Result of General Meeting

RNS Number : 1236W

Unicorn AIM VCT PLC

14 August 2015

 



Unicorn AIM VCT plc (the "Company")

Result of General Meeting

The Company is pleased to announce that the resolution to amend the Company's Investment Policy proposed at the General Meeting held today,14 August 2015, was approved by Shareholders on a show of hands.  

The Company's new Investment Policy is below:

Investment Policy

In order to achieve the Company's investment objective, the Board has agreed an investment policy which requires the Investment Manager to identify and invest in a diversified portfolio, predominantly of VCT qualifying companies quoted on AIM that display a majority of the following characteristics:

● experienced and well-motivated management;

● products and services supplying growing markets;

● sound operational and financial controls; and

● good cash generation to finance ongoing development allied with a progressive dividend policy.

Asset allocation and risk diversification policies, including maximum exposures, are to an extent governed by prevailing VCT legislation. No single holding may represent more than 15% (by VCT value) of the Company's total investments and cash, at the date of investment.

There are a number of VCT conditions which need to be met by the Company which may change from time to time. The Investment Manager will seek to make qualifying investments in accordance with such requirements.

Asset mix

Where capital is available for investment while awaiting suitable VCT qualifying opportunities, or is in excess of the 70% VCT qualification threshold, it may be held in cash or invested in money market funds, collective investment vehicles or non-qualifying shares and securities of quoted and unquoted companies registered in the UK.

Borrowing

To date the Company has operated without recourse to borrowing. The Board may however consider the possibility of introducing modest levels of gearing up to a maximum of 10% of the adjusted capital and reserves, should circumstances suggest that such action is in the interests of Shareholders.

For further information please contact:

Chris Hutchinson at Unicorn Asset Management Limited (the Company's Investment Manager) on 020 7253 0889

Jon Carslake at ISCA Administration Services Limited (the Company Secretary) on 01392 487056; or [e-mail]

14 August 2015

 

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