Downing One VCT Plc Downing One Vct Plc : Vct Rule Changes
22 December 2017 - 4:17AM
UK Regulatory
TIDMDDV1
Downing ONE VCT plc
LEI: 213800R88MRC4Y3OIW86
VCT rule changes and intention to publish a Supplementary Prospectus
21 December 2017
On 22 November 2017, as part of the Annual Budget, Her Majesty's
Government published proposals for changes to the Venture Capital Trusts
regulations
The proposed changes seek to focus future activity by VCTs on growth
businesses where the investment carries a significant risk. Draft
legislation has subsequently been published detailing a principles-based
test which HMRC will apply to new VCT investments.
As this stage, it is not exactly clear of the impact of the new
requirement, however it is likely that there will be less scope for the
Company to make "income-focused" investments as set out in its
Investment Policy. At this stage, the Board will review developments and
will consider modifying the Company's Investment Policy in due course.
In the short term, the Board does not believe that the new regulations
will have a significant impact on the risk profile of the portfolio as
the Company has a significant proportion of its funds already invested.
The Company published a prospectus in respect of Offers for Subscription
on 7 September 2017. In view of the rule changes announced, the Board
intends to shortly publish a Supplementary Prospectus as they consider
the changes may constitute a significant new factor for investors.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Downing ONE VCT plc via Globenewswire
(END) Dow Jones Newswires
December 21, 2017 12:17 ET (17:17 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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