Edge Performance VCT PLC Dividend Declaration (2234H)

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RNS Number : 2234H

Edge Performance VCT PLC

04 April 2022

Edge Performance VCT plc (the "Company")

Cancellation of share premium account and capital redemption reserve / Dividend Declaration / Share buy-back facility

Cancellation of share premium account and capital redemption reserve

At a general meeting of the Company held on 17 January 2022 (the "General Meeting"), a special resolution was passed to cancel the amounts standing to the credit of the Company's share premium account and capital redemption reserve. Following the passing of that resolution, such cancellation was subject to the approval of the High Court. High Court approval was given on 8 March 2022 and the associated court order was registered by the Registrar of Companies on 22 March 2022. Accordingly, the cancellation became effective as of 22 March 2022.

As explained in the Company's circular to shareholders in relation to the General Meeting, the purpose of the cancellation was to increase the Company's distributable reserves in order to enable the Company to resume payment of dividends and to offer shareholders a share buy-back facility. The cancellation has resulted in an increase of GBP14.74 million in the Company's distributable reserves.

Declaration of dividend

The board of directors of the Company (the "Board") is pleased to announce an interim dividend, in respect of the Company's financial year ending on 28 February 2023, of 35p per Share. This dividend will be paid on 6 May 2022 to shareholders on the Company's register of members as at close of business on 19 April 2022. The ex-dividend date is 14 April 2022.

Share buy-back facility

The Board has also resolved to give shareholders the opportunity to sell their Shares back to the Company. To enable shareholders to make a considered decision on whether to apply for a buy-back, based on up-to-date published information, shareholders will be able to apply during the period of one calendar month commencing on the date of publication of the Company's annual report and financial statements for the year ended on 28 February 2022, and during the period of one calendar month commencing on the date of publication of the Company's half-yearly report and accounts for the six months ending on 31 August 2022. In aggregate, a maximum of 1,738,192 Shares will be bought back by the Company across those two windows.

Under the buy-back facility, Shares will be bought back by the Company at the lower of:

-- an amount representing a discount of 10% to the net asset value per Share most recently published by the Company prior to the day on which the repurchase is made; and

-- an amount equal to 105% of the average of the middle market quotations for Shares, as derived from the Daily Official List of the London Stock Exchange, for the five business days immediately preceding the day on which the repurchase is made.

The Company will send shareholders further details on the buy-back facility and how to apply around the time of publication of the Company's annual report and financial statements for the year ended on 28 February 2022.

For further information, please contact:

Edge Investments Limited, Investment Manager: [e-mail]

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April 04, 2022 13:07 ET (17:07 GMT)