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Update on preparation of proposals for Company to commence a VCT winding up period (Correction)

Chrysalis VCT plc
·1-min read

Chrysalis VCT plc
LEI: 2138009FVDWULSIOX404
23 October 2020

Update on preparation of proposals for Company to commence a VCT winding up period (Correction)

The announcement released by the Company at 7am today contained an error in respect of the updated buyback price. The buyback price should be 39.6p per share and not 36.6p as original stated. The full text of the corrected announcement is as follows:

On 21 August 2020, the Company announced that the Board was preparing formal proposals to be put to Shareholders for approval for the Company to commence a formal VCT winding up period and to put the Company into Members’ Voluntary Liquidation.

The Company also announced its intention to cease undertaking any share buyback once these proposals were published by the Company.

The Board now expects the proposals to be published by the Company on or around 30 October 2020. Accordingly, the board does not expect the Company to undertake any further share buybacks after this date.

Full details of the proposals and the General Meeting will be included in the circular that the Company will send to all shareholders.

The Company also announces that its unaudited Net Asset Value as at 30 September 2020 stood at 52.8p per share. This value will be used as the basis for any further share buybacks that the Company undertakes. The Company has previously announced that, until the above proposals are published, it intends to buy back shares that become available in the market at a discount of approximately 25% to the latest published NAV (now equivalent to 39.6p per share).