Proven Health VCT Plc : Issue of Equity
13 Abril 2012 - 10:03AM
UK Regulatory
TIDMNHF
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA OR ANY JURISDICTION IN
WHICH THE SAME COULD BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT
CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION, INCLUDING IN THE
UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA.
PROVEN HEALTH VCT PLC
13 APRIL 2012
RESULTS OF ENHANCED SHARE BUYBACK AND OFFER FOR SUBSCRIPTION (IN RESPECT OF THE
2012/13 TAX YEAR)
The Board of ProVen Health VCT plc (the "Company") refers to the circular and
prospectus published by the Company on 10 February 2012. The Company hereby
announces the results of the Enhanced Share Buyback and the Offer (in respect of
the 2012/13 tax year).
Results of the Enhanced Buyback
Valid applications were received in respect of 1,025,322 Existing Ordinary
Shares in respect of the 2012/13 tax year. All valid applications have been
satisfied in full and 1,025,322 Existing Ordinary Shares have today been
purchased by the Company at the Tender Price with the sale proceeds used to
subscribe for New Ordinary Shares at the ESBB Issue Price. The unaudited Net
Asset Value of an Existing Ordinary Share for the purposes of the Enhanced Share
Buyback (where applications were made for the 2012/13 tax year) was 43.3p, the
Tender Price was 43.3p per Existing Ordinary Share and the ESBB Issue Price (in
respect of the 2012/13 tax year) was 45.4p per New Ordinary Share. Participating
Qualifying Shareholders therefore received approximately 953 New Ordinary Shares
for every 1,000 Existing Ordinary Shares in respect of which a successful
application was made (where the application was made for the 2012/13 tax year).
977,859 New Ordinary Shares in aggregate will be issued under the Enhanced Share
Buyback to participating Qualifying Shareholders in respect of the 2012/13 tax
year.
Results of the Offer (in respect of tax year 2012/13)
The Offer has now closed. Applications have been received for GBP5,000 of New
Ordinary Shares under the Offer in respect of the 2012/13 tax year. The Offer
Price (being the Net Asset Value per Ordinary Share divided by 0.945) is
45.9p. 10,893 New Ordinary have therefore been issued to applicants under the
Offer in respect of the 2012/13 tax year at the Offer Price of 45.9p per share.
Admission and dealings
The 1,025,322 Ordinary Shares purchased by the Company pursuant to the Enhanced
Share Buyback (in respect of the 2012/13 tax year) have been acquired by the
Company on the London Stock Exchange and such shares will be cancelled.
Applications have been made to the UK Listing Authority for the New Ordinary
Shares allotted under the Enhanced Share Buyback and the Offer (in respect of
the 2012/13 tax year) to be admitted to the premium segment of the Official
List. Applications have also been made to the London Stock Exchange for such
New Ordinary Shares to be admitted to trading on its Main Market. Such New
Ordinary Shares issued in respect of the 2012/13 tax year will be admitted to
the Official List and to trading on the Main Market of the London Stock Exchange
on 17 April 2012.
Timetable
all dates 2012
Closing date for the Offer (in respect 12 noon on 13 April
of 2012/13 tax year)
Purchase of Existing Ordinary Shares 13 April
under the Enhanced Share Buyback (in
respect of the 2012/13 tax year)
Allotment of New Ordinary Shares under 13 April
the Enhanced Share Buyback and the Offer
(in respect of the 2012/13 tax year)
Admission and dealings commence in the 17 April
New Ordinary Shares issued pursuant to
the Enhanced Share Buyback and the Offer
(in respect of the 2012/13 tax year)
Share and tax certificates dispatched in Within 15 Business Days of each
respect of New Ordinary Shares issued allotment
under the Enhanced Share Buyback and the
Offer
Voting rights
Each Ordinary Share has one vote and following the purchase of the Existing
Ordinary Shares where applications were made under the Enhanced Share Buyback in
respect of the 2012/13 tax year and the issue of New Ordinary Shares under the
Enhanced Share Buyback and the Offer (in respect of the 2012/13 tax year) the
Company has 21,344,364 Ordinary Shares in issue. The Company does not hold any
shares in treasury. Accordingly, the total number of voting rights in the
Company is 21,344,364 and this figure may be used by Ordinary Shareholders as
the denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
Company under the Disclosure and Transparency Rules.
Definitions
Terms defined in the circular published by the Company on 10 February 2012 have
the same meanings in this announcement unless the context requires otherwise.
Further information
For further information please contact.
Steven Tuckley Beringea LLP 020 7845 7820
Douglas Armstrong Dickson Minto W.S. 020 7649 6823
Notes
This announcement is for information purposes only and does not purport to be
full or complete and any decision regarding the Proposals should be made only on
the basis of the Circular and the Prospectus.
This announcement does not constitute or form part of any offer to issue or
sell, or any solicitation of any offer to subscribe or purchase, any investment
in any jurisdiction, nor shall it (or the fact of its distribution) form the
basis of, or be relied on in connection with, any contract therefor.
The issue and the distribution of this announcement, the Circular and/or the
Prospectus in certain jurisdictions may be restricted by law and persons into
whose possession any document or other information referred to this
announcement, the Circular and/or the Prospectus comes should inform themselves
about and observe any such restriction. Any failure to comply with these
restrictions may constitute a violation of the securities laws of any such
jurisdiction.
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.
Source: Proven Health VCT Plc via Thomson Reuters ONE
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