Edge Performance VCT PLC Result of conversion of shares (1106K)

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RNS Number : 1106K

Edge Performance VCT PLC

16 September 2016

16 September 2016

Edge Performance VCT plc (the "Company")

RESULT OF CONVERSION OF SHARES

On 19 August 2016, the Company announced that its board of directors had resolved to invoke the provisions of the Company's articles of association (the "Articles") regarding conversion of shares, such that all C Shares, D Shares, E Shares, F Shares and G Shares in the capital of the Company would be converted to I Shares on 16 September 2016, such conversion to be calculated by reference to the net asset value per share of each relevant share class as at 19 August 2016 and the shareholdings reflected on the register of members of the Company as at close of business on 26 August 2016 (the "Conversion").

For the purposes of the Conversion, the net asset values per C Share, D Share, E Share, F Share, G Share and I Share were as follows:

 
 Share     NAV per share   Dividends       NAV per 
  class     at 19 August    declared,       share for 
            2016            but not         conversion 
                            paid, prior     ratio purposes 
                            to 19 August 
                            2016 
                   (GBP)           (GBP)             (GBP) 
--------  --------------  --------------  ---------------- 
 C                0.0434          0.0000            0.0434 
--------  --------------  --------------  ---------------- 
 D                0.2463          0.0000            0.2463 
--------  --------------  --------------  ---------------- 
 E                0.3155          0.0000            0.3155 
--------  --------------  --------------  ---------------- 
 F                0.3467          0.0000            0.3467 
--------  --------------  --------------  ---------------- 
 G                0.5052          0.0700            0.4352 
--------  --------------  --------------  ---------------- 
 I                0.5736          0.0700            0.5036 
--------  --------------  --------------  ---------------- 
 

The Conversion took place on 16 September 2016, as a consequence of which all C Shares, D Shares, E Shares, F Shares and G Shares were converted to I Shares and deferred shares as follows:

 
 Share     Number of        Number of     Number of deferred 
  class     shares prior     I Shares      shares following 
            to conversion    following     conversion 
                             conversion 
--------  ---------------  ------------  ------------------- 
 C              9,330,098       804,063            8,526,035 
--------  ---------------  ------------  ------------------- 
 D             19,172,500     9,376,860            9,795,640 
--------  ---------------  ------------  ------------------- 
 E              9,801,952     6,140,817            3,661,135 
--------  ---------------  ------------  ------------------- 
 F             29,379,532    20,226,139            9,153,393 
--------  ---------------  ------------  ------------------- 
 G             24,056,803    20,789,357            3,267,446 
--------  ---------------  ------------  ------------------- 
 Totals        91,740,885    57,337,236           34,403,649 
--------  ---------------  ------------  ------------------- 
 

In accordance with the Articles, the 34,403,649 deferred shares referred to above were repurchased by the Company immediately following the Conversion and subsequently cancelled.

Application has been made for the admission of the 57,337,236 I Shares referred to above to the premium segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange plc's main market for listed securities, which is expected to take place on or around 19 September 2016.

Following the Conversion and the repurchase and the cancellation of the deferred shares, the issued share capital of the Company is:

 
 Share     Number of 
  class     shares 
--------  ----------- 
 H         10,522,984 
--------  ----------- 
 I         73,103,650 
--------  ----------- 
 Total     83,626,634 
--------  ----------- 
 

The interim dividends of 7p per G Share and 7p per I Share which were declared by the Company on 18 August 2016, and which will be paid on 7 April 2017, will be payable to holders of G Shares and I Shares respectively as shown in the Company's register of members at the close of business on 26 August 2016; entitlement to those dividends will consequently not be affected by the Conversion.

Following the Conversion and the repurchase and the cancellation of the deferred shares, as detailed above, the number of shares held by the directors (PDMR) and their respective connected persons (PCA) are:

 
                 H shares 
 Name (PDMR)         held   I shares held 
--------------  ---------  -------------- 
 David Glick      167,424         130,491 
--------------  ---------  -------------- 
 Robin Miller           -          50,091 
--------------  ---------  -------------- 
 Lord Flight            -          33,268 
--------------  ---------  -------------- 
 (PCA) 
--------------  ---------  -------------- 
 Lady Flight            -          28,774 
--------------  ---------  -------------- 
 

16 September 2016

For further information, please contact:

   --      City Partnership, Company Secretary:  0131 243 7210 
   --      Edge Investments, Investment Manager:  020 7317 1300 

This information is provided by RNS

The company news service from the London Stock Exchange

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September 16, 2016 10:27 ET (14:27 GMT)