Shareholder update
05 Enero 2010 - 5:21AM
UK Regulatory
TIDMDPV2
Downing Planned Exit VCT 2 plc
Shareholder update
5 January 2010
A letter has today been sent to all ordinary shareholders which includes the
following update:
?I am pleased to update you on developments within the Company?s Ordinary Share
pool and also to inform you that, following the general meeting on 8 December
2009, the Company changed its name from ?Downing Protected VCT II plc? to
?Downing Planned Exit VCT 2 plc.?
Ordinary Share pool update
Over recent months, the Board and Investment Manager have reviewed the position
of the Ordinary Share pool which now has little remaining value after the
payment of dividends to Ordinary Shareholders totalling 89p per share.
The Board has agreed to transfer the Ordinary pool?s remaining investments to
the Company?s C Share pool at the current estimated fair value of GBP83,000. This
transaction ensures that the Company continues to comply with the VCT ?70% test?
and allows the payment of a further dividend to Ordinary Shareholders as
follows:
Amount 1.417p per Ordinary Share
Payment date 13 January 2010
Ex dividend date 23 December 2009
The dividend will be paid to Ordinary Shareholders on the register at 29
December 2009 and brings total dividends paid to Ordinary Shareholders since the
Company?s launch to 90.417p, compared to the net of tax cost of 60p. You should
note that the value remaining in the Ordinary Share pool following this dividend
will be less than 0.1p per Ordinary Share and there are unlikely to be any
further dividends paid to Ordinary Shareholders.
The final tax-free return for Ordinary Shareholders who subscribed at the
Company?s outset over the life of the investment stands at 11.2% p.a., which is
equivalent to 18.7% p.a. gross to a 40% taxpayer. The Board believes that this
represents a satisfactory outcome, especially when viewed against the sharp
deterioration in economic conditions that has occurred since the Company was
launched.?
[HUG#1370350]
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