Puma VCT V plc Puma Vct V Plc : Interim Dividend And Winding-up Circular
04 Setembro 2013 - 11:19AM
UK Regulatory
TIDMPUME
4 September 2013
PUMA VCT V 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 21 pence per ordinary share. The ex-dividend date will be 18
September 2013 and the record date 20 September 2013. The dividend will
be paid to Shareholders on 4 October 2013. Following payment of this
interim dividend, the Company will have distributed 40 pence in
dividends.
Winding-up
It was announced on 28 June 2013 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 a General Meeting of the
Company to be held at 11.00 a.m. on 8 October 2013 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 General Meeting (the
"Resolutions").
The Company's prospectus dated 23 January 2008 (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 of the net proceeds to
Shareholders.
As stated in the annual report and accounts of the Company for the year
ended 28 February 2013, dividends paid to Shareholders to date has
brought total cash returned to Shareholders who initially received
higher rate tax relief to 49 pence, comprising 19 pence in dividends and
30 pence in tax relief, excluding the proposed interim dividend of 21
pence per ordinary share. The audited net assets at the year end (28
February 2013) were 84.93 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.
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 9 October 2013, and the Shares ceasing to trade on the London
Stock Exchange.
Expected Timetable
Notice of General Meeting 4 September 2013
Deadline for receipt of Proxy Forms 11.00 a.m. on 4
October 2013
Suspension of the listing of the Shares on the Official 7.30 a.m. on 8
List October 2013
General Meeting 11.00 a.m. on 8
October 2013
Expected date of cancellation of the listing of the 8.00 a.m. on 9
Shares on the Official List October 2013
Documents
A copy of the circular has been submitted to the National Storage
Mechanism and will shortly be available for inspection at
www.hemscott.com/nsm.do.
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
Shore Capital Quill PR
Graham Shore Fiona Harris / Jo Stonier
020 7408 4090 020 7466 5050
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.
Source: PUMA VCT V PLC via Thomson Reuters ONE
HUG#1727290
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