Conversion of I Shares & H Share Future Plans

RNS Number : 4190V

Edge Performance VCT PLC

13 December 2021

 

Edge Performance VCT plc (the "Company")

Conversion of I Shares & H Share Future Plans

Conversion of I shares

As substantially all of the remaining net asset value attributable to the Company's I share class has now been paid to I shareholders as a dividend, the board of directors of the Company ("Board") has resolved to simplify the Company's capital structure, by invoking the share conversion provisions in the Company's articles of association.

Consequently, all I shares will be converted to a mix of H shares and deferred shares.  The calculation of that conversion will be by reference to the respective net asset values attributable to the H share and I share classes as at 6 December 2021, and will be applied to all holdings of I shares as reflected in the Company's register of members as at close of business on 6 December 2021.  Conversion will take place on 16 December 2021.

The Board has further resolved that the Company will repurchase all deferred shares arising out of the conversion, such repurchase to take place immediately upon conversion.

The Company will notify each I shareholder individually of their revised shareholding in the Company as a result of the conversion.

This will complete the process of the orderly closure of the I share fund which the Board was mandated to achieve at the last annual general meeting of the Company.

H Share future plans

The Board plans to continue with a capital reduction process which will, following the approval of the Company's shareholders and the High Court in London, provide sufficient distributable reserves to enable the payment of a substantial dividend in the first half of 2022 as well as reactivating the Company's share buy back programme for H shareholders.

For further information, please contact:

Edge Investments Limited, investment manager: [e-mail]

The City Partnership (UK) Limited, company secretary:  [e-mail]

 

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