Proposed Merger

Joint Announcement

Albion Venture Capital Trust plc

Albion Prime VCT plc

Proposed Merger Pursuant to a Scheme of Reconstruction under s110 of the Insolvency Act 1986

The boards of Albion Venture Capital Trust plc and Albion Prime 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 Prime VCT plc to Albion Venture Capital Trust plc in consideration for new Albion Venture Capital Trust plc shares to be issued to Albion Prime VCT plc shareholders on a relative net asset value basis. A merger 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 Venture Capital Trust PLC via Thomson Reuters ONE

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