Bonus Issue and Conversion

29 Mar 2007 11:26

Close Brothers Dev VCT PLC29 March 2007 CLOSE BROTHERS DEVELOPMENT VCT PLC Bonus Issue and Conversion of 'C' Ordinary Shares into Ordinary Shares Further to the announcement of 1 March 2007, Close Brothers Development VCT PLCannounces the conversion of its 'C' Ordinary Shares into Ordinary Shares asfollows: In order to align the respective net asset values, 'C' Shareholders will beentitled to 0.0715 new 'C' Ordinary Shares by way of a bonus issue for each 'C'Ordinary Share held as at close of business on 29 March 2007. This will resultin the issue of a further 1,295,584 'C' Ordinary Shares. The newly issued 'C' Ordinary Shares will rank pari passu with the existing 'C'Ordinary Shares in issue. The 'C' Ordinary Shares representing fractionalentitlements will not be issued to 'C' Shareholders but will be aggregated andsold in the market for the benefit of the Company. Application has been madefor the new 'C' Ordinary Shares to be admitted to the Official List and totrading on the London Stock Exchange's Main Market for listed securities and itsis expected that dealings will commence on 30 March 2007. Following the bonus issue of new 'C' Ordinary Shares, all of the 'C' OrdinaryShares in issue will convert into New Ordinary Shares on a one for one basis.Accordingly, 19,415,642 New Ordinary Shares will be issued to 'C' Shareholderson the Register as at close of business on 30 March 2007. The newly issuedOrdinary Shares will rank pari passu with the existing Ordinary Shares in issue. Application has been made for the New Ordinary Shares to be admitted to theOfficial List and to trading on the London Stock Exchange's Main Market forlisted securities and it is expected that dealings will commence on 2 April2007. Following the issue of the New Ordinary Shares arising on conversion, thelisting of the 'C' Ordinary Shares will be cancelled. The New Ordinary Sharecertificates will be despatched to shareholders by 20 April 2007. Transfers ofthe new 'C' Ordinary Shares issued on 30 March 2007 pursuant to the bonus issuewill be certified against the register pending the issue of the New OrdinaryShares. 29 March 2007 For further information: Patrick Revee Close Ventures Limited Tel: 020 7422 7830 This information is provided by RNS The company news service from the London Stock Exchange