Elderstreet VCT plc : Enhanced Share Buyback an...

Elderstreet VCT plc (the "Company")

26 September 2012

Enhanced Share Buyback and Top-up Offer

The Board of the Company (the "Board") announces proposals to offer shareholders of the Company the opportunity to participate in an Enhanced Share Buyback (the "ESB"). The Board further proposes to offer an opportunity for all shareholders and members of the public to subscribe for up to 1,633,221 additional new shares in the Company (the "Top-up Offer").

The ESB and the Top-up Offer are subject to shareholder approval [at general meeting], details of which are included in a circular to be posted to shareholders shortly (the "Circular"). A detailed explanation of the ESB and Top-up Offer, as well as an explanation of the options open to shareholders and key risks, is contained in an offer document which will accompany the Circular (the "Offer Document").

The ESB allows a participating shareholder to sell his existing shares back to the Company at a price equal to approximately 100% of the most recently published net asset value of an existing share prior to the date of purchase and to reinvest the proceeds in buying new shares ("Substitution Shares") at a price equal to approximately 103% of the most recently published net asset value of an existing share prior to the date of allotment (the small premium to net asset value to cover administrative costs). A participating shareholder in the ESB, subject to his personal circumstances, is then able to obtain additional VCT tax relief of up to 30% of the amount subscribed for his Substitution Shares.

The Top-up Offer is open to shareholders and members of the public who may apply for up to 1,633,221 Additional Shares at a price equal to approximately 103% of the most recently published net asset value of an existing share prior to the date of allotment. Applications under the Top-up Offer will be dealt with on "first come, first served" basis.

The ESB and the Top-up Offer will close on 16 November 2012 unless extended at the Board's discretion.

The ESB and the Top-up Offer require shareholder approval in order to proceed. Accordingly, a general meeting of shareholders of the Company has been convened for 11.15 am on 7 November 2012 at 32 Bedford Road, London WC1R 4HE. The notice of the meeting and a detailed explanation of the resolutions to be proposed at the general meeting are set out the Circular.

The Circular and the Offer Document will be available for download from the following website: www.downing.co.uk.

The Circular and the Offer Document will also shortly be available for inspection at the National Storage Mechanism, which is located at: www.hemscott.com/nsm.do. 

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(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: Elderstreet VCT plc via Thomson Reuters ONE

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