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Downing Distribution VCT 1 PLC Proposes Merger; Announces Name Change


Monday, 7 Oct 2013 04:42pm EDT 

Downing Distribution VCT 1 PLC announced that Downing Distribution VCT 1 PLC (DD1), Downing Income VCT PLC (DIV), Downing Income VCT 3 PLC (DIV3), Downing Income VCT 4 PLC (DIV4), Downing Absolute Income VCT 1 PLC (DAI1) Downing Absolute Income VCT 2 PLC (DAI2) (TOGETHER, THE COMPANIES AND DIV, DIV3, DIV4, DAI1 AND DAI2 TOGETHER THE EVERGREEN VCTS AND EACH AN EVERGREEN VCT). The Boards of the Companies announced that they have agreed terms to merge the six Companies and that they are writing to set out the merger proposals to their respective shareholders for consideration. Each of the Companies is managed by Downing LLP (Downing). The merger (Merger) will be effected by the Evergreen VCTs.The Merger will be completed on a relative net asset basis and the benefits shared by each set of shareholders, with the costs being split proportionately based on the merger net asset values. Downing will bear 50% of the costs of the Merger in the cases of DIV3, DAI1 and DAI2 and 100% of the costs in the cases of DIV and DIV4. The Merger is subject to the approval of DD1's shareholder at a general meeting, convened for October 31, 2013. The Merger will be completed on a relative net asset basis and the benefits shared by each set of shareholders, with the costs being split proportionately based on the merger net asset values. On completion of the Merger, DD1 will be renamed Downing ONE VCT plc. 

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