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2 Dec 2019 12:19
Downing FOUR - Cancellation of DP2011 General Ordinary Shares, DP2011 General A Shares, DP2011 Structured Ordinary Shares and DP2011 Structured A Shares
2 December 2019LEI: 21380035MV1VRYEXPR95 Downing FOUR VCT plc
Cancellation of listing of DP2011 General Ordinary Shares, DP2011 General A Shares, DP2011 Structured Ordinary Shares and DP2011 Structured A Shares (together “the Shares”) and cessation of trading
Downing FOUR VCT plc (the “Company”) announces that it has now completed a programme of returning funds to holders of the Shares, culminating with dividend payments of 13.595p per DP2011 General A Share and 10.059p per DP2011 Structured A Share paid on 27 September 2019. Following the payment of these dividends, the Company had now returned all the capital associated with the Shares to shareholders and divested of all investments held in the portfolio, with the payment of the dividends marking the end of the life cycle of the Shares.
The Directors are authorised under the Company’s articles of association (“Articles”) to convert any share class with a NAV of less than £25,000 into deferred shares which may be bought back and cancelled by the Company for a nominal amount (a “Conversion”). As this threshold was met in respect of each of the classes of Shares, the Directors resolved, in accordance with the Articles, to proceed with a Conversion of the Shares and repurchase them for cancellation. The conversion was carried out on 15 November 2019, and the resulting deferred shares were immediately repurchased and cancelled.
The Company subsequently wrote to the FCA requesting the removal of the Shares from the Official List and this has now been actioned and the Shares de-listed.
For further information, please contact:Grant WhitehouseDowning LLPTelephone: 020 7416 7780