DPV3 Downing Plan 3

 
TIDMDPV3 
 
Downing Planned Exit VCT 3 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                                     1.35p 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 90.35p, 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#1370353] 
 

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