The Company was launched on 2 November 2010 and raised £4.6 million after issue costs through the issue of one Ordinary share (at 99.9p) and one A Share (at 0.1p) for each 100p invested. Shares were allotted to investors in the tax years 2010/11 and 2011/12 with the final allotment of shares on 16 September 2011. The investment objective set out in the prospectus was to pay an annual dividend of at least 6p per Ordinary Share for five years and to achieve a total return of at least 100p per Ordinary Share. This compared to the net cost per Ordinary Share and A Share, after the initial 30% tax relief, of 70p.
By March 2016 the Company had paid total Ordinary Share dividends of 92p and had realised all of its unquoted investments bar one. At this point the directors decided that it would be in the best interests of the Company’s shareholders to arrange for a solvent winding-up of the Company, to enable all of the remaining assets to be distributed to shareholders by way of final dividends. A Resolution to this effect was passed with requisite majority at a general meeting of the Company held on 30 March 2016 and a liquidator appointed to handle the process.
The Liquidator has confirmed that for all intents and purposes the liquidation can be finalised by making the final distribution to the Company’s shareholders. Computershare has issued the distribution on 14 June 2019 by way of cheque or payment directly to your nominated bank account.
The final distributions comprise an 8.68736p dividend for every Ordinary Share held and a 0.78552p dividend for every A Share held.
These final dividends take the total dividends distributed since inception to 101.47p, which exceeds the 100p target total return outlined in the initial offer for subscription and equates to a total tax-free return of 45% on the net cost of investment, after the initial tax relief, of 70p.
Thank you for your support of the Company and if you have any questions then please feel free to contact Beringea on 020 7845 7820.
Call Beringea on 020 7845 7820 for more information.