Seneca Growth Capital VCT PLC Reduction of Capital (7400K)
18 December 2018 - 3:43AM
UK Regulatory
TIDMHYG TIDMSVCT
RNS Number : 7400K
Seneca Growth Capital VCT PLC
17 December 2018
ANNOUNCEMENT FOLLOWING REDUCTION OF CAPITAL
Seneca Growth Capital VCT Plc
Reduction of Capital
The Board of Seneca Growth Capital VCT Plc (the "Company")
announces that the proposed Share Premium Reduction and Capital
Redemption Reserve Reduction have now taken place.
On 15 December 2017 Seneca Growth Capital VCT Plc issued a
circular to its shareholders to convene a general meeting on 19
January 2018, at which (amongst other things) shareholders were
asked to approve a reduction of capital by the cancellation of the
share premium account of the Company as at the date an order is
made confirming the cancellation by the High Court (the "Share
Premium Reduction"). The amount credited to the share premium
account, and now cancelled, arose as a result of the issue of B
ordinary shares on 23 August 2018 and 27 September 2018 at a
premium.
At its annual general meeting on 5 April 2018, the shareholders
of the Company were asked to approve a restructuring of the issued
share capital of the Company pursuant to which ordinary shares of
GBP0.50 each were sub-divided and re-designated into ordinary
shares of GBP0.01 and deferred shares of GBP0.49 each (the
"Deferred Shares"). At the same meeting, shareholders gave the
Company authority to buy back and cancel all of the Deferred Shares
in addition to approving a reduction of capital by the cancellation
of the capital redemption reserve of the Company, as at the date an
order is made confirming the cancellation by the High Court (the
"Capital Redemption Reserve Reduction" and together with the Share
Premium Reduction being referred to as the "Capital
Reductions").
On 7 December 2018, the High Court of Justice in Manchester
confirmed the Capital Reduction. The court order approving the
Capital Reductions was registered by the Registrar of Companies on
11 December 2018 and, therefore, the Capital Reductions became
effective on that date.
The reserve created by the Capital Redemption Reserve Reduction
can be used at any time at the Board's discretion once the accounts
for 2018 have been lodged at Companies House; however use of the
reserve created from Share Premium Reduction cannot be used for
returning any funds to shareholders for a period of three years
following the end of the accounting period in which the allotment
of B ordinary shares to which the share premium related, due to
restrictions imposed by VCT regulations.
There is no change to the number of ordinary shares or B
ordinary shares in issue as a result of the Capital Reductions, and
for the avoidance of doubt, the rights attaching to those shares
following the Capital Reductions remain unchanged.
For further information, please contact:
John Hustler, Seneca Growth Capital VCT Plc at
john.hustler@btconnect.com
Richard Manley, Seneca Growth Capital VCT Plc at
Richard.Manley@senecapartners.co.uk
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCEAKAXFDNPFFF
(END) Dow Jones Newswires
December 17, 2018 11:43 ET (16:43 GMT)
Seneca Growth Capital Vct (LSE:SVCT)
Historical Stock Chart
From Apr 2024 to May 2024
Seneca Growth Capital Vct (LSE:SVCT)
Historical Stock Chart
From May 2023 to May 2024
