Albion Companies' Strategic Mergers: A Closer Look

Albion Companies Announce Mergers and Results

Albion Enterprise VCT PLC (AAEV)

Albion Development VCT PLC (AADV)

Albion Technology & General VCT PLC (AATG)

Albion KAY VCT PLC (KAY)

Albion Crown VCT PLC (CRWN)

Albion Venture Capital Trust PLC (AAVC)

Introduction

On a recent date, the Albion companies released a joint circular indicating plans for merging six capital trusts into three, along with additional offers for subscriptions by AAEV, AATG, and CRWN. The management fee arrangements and notices for general meetings were also detailed in the circular.

Results of General Meetings

The Companies convened their General Meetings where all proposed resolutions were successfully passed. AADV, KAY, and AAVC all reported favorable outcomes during their respective meetings.

Voting Outcomes for AADV

A breakdown of the votes cast for AADV revealed overwhelming support for the resolutions proposed. Total votes clearly indicated that 98.43% voted in favor, while only 1.57% opposed the resolutions, demonstrating strong confidence in the strategic direction.

Voting Outcomes for KAY

The voting for KAY showcased positive shareholder sentiment, with 97.10% voting for the proposed resolution. The engagement from shareholders illustrates trust in the leadership and future outlook.

Voting Outcomes for AAVC

AAVC reported a similar trend, with 97.83% of votes in favor. These robust support percentages indicate a collective agreement among shareholders regarding the direction of the mergers.

Merger Results Overview

The implementations of the mergers among AAEV, AADV, AATG, KAY, CRWN, and AAVC have fulfilled all conditions outlined prior to the meetings. The mergers are set to reshape the structure and potential of these companies significantly.

AAEV and AADV Merger

Following the merger, AADV was placed into voluntary liquidation, allowing the transfer of assets and liabilities to AAEV. AAEV issued 112,097,051 consideration shares to AADV shareholders, marking a successful integration.

AATG and KAY Merger

KAY’s voluntary liquidation also took place, with AATG receiving assets and liabilities in exchange for issuing 154,908,314 new ordinary shares. This merger reflects strategic consolidation in the VCT sector.

CRWN and AAVC Merger

AAVC has similarly entered voluntary liquidation, with assets transferred to CRWN. New shares have been issued to AAVC shareholders, promising to enhance the portfolio diversity and strength of CRWN moving forward.

Upcoming Offers for Subscription

The Albion companies are excited to announce that offers for subscription will begin in early January. This initiative is expected to further engage investors and deepen the financial relationships cultivated through these merges.

For any inquiries regarding these developments, Albion Capital Group LLP invites interested parties to contact their Operations Partner, Vikash Hansrani, via telephone at 020 7601 1850.

Frequently Asked Questions

What were the outcomes of the recent General Meetings?

All proposed resolutions at the General Meetings were passed with overwhelming support from shareholders across the Albion companies.

How many shares were issued as part of the AADV and AAEV merger?

A total of 112,097,051 new shares were issued to the shareholders of AADV in exchange for the transfer of assets to AAEV.

What is the expected NAV per AAEV share following the merger?

The unaudited NAV per AAEV share has been reported at 117.00p after the completion of the merger with AADV.

When will the subscription offers open for applications?

The offers for subscription by AAEV, AATG, and CRWN will begin on 6 January 2025.

Who can I contact for more information regarding these mergers?

Vikash Hansrani, Operations Partner at Albion Capital Group LLP, can be reached at 020 7601 1850 for further inquiries.

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