Enhanced buybacks are arrangements by which, at low cost, shareholders can sell their existing shares back to a VCT and use the proceeds to buy new shares of the same class, on which upfront tax relief is available subject to a shareholder's personal circumstances.
The Enhanced Buyback is structured as an open offer and linked tender offer to all UK shareholders who hold on the register on 21 March 2013.
Eligible shareholders may tender some or all of their existing holding in substitution for new shares ("Substitution Shares") subject to aggregates limits of 18,333,353 Ordinary Shares and 9,091,198 C Shares.
The closing date for the Enhanced Buyback is 3 April 2013 where Shareholders request their Substitution Shares be at least partially allotted in the 2012/13 tax year and 30 June 2013 where Shareholders request their Substitution Shares be allotted exclusively in the 2013/14 tax year.
Full details of the Enhanced Buyback, including the terms and conditions and tax consequences of participating, are set out in the Circular and the Enhanced Buyback Application Forms.