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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Seneca Growth Capital Vct Plc | LSE:SVCT | London | Ordinary Share | GB00BG13MH08 | B 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% | 60.50 | 59.00 | 62.00 | 60.50 | 60.50 | 60.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Trust,ex Ed,religious,charty | -2.26M | -2.75M | -0.0950 | -6.37 | 17.5M |
TIDMHYG TIDMSVCT
RNS Number : 7400K
Seneca Growth Capital VCT PLC
17 December 2018
ANNOUNCEMENT FOLLOWING REDUCTION OF CAPITAL
Seneca Growth Capital VCT Plc
Reduction of Capital
The Board of Seneca Growth Capital VCT Plc (the "Company") announces that the proposed Share Premium Reduction and Capital Redemption Reserve Reduction have now taken place.
On 15 December 2017 Seneca Growth Capital VCT Plc issued a circular to its shareholders to convene a general meeting on 19 January 2018, at which (amongst other things) shareholders were asked to approve a reduction of capital by the cancellation of the share premium account of the Company as at the date an order is made confirming the cancellation by the High Court (the "Share Premium Reduction"). The amount credited to the share premium account, and now cancelled, arose as a result of the issue of B ordinary shares on 23 August 2018 and 27 September 2018 at a premium.
At its annual general meeting on 5 April 2018, the shareholders of the Company were asked to approve a restructuring of the issued share capital of the Company pursuant to which ordinary shares of GBP0.50 each were sub-divided and re-designated into ordinary shares of GBP0.01 and deferred shares of GBP0.49 each (the "Deferred Shares"). At the same meeting, shareholders gave the Company authority to buy back and cancel all of the Deferred Shares in addition to approving a reduction of capital by the cancellation of the capital redemption reserve of the Company, as at the date an order is made confirming the cancellation by the High Court (the "Capital Redemption Reserve Reduction" and together with the Share Premium Reduction being referred to as the "Capital Reductions").
On 7 December 2018, the High Court of Justice in Manchester confirmed the Capital Reduction. The court order approving the Capital Reductions was registered by the Registrar of Companies on 11 December 2018 and, therefore, the Capital Reductions became effective on that date.
The reserve created by the Capital Redemption Reserve Reduction can be used at any time at the Board's discretion once the accounts for 2018 have been lodged at Companies House; however use of the reserve created from Share Premium Reduction cannot be used for returning any funds to shareholders for a period of three years following the end of the accounting period in which the allotment of B ordinary shares to which the share premium related, due to restrictions imposed by VCT regulations.
There is no change to the number of ordinary shares or B ordinary shares in issue as a result of the Capital Reductions, and for the avoidance of doubt, the rights attaching to those shares following the Capital Reductions remain unchanged.
For further information, please contact:
John Hustler, Seneca Growth Capital VCT Plc at john.hustler@btconnect.com
Richard Manley, Seneca Growth Capital VCT Plc at Richard.Manley@senecapartners.co.uk
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
December 17, 2018 11:43 ET (16:43 GMT)
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