Unicorn AIM VCT DRIS

[scotia]

Along with the Dividend Confirmation Note from Unicorn AIM VCT today came a statement that "the board is pleased to announce the launch of a dividend investment scheme". This was accompanied with a 12 page leaflet describing the scheme. The DRIS shares will be new issues - so attracting tax relief, and they will be issued at the latest published NAV (corrected if necessary for any issued dividend). Interestingly " Shareholders who hold their shares as nominees (Nominee Participants) may make a partial election under the Scheme in respect to of some of the Shares held in a specific account". The wording on non-nominee shareholders is a bit convoluted, but appears to exclude partial elections - although I may be mis-interpreting it. Also Unicorn may not issue DRIS shares beyond 10% of the existing shares.

[barchid]

Scotia
This was a very interesting post fot me, as I hold most of my VCT's in Crest.
I see, on the Unicorn VCT website, that there is what I believe to be a new set of rules for their dris & it says that if in Crest you must apply for each dividend, more than 10 days before payment, to City Registrars who will issue new shares.
To me, this is a bonus and something I have never seen before, thanks for pointing this out, perhaps more VCT's may adopt this approach ?