Merger Discussions
24 Julho 2024 - 10:07AM
UK Regulatory
Merger Discussions
JOINT ANNOUNCEMENT - MERGER
DISCUSSIONS
|
Albion Venture Capital Trust PLC |
("AAVC") |
LEI Code 213800JKELS32V2OK421 |
|
Albion Technology & General VCT PLC |
("AATG") |
LEI Code 213800TKJUY376H3KN16 |
|
Albion Development VCT PLC |
("AADV") |
LEI Code 213800FDDMBD9QLHLB38 |
|
Albion Crown VCT PLC |
("CRWN") |
LEI Code 213800SYIQPA3L3T1Q68 |
|
Albion Enterprise VCT PLC |
("AAEV") |
LEI Code 213800OVSRDHRJBMO720 |
|
Albion KAY VCT PLC |
("KAY") |
LEI Code 213800DK8H27QY3J5R45 |
|
(together the "Albion VCTs") |
|
|
24 July 2024
Possible merger of the Albion
VCTs
The boards of directors of the Albion VCTs
announce that they have entered into discussions regarding possible
mergers of the Albion VCTs (the "Mergers"). These discussions may
or may not lead to an agreement to merge any of the Albion
VCTs.
The proposed Mergers, if they were to proceed,
would consist of AADV (Target VCT) merging into AAEV (Acquirer
VCT), AAVC (Target VCT) merging into CRWN (Acquirer VCT) and KAY
(Target VCT) merging into AATG (Acquirer VCT).
If the Mergers proceed they would likely be
undertaken by way of a scheme of reconstruction under s.110 of the
Insolvency Act 1986 whereby the assets and liabilities of the
relevant target VCT are transferred to the relevant acquirer VCT in
consideration for new acquirer VCT shares which are issued to the
target VCT's shareholders on a relative net asset value basis. A
merger solely on this basis would be outside the provisions of The
City Code on Takeovers and Mergers.
If the Mergers proceed they would require formal
approval from the shareholders of the Albion VCTs. If the Mergers
are approved it is expected to achieve, amongst other things, cost
savings, administration efficiency and simplicity for the enlarged
acquirer VCTs.
A further announcement will be made in due
course.
The information contained within this
announcement is deemed by the Albion VCTs to constitute inside
information as stipulated under the UK version of the Market Abuse
Regulations (EU number. 596/2014). Upon the publication of this
announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.
For additional information, please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Telephone: 020 7601 1850
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