Albion Inc&Gth VCT Albion Income & Growth Vct Plc : Proposed Merger
August 08 2013 - 6:03AM
UK Regulatory
TIDMAAIG
Proposed Merger
Joint Announcement
Albion Technology & General VCT plc
Albion Income & Growth VCT plc
Proposed Merger Pursuant to a Scheme of Reconstruction under s110 of the
Insolvency Act 1986
The boards of Albion Technology & General VCT plc and Albion Income &
Growth 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 Income & Growth VCT
plc to Albion Technology & General VCT plc in consideration for new
Albion Technology & General VCT plc shares to be issued to Albion Income
& Growth VCT plc shareholders on a relative net asset value basis, based
on net assets as at the time when the merger completes, adjusted for
merger costs. A merger solely 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 Income & Growth VCT PLC via Thomson Reuters ONE
HUG#1721958
http://www.closeventures.co.uk/
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