Puma High Inc VCT Further Re Interim Dividend And Winding-up And Notice Of General Meetings
03 Septiembre 2015 - 1:00AM
UK Regulatory
TIDMPMH
ANNOUNCEMENT RE INTERIM DIVIDEND, ANNUAL REPORT, NOTICE OF AGM 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 16p per Share. The ex-dividend date will be 17
September 2015 and the record date 18 September 2015. The dividend will
be paid to Shareholders before 30 September 2015. Following payment of
this further interim dividend, the Company will have distributed 51p per
share in dividends.
A number of further realisations are expected in September 2015. If any
of these occur before 17 September 2015, then the Board intend to
increase the interim dividend, up to a maximum of 20p per Share. If so,
the Company will have distributed 55p per Share in dividends.
Annual Report and Notice of AGM
Copies of the Annual Report and Accounts of the Company in respect of
the financial period ended 31 March 2015 and the Notice of Annual
General Meeting to be held on 30 September 2015 have been posted to
shareholders and a copy has been submitted to the National Storage
Mechanism and will shortly be available for inspection at:
http://www.morningstar.co.uk/uk/NSM
Copies are available on the Puma Investments website at:
http://www.pumainvestments.co.uk/pages/view/investors-information-vcts
Winding-up
It was announced on 31 July 2015 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 September 2015, together with a notice of the General
Meeting of the Company to be held at 11.15 a.m. on 30 September 2015 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 Company's prospectus dated 11 November 2009 (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.
As stated in the annual report and accounts of the Company for the year
ended 31 March 2015, dividends paid to Shareholders to date has brought
total cash returned to Shareholders who initially received the full
amount of VCT income tax relief on their investment to 65 pence,
comprising 35 pence in dividends and 30 pence in income tax relief. The
audited net assets at the year end (31 March 2015) were 59.91 pence per
Share (equivalent to 94.91 pence per Share after adding back the 35
pence per Share of dividends paid to date). Shore Capital Limited (the
"Investment Manager") has continued to concentrate on planning
realisations of investments in order to return further funds to
Shareholders in accordance with the Prospectus.
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 be appointed
joint liquidators.
If the Resolutions are passed, this will result in the cancellation of
the listing of the ordinary shares of the Company ("Shares") on the
Official List of the UK Listing Authority, which is expected to take
place on 1 October 2015, and the Shares ceasing to trade on the London
Stock Exchange.
Expected Timetable
Notice of General Meeting 2 September 2015
Deadline for receipt of Proxy Forms 11.15 a.m. on 28
September 2015
Suspension of the listing of the Shares on the Official 7.30 a.m. on 30
List September 2015
General Meeting 11.15 a.m. on 30
September 2015
Expected date of cancellation of the listing of the 8.00 a.m. on 1
Shares on the Official List October 2015
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 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: Puma High Income VCT PLC via Globenewswire
HUG#1949389
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September 03, 2015 02:00 ET (06:00 GMT)
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