PND Penn.Down.Aim 2

 
TIDMPND 
 
Downing Distribution VCT 2 plc (formerly Pennine AIM VCT plc) 
Pennine Downing AIM VCT 2 plc 
 
Merger Update and Capital Reorganisation 
Joint Announcement 
 
12 May 2010 
 
This  announcement  is  made  by  the  Downing  Distribution VCT 2 plc (formerly 
Pennine  AIM VCT  plc) ("PAIM")  and Pennine  Downing AIM  VCT 2 plc ("PDA2") in 
connection  with  the  scheme  of  reconstruction  ("Scheme") in relation to the 
merger  of  PAIM  with  PDA2  details  of  which were contained in the Company's 
prospectus (the "Prospectus") and circular to shareholders (the "Circular") both 
dated 7 April 2010. 
 
The  board  of  directors  of  PAIM  and  PDA2  are  pleased  to advise that the 
resolution  proposed at the general  meeting of PDA2 held  today was duly passed 
unanimously. 
 
In  implementating  the  Scheme,  the  assets  and liabilities of PDA2 have been 
transferred  to PAIM, in  consideration for the  issue of ordinary  shares of 1 
pence each in the capital of PAIM (the "Shares") as summarised below. 
 
Each  Pennine Downing  AIM VCT  2 plc shareholder  now holds 0.31556464 ordinary 
shares  of 1p each in Downing Distribution VCT  2 plc in respect of each Pennine 
Downing AIM VCT 2 plc ordinary share they previously held 
 
The total number of Shares being issued in respect of the Scheme is 7,444,174. 
 
 
PAIM has also completed the Share Consolidation as follows: 
 
Each  PAIM  ordinary  share  of  10p each  has  been redesignated as 0.35189932 
ordinary  shares of 1p each (ISIN: GB00B55T8S03) and 27.41721887 deferred shares 
of 1p each. 
 
Application  has  been  made  for  all  the  shares issued to be admitted to the 
Official  List and to trading  on the main market  of the London Stock Exchange. 
 It  is  expected  that  admission  will  become effective and that trading will 
commence on 13 May 2010. 
 
Based  on investment valuations as at 11 May 2010, the unaudited net asset value 
of  the ordinary  shares of  1p each in  PAIM stood  at approximately 100.0p per 
share. 
 
Following  the company's recent change of name, the Company's updated TIDM codes 
are as follows: 
Ordinary Shares of 1p each            DDV2 
D Shares of 10p each                       DD2D 
 
For further enquiries please contact: 
 
Grant Whitehouse 
Company Secretary 
Downing Distribution VCT 2 plc 
Tel: 020 7416 7780 
 
 
[HUG#1415452] 
 

Penn.Down.Aim 2 (LSE:PND)
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Penn.Down.Aim 2 (LSE:PND)
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