DHP Darwen

RNS No 6785n
DOWNING HEALTHCARE PROTECTED VCT PLC
9th September 1997


Downing Healthcare Protected VCT Plc

Downing Healthcare Protected VCT Plc is pleased to announce  a
dividend  of  1p  per share, which is in line with  Directors'
expectations  at  the time of the launch.   This  is  a  gross
dividend in respect of the period ended 30 June 1997.   It  is
intended  that the next dividend will be paid in May  1998  in
respect of the period to 31 December 1997.

Review of Activities

Downing  VCT  raised #9.8 million and the net  proceeds  after
issue  costs  were  #9.3  million.   In  accordance  with  the
prospectus, 25 per cent of the net proceeds (#2.3 million)  is
being  managed  by Cazenove Fund Management  and  invested  in
fixed  income  securities.  The balance of  the  proceeds  (#7
million) will be invested in approximately seven nursing  home
businesses.

The  Directors have visited numerous nursing homes  and  there
are  currently approximately ten under consideration.  Out  of
these,  two  vendors  have accepted  our  offers,  subject  to
contract.   These two investments would commit a total  of  #2
million and we hope they will be completed by the end of  next
month.

This  rate  of investment is in line with targets and  we  are
well  on the way to committing substantially all Downing VCT's
net  proceeds  by  30  April  1998,  in  accordance  with  the
prospectus.

The Budget

The  Chancellor  announced on 2 July 1997 that  he  wished  to
"sharpen the focus" of VCT's to exclude future "protected" and
"asset  backed" schemes, such as Downing VCT.   In  this  view
these  types of VCT's do not carry sufficient risk to  justify
the  generous tax reliefs available.  Assurance has been given
by  the Inland Revenue that these proposals will not impact on
existing shareholders in Downing VCT.

Along  with PEPs and Charities, the Chancellor announced  that
VCT  shareholders will not be paid tax credits  from  6  April
1998,  by which time the tax credit will be halved to  10  per
cent.   However, tax reliefs for VCT investors  will  be  kept
under review of the Government and we will keep you updated.

Summary of Key Information

Dividend amount per share           1p
Gross   dividend  (including   tax  
credit) per share                   1p
Trading period                      4  April  1997 to 30  June
                                    1997
Ex dividend date                    15 September 1997
Record date                         19 September 1997
Payment date                        29 September 1997

For further details please call Tony McGing on 0171 416 7780.

END

Darwen (LSE:DHP)
Historical Stock Chart
From Jun 2024 to Jul 2024

Darwen (LSE:DHP)
Historical Stock Chart
From Jul 2023 to Jul 2024