Downing Inc VCT3 Downing Income VCT 3 plc : Share Realisation and Reinvestment Programme and Top Up Offer
15 Februar 2013 - 6:22PM
UK Regulatory
TIDMDI3O
Downing Income VCT 3 plc (the "Company")
15 February 2013 January 2013
Ordinary Share - Share Realisation and Reinvestment Programme and Top Up Offer
The directors of the Company are pleased to announce that they have published an
offer document (the "Offer Document") and a circular (the "Circular") covering
proposals to offer the Company's ordinary shareholders who are not resident in
any of the Restricted Jurisdictions (as such terms is defined in the Offer
Document) ("Existing Ordinary Shareholders") the opportunity to participate in a
share realisation and reinvestment programme ("SRRP"). The Offer Document also
proposes to offer all of the Company's shareholders (the "Shareholders") and
members of the public the opportunity to subscribe for up to 1,252,593 Ordinary
Shares the Company (the "Top Up Offer").
Details of the SRRP and Top Up Offer are included in the Circular which will be
posted to the Company's Shareholders shortly. The terms and conditions of the
SRRP and Top Up Offer together with information regarding the risks associated
with participating in the SRRP and/or Top Up Offer are contained in the Offer
Document.
The SRRP, if approved by the Shareholders, will give participating Existing
Ordinary Shareholders the opportunity to sell their shares back to the Company
at a price equal to 100% of the most recently published net asset value of the
shares (rounded down to the nearest 0.1p per share) and to then reinvest the
proceeds from the sale in a new issue of ordinary shares at a price equal to
approximately 103% of the net asset value of the shares (rounded down to the
nearest 0.0001p per share) (the "Substitution Shares"), with the premium being
charged to cover administrative costs. Participating Existing Ordinary
Shareholders are then, subject to their personal circumstances, able to obtain
additional VCT tax relief of up to 30% of the amount subscribed for Substitution
Shares. The SRRP is subject to an overall limit equal to 48.5% of the issued
ordinary shares of the Company. The SRRP is not available in respect of the
Company's E Shares.
The Top Up Offer is open to all Shareholders and members of the public who may
apply for up to 1,252,593 additional ordinary shares in the Company pursuant to
the Top Up Offer.
Both the SRRP and the Top Up Offer will close at 3.00 p.m. on 28 March 2013,
although the closing date of either the SRRP or the Top Up offer may be extended
by the Company's directors.
The SRRP and the Top Up Offer are subject to Shareholder approval. The general
meeting of the Company's Shareholders has been convened for 18 March 2013 at 10
Lower Grosvenor Place, London SW1W 0EN. The notice of the meeting and a detailed
explanation of the resolutions to be proposed at the general meeting are set out
in the Circular.
Copies of the Circular and Offer Document will shortly be available at
www.downing.co.uk.
The Circular will shortly be available for inspection at the National Storage
Mechanism which can be accessed at http://www.morningstar.co.uk/uk/nsm
Any enquiries in relation to the SRRP or the Top Up Offer should be made to:
Grant Whitehouse
Downing LLP
Telephone: 020 7416 7780
Please note that Downing LLP is not able to provide investment or tax advice.
Shareholders are advised to consult an independent financial adviser for advice
in relation to the SRRP or Top Up Offer.
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 Income VCT 3 plc via Thomson Reuters ONE
[HUG#1678767]
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