Downing Planned Exit VCT 2 - G Shares - The Tax Shelter Report
Downing Planned Exit VCT 2 - G Shares - The Tax Shelter Report
Downing Planned Exit VCT 2 - G Shares - The Tax Shelter Report
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<strong>The</strong>followingtableshowstheCompany'snetindebtednessasat<br />
31 October 2012 (extracted from the unaudited management<br />
accountsoftheCompanyfortheperiodended31October2012).<br />
<br />
<br />
£'000<br />
A Cash 3,948<br />
B Cashequivalent <br />
C TradingSecurities <br />
D Liquidity(A+B+C) 3,948<br />
<br />
<br />
E Currentfinancialreceivables 125<br />
F Currentbankdebt <br />
G Currentpositionofnoncurrentdebt <br />
H Othercurrentfinancialdebt <br />
<br />
<br />
I Currentfinancialdebt(F+G+H) <br />
<br />
<br />
J Netcurrentfinancialindebtedness<br />
(4,073)<br />
(IED)<br />
<br />
<br />
K Noncurrentbankloans <br />
L Bondsissued <br />
M Othernoncurrentloans <br />
N Noncurrentfinancialindebtedness<br />
<br />
(K+L+M)<br />
<br />
<br />
O Netfinancialindebtedness(J+N) (4,073)<br />
<br />
<br />
<strong>The</strong> Company does not have any contingent or indirect<br />
indebtedness.<br />
<br />
4. CreationoftheG<strong>Shares</strong><br />
<strong>The</strong> Company has issued a circular dated 10 January 2013 to<br />
holdersofC<strong>Shares</strong>and/orD<strong>Shares</strong>and/orF<strong>Shares</strong>conveninga<br />
generalmeetingon6March2013.<strong>The</strong>followingresolutionswillbe<br />
proposed and are all conditional upon the passing of the other<br />
resolutionscontainedintheNotice:<br />
<br />
OrdinaryResolutions:<br />
1) to create G <strong>Shares</strong> having the rightsand being subject to<br />
the restrictions set out in the Articles, to be altered<br />
pursuanttoresolution5describedbelow;<br />
2) to authorise the Directors to allot up to an aggregate<br />
nominal amount of £38,500. <strong>The</strong> allotments referred to<br />
represent,inaggregate,approximately71.7%oftheissued<br />
share capital of the Company as at the date of this<br />
document. Such authority will expire on the later of 15<br />
monthsfromthedatetheresolutionispassedandtheend<br />
oftheCompany’snextannualgeneralmeeting;<br />
3) toapprovetheOfferAgreement;<br />
<br />
Specialresolutions:<br />
4) toauthorisetheDirectorstoallotthesharesreferredtoin<br />
resolution 2 as if section 561(1) of the 2006 Act did not<br />
apply.Thisdisapplicationrepresentsapproximately71.7%<br />
of the Company's current issued share capital. This<br />
authority will expire on the later of 15 months from the<br />
datetheresolutionispassedandtheendoftheCompany’s<br />
nextannualgeneralmeeting;<br />
5) to alter the Articles to, inter alia, provide for the rights<br />
attachingtotheG<strong>Shares</strong>;<br />
6) to authorise the Board to make market purchases of G<br />
<strong>Shares</strong>;and<br />
7) toauthorisethecancellationofthesharepremiumaccount<br />
<br />
<br />
arisingontheissueoftheG<strong>Shares</strong>.<br />
5. DetailsoftheG<strong>Shares</strong><br />
5.1 Distributionsofincomeandcapital<br />
G Shareholders shall be entitled to receive, in that capacity,<br />
dividends and any other distributions or a return of capital<br />
(otherwisethanonamarketpurchasebytheCompanyofanyof<br />
itsshares)outoftheassetsattributabletotheG<strong>Shares</strong>,prorata<br />
totheirrespectiveholdingsofG<strong>Shares</strong>.<br />
<br />
5.2 Distributionsofassetsonawindingup<br />
<strong>The</strong> capital and assets attributable to the G <strong>Shares</strong> shall on a<br />
windingupbedistributedonthesamebasisassetoutunderthe<br />
heading"Distributionsofincomeandcapital".<br />
<br />
5.3 Votingrights<br />
G Shareholders will be entitled to receive notice of, to attend,<br />
speak and vote at any general meeting, pari passu, in such<br />
respects with the holders of C <strong>Shares</strong>, D <strong>Shares</strong> and F <strong>Shares</strong>.<br />
EveryGShareholderpresentinpersonorbyproxyshallupona<br />
showofhandsoruponapoll,haveonevoteforeveryGShare<br />
heldbyhim/her.<br />
<br />
7. OverseasInvestors<br />
(a) No person receiving a copy of this document or an<br />
Application Form in any territory other than the UK may<br />
treat the same as constituting an offer or invitation to<br />
him/her to subscribe for or purchase G <strong>Shares</strong> unless, in<br />
such territory, such offer or invitation could lawfully be<br />
made.<br />
(b) Noactionhasbeentakentopermitthedistributionofthis<br />
document in any jurisdiction outside the UK where such<br />
action is required to be taken. All Applicants will be<br />
required to warrant that they are not a US person as<br />
definedinparagraph5(x)ofPartVIofthisdocumentora<br />
residentofCanada.<br />
<br />
7. Informationsourcedfromthirdparties<br />
Where information set out in this document has been sourced<br />
fromthirdpartiesthesourcehasbeenidentifiedattherelevant<br />
place in the document and the Company confirms that this<br />
information has been accurately reproduced and, as far as the<br />
Company is aware and able to ascertain from information<br />
published, no facts have been omitted which wouldrender the<br />
reproducedinformationinaccurateormisleading.<br />
<br />
10January2013<br />
16