MEMBERS' VOLUNTARY LIQUIDATION & EXTENSION OF ARD

14 July 2023

Triple Point Income VCT plc

(the "Company")

RECOMMENDED MEMBERS' VOLUNTARY LIQUIDATION

AND

EXTENSION OF ACCOUNTING REFERENCE DATE

Introduction

The board (the "Board") of Triple Point Income VCT plc (ticker: TPVE) announces that it is recommending that the Company be placed into members' voluntary liquidation (the "Proposal").

The Proposal will require the approval of shareholders. A circular outlining the full details of the Proposal and a recommendation to shareholders to vote in favour of the resolutions to approve the Proposal (the "Circular") will be published in due course. The Circular will include a notice of a general meeting of the Company to be held on 1 September 2023 at 10.00 a.m. at 1 King William Street, London, EC4N 7AF, United Kingdom ("General Meeting") to consider the resolutions to approve the Proposal.

As a practical step to implement the Proposal efficiently, the Board has today also resolved to extend the Company's accounting reference date from 31 March 2023 to 30 September.

Background

As announced on 2 December 2022, the Company concluded successful exits for the C and D Share Classes, providing investors with a tax-free internal rate of return exceeding 10% in each case, including the initial tax relief secured on investment. The Company has one remaining share class, its E Share Class, and has realised investments in the E Share Class portfolio over the course of 2022, leading to further reductions in the size of that portfolio. The portfolio of investments in the E Share Class now includes four assets within the controlled environment agriculture sector; four assets within the solar energy sector; and one remaining asset within the hydroelectric power sector. The total assets of the Company have reduced to such size that both the Board and Triple Point Investment Management LLP, the Company's investment manager (the "Investment Manager") are of the opinion that the substantial running costs of operating as a Venture Capital Trust ("VCT") and as a publicly listed company are no longer justifiable and are uneconomic for its shareholders.

In addition, the Company, as a VCT, must have at least 80% by value of its investments represented by investments that qualify under the rules relating to VCTs (the "QI Hurdle"). Later this year, the Company is likely to fall below the QI Hurdle in the absence of making further qualifying investments or carrying out further disposals. Subject to shareholders approving the Proposal at the General Meeting, the Company would benefit from a three-year period in which the QI Hurdle would be disregarded and during which any distributions can be made tax free in the hands of the shareholders, allowing for the orderly realisation of the Company's remaining assets in a commercially viable manner.

Accordingly, after due and careful consideration, the Board believes that it is in the shareholders' best interests that the Company be wound up, with the intention that there will be an orderly realisation of the Company's assets and a return of cash proceeds to shareholders in a manner which will be intended to preserve VCT tax-reliefs.

Process

Subject to shareholders' approval of the Proposal, the Company will be placed in voluntary liquidation and liquidators (the "Liquidators") will be appointed. The winding-up of the Company will be a solvent winding-up in which it is intended that all creditors will be paid in full.

The Liquidators will then assume responsibility for the winding-up of the Company, including the realisation of the remaining assets of the Company, the payment of fees, costs and expenses and the discharging of the liabilities of the Company. Given the Investment Manager's extensive knowledge of the Company's portfolio, the Liquidators will obtain and, where they consider appropriate, act upon advice from the Investment Manager regarding exits on all remaining investments, and the distribution of the Company's surplus assets to shareholders.

The approval by shareholders of the Proposal will result in the cancellation of the listing of the E Share Class on the FCA's Official List and the shares ceasing to trade on the London Stock Exchange. It is expected that the cancellation of listing and trading would take effect from 8.00 a.m. on 4 September 2023.

Next Steps

If shareholders have any additional enquiries in the meantime, please do not hesitate to contact the Investment Manager using the details below.

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/.