Albion. Dev Vct Regulatory News (AADV)

5 Mar 2007 15:37

Close Brothers Dev VCT PLC05 March 2007 Close Brothers Development VCT Revised pro-forma Net Asset Value following Agreed recommended Offer for Careforce Group PLC ("Careforce") and Conversion of the C Shares to Ordinary Shares Following the announcement of the recommended offer by Mears Group PLC for theissued share capital of Careforce, the Board of Close Brothers Development VCTis pleased to announce an increase in its pro-forma net asset value per share. The recently announced results for the year ended 31 December 2006 reported netasset values of 94.6 pence per Ordinary Share and 101.4 pence per C Share.Based on the conversion of C shares to Ordinary shares at a ratio of 1.0715, thepro-forma (unaudited) net assets per Ordinary share as at 31 December 2006,would be 94.6 pence per share (excluding Treasury shares). Based on the terms of Mears Group's offer for Careforce completing, and on thebasis of the conversion of the C Shares (due to become effective on 31 March2007), the revised pro- forma (unaudited) net asset value of the Ordinary Shareswill rise to 98.7 pence per share (excluding Treasury shares). Close Brothers Development VCT first backed Careforce in 2000 at a very earlystage in its development, and invested a total of £3.1 million to fund itsacquisition programme up to the company's flotation on AIM in 2004. Followingthe float, Close Brothers Development VCT remained a significant shareholderand, as a result of the approved offer for Careforce, will have realised 2.4times its investment and achieved an annualised return of 30 per cent during theperiod of its investment. Mike Rogers, chief executive of Careforce, commented "Close Ventures has been asupportive friend over the years, and I am very grateful for its help inbuilding up Careforce to its current respected and successful market position." Following completion of the sale, the Board of Close Brothers Development VCTintends to aim for an annual dividend of 5 pence per share, subject to thecontinued availability of revenue and realised capital profits. 5 March 2007 For further information: Patrick Reeve Roddi Vaughan-ThomasClose Venture Management Peregrine CommunicationsTel: 020 7422 7830 Tel: 020 7223 1552 About Close Ventures Close Ventures, is a member of the Close Brothers Group and is one of the marketleaders in the area of VCT investment. Close Ventures manages six venturecapital trusts with net assets of £220 million (as at 4 November 2006,unaudited). Close Ventures was voted ''Best VCT Provider ''at the 2005 and 2006Professional Investor Awards and ''VCT Fund Manager of the Year'' at the 2005and 2006 Growth Company Awards. Having launched its first VCT in 1996 Close Ventures has as exemplary trackrecord of returning cash to shareholders through dividends (both revenue andcapital) and share buy-backs. Close Ventures has returned a total of £54.1million to shareholders from its VCTs launched, as follows: Total funds returned to shareholders £ millionRevenue dividends 34.6Capital dividends 9.7Share buybacks 9.8Total 54.1(Source: Close Ventures as at 4 December 2006) Close Ventures is a subsidiary of Close Brothers Group plc and is authorised andregulated by the Financial Services Authority. About Careforce - effective, adaptable domiciliary care Careforce provides care at home for the elderly and for people with physical and/or learning disabilities. Careforce can implement a flexible care scheme tosuit patient needs, quickly and cost-effectively, from one daily visit to 24hour live-in care. Its Nurseforce subsidiaries provide Auxiliaries, SupportWorkers and Qualified Nursing staff for individual clients and Nursing Homes andhospitals in their respective areas. Careforce provides homecare for both private and Social Services' clients. This information is provided by RNS The company news service from the London Stock Exchange