10 Jul 2023 15:05
The winding up process of New Century Aim VCT is now largely complete. The current position is that it has £1.69million in cash and just £65,700 in 2 securities, both of which are fairly marketable. This represents 22.34p per share. These reserves are not distributable as a dividend but can be distributed once we wind up the company. In this respect, we would hold a small amount in reserve to pay any eventual potential winding up costs which are expected to be insignificant. Although we have appointed a liquidator the appointment has to be approved by our shareholders. The liquidator is currently preparing documentation to be sent out to our shareholders via our registrars. The winding up process also involves the directors of New Century Aim VCT swearing on oath, a declaration of solvency and this is planned to take place next week. Contrary to our earlier announcement, dealings in the shares have not been suspended but are dealt by period auction call. We plan to delist the shares once the winding up documentation has been approved by not less than 75% of the shares cast for voting. We expect this to take place towards the end of August. It shall then be our intention to return most of the cash held to our shareholders as soon as practically possible.
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