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
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
PartIV–Definitions<br />
<br />
Where used in this document the following words and expressions will, unless the context otherwise requires, have the following<br />
meanings:<br />
<br />
"2006Act"<br />
CompaniesAct2006(asamended)<br />
"2008Offer"<br />
offerforsubscriptionofup to15,000,000C<strong>Shares</strong>and15,000,000A<strong>Shares</strong>oftheCompany onthe<br />
termssetoutinthesecuritiesnoteissuedbytheCompanyon25September2008<br />
"2008<strong>Shares</strong>"<br />
oneormoreA<strong>Shares</strong> andoneormoreC<strong>Shares</strong>,asthecontextsopermits<br />
"2009Offer"<br />
offerforsubscriptionofupto10,000,000D<strong>Shares</strong>and15,000,000E<strong>Shares</strong>oftheCompany onthe<br />
termssetoutinthesecuritiesnoteissuedbytheCompanyon6November2009<br />
"2009<strong>Shares</strong>"<br />
oneormoreD<strong>Shares</strong>andoneormoreE <strong>Shares</strong>,asthecontextsopermits<br />
"2011Offer"<br />
offer for subscription of up to 10,000,000 F <strong>Shares</strong> of the Company on the terms set out in the<br />
securitiesnoteissuedbytheCompanyon12October2011<br />
"2011<strong>Shares</strong>"<br />
oneormoreF <strong>Shares</strong><br />
"2012/13Offer"<br />
offerforsubscriptionofG<strong>Shares</strong>inrespectofthe2012/13taxyear,beingmadeonthetermssetout<br />
inthisdocument<br />
"2013/14Offer"<br />
offerforsubscriptionofG<strong>Shares</strong>inrespectofthe2013/14taxyear,beingmadeonthetermssetout<br />
inthisdocument<br />
"A<strong>Shares</strong>"<br />
Asharesof0.1peachinthecapitaloftheCompany(ISIN:GB00B3D74M80)<br />
"Admission"<br />
admissionoftheG<strong>Shares</strong> tothepremiumsegmentoftheOfficialListandtotradingontheLondon<br />
StockExchange'smainmarketforlistedsecurities<br />
"AdviserCharge"<br />
fee, payable to an Intermediary, agreed with the Investor for the provision of a personal<br />
recommendationand/orrelatedservicesinrelationtoaninvestmentinG<strong>Shares</strong>,anddetailedonthe<br />
ApplicationForm<br />
"AnnualRunningCosts"<br />
annual running costs incurred by the Company in the ordinary course of its business (including<br />
irrecoverableVATbutexcludinganyamountpayableinrespectofthePerformanceIncentive)<br />
"Applicant"<br />
InvestorwhosubscribesforG<strong>Shares</strong> pursuantto theProspectus<br />
"ApplicationForm(s)"<br />
formofapplicationforG<strong>Shares</strong> undertheOfferssetoutattheendofthisdocument<br />
"Articles"<br />
articlesofassociationoftheCompany asatthedateofthisdocument<br />
"BusinessDays"<br />
anyday,otherthanaSaturdayorSunday,onwhichclearingbanksinLondonareopenforallnormal<br />
bankingbusiness<br />
"C<strong>Shares</strong>"<br />
Csharesof0.1peachinthecapitaloftheCompany(ISIN:GB00B3D74S43)<br />
"ClosingDate"<br />
30April2013,unlesspreviouslyextendedbytheDirectors(buttonolaterthan9January2014)<br />
"Company"<br />
<strong>Downing</strong><strong>Planned</strong><strong>Exit</strong><strong>VCT</strong>2plc(registerednumber05334418)<br />
"CREST"<br />
therelevantsystem(asdefinedintheUncertificatedSecuritiesRegulations2001(SI2001No.3755))<br />
for the paperless settlement of transfers and the holding of <strong>Shares</strong> in uncertificated form which is<br />
administeredbyEuroclearUK&IrelandLimited(registerednumber02878738)<br />
"CRESTRegulations"<br />
UncertificatedSecuritiesRegulations1995(SI1995/3272)<br />
"D<strong>Shares</strong>"<br />
Dsharesof0.1peachinthecapitaloftheCompany(ISIN:GB00B4VR3D16)<br />
"Directors"or"Board"<br />
directorsoftheCompany<br />
"<strong>Downing</strong>"<br />
<strong>Downing</strong>LLP,whichisauthorisedandregulatedbytheFinancialServicesAuthority(registerednumber<br />
OC341575;FSAnumber545025)<br />
"<strong>Downing</strong><strong>VCT</strong>s"<br />
all<strong>VCT</strong>smanagedoradvisedby<strong>Downing</strong>LLPoritsexecutives<br />
"DTR"<br />
DisclosureandTransparencyRules,beingtherulespublishedbytheFSAfromtimetotimeandrelating<br />
tothedisclosureofinformationinrespectoffinancialinstruments<br />
"E<strong>Shares</strong>"<br />
Esharesof0.1peachinthecapitaloftheCompany(ISIN:GB00B4TLF407)<br />
"ExecutiononlyTransaction"<br />
transactionexecutedbyanFSA authorisedfirmuponthespecificinstructionsofaclientwherethefirm<br />
doesnotgiveadviceormakeapersonalrecommendation<br />
"ExistingShareholders"<br />
holdersofExisting<strong>Shares</strong><br />
"Existing<strong>Shares</strong>"<br />
A<strong>Shares</strong>and/orC<strong>Shares</strong>and/orD<strong>Shares</strong>and/orE<strong>Shares</strong>and/orF<strong>Shares</strong><br />
"F<strong>Shares</strong>"<br />
Fsharesof0.1peachinthecapitaloftheCompany(ISIN:GB00B6ZS0J90)<br />
"FixedIncomeSecurities"<br />
investments made by the Company which do not comprise Qualifying Investments, such as bank<br />
deposits,loanstock,bonds,preferencesharesandotherdebtinstruments<br />
"FSA"<br />
FinancialServicesAuthority<br />
"FSMA"<br />
FinancialServicesandMarketsAct2000(asamended)<br />
"FullSubscription"<br />
£25millionraisedundertheOffers,ignoringtheoverallotment facility<br />
"GShareholders"<br />
holdersofG<strong>Shares</strong><br />
"G<strong>Shares</strong>"<br />
Gsharesof0.1peachinthecapitaloftheCompany(ISIN:GB00B8Y7CS47)<br />
"GeneralMeeting"<br />
generalmeetingoftheCompany tobeheldon6March 2013 atwhichtheresolutionsdescribedin<br />
paragraph4.4ofPartIVoftheRegistrationDocumentwillbeproposed<br />
"Group"<br />
<strong>Downing</strong><strong>Planned</strong><strong>Exit</strong><strong>VCT</strong>2plcanditswhollyownedsubsidiary<strong>Downing</strong>Managers2Limited<br />
"Hurdle"<br />
achievementcalculatedonaperGShare basisof(a)aCompoundReturnofatleast7%perannumand<br />
(b)thepaymentordeemedpaymentofShareholderProceedsofatleast105.82pperGShare<br />
"Intermediary"<br />
authorisedintermediarywhosignstheApplicationFormandwhosedetailsaresetoutinBox7 ofthe<br />
ApplicationForm<br />
"Investor"<br />
subscriberforG<strong>Shares</strong> undertheOffers<br />
"IRR"<br />
internalrateofreturn,which,when appliedtotherelevantcashflows,producesanetpresentvalueof<br />
zero(expressedasapercentage)<br />
"ITA"<br />
Income<strong>Tax</strong>Act2007(asamended)<br />
"Listed"<br />
admittedtothepremiumsegmentoftheOfficialListandtotradingontheLondonStockExchange's<br />
mainmarketforlistedsecurities<br />
"ListingRules"<br />
listingrulesissuedby theFSA,actingastheUKListingAuthority,pursuanttoPartVIoftheFSMA<br />
13
Change language