ATI2 Amati Vct 2

TIDMATI2 TIDMVICT

RNS Number : 9601J

Amati VCT 2 PLC

07 July 2011

7 July 2011

ViCTory VCT plc

Amati VCT 2 plc

Possible merger between ViCTory VCT plc

and Amati VCT 2 plc

The Boards of Directors ("Boards") of ViCTory VCT plc ("Victory VCT") and Amati VCT 2 plc ("Amati VCT 2") announce that they have entered discussions regarding a possible merger ("Merger") of the companies ("Companies" or individually a "Company"). Any merger would be subject to the approval by shareholders of both Companies, and would be implemented by means of a scheme of reconstruction under the Insolvency Act 1986. The Panel on Takeovers and Mergers has granted a dispensation so that the provisions of The City Code on Takeovers and Mergers will not apply to the Merger. Alongside the Merger, the Boards will also consider offering shareholders in both Companies the opportunity to subscribe for new shares under an enhanced share buyback offer.

At the 2011 Annual General Meeting of Amati VCT 2, which is due to take place in the last quarter of the year, the Directors of Amati VCT 2 are required to put an ordinary resolution to its shareholders to consider whether or not the Company is to continue as a venture capital trust. The Directors of Amati VCT 2 are also entitled to put forward alternative proposals for the Company. In considering the various options, the Directors of Amati VCT 2 believe that a merger and enhanced share buyback offer would provide a number of benefits and advantages over a liquidation of the Company. As a consequence of this, the Board of Amati VCT 2 entered into discussions with the Board of Victory VCT.

The investment adviser to both Companies is Amati Global Investors Limited (the "Manager"). The Manager was appointed to manage Victory VCT in March 2010 and Amati VCT 2 in February 2011. Both Companies are managed using the same processes and approach to portfolio construction with a level of commonality of holdings between them.

The Merger would achieve a number of benefits for both Companies including the creation of a larger asset base, with increased efficiencies and an improved spread of risk, with the ability to raise further funds whilst sustaining share buy-back demand.

It is intended that respective net asset values of each Company would be used as the basis for the Merger, as adjusted in accordance with the terms of the Merger.

At this stage, there is no certainty that the discussions will lead to firm proposals leading to the merger of the two companies. A further announcement will be made in due course.

The directors of Amati VCT 2 and Victory VCT accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors (who have taken all reasonable care to ensure that such is the case) the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

For further information, please contact:

Amati Global Investors Limited

Paul Jourdan/Douglas Lawson Tel: 0131 243 0411

This information is provided by RNS

The company news service from the London Stock Exchange

END

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