DHP Darwen

RNS Number:9152N
Downing Healthcare Protectd.VCT PLC
22 June 2005

Downing Healthcare Protected VCT plc

22 June 2005



Downing Healthcare Protected VCT plc announces that it is sending a letter to
all Shareholders updating them on the Company's recent activities.  The letter
is reproduced below:



Dear Shareholder



June 2005 - Shareholder Update and Capital Dividend

I am writing to update you on activities at Downing Healthcare Protected VCT plc
("Downing Healthcare") over recent months.



During March and April, your Company took advantage of the continuing strong
market for care homes and the Investment Manager disposed of two investments,
which are summarised below:
                                                                       Value at                    Profit
                                                                   30 June 2004    Net Sales      against
Investment                                                   Cost                   Proceeds         cost
                                                            #'000         #'000        #'000        #'000
Evedale Care Home Limited                                   1,375         1,150        1,857          482
Downing (Barwell) Limited                                     580           575          718          138
Realised Gains                                                                                        620



As a result of these disposals, your Company announces a Net Asset Value per
share ("NAV") at 30 April 2005 of 104.9p, an increase of 6% since 31 December
2004.



The realised gains on these two investments has enabled the Board to declare a
capital dividend of 4p per share, to be paid on 15 July 2005 to shareholders on
the register at 1 July 2005.  Following the payment of this dividend the
Company's NAV will fall, but original shareholders will have received total
dividends of 30.7p per share, bringing the total return (NAV plus cumulative
dividends) to 131.6p per share.



With the disposal of the above investments and new investments being made in "
asset-backed" areas outside the healthcare sector, the Company's decision to
broaden its investment scope is now evident within the portfolio.  The Board is,
therefore, now proposing to change the name of the Company to avoid confusion
from the continued use of the word "Healthcare".  A circular is enclosed with
this letter, giving further details of the proposed change.



The Company has seen strong improvements in its performance over the last two
years, mainly based on the increasing valuations of its investments. It has been
very reassuring for the Board that the Investment Manager has been able turn
previously unrealised gains into cash with the disposals set out above.   Of the
Company's original investments, the main "underachieving" investments have now
been sold.  The current focus of the Investment Manager is to reinvest some of
the funds now available as the Company enters a new phase of its life.



I look forward to updating Shareholders in my statement in the Annual Report for
the year ended 30 June 2005, which will be published later in the year.



Yours faithfully



Chris Kay

Chairman


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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