Merger Discussions
30 Novembro 2009 - 8:46AM
UK Regulatory
TIDMPAV
Pennine AIM VCT plc ("PA")
Pennine Downing AIM VCT 2 plc ("PDA2")
JOINT ANNOUNCEMENT - MERGER DISCUSSIONS
The Boards of PA and PDA2 are pleased to announce that, following
discussions, they have agreed, in principle, subject to shareholder
approval, terms with each other with a view to merging PA and PDA2
together to create one larger entity. Each of the companies is
currently managed by Rathbone Investment Management Limited.
If the merger proceeds it would be by way of a "scheme of
reconstruction" pursuant to S.110 of the Insolvency Act 1986 (the
"Scheme"). Under the proposed Scheme, the assets and liabilities of
PDA2 will be transferred to PA using a relative net asset basis to
create one larger VCT. This should produce a reduction in running
costs as well as other benefits. A merger effected on this basis
would be outside the City Code on Takeovers and Mergers.
The proposed transactions will require approval of shareholders of PA
and PDA2. Formal documents are currently being prepared and are
expected to be sent out to all shareholders in due course.
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This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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