Downing FOUR VCT plc Downing Four Vct Plc : Share Class Cancellation

 
TIDMDO1O 
 
 
   24 August 2016 
 
   Downing FOUR VCT plc 
 
   Cancellation of listing of DSO Ordinary Shares ("DSO Ords") and DSO A 
Shares ("DSO As" and together with the DSO Ords, "the Shares") and 
cessation of trading 
 
 
 
 
 
   Downing FOUR VCT plc (the "Company") announces that it has applied to 
the UKLA and the London Stock Exchange to cancel the main market listing 
of the DSO Ords and the DSO As and for trading in the Shares to be 
suspended indefinitely. 
 
   The Company has now completed a programme of returning funds to holders 
of the Shares, culminating with payments on 24 March 2016 of dividends 
of 36.16p per DSO Ord Share and 15.5p per DSO A Share. Following this 
dividend, the holders of Shares have received a total return of 131.66p 
for each 100p invested, not including tax reliefs available under the 
venture capital trust scheme. 
 
   The Company has 10,288,157 DSO Ords and 15,506,488 DSO As in issue, with 
a combined NAV of GBP4 or less than 0.0001p per share. 
 
   The Directors are authorised under the Company's articles of association 
("Articles") to convert any share class with a NAV of less than 
GBP25,000 into deferred shares which may be bought back and cancelled by 
the Company for a nominal amount (a "Conversion"). As this threshold has 
now been met in respect of each of the DSO Ord and the DSO A Share 
classes, the Directors have resolved, in accordance with the Articles, 
to proceed with a Conversion of the Ords and DSO As and repurchase them 
for cancellation.  The Conversion will be carried out on 25 August 2016, 
at ratio of 1:1, and the resulting deferred shares will be immediately 
repurchased and cancelled and their listing and admission to trading 
will also be simultaneously cancelled. The last day of trading in the 
DSO Ords and DSO As will be today, 24 August 2016. 
 
   As the DSO Ords and DSO As are each of negligible value the FCA has 
agreed to dispense with the requirement, under the Listing Rule 5.2.5, 
that the Company produce an FCA approved circular and procure a 75% 
majority of votes to approve the cancellations of their listing. 
 
   For further information, please contact: 
 
   Downing LLP 
 
   Telephone: [phone] 
 
   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 FOUR VCT plc via Globenewswire 
 
   HUG#2037092 
 
 
 
 

(END) Dow Jones Newswires

August 24, 2016 12:13 ET (16:13 GMT)

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