Puma VCT 12 PLC Dividend, Proposed Liquidation & Notice of Meeting (6384M)
May 25 2022 - 3:30AM
UK Regulatory
TIDMPU12
RNS Number : 6384M
Puma VCT 12 PLC
25 May 2022
ANNOUNCEMENT RE INTERIM DIVIDEND AND WINDING-UP CIRCULAR
Interim Dividend
Following significant further realisations from the Company's
portfolio resulting from the Company's recently announced
successful exits of its investments in Tictrac Limited ("Tictrac")
and Sunlight Education Nucleus Limited ("SEN") , the Board is
pleased to announce that it has approved an interim dividend of 40
p per Share. The ex-dividend date will be 1 June 2022 and the
record date 6 June 2022. The dividend will be paid to Shareholders
on or about 22 June 2022. Following payment of this interim
dividend, the Company will have distributed 70p per Share in
dividends, equal to the net cost of Shareholders' initial
investment in the Company. The balance of the Company's portfolio
yet to realise and liquidate is currently valued at approximately
38p per share.
Winding-Up Circular
Further to previous communications to shareholders, a circular
explaining the proposal for the winding-up of the Company and the
actions which are required for its implementation has been posted
to shareholders on 25 May 2022, together with a notice of the
General Meeting of the Company to be held at 3.00 p.m. on 23 June
2022 at Cassini House, 57 St James's Street, London SW1A 1LD . The
winding-up is conditional on the approval of the resolutions to be
put to the General Meeting (the "Resolutions").
The Company was established with the intention that it would
have a limited life and as stated in the Company's prospectus dated
14 October 2015 (the "Prospectus") and the Company's interim report
for the six months ended 31 August 2021, it was envisaged that the
Board would convene a General Meeting of the Company following its
fifth anniversary at which resolutions would be proposed to place
the Company into members' solvent liquidation. However, in light of
the Covid-19 outbreak, it was likely that a number of potential
exits from portfolio companies would be delayed until there was a
greater degree of economic certainty. The Board has kept this under
regular review and given the greater economic certainty as we
emerge from the Covid-19 pandemic, as well as the Company's
recently announced sales of its investments in Tictrac and SEN, the
Board believes that the time is now right to progress the
liquidation process.
Dividends paid to Shareholders to date (including the special
interim dividend of 21p per Share paid to Shareholders in October
2021 following the Company's successful exit of its stake in direct
cremations business Pure Cremation but excluding the interim
dividend of 40p announced today) have brought total cash returned
to Shareholders who initially received higher rate tax relief to
60p, comprising 30p in dividends and 30p in income tax relief.
Following payment of the 40p interim dividend announced today, the
Company will have distributed 70p per Share in dividends, equal to
the net cost of Shareholders' initial investment in the
Company.
Puma Investment Management Limited, the Company's investment
manager, (the "Investment Manager") has continued to concentrate on
planning realisations of investments in order to return further
funds to Shareholders in accordance with the Prospectus. Subject to
the Resolutions being passed, the Investment Manager intends to
realise value from the Company's residual holdings and settle
liabilities in order to simplify the Company's liquidation and
maximise final returns to Shareholders. Following payment of the
40p interim dividend announced today, the balance of the Company's
portfolio, comprising nine remaining holdings, valued at
approximately 38p per Share remains to be realised.
The Board is, therefore, now recommending that the Company be
placed in voluntary liquidation with the intention that additional
funds are returned to Shareholders by way of a capital distribution
or distributions by the liquidators as further exits are achieved
and that Asher Miller and Stephen Katz of Begbies Traynor (London)
LLP be appointed joint liquidators.
If the Resolutions are passed, this will result in the
cancellation of the listing of the Company's Shares on the Official
List of the Financial Conduct Authority, which is expected to take
place on 24 June 2022, and the Shares ceasing to trade on the
London Stock Exchange.
Expected Timetable
Notice of General Meeting 25 May 2022
Deadline for receipt of Proxy Forms 3.00 p.m. on 21 June 2022
Suspension of the listing of the Shares 7.30 a.m. on 23 June 2022
on the Official List
General Meeting 3.00 p.m. on 23 June 2022
Expected date of cancellation of the 8.00 a.m. on 24 June 2022
listing of the Shares on the Official
List
Documents
A copy of the circular has been submitted to the National
Storage Mechanism and will shortly be available for inspection
at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The Company and the Directors accept responsibility for the
information contained in this announcement. To the best of the
knowledge and belief of the Directors, the information relating to
the Company and its directors contained in this announcement is in
accordance with the facts and does not omit anything likely to
affect the import of such information.
Enquiries
Graham Shore
020 7408 4050
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END
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