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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"LondonStockExchange"<br />
"Management"<br />
"ManagementA<strong>Shares</strong>"<br />
"ManagementE<strong>Shares</strong>"<br />
"Manager"<br />
"MinimumSubscription"<br />
"MLRegulations"<br />
"NAV"or"NetAssetValue"<br />
"NetAssets"<br />
"NetReturn"or<br />
"CompoundReturn"<br />
"Notice"<br />
"OfferAgreement"<br />
"OfferPrice"<br />
"Offers"<br />
"OfficialList"<br />
"OrdinaryShareholders"<br />
"Ordinary<strong>Shares</strong>"<br />
"PerformanceIncentive"<br />
"PricingFormula"<br />
"Promoter"<br />
"Promoter’sFee"<br />
"Prospectus"<br />
"ProspectusRules"<br />
"QualifyingCompany/ies"<br />
"QualifyingInvestment"<br />
"Registrar"<br />
"RegistrationDocument"<br />
"RPI"<br />
"SecuritiesNote"<br />
"ShareholderProceeds"<br />
"Share(s)"<br />
"Shareholders"<br />
"Sponsor"<br />
"Spouse"<br />
"Summary"<br />
"TotalReturn"<br />
"UKListingAuthority"<br />
"<strong>VCT</strong>"<br />
"<strong>VCT</strong>Regulations"<br />
<br />
<br />
mainmarketforlistedsecuritiesoftheLondonStockExchangeplc (registerednumber02075721)<br />
individualsengagedinthebusinessoftheCompany,theManager and/or<strong>Downing</strong><br />
3,587,523A<strong>Shares</strong>intheCompanyissuedtoManagementinconnectionwiththe2008Offer<br />
5,000,000E<strong>Shares</strong>intheCompanyissuedtoManagementinconnectionwiththe2009Offer<br />
<strong>Downing</strong> Managers 2 Limited, a wholly owned subsidiary of the Company (registered number<br />
05330621)<br />
minimumnetproceedsrequiredtoberaisedundertheOffers,being£1,000,000orsuchotheramount<br />
astheDirectorsdetermine<br />
MoneyLaunderingRegulations2007<br />
netassetvalueperShare<br />
grossassetslessallliabilities(excludingcontingentliabilities)oftheCompany<br />
internalrateofreturn,calculatedfromthedateofthelastallotmentofG<strong>Shares</strong>undertheOffers,on<br />
thecashflowsarisinginrespectofthegrossamountsubscribedforG<strong>Shares</strong>basedonanOfferPriceof<br />
105.82p per G Share, the deemed receipt of 30% of such amounts (representing income tax relief<br />
thereon) six months later and the receipt of any Shareholder Proceeds. <strong>The</strong>se cash flows will be<br />
calculatedonadailybasisandannualisedandareinrespectofG<strong>Shares</strong>issuedintheCompany<br />
noticeoftheGeneralMeetingoftheCompany assetoutinthecirculartoholdersofC<strong>Shares</strong>and/orD<br />
<strong>Shares</strong>and/orF<strong>Shares</strong>dated10January2013<br />
agreementdated10 January 2013 betweentheCompany (1),theDirectors(2),theSponsor(3)and<br />
<strong>Downing</strong>(4),asummaryofwhichissetoutinparagraph7(a)ofPartIVoftheRegistrationDocument<br />
priceperGShare undertheOffers asdeterminedbythePricingFormulafromtimetotime<br />
together,the2012/13Offerandthe2013/14Offer, being offers forsubscriptionofupto35,000,000G<br />
<strong>Shares</strong><br />
OfficialListoftheUKListingAuthority<br />
holdersofOrdinary<strong>Shares</strong><br />
ordinarysharesof1peachinthecapitaloftheCompany<br />
performancerelatedincentivefeepayableintheeventthattheHurdlesareachieved,asdescribedin<br />
thisdocumentunderthesectionheaded"Charges"<br />
mechanism by which the pricing of the Offers may be adjusted accordingtothelatestpublished NAV,<br />
thelevelofthePromoter’sFeeandAdviserCharge,asdescribedonpage19ofthisdocument<br />
<strong>Downing</strong><br />
fee payable to <strong>Downing</strong>, by the Company, calculated as a percentage of each Applicant’s gross<br />
subscriptionintheOffersinreturnforwhich<strong>Downing</strong>willpaythelaunchcostsoftheOffers<br />
thisdocument,theRegistrationDocumentandtheSummarywhichtogetherdescribetheOfferinfull<br />
prospectusrulesissuedbytheFSA pursuanttoPartVI oftheFSMA<br />
unquotedcompany carryingonqualifyingtradeswhollyormainlyintheUnitedKingdomandwhich<br />
satisfycertainotherconditionsasdefinedinChapter4,Part6,oftheITA<br />
investmentinanunquotedtradingcompany,whichcomprisesaqualifyingholdingfora<strong>VCT</strong>asdefined<br />
inChapter4,Part6,oftheITA<br />
CapitaRegistrarsLimited (registerednumber02605568)<br />
documentwhichhasbeenpreparedinaccordancewiththeProspectusRulesinconnectionwiththe<br />
Offer<br />
inflationmeasuredbytheRetailPriceIndex<br />
thisdocumentwhichhasbeenpreparedinaccordancewiththeProspectusRulesinconnectionwith<br />
theOffers<br />
amounts paid by way of dividends or other distributions, share buybacks, proceeds on a sale or<br />
liquidationoftheCompanyandanyotherproceedsorvaluereceived,ordeemedtobereceived,byG<br />
ShareholdersintheCompany,excludinganyincometaxreliefonsubscription<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>and/orG<strong>Shares</strong> (excluding<br />
ManagementA<strong>Shares</strong>andManagementE<strong>Shares</strong>),asapplicable<br />
holdersof<strong>Shares</strong><br />
HowardKennedyCorporateServicesLLP<br />
spouseorcivilpartner<br />
summaryoftheOfferspreparedinaccordancewiththeProspectusRules<br />
NAV,togetherwithcumulativedividendspaidorproposed, includingtaxcreditswherereclaimable<br />
FSAactinginitscapacityasthecompetentauthorityforthepurposesofPartVIoftheFSMA<br />
companyapprovedasaventurecapitaltrustunderSection274oftheITA<br />
<strong>The</strong>VentureCapitalTrust(WindingUpandMergers)(<strong>Tax</strong>)Regulations2004(asamended)<br />
14