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Downing offers £2m top-up issue for Electra VCT

Downing Corporate Finance is offering a £2m top-up share issue for the Electra Kingsway VCT.

Downing is expecting demand for the VCT to be high due to the small size of the issue, which takes place around February 6. The VCT&#39s net asset value was109.8p per share as at December 31, 2003, which Downing says makes it the only generalist VCT launched in the 2001/02 tax year to show positive returns. Electra has made 13 qualifying investments to date, already making two partial disposals, both creating profits of more than 200 per cent.

The offer closes on Monday, April 5 because of VCT market uncertainty due to changes to VCT rules proposed by Chancellor Gordon Brown in his pre-Budget statement.

Downing director Tony McGing says: “The opportunity to invest in a mature portfolio with proven top performance and the certainty of the issue proceeding with no minimum subscription level required makes it worthy of serious consideration.”

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