Rensburg AIM VCT Plc Proposed voluntary winding up and Special Dividend (2951G)
03 Marzo 2015 - 10:30AM
UK Regulatory
TIDMRSB
RNS Number : 2951G
Rensburg AIM VCT Plc
03 March 2015
RENSBURG AIM VCT PLC
Proposed voluntary winding up and Special Dividend
2 March 2015
The Board of Rensburg Aim VCT plc ("the Company") has now
concluded its review of the business following the shareholder
consultation conducted last year. In that survey the largest
proportion of shareholders expressed the view that the Company
should continue the strategy of maximising returns from existing
investments, whilst being open to suitable new investment
opportunities, until such time as the size of the portfolio made
the strategy no longer viable. Following a number of successful
realisations, the Board has decided that the point has been reached
where the interests of shareholders are best served by recommending
a voluntary winding up of the Company, and the return of funds to
shareholders once the Company's investments have been realised.
The Board therefore intends to convene a general meeting of the
Company, at which resolutions will be proposed to place the Company
into a members' voluntary liquidation. Further information will be
set out in a circular which is expected to be sent to shareholders
by 20 June 2015.
If these resolutions are passed, a liquidator will be appointed
and the Company will apply to the Financial Conduct Authority to
have the listing of its shares on the Official List cancelled. At
the same time, the Company will notify HMRC that it is entering
into members' voluntary liquidation. Under the Venture Capital
Trust ("VCT") rules, a liquidation period of up to three years is
allowed where the Company will still be treated as a VCT, but the
qualifying conditions applicable to VCTs can be disregarded. During
this period, the Company can realise its assets in an orderly
manner without the requirement to make further investments.
The winding up of the Company could have tax consequences for
some shareholders and the Board advises any shareholder who is in
doubt as to those consequences to seek advice from a qualified
independent financial adviser or tax specialist, particularly if
Capital Gains Tax deferral relief was utilised at the time of
investment.
In recognition of cash generated by recent realisations, the
Company now proposes to pay a special dividend of 2.00 pence per
share on 31 March 2015 to shareholders on the register at the close
of business on 13 March 2015.
Enquiries to:
Barry Anysz
0113 245 4488
Rensburg Aim VCT plc
Quayside House
Canal Wharf
Leeds
LS11 5PU
This information is provided by RNS
The company news service from the London Stock Exchange
END
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