Albion Enterprise VCT PLC Announces Significant Dividend Payment
Announcement of Special Dividend by Albion Enterprise VCT PLC
Albion Enterprise VCT PLC
LEI Code 213800OVSRDHRJBMO720
The recent divestment of Egress Software Technologies has proven to be highly beneficial for Albion Enterprise VCT PLC, yielding remarkable returns that exceed seven times the initial investment. This success has led to a healthy influx of cash for the company, enabling it to explore future investment opportunities while managing its financial obligations effectively.
Understanding the nature of venture capital investments, which are inherently illiquid, the Board recognizes the necessity of maintaining adequate cash reserves. This balance is crucial not only for covering operating expenses but also for facilitating dividends and share buy-backs. To comply with legislation, it is essential that at least 80% of a Venture Capital Trust's funds are allocated to qualifying investments.
To uphold its status as a qualifying Venture Capital Trust (VCT), the Board has decided to distribute a special dividend to its shareholders. This decision underscores the company's commitment to rewarding its investors while adhering to regulatory requirements.
The special dividend declared is 13.50 pence per share. Shareholders on the register as of 4 October 2024 are eligible to receive this payment, which will be issued on 25 October 2024.
Looking ahead, the Board will diligently oversee the company's qualifying holdings to ensure compliance with VCT regulations. Additionally, the Board supports the Venture Capital Trust Association’s (VCTA) initiative to engage with HM Treasury, advocating for more flexibility when it comes to reinvesting proceeds from sales such as this one.
For any inquiries or further details, shareholders may contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Tel: 020 7601 1850
Frequently Asked Questions
What is the special dividend recently declared by Albion Enterprise VCT PLC?
Albion Enterprise VCT PLC has declared a special dividend of 13.50 pence per share payable to eligible shareholders.
When will the special dividend be paid out?
The dividend will be paid on 25 October 2024 to shareholders registered by 4 October 2024.
What led to the declaration of this special dividend?
The successful sale of Egress Software Technologies contributed significantly to the company's financial resources, prompting the Board to declare a special dividend.
How does this dividend affect the company's VCT status?
The Board believes that paying this special dividend will help maintain the company's compliance with the VCT regulations that require a minimum level of investment in qualifying assets.
Is there a contact for further inquiries?
Yes, Vikash Hansrani, Operations Partner at Albion Capital Group LLP, is available for any further information.
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