PUMA VCT 8 PLC Puma Vct 8 Plc : Notice Re: Interim Dividend And Winding-up Circular
October 03 2017 - 2:15AM
UK Regulatory
TIDMPUM8
ANNOUNCEMENT RE INTERIM DIVIDEND AND WINDING-UP CIRCULAR
Interim Dividend
Following significant further realisations from the VCT qualifying
portfolio, the Board is pleased to announce that it has approved an
interim dividend of 45p per Share. The ex-dividend date will be 12
October 2017 and the record date 13 October 2017. The dividend will be
paid to Shareholders on or around 27 October 2017. Following payment of
this further interim dividend, the Company will have distributed 70
pence in dividends.
As stated in the annual report and accounts of the Company for the year
ended 28 February 2017, dividends paid to Shareholders to date have
brought total cash returned to Shareholders who initially received
higher rate tax relief to 55 pence, comprising 25 pence in dividends and
30 pence in income tax relief. The audited net assets at the year end
(28 February 2017) were 72.91 pence per Share (equivalent to 97.91 pence
per Share after adding back the 25 pence per Share of dividends paid to
date). Shore Capital 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 Company's prospectus dated 26 July
2011 (the "Prospectus").
Winding-up
It was announced on 29 June 2017 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 on 2 October 2017, together with a notice of the General
Meeting of the Company to be held at 11.30 a.m. on 31 October 2017 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 General
Meeting (the "Resolutions").
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 of the
net proceeds to Shareholders.
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.
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 Limited 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 UK
Listing Authority, which is expected to take place on 1 November 2017,
and the Shares ceasing to trade on the London Stock Exchange.
Expected Timetable
Notice of General Meeting 2 October 2017
Deadline for receipt of Proxy Forms 11.30 a.m. on 27
October 2017
Suspension of the listing of the Shares on the Official 7.30 a.m. on 31
List October 2017
General Meeting 11.30 a.m. on 31
October 2017
Expected date of cancellation of the listing of the 8.00 a.m. on 1
Shares on the Official List November 2017
Documents
A copy of the circular has been submitted to the National Storage
Mechanism and will shortly be available for inspection at
www.morningstar.co.uk/uk/NSM.
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 (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 020 7408 4090
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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: PUMA VCT 8 PLC via Globenewswire
(END) Dow Jones Newswires
October 03, 2017 02:15 ET (06:15 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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