PUA Puma Vct

 
TIDMPUA 
 
PUMA VCT PLC 
            ANNOUNCEMENT RE INTERIM DIVIDEND AND WINDING-UP CIRCULAR 
 
Interim Dividend 
Following  significant further  realisations from  the qualifying portfolio, the 
Board is pleased to announce that it has approved an interim dividend of 10p per 
ordinary  share. The ex-dividend date will be 25 August 2010 and the record date 
27 August 2010. The dividend will be paid to Shareholders on 17 September 2010. 
Winding-up 
It was announced on 30 June 2010 that the Board intends to put to Shareholders a 
proposal  for the solvent  winding-up of the  Company. A circular explaining the 
proposal  for  the  winding-up  and  the  actions  which  are  required  for its 
implementation  has been posted to shareholders today, together with a notice of 
an  Extraordinary General Meeting of the Company to be held at 11.00 a.m. on 15 
September  2010 at Bond Street House, 14 Clifford  Street, London W1S 4JU.   The 
winding-up  is conditional on the  approval of the resolutions  to be put to the 
Extraordinary General Meeting (the "Resolutions"). 
The Company's prospectus dated 21 January 2005 (the "Prospectus") envisaged that 
the Company should not have a fixed life but that the Directors would review the 
Company's  portfolio of investments after the first five years of trading with a 
view  to an orderly liquidation  of its assets and  a subsequent distribution to 
the  net proceeds to Shareholders.   As stated in the annual report and accounts 
of   the  Company  for  the  year  ended  28 February  2010, dividends  paid  to 
Shareholders  to  date  has  brought  total  cash  returned  to Shareholders who 
initially  received higher rate tax relief  to 105 pence, comprising 65 pence in 
dividends  and 40 pence in tax  relief. As a result,  the Company has passed the 
milestone  of  returning  in  cash  more  than  the  original investment made by 
investors.  The audited net assets at the year end (28 February 2010) were 39.7 
pence  per ordinary share  and Shore Capital  Limited (the "Investment Manager") 
has continued to concentrate on planning realisations of investments in order to 
return funds to Shareholders in accordance with the Prospectus.   Subject to the 
Resolutions  being passed, the Investment Manager  intends to realise value from 
the  Company's residual holdings and settle liabilities in order to simplify the 
Company's liquidation and maximise final returns to Shareholders within a period 
of up to 18 months. 
The  Board  is,  therefore,  now  recommending  that  the  Company  be placed in 
voluntary  liquidation with  the intention  that further  funds are  returned to 
Shareholders by way of a capital distribution by the liquidators, and that Asher 
Miller and Henry Lan of David Rubin & Partners be appointed joint liquidators. 
If  the Resolutions  are passed,  this will  result in  the cancellation  of the 
listing of the ordinary shares of the Company ("Shares") on the Official List of 
the UK Listing Authority, which is expected to take place on 16 September 2010, 
and the Shares ceasing to trade on the London Stock Exchange. 
Expected Timetable 
Notice of Extraordinary General Meeting          12 August 2010 
 
Deadline for receipt of Proxy Forms              11.00 a.m. on 13 September 2010 
 
Suspension of the listing of the Shares on the   7.30 a.m. on 15 September 2010 
Official List 
 
Extraordinary General Meeting                    11.00 a.m. on 15 September 2010 
 
Expected date of cancellation of the listing of  8.00 a.m. on 16 September 2010 
the Shares on the Official List 
 
Documents 
A  copy of the circular has been submitted  to the UK Listing Authority and will 
shortly  be  available  for  inspection  at  the UK Listing Authority's document 
viewing   facility  situated  at  Financial  Services  Authority,  25 The  North 
Colonnade, Canary Wharf, London E14 5HS. 
The  Company  and  its  directors  accept  responsibility  for  the  information 
contained  in this announcement. To the best  of the knowledge and belief of the 
directors  (who have taken all reasonable care to ensure that such is the case), 
the  information relating  to the  Company and  its directors  contained in this 
announcement  is in accordance with the facts  and does not omit anything likely 
to affect the import of such information. 
Enquiries 
Graham Shore 
Shore Capital Ltd 
0207 408 4090 
 
 
[HUG#1438465] 
 
 
 
 
 
 
 
 
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. 
All reproduction for further distribution is prohibited. 
 
Source: PUMA VCT PLC via Thomson Reuters ONE 
 

Puma Vct (LSE:PUA)
Historical Stock Chart
From Nov 2024 to Dec 2024

Puma Vct (LSE:PUA)
Historical Stock Chart
From Dec 2023 to Dec 2024