Edge Performance VCT PLC Postponement of Allotment (1251F)
17 Abril 2014 - 12:34PM
UK Regulatory
TIDMEDGC
RNS Number : 1251F
Edge Performance VCT PLC
17 April 2014
17 April 2014
Edge Performance VCT plc (the "Company")
Postponement of Issue of Equity
On 8 November 2013, the Company published a prospectus (the
"Prospectus") for its offer for subscription for up to 7,500,000 H
Shares of 10 pence each in the Company (the "Offer").
In the Prospectus, the Company indicated that the first
allotment and issue of H Shares under the Offer for the 2014/15 tax
year would take place on 14 April 2014.
On 27 March 2014, the Government published the Finance Bill
2014. The Finance Bill contains proposed changes to VCT rules which
apply to VCT shares issued on or after 6 April 2014. The Company's
professional advisers are of the opinion that those provisions of
the Finance Bill are ambiguous, and could be interpreted as
preventing the Company from issuing H Shares after 5 April 2014 on
all of the terms of the Offer contained in the Prospectus.
The directors of the Company (the "Directors") have been advised
that amendments to the relevant provisions in the Finance Bill are
to be introduced, in order to remove this ambiguity; however, those
amendments have not yet been published, and will in any event be
subject to the usual process of Parliamentary review and
debate.
On advice, and in the interest of all of the Company's
shareholders, therefore, the Directors have decided to postpone the
allotment and issue of H Shares under the Offer for the 2014/15 tax
year until such time as the Directors believe that there is
certainty whether the allotment and issue can be made under all of
the terms of the Offer without contravening the new rules.
Application monies received under the Offer in respect of the
2014/15 tax year will be held in the Company's Offer account
pending decision as to whether the allotment and issue of H Shares
can be made under all of the terms of the Offer without
contravening the new rules.
Further announcements will be made at such time as the Directors
believe that there is certainty whether the allotment and issue of
H Shares can be made under all of the terms of the Offer without
contravening the new rules, and in any event prior to 6 June
2014.
For further information, please contact:
Edge Investment Management Limited, Investment Manager: 020 7317
1300
The City Partnership (UK) Limited, Company Secretary: 0131 243
7210
This information is provided by RNS
The company news service from the London Stock Exchange
END
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