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Downing FOUR VCT Merger

Description

On 15 June 2015, the following VCTs have announced proposals to merge:

  • Downing Structured Opportunities VCT 1 plc (“DSO”) (as acquirer),
  • Downing Planned Exit VCT 2011 plc (“DP2011”),
  • Downing Planned Exit VCT 6 plc (“DP6”), and
  • Downing Planned Exit VCT 7 plc (“DP7”)

The Enlarged Company will be renamed Downing FOUR VCT plc

The proposals are expected to bring a number of benefits to shareholders, including reduced running costs.

Under the proposals, all existing share classes will remain as separate share classes in the Enlarged Company (with the exception of the sister companies DP6 and DP7 which will combine as one share class).

The merger will have no impact on the planned exit strategies of each share pool.  All pools will continue to plan to exit according to their existing schedule.

Shareholder meetings will take place on 9 July 2015 for DSO, DP2011, DP6 and DP7 and second meetings for DP2011, DP6 and DP7 on 20 July 2015, at which time the merger is expected to complete.

Copies of the documents issued in connection with the merger proposals are available as follows:

Copies of the relevant Circular and the Securities Note have been sent to all Shareholders along with proxy forms for voting at the general meetings and an Electronic Shareholder Communications Election Form to allow Shareholders to opt in to receive electronic copies of documents in future rather than hard copies.  Further copies of these forms if required can be obtained from Downing (vct@downing.co.uk or 020 7416 7780).

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Further information can be found at HMRC’s website. Neither past performance or forecasts are reliable indicators of future results and should not be relied upon. Unquoted or smaller company shares are likely to have higher price fluctuations and are likely to be more difficult to sell than shares quoted on the London Stock Exchange Official List. Website content is not intended to constitute investment, tax or legal advice. We recommend you seek independent advice before investing in any of our products.

Important Notice

Downing’s investments place your capital at risk and you may not get back the full amount invested. Past performance and forecasts are not a reliable guide to future results. Tax treatment may be subject to change and depends on individual circumstances. Smaller company shares are likely to have higher volatility and liquidity risks than other types of main market listed instruments. We recommend that you seek professional independent financial advice before investing. We do not offer investment or tax advice.

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