Proposed Merger
16 Mayo 2012 - 3:26AM
UK Regulatory
TIDMAAPV
Joint Announcement
Albion Venture Capital Trust plc
Albion Prime VCT plc
Proposed Merger Pursuant to a Scheme of Reconstruction under s110 of the
Insolvency Act 1986
The boards of Albion Venture Capital Trust plc and Albion Prime VCT plc are
pleased to announce that they have reached agreement in principle to merge the
companies.
The merger is expected to achieve, amongst other things, cost savings and
administration efficiency through the creation of a significantly enlarged VCT
to provide benefits for all shareholders. The proposed merger will be subject to
approval by shareholders of both companies.
The intention is that the proposed merger will be completed pursuant to a s.110
scheme of reconstruction under the Insolvency Act 1986 by transferring the
assets and liabilities of Albion Prime VCT plc to Albion Venture Capital Trust
plc in consideration for new Albion Venture Capital Trust plc shares to be
issued to Albion Prime VCT plc shareholders on a relative net asset value basis.
A merger on this basis will be outside the provisions of The City Code on
Takeovers and Mergers.
A further announcement will be made in due course.
Enquiries:
Patrick Reeve/Henry Stanford
Albion Ventures LLP
020 7601 1850
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Albion Prime VCT PLC via Thomson Reuters ONE
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