Albion Technology & General VCT PLC - Ordinary ...

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

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Source: Albion Technology & General VCT PLC - Ordinary Shares via Thomson Reuters ONE

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