DPV7 Downing P.E.7

 
TIDMDPV7 
 
Downing Planned Exit VCT 6 plc 
Downing Planned Exit VCT 7 plc 
(together, the "Companies") 
 
26 October 2012 
 
Share Realisation and Reinvestment Programme, Top Up Offers, and A Share 
Conversion 
 
The  directors of the Companies are pleased to announce that they have published 
an  offer  document  (the  "Offer  Document")  and  a  circular (the "Circular") 
covering  proposals to  offer the  Companies' UK  resident shareholders (the "UK 
Shareholders")  the  opportunity  to  participate  in  a  share  realisation and 
reinvestment  programme ("SRRP"). The Offer Document  also proposes to offer all 
of  the Companies' shareholders  (the "Shareholders") and  members of the public 
the  opportunity to  subscribe for  up to  800,000 additional ordinary shares in 
each  of the Companies (the "Top Up Offer"). The Circular also include proposals 
to convert the A Shares of both Companies into Ordinary Shares of the respective 
Companies. 
 
 
 
Details  of the SRRP and Top Up Offer are included in the Circular which will be 
posted  to the Shareholders of the  Companies shortly.  The terms and conditions 
of  the SRRP and  Top Up Offer,  the risks associated  with participating in the 
SRRP  and/or  Top  Up  Offer  and  an  explanation  of  the options available to 
Shareholders pursuant to the proposals are contained in the Offer Document. 
 
 
 
The   SRRP,  if  approved  by  the  Shareholders,  will  give  participating  UK 
Shareholders  the opportunity to  sell their shares  back to the  Companies at a 
price equal to 100% of the most recently published net asset value of the shares 
(rounded  down to the nearest 0.1p per share)  and to then reinvest the proceeds 
from the sale in a new issue of ordinary shares (the "Substitution Shares") at a 
price  equal to approximately 103% of the net asset value of the shares (rounded 
down  to the nearest 0.0001p per share), with the premium being charged to cover 
administrative  costs. A  participating UK  Shareholder is  then, subject to his 
personal circumstances, able to obtain additional VCT tax relief of up to 30% of 
the  amount subscribed for  his Substitution Shares.  The SRRP is  subject to an 
overall  limit equal  to 48.5% of  the issued  ordinary shares  of the Companies 
immediately  following the conversion  of the Companies'  A shares into ordinary 
shares. 
 
The Top Up Offer is open to Shareholders and members of the public who may apply 
for  up to 800,000 additional ordinary shares  in each of the Companies pursuant 
to the Top Up Offer. 
 
The  SRRP and  the Top  Up Offer  will close  at 3.00 p.m.  on 7 December 2012, 
although this date may be extended by the directors of the Companies. 
 
Subject  to Shareholder approval, the A Shares will convert into Ordinary Shares 
on 7 December based on relative net asset values as at 31 July 2012. 
 
The  SRRP, Top  Up Offers  and A  Share conversions  are subject  to shareholder 
approval.  The general meeting and class  meetings of holders of ordinary shares 
and A shares in the Companies have been convened for 4 December 2012 at 10 Lower 
Grosvenor  Place,  London  SW1W  0EN. The  notices  of  meetings  and a detailed 
explanation  of the resolutions to be proposed  at the general meeting and class 
meetings are set out the Circular. 
 
Copies of the Circular and Offer Document are available at www.downing.co.uk. 
 
The  Circular will shortly  be available for  inspection at the National Storage 
Mechanism, which is located at http://www.morningstar.co.uk/uk/nsm 
 
Any enquiries in respect of the SRRP or the Top Up Offer should be made to: 
 
Grant Whitehouse 
Downing LLP 
Telephone: 020 7416 7780 
 
Please  note that Downing LLP  is not able to  provide investment or tax advice. 
Shareholders  are advised to consult an independent financial adviser for advice 
in relation to the SRRP or Top Up Offer. 
 
 
 
 
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: Downing Planned Exit VCT 7 PLC via Thomson Reuters ONE 
[HUG#1652908] 
 

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