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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Puma Vct | LSE:PUA | London | Ordinary Share | GB00B0634L13 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 35.00 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPUA PUMA VCT 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 10p per ordinary share. The ex-dividend date will be 25 August 2010 and the record date 27 August 2010. The dividend will be paid to Shareholders on 17 September 2010. Winding-up It was announced on 30 June 2010 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 an Extraordinary General Meeting of the Company to be held at 11.00 a.m. on 15 September 2010 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 Extraordinary General Meeting (the "Resolutions"). The Company's prospectus dated 21 January 2005 (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 to the net proceeds to Shareholders. As stated in the annual report and accounts of the Company for the year ended 28 February 2010, dividends paid to Shareholders to date has brought total cash returned to Shareholders who initially received higher rate tax relief to 105 pence, comprising 65 pence in dividends and 40 pence in tax relief. As a result, the Company has passed the milestone of returning in cash more than the original investment made by investors. The audited net assets at the year end (28 February 2010) were 39.7 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 within a period of up to 18 months. 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 16 September 2010, and the Shares ceasing to trade on the London Stock Exchange. Expected Timetable Notice of Extraordinary General Meeting 12 August 2010 Deadline for receipt of Proxy Forms 11.00 a.m. on 13 September 2010 Suspension of the listing of the Shares on the 7.30 a.m. on 15 September 2010 Official List Extraordinary General Meeting 11.00 a.m. on 15 September 2010 Expected date of cancellation of the listing of 8.00 a.m. on 16 September 2010 the Shares on the Official List Documents A copy of the circular has been submitted to the UK Listing Authority and will shortly be available for inspection at the UK Listing Authority's document viewing facility situated at Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS. 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 Graham Shore Shore Capital Ltd 0207 408 4090 [HUG#1438465] 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. All reproduction for further distribution is prohibited. Source: PUMA VCT PLC via Thomson Reuters ONE
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