Downing AbIncVCT 1 Downing Absolute Income VCT 1 PLC : Ordinary Share Realisation and Reinvestment Programme and Top-Up Offer


 
TIDMDA1O 
 
Downing Absolute Income VCT 1 plc ("Company") 
 
10 July 2012 
 
Ordinary Share Realisation and Reinvestment Programme ("SRRP") and Top-Up Offer 
 
 
 
The  Board  of  the  Company  ("Board")  announces  proposals  to offer Ordinary 
Shareholders of the Company ("Shareholders") the opportunity to participate in a 
Share  Realisation  and  Reinvestment  Programme  ("SRRP").  The  Board  further 
proposes  to offer an opportunity for all Shareholders and members of the public 
to  subscribe for  up to  800,000 additional new  Ordinary Shares in the Company 
(the "Top Up Offer"). 
 
 
 
The  SRRP and the Top  Up Offer are subject  to Shareholder approval, details of 
which  are  included  in  a  circular  to  be  posted  to  Shareholders  shortly 
("Circular").   A detailed explanation, as well as an explanation of the options 
open  to Ordinary  Shareholders and  their key  risks, is  contained in an offer 
document which will accompany the Circular("Offer Document"). 
 
 
 
A  SRRP allows a participating shareholder  to sell his existing Ordinary Shares 
back  to the VCT at a price equal to current net asset value and to reinvest the 
proceeds  in  buying  new  Ordinary  Shares  ("Substitution  Shares") at a price 
equivalent  to small premium to net asset value to cover administrative costs. A 
participating  shareholder in a SRRP, subject  to his personal circumstances, is 
then  able  to  obtain  additional  VCT  tax  relief  of up to 30% of the amount 
subscribed for his Substitution Shares. 
 
 
 
Existing  Ordinary  Shares  may  be  sold  under  the  SRRP  at a price equal to 
approximately 100% of the most recently published net asset value of an existing 
Ordinary  Share prior to the date of purchase (rounded down to the nearest 0.1p 
per  Ordinary Share). Substitution Shares may be  subscribed under the SRRP at a 
price equal to approximately 103% of the most recently published net asset value 
of  an existing Ordinary Share prior to the date of allotment (rounded up to the 
nearest  0.1p per Ordinary Share).  The SRRP is subject to an overall limit such 
that  a maximum of  50% of the Ordinary  Shares in issue  can be rolled over for 
Substitution Shares. 
 
 
 
The Top Up Offer is open to Shareholders and members of the public who may apply 
for  up to 800,000 additional Ordinary Shares  at a price equal to approximately 
103% of their net asset value. 
 
 
 
The  SRRP and the Top Up Offer  will close on 3.00 p.m. on 21 August 2012 unless 
extended at the Board's discretion. 
 
 
 
The  SRRP and the Top Up Offer require Shareholder approval in order to proceed. 
Accordingly  a general meeting and a class meeting of holders of Ordinary Shares 
of the Company has been convened for 13 August 2012 at 10 Lower Grosvenor Place, 
London  SW1W  0EN. The  notices  of  meetings  and a detailed explanation of the 
resolutions  to be proposed at the general meeting and class meeting are set out 
the Circular. 
 
 
 
The  Circular and Offer  Document can be  downloaded from the following website: 
www.downing.co.uk. 
 
 
 
The  Circular  will  shortly  also  be  available for inspection at the National 
Storage Mechanism, which is located at http://www.hemscott.com/nsm.do. 
 
 
 
Any enquiries in respect of the SRRP or the Top Up Offer should be directed to: 
 
 
 
Grant Whitehouse 
 
Downing LLP 
 
Telephone: 020 7416 7780 
 
 
 
Please  note that  no investment  or tax  advice can  be given. Shareholders are 
further advised to consult their independent financial adviser. 
 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Downing Absolute Income VCT 1 PLC via Thomson Reuters ONE 
[HUG#1625720]

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