5th Mar 2007 07:30
Close Brothers Venture Cap Tst PLC05 March 2007 CLOSE BROTHERS VENTURE CAPITAL TRUST PLC SALE OF INVESTMENT AND FIRST DIVIDEND FOR THE YEAR TO 31 MARCH 2008 The board of Close Brothers Venture Capital Trust PLC ("the Company") is pleasedto announce the disposal of its holding in Premier VCT (Mailbox) Limited, ownerand operator of the 90-bedroom Ramada Hotel in the Mailbox development inBirmingham. The Company is receiving approximately £3,680,000 before expenses for itsshareholding compared to cost of approximately £645,000. In addition, £4million loan stock is being repaid to the Company, together with accruedinterest of approximately £92,000. The proceeds are in line with the holdingvalue of the investment in the Company's most recently announced net assetvalue, and realise a capital profit of £3 million. The board is also pleased to announce a first dividend for the year to 31 March2008 of 5 pence per share (comprising a revenue dividend of 3 pence per shareand a capital dividend of 2 pence per share) payable on 5 April 2007 toshareholders on the register on 16 March 2007. The payment of the interimdividend is earlier than usual as a result of the significant level of cashproceeds receivable from the disposal. It remains the board's intention tocontinue to pay annual dividends of 10 pence per share, subject to theavailability of revenue and realised capital reserves. Enquiries: Patrick Reeve, Managing Director Close Ventures Limited Henry Stanford, Director Tel: 020 7422 7830 5th March 2007 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Albion Venture