company's year end, 31 March 2009, namely £19,419,000 (67.9p per share) on 8 April 2009 and £2,174,000 (7.6p per share) on 13 May 2009.
Having investigated the best route for the return of the remaining capital to shareholders both the board and the investment manager are of the view that the best way for shareholders to realise the remaining value after the payment of the two interim dividends is through the orderly winding-up of the Company's remaining investments under the Insolvency Act 1986. This will permit a low-cost winding-up and maximise the amount returned to shareholders. The board of the Company have therefore recommended that shareholders approve the Company being placed into a members' voluntary winding-up and that Alan John Roberts and Adrian John Denis Rabet of Begbies Traynor are appointed joint liquidators for the purpose of such winding-up.
A circular will be sent to shareholders setting out full details of the proposed winding-up and the actions that they need to take.
The winding-up is conditional on the approval of resolutions to be proposed to shareholders of the Company at the annual general meeting to be held on 15 September 2009.
The Company will apply for cancellation of its listing on the London Stock Exchange following the placing of the Company into a members' voluntary winding-up which is anticipated to be on 16 September 2009.
Expected Timetable for winding-up of Triple Point VCT Plc
Notice of General Meeting 24 July 2009
Deadline for receipt of Proxy Forms 5pm on 11 September 2009
Suspension of the listing of the Shares on the Official List 7.30am on 15 September 2009
Annual General Meeting 10am on 15 September 2009
Expected date of cancellation of the listing of the Shares 8am on 16 September 2009
on the Official List
Investment Manager
Triple Point Investment Management LLP ('TPIM') will continue to provide investment management services to the Company until the proposed appointments of the liquidators.
Documents and Approvals
The Company's shareholders will receive a copy of a circular together with a notice convening the annual general meeting of shareholders to be held on 15 September 2009 at which the shareholders will be invited to approve resolutions in connection with the winding-up of the Company.
Copies of the circular have been submitted to the UK Listing Authority and will be shortly available for inspection at the UK Listing Authority's Document Viewing Facility which is situated at:
Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS
Telephone: 0207 066 1000
The directors of the company accept responsibility for the information relating to the Company and its directors contained in this announcement. To the best of the knowledge and belief of such directors (who have taken all reasonable care to ensure that such is the case), the information relating to the Company and its directors contained in this announcement, for which they are solely responsible, is in accordance with the facts and does not omit anything likely to affect the use of such information.
Enquiries to:
Triple Point Investment Management LLP
Triple Point VCT Plc
4-5 Grosvenor Place
SW1X 7HJ
0207 201 8989
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