DP3F Downing Three Vct Plc

 
TIDMDP3F 
 
   Downing THREE VCT plc 
 
   LEI: 2138008V2JDU2K6ZHF80 
 
   Result of AGM 
 
   23 September 2010 
 
   At the Annual General Meeting ("AGM") of Downing THREE VCT plc held on 
23 September 2020, all resolutions were passed. 
 
   Details of the proxy votes in respect of the resolutions passed at the 
AGM received as at 11:15 a.m. on 21 September 2020, 48 hours before the 
time of the meeting (excluding weekends), at the receiving agent, 
Downing LLP, are set out below: 
 
 
 
 
                       For  Discretionary   Against                Withheld 
--------------  ----------  -------------  ----------  ----------  -------- 
Resolution No.      No. of         No. of      No. of       Total    No. of 
-------------- 
                     Votes          Votes       Votes  Votes Cast     Votes 
-------------- 
                % of votes     % of votes  % of votes  % of votes 
--------------  ----------  -------------  ----------  ----------  -------- 
      1          3,538,735         82,143      69,662   3,690,540         - 
-------------- 
                    95.89%          2.22%       1.89%     100.00% 
--------------  ----------  -------------  ----------  ----------  -------- 
      2          2,896,732         93,993     259,278   3,250,003   440,537 
-------------- 
                    89.13%          2.89%       7.98%     100.00% 
--------------  ----------  -------------  ----------  ----------  -------- 
      3          2,867,541         93,993     268,778   3,230,312   460,228 
-------------- 
                    88.77%          2.91%       8.32%     100.00% 
--------------  ----------  -------------  ----------  ----------  -------- 
      4          3,384,807         82,143     184,699   3,651,649    38,891 
-------------- 
                    92.69%          2.25%       5.06%     100.00% 
--------------  ----------  -------------  ----------  ----------  -------- 
      5          3,368,139         82,143     216,134   3,666,416    24,124 
-------------- 
                    91.87%          2.24%       5.89%     100.00% 
--------------  ----------  -------------  ----------  ----------  -------- 
      6          3,352,244         82,143     221,084   3,655,471    35,069 
-------------- 
                    91.70%          2.25%       6.06%     100.00% 
--------------  ----------  -------------  ----------  ----------  -------- 
      7          3,267,058        323,481     100,001   3,690,540         - 
-------------- 
                    88.53%          8.76%       2.71%     100.00% 
--------------  ----------  -------------  ----------  ----------  -------- 
 
   A copy of the resolutions passed will be submitted to the National 
Storage Mechanism and will shortly be available for inspection at 
 
   https://www.globenewswire.com/Tracker?data=DokAjRS9pp-HS7iaSbpBET4ZE2m1NmlEsQ9yI-JI4IxEWJS4-aHhuFtGn3AjBqhZu4G0DNaQ6OpBvKYrmFAi9vnWetRMVr4VRqCBZcZBmW06R_vfp1sPSAMMHFdTjjmVy0Rata7yhXRrah0wb_1NadjSvmog3lBIUpNcljs2AmWkigSagaSrPy3SufxBXhxA 
https://data.fca.org.uk/#/nsm/nationalstoragemechanism 
 
   In view of the ongoing social distancing restrictions, the AGM was held 
as a closed meeting. The Board requested that shareholders submit any 
questions prior to the meeting. The board commented on the issues raised 
as follows: 
 
   F Share pool -- Exit strategy/update 
 
   Arrangements were in place to sell the pubs owned by Downing Pub EIS One, 
Pearce and Saunders and Atlantic Dogstar.  These were being sold to the 
existing management team that ran these pubs using borrowings that they 
were arranging. This was due to complete on 13 March 2020.  The lenders 
delayed their final decision and ultimately withdrew their support.  The 
management team may not now be in a position to acquire these assets. 
 
   Sales were being progressed on two renewable energy assets, Fresh Green 
Power and Green Energy Productions. However, onsite due diligence for 
the buyer could not take place during lockdown and has delayed the 
transaction.  The Manager still expects this transaction to progress 
now. 
 
   Baron House Developments has a stake in a hotel where the Manager was 
exploring a refinancing. This option is currently not available with the 
hotel having been closed for an extended period. 
 
   The Manager is now looking to market the pubs with a view to a sale to 
third parties at a more optimum time. New options for how to realise the 
hotel stake are being explored. 
 
   F Share pool - Liquidity/increasing liquidity 
 
   The VCT is a planned exit VCT, which has a strategy of raising funds for 
a share class, fully investing those funds mostly in VCT qualifying 
investments and then seeking to realise those investments once the 
five-year VCT holding period has passed. There is no real opportunity to 
consider increasing liquidity. The Manager has been working has been 
progressing plans to exit from all F Share investments for some time The 
F Share pool has, however, already paid out 72p per share in dividend to 
F Shareholders, much of it from earlier investment realisations. 
 
 
 
 

(END) Dow Jones Newswires

September 23, 2020 13:29 ET (17:29 GMT)

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