Cancellation of Share Premium

RNS Number:4658Q
Downing Healthcare Protectd.VCT PLC
5 September 2000


DOWNING HEALTHCARE PROTECTED VCT plc


CIRCULAR RE PROPOSED CANCELLATION OF SHARE PREMIUM ACCOUNT

The Directors announce that they are proposing the
cancellation of the Company's share premium account.  This
will create a distributable reserve, which will facilitate
both market purchases by the Company of its own shares and
the payment of dividends.  The proposal is subject to
approval by both shareholders in an Extraordinary General
Meeting and by the High Court.  A circular is being sent to
shareholders setting out the background to the proposals and
containing Notice of the Extraordinary General Meeting, to
be held on 4th October.

The expected timetable is:

Last date for receipt of proxies:  2nd October 2000
Extraordinary General Meeting:     4th October 2000
Court Hearing:                    25th October 2000
Effective Date:                   31st October 2000

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