Puma VCT V plc Puma Vct V Plc : Interim Dividend And Winding-up Circular

 
TIDMPUME 
 
   4 September 2013 
 
   PUMA VCT V PLC 
 
   ANNOUNCEMENT RE INTERIM DIVIDEND AND WINDING-UP CIRCULAR 
 
   Interim Dividend 
 
   Following significant further realisations from the qualifying portfolio, 
the Board is pleased to announce that it has approved an interim 
dividend of 21 pence per ordinary share. The ex-dividend date will be 18 
September 2013 and the record date 20 September 2013. The dividend will 
be paid to Shareholders on 4 October 2013. Following payment of this 
interim dividend, the Company will have distributed 40 pence in 
dividends. 
 
   Winding-up 
 
   It was announced on 28 June 2013 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 today, together with a notice of a General Meeting of the 
Company to be held at 11.00 a.m. on 8 October 2013 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 23 January 2008 (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 28 February 2013, dividends paid to Shareholders to date has 
brought total cash returned to Shareholders who initially received 
higher rate tax relief to 49 pence, comprising 19 pence in dividends and 
30 pence in tax relief, excluding the proposed interim dividend of 21 
pence per ordinary share.   The audited net assets at the year end (28 
February 2013) were 84.93 pence per ordinary share and Shore Capital 
Limited (the "Investment Manager") has continued to concentrate on 
planning realisations of investments in order to return 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 9 October 2013, and the Shares ceasing to trade on the London 
Stock Exchange. 
 
   Expected Timetable 
 
 
 
 
Notice of General Meeting                                4 September 2013 
Deadline for receipt of Proxy Forms                      11.00 a.m. on 4 
                                                         October 2013 
Suspension of the listing of the Shares on the Official  7.30 a.m. on 8 
 List                                                    October 2013 
General Meeting                                          11.00 a.m. on 8 
                                                         October 2013 
Expected date of cancellation of the listing of the      8.00 a.m. on 9 
 Shares on the Official List                             October 2013 
 
 
 
   Documents 
 
   A copy of the circular has been submitted to the National Storage 
Mechanism and will shortly be available for inspection at 
www.hemscott.com/nsm.do. 
 
   The Company and its 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 
 
   Shore Capital                Quill PR 
 
   Graham Shore                Fiona Harris / Jo Stonier 
 
   020 7408 4090              020 7466 5050 
 
   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: PUMA VCT V PLC via Thomson Reuters ONE 
 
   HUG#1727290