Notice of EGM and Dividend Declaration
August 17 2010 - 10:49AM
UK Regulatory
TIDMPMV
PUMA VCT II PLC
ANNOUNCEMENT RE INTERIM DIVIDEND AND WINDING-UP CIRCULAR
Interim Dividend
Following significant further realisations from the qualifying portfolio, the
Board is pleased to announce that it has approved an interim dividend of 10p per
ordinary share. The ex-dividend date will be 25 August 2010 and the record date
27 August 2010. The dividend will be paid to Shareholders on 17 September 2010.
Winding-up
It was announced on 30 June 2010 that the Board intends to put to Shareholders a
proposal for the solvent winding-up of the Company. A circular explaining the
proposal for the winding-up and the actions which are required for its
implementation has been posted to shareholders today, together with a notice of
an Extraordinary General Meeting of the Company to be held at 11.05 a.m. on 15
September 2010 at Bond Street House, 14 Clifford Street, London W1S 4JU. The
winding-up is conditional on the approval of the resolutions to be put to the
Extraordinary General Meeting (the "Resolutions").
The Company's prospectus dated 21 January 2005 (the "Prospectus") envisaged that
the Company should not have a fixed life but that the Directors would review the
Company's portfolio of investments after the first five years of trading with a
view to an orderly liquidation of its assets and a subsequent distribution to
the net proceeds to Shareholders. As stated in the annual report and accounts
of the Company for the year ended 28 February 2010, dividends paid to
Shareholders to date has brought total cash returned to Shareholders who
initially received higher rate tax relief to 105 pence, comprising 65 pence in
dividends and 40 pence in tax relief. As a result, the Company has passed the
milestone of returning in cash more than the original investment made by
investors. The audited net assets at the year end (28 February 2010) were
39.82 pence per ordinary share and Shore Capital Limited (the "Investment
Manager") has continued to concentrate on planning realisations of investments
in order to return 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 within a period of up to 18 months.
The Board is, therefore, now recommending that the Company be placed in
voluntary liquidation with the intention that further funds are returned to
Shareholders by way of a capital distribution by the liquidators, and that Asher
Miller and Henry Lan of David Rubin & Partners be appointed joint liquidators.
If the Resolutions are passed, this will result in the cancellation of the
listing of the ordinary shares of the Company ("Shares") on the Official List of
the UK Listing Authority, which is expected to take place on 16 September 2010,
and the Shares ceasing to trade on the London Stock Exchange.
Expected Timetable
Notice of Extraordinary General Meeting 12 August 2010
Deadline for receipt of Proxy Forms 11.05 a.m. on 13 September 2010
Suspension of the listing of the Shares on the 7.30 a.m. on 15 September 2010
Official List
Extraordinary General Meeting 11.05 a.m. on 15 September 2010
Expected date of cancellation of the listing of 8.00 a.m. on 16 September 2010
the Shares on the Official List
Documents
A copy of the circular has been submitted to the UK Listing Authority and will
shortly be available for inspection at the UK Listing Authority's document
viewing facility situated at Financial Services Authority, 25 The North
Colonnade, Canary Wharf, London E14 5HS.
The Company and its directors accept responsibility for the information
contained in this announcement. To the best of the knowledge and belief of the
directors (who have taken all reasonable care to ensure that such is the case),
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
Shore Capital Ltd
0207 408 4090
[HUG#1438474]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
All reproduction for further distribution is prohibited.
Source: PUMA VCT II PLC via Thomson Reuters ONE
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