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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Downing Absol 1 | LSE:DA1O | London | Ordinary Share | GB0002790714 | ORD 50P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 67.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMDA1O Downing Distribution VCT 1 plc (to be renamed Downing ONE VCT plc) Downing Absolute Income VCT 1 plc Downing Absolute Income VCT 2 plc Downing Income VCT plc Downing Income VCT 3 plc Downing Income VCT 4 plc (together "the Companies") Merger Update - Joint Announcement 12 November 2013 This announcement is made by the Companies in connection with merger of Downing Distribution VCT 1 plc ("DD1") with Downing Absolute Income VCT 1 plc ("DAI1"), Downing Absolute Income VCT 2 plc ("DAI2"), Downing Income VCT plc ("DIV"), Downing Income VCT 3 plc ("DIV3") and Downing Income VCT 4 plc ("DIV4") by way of schemes of reconstruction under section 110 of the Insolvency Act 1986 ("the Schemes"), details of which were contained in a prospectus and in circulars to the shareholders of the Companies, each dated 7 October 2013. The boards of directors of DD1, DAI1, DAI2, DIV, DIV3 and DIV4 are pleased to advise that the resolutions proposed at the general meetings of DAI1, DAI2, DIV, DIV3 and DIV4 held today were duly passed. Immediately following the general meetings, as set out in the Prospectus, Christopher Powell, Roger Jeynes and Michael Cunningham resigned as directors of DD1. Chris Kay, Barry Dean, Helen Sinclair and Andrew Griffiths were appointed as non-executive directors of DD1, with Chris Kay being appointed as Chairman. In implementing the Schemes, the assets and liabilities of DAI1, DAI2, DIV, DIV3 and DIV4 have been transferred to DD1, in consideration for the issue of ordinary shares of 1 penny each in the capital of the DD1 ("Consideration Shares" and, together with existing ordinary shares in DD1, "Old DD1 Shares"). Immediately following the issue of the Consideration Shares, the Old DD1 Shares underwent a share consolidation to produce new ordinary shares of 1 penny each ("New DD1 Shares") such that their unaudited net asset value per share, had this been calculated as at 8 November 2013, would have been 100.0p (the "Consolidation"). The issue of the Consideration Shares and the Consolidation are summarised as follows: Number Number of of New Merger shares in DD1 Value issue after Shares / Roll- consolidation for each Over Consideration Consolidation ("New DD1 Deferred original Value Shares issued ratio Shares") Shares share DD1 71.3 0.713 13,969,445 5,623,045 0.713 DIV 35.3 13,595,818 0.713 9,693,818 3,902,000 0.353 DIV3 Ordinary Shares 91.6 15,910,325 0.713 11,344,062 4,566,263 0.916 DIV3 E Shares 87.0 7,030,187 0.713 5,012,523 2,017,664 0.870 DIV4 38.7 11,023,583 0.713 7,859,815 3,163,768 0.387 DAI1 Ordinary Shares 84.2 9,411,883 0.713 6,710,673 2,701,210 0.842 DAI1 C Shares 70.5 8,865,950 0.713 6,321,422 2,544,528 0.705 DAI2 Ordinary Shares 68.8 19,148,939 0.713 13,653,193 5,495,746 0.688 DAI2 A Shares 0.1 41,860 0.713 29,847 12,013 0.001 Total 85,028,545 74,594,798 30,026,237 Application will shortly be made for all the New DD1 Shares issued to be admitted to the Official List and to trading on the main market of the London Stock Exchange. It is expected that admission will become effective and that trading will commence on 15 November 2013. The Company's planned change of name to "Downing ONE VCT plc" is expected to take place on Wednesday 13 November 2013. For further enquiries please contact: Grant Whitehouse Company Secretary Downing Distribution VCT 1 plc Tel: 020 7416 7780 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: Downing Absolute Income VCT 1 PLC via Thomson Reuters ONE HUG#1742605
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