Downing Plan VCT 7 Downing Planned Exit Vct 7 Plc : Merger Update
21 Julio 2015 - 11:01AM
UK Regulatory
TIDMDPV7
Downing Structured Opportunities VCT 1 plc (now renamed Downing FOUR VCT
plc)
Downing Planned Exit VCT 2011 plc
Downing Planned Exit VCT 6 plc
Downing Planned Exit VCT 7 plc (together "the Companies")
Merger Update - Joint Announcement
21 July 2015
This announcement is made by the Companies in connection with merger of
Downing Structured Opportunities VCT 1 plc ("DSO") with Downing Planned
Exit VCT 2011 plc ("DP2011"), Downing Planned Exit VCT 6 plc ("DP7") and
Downing Planned Exit VCT 7 plc ("DP7") by way of schemes of
reconstruction under section 110 of the Insolvency Act 1986 ("the
Schemes"), details of which were contained in a prospectus and in
circulars to the shareholders of the Companies, each dated 15 June 2015.
The boards of directors of DSO, DP2011, DP6 and DP7 are pleased to
advise that the resolutions proposed at the general meetings of DP2011,
DP6 and DP7 held on 20 July 2015 were duly passed.
Immediately following the general meetings, as set out in the Prospectus,
Sir Aubrey Brocklebank and Russell Catley were appointed as
non-executive directors of DSO.
In implementing the Schemes, the assets and liabilities of DP2011, DP6
and DP7 have been transferred to DSO, in consideration for the issue of
the Consideration Shares.
The issue of the Consideration Shares is summarised as follows:
Original Original
Share Shares in New
Original Company Class issue Ratio Consideration Share Class Consideration Shares issued TIDM
DP2011 General Ordinary
DP2011 General Ord 15,679,241 1:1 Shares 15,679,241 D4OO
DP2011 General A 18,453,789 1:1 DP2011 General A Shares 18,453,789 D4OA
Structured DP2011 Structured Ordinary
DP2011 Ord 10,678,725 1:1 Shares 10,678,725 D4GO
Structured
DP2011 A 12,572,817 1:1 DP2011 Structured A Shares 12,572,817 D4GA
Low Carbon DP2011 Low Carbon Ordinary
DP2011 Ord 8,102,222 1:0.935 Shares 7,575,419 D4LC
DP6 Ordinary 5,355,154 1:1 DP67 Ordinary Shares 5,355,154 D467
DP7 Ordinary 5,965,104 1:1 DP67 Ordinary Shares 5,965,104 D467
Application will shortly be made for all the Consideration Shares issued
to be admitted to the Official List and to trading on the main market of
the London Stock Exchange. The date on which admission is expected to
become effective and that trading will commence will be announced
shortly.
DSO has now changed its named to "Downing FOUR VCT plc". The name change
will be effective at 8am on Wednesday 22 July 2015.
For further enquiries please contact:
Grant Whitehouse
Company Secretary
Downing LLP
Tel: 020 7416 7780
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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: Downing Planned Exit VCT 7 PLC via Globenewswire
HUG#1940284
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