Puma VCT 11 PLC Circular and Notice of General Meeting (8049N)
04 Outubro 2021 - 3:00AM
UK Regulatory
TIDMPU11
RNS Number : 8049N
Puma VCT 11 PLC
04 October 2021
ANNOUNCEMENT RE WINDING-UP CIRCULAR
Further to previous communications to shareholders, a circular
explaining the proposal for the winding-up of the Company and the
actions which are required for its implementation has been posted
to shareholders on 4 October 2021, together with a notice of the
General Meeting of the Company to be held at 4.00 p.m. on 27
October 2021 at Cassini House, 57 St James's Street, London SW1A
1LD . The winding-up is conditional on the approval of the
resolutions to be put to the General Meeting (the
"Resolutions").
The Company's prospectus dated 8 October 2014 (the "Prospectus")
envisaged that the Company should not have a fixed life, but that,
after five years, the Directors would propose a resolution for
Shareholders to vote on a process for winding-up the Company or
some other means of distributing shareholders' capital and income.
As stated in the Company's 2021 annual report & accounts, the
Board had delayed that process as a result of the Covid-19 pandemic
but now believes that the time is now right to progress the
liquidation of the Company.
Further to the Company's announcements on 21 June 2021 and 25
August 2021 relating to the successful exit of its stake in direct
cremations business Pure Cremation, the Board approved a special
interim dividend of 9p per Share which was paid to Shareholders on
14 September 2021. Dividends paid to Shareholders to date have
brought total cash returned to Shareholders who initially received
higher rate tax relief to 60 pence , comprising 30 pence in
dividends and 30 pence in income tax relief. The audited net assets
at the year-end (28 February 2021) were 93.09 pence per Share
(after adding back the dividends paid to that date) and the
Investment Manager has continued to concentrate on planning
realisations of investments in order to return further 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. Whilst the Investment
Manager intends to complete this process in an orderly and
expeditious manner, in light of the ongoing effects of the Covid-19
pandemic, this may take some time but will, in any event, aim to be
completed within the three years envisaged by the VCT tax
legislation.
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 Stephen Katz of
Begbies Traynor (London) LLP be appointed joint liquidators.
If the Resolutions are passed, this will result in the
cancellation of the listing of the Company's Shares on the Official
List of the Financial Conduct Authority, which is expected to take
place on 29 October 2021, and the Shares ceasing to trade on the
London Stock Exchange.
Expected Timetable
Notice of General Meeting 4 October 2021
Deadline for receipt of Proxy Forms 4.00 p.m. on 25 October
2021
Suspension of the listing of the Shares 7.30 a.m. on 27 October
on the Official List 2021
General Meeting 4.00 p.m. on 27 October
2021
Expected date of cancellation of the 8.00 a.m. on 29 October
listing of the Shares on the Official 2021
List
Documents
A copy of the circular has been submitted to the National
Storage Mechanism and will shortly be available for inspection
at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The Company and the 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
020 7408 4050
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END
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