Proven Growth & Income VCT plc : Conversion D S...

ProVen Growth & Income VCT plc
Conversion D Shares into Ordinary Shares
29 October 2012

In accordance with resolutions passed at the general and class meetings that took place on 24 October 2012 and the provisions in the Company's articles of association, the Company has undertaken a conversion of 'D' Shares into Ordinary Shares.

 As at 31 August 2012, the Company announces that the unaudited net asset values ("NAVs") were as follows:

Ordinary Share     78.5p
'D' Share                89.7p

These NAVs have been used as the basis for the share conversions. 

'D' Share conversion

8,217,514 'D' Shares of 1p each converted into 9,389,949 Ordinary Shares of 1.6187p each based on a conversion ratio of 1.142675159 new Ordinary Shares of 10p each for each 'D' Share of 1p each.

In order to facilitate the 'D' Share Conversion, immediately prior to the conversion the Company has made a bonus issue of 6,981,997 'D' Shares to existing 'D' Shareholders. 

A summary of the above transaction is as follows:

Original holders of one 'D' Share of 10p each now hold 1.142675159 Ordinary Shares of 1.6187p each.

 Admission to trading

Application will be made for the 'D' Shares issued by way of the bonus issue to be admitted to the Official List and to trading on the main market of the London Stock Exchange. It is expected that admission will become effective, and that trading will commence, on or around 30 October 2012.

Application will also be made for the 'Ordinary Shares of 1.6187p each arising on the conversion of the 'D' Shares to be admitted to the Official List and to trading on the main market of the London Stock Exchange. It is expected that admission will become effective, and that trading will commence, on or around 31 October 2012.

Share certificates

It is expected that new share certificates will be despatched to all Shareholders with the next three weeks.

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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: Proven Growth & Income VCT plc via Thomson Reuters ONE

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