ATI2 Amati Vct 2

TIDMVICT TIDMATI2

RNS Number : 7309R

Victory VCT PLC

08 November 2011

AMATI VCT 2 PLC

VICTORY VCT PLC

Merger Update

Joint Announcement

8 November 2011

This announcement is made by Amati VCT 2 plc ("Amati 2") and ViCTory VCT PLC ("ViCTory") in connection with the scheme of reconstruction ("Scheme") in relation to the merger of Amati 2 with ViCTory details of which were contained in the prospectus issued by ViCTory, and the circulars sent by each of Amati 2 and ViCTory to its respective shareholders, all dated 28 September 2011.

The boards of directors of Amati 2 and ViCTory are pleased to advise that the resolution proposed at the second general meeting of Amati 2 held today was duly passed.

In implementing the Scheme, the assets and liabilities of Amati 2 have been transferred to ViCTory, in consideration for the issue of ordinary shares of 5 pence each in the capital of ViCTory (the "Shares") as summarised below.

Each shareholder in Amati 2 now holds approximately 62 ordinary shares of 5p each in ViCTory in respect of each 100 ordinary shares they previously held in Amati 2.

The total number of ordinary shares allotted and issued in respect of the Scheme was 27,063,870.

Application has been made for all the shares issued to be admitted to the Official List and to trading on the main market of the London Stock Exchange. It is expected that admission will become effective and that trading will commence on or around 9 November 2011.

In accordance with the terms set out in the prospectus and circulars referred to above, and as approved by the shareholders of ViCTory on 31 October 2011, ViCTory will effect on or around the 9 November 2011 a share reconstruction of its share capital so that immediately following that reconstruction the NAV of each share of ViCTory in issue (valued as at the close of business on 7 November 2011) will be, as nearly as practicable, 100p. A separate announcement will be made regarding that share reconstruction once it has been effected by ViCTory.

As set out in the prospectus, as the Scheme has now taken effect, James Hambro and David Page have now resigned as directors of ViCTory, James MacLeod and Richard Martin have now resigned as directors of Amati 2, and two of the existing directors of the Amati 2 Board, Julian Avery and Chris Macdonald, have now been appointed as additional directors of ViCTory, with Julian Avery becoming Chairman.

Amati 2 also announces that further to the resolution passed at the general meeting referred to above, it has applied for the listing of the Amati 2's ordinary shares of 10p each on the Official List of the UK Listing Authority to be cancelled with effect from the commencement of trading on 7 December 2011.

For further enquiries please contact:

Doreen Nic

0131 243 7215

The City Partnership (UK) Limited

Company Secretary

This information is provided by RNS

The company news service from the London Stock Exchange

END

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