Triple Point Energy Transition chair exits as wind-down continues

(Sharecast News) - Sustainability-focused investment trust Triple Point Energy Transition has announced the resignation of its chairman to reduce operating costs amid an orderly wind-down of the company. John Roberts will step down with immediate effect, leaving the board with just three directors, which TPET said was "sufficient" given the short remaining period in the lead up to its voluntary liquidation/.

Non-exec director Rosemary Boot, who is replacing Roberts, said in a statement: "I look forward to working with my fellow Directors and Triple Point to achieve the best result possible in respect of the remaining asset disposals, prior to entering into a proposed members' voluntary liquidation."

The news came as the company reported a net asset value of £77.3m for the first half ended 30 September, down from £86.7m six months earlier and £95.1m a year before.

The value of the TPET's portfolio has fallen to just £47.2m, from £83.4m at the start of the fiscal year, with the majority of the company's assets having now been sold within six months after shareholders voted overwhelmingly in favour of the wind-down in March.

The remaining assets are anticipated to be sold by the end of the current financial year.