Downing FOUR VCT plc Downing Four Vct Plc : Share Class Cancellation
August 24 2016 - 12:13PM
UK Regulatory
TIDMDO1O
24 August 2016
Downing FOUR VCT plc
Cancellation of listing of DSO Ordinary Shares ("DSO Ords") and DSO A
Shares ("DSO As" and together with the DSO Ords, "the Shares") and
cessation of trading
Downing FOUR VCT plc (the "Company") announces that it has applied to
the UKLA and the London Stock Exchange to cancel the main market listing
of the DSO Ords and the DSO As and for trading in the Shares to be
suspended indefinitely.
The Company has now completed a programme of returning funds to holders
of the Shares, culminating with payments on 24 March 2016 of dividends
of 36.16p per DSO Ord Share and 15.5p per DSO A Share. Following this
dividend, the holders of Shares have received a total return of 131.66p
for each 100p invested, not including tax reliefs available under the
venture capital trust scheme.
The Company has 10,288,157 DSO Ords and 15,506,488 DSO As in issue, with
a combined NAV of GBP4 or less than 0.0001p per share.
The Directors are authorised under the Company's articles of association
("Articles") to convert any share class with a NAV of less than
GBP25,000 into deferred shares which may be bought back and cancelled by
the Company for a nominal amount (a "Conversion"). As this threshold has
now been met in respect of each of the DSO Ord and the DSO A Share
classes, the Directors have resolved, in accordance with the Articles,
to proceed with a Conversion of the Ords and DSO As and repurchase them
for cancellation. The Conversion will be carried out on 25 August 2016,
at ratio of 1:1, and the resulting deferred shares will be immediately
repurchased and cancelled and their listing and admission to trading
will also be simultaneously cancelled. The last day of trading in the
DSO Ords and DSO As will be today, 24 August 2016.
As the DSO Ords and DSO As are each of negligible value the FCA has
agreed to dispense with the requirement, under the Listing Rule 5.2.5,
that the Company produce an FCA approved circular and procure a 75%
majority of votes to approve the cancellations of their listing.
For further information, please contact:
Downing LLP
Telephone: 020 7416 7780
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Downing FOUR VCT plc via Globenewswire
HUG#2037092
(END) Dow Jones Newswires
August 24, 2016 12:13 ET (16:13 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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