Albion VCTs Announce Successful Mergers and Share Updates

Successful Mergers by Albion VCTs

In a pivotal development for investors, Albion Enterprise VCT PLC (LSE:AAEV), Albion Development VCT PLC (LSE:AADV), Albion Technology & General VCT PLC (LSE:AATG), Albion KAY VCT PLC (LSE:KAY), Albion Crown VCT PLC (LSE:CRWN), and Albion Venture Capital Trust PLC (LSE:AAVC) have successfully executed a series of mergers following shareholder approval. This significant milestone reflects the collective effort of these companies to streamline operations and enhance shareholder value.

Details of the Mergers

The mergers were proposed in a joint circular issued on a previous date and received overwhelming support from shareholders in meetings held to discuss the resolutions. Over 97% of votes were cast in favor of the mergers across the involved companies, underscoring strong investor confidence. This support laid the groundwork for the mergers to take effect, allowing for the consolidation of resources and strategic advantages.

Merging of Companies

As a result of the recent mergers, AAEV has absorbed AADV, with AATG combining with KAY, and CRWN merging with AAVC. This strategic alignment has facilitated the issuance of a significant number of new ordinary shares, with AAEV issuing 112,097,051 new shares, AATG adding 154,908,314 shares, and CRWN issuing 134,160,646 'C' shares. These 'C' shares are designed for later conversion into ordinary shares, further consolidating the shareholder base.

Impact on Trading and Future Prospects

Effective today, trading for the shares of the acquired entities has been suspended. Their listings are expected to be canceled shortly thereafter, marking a significant transition for the companies involved. New shares are planned for admission to the Official List and trading on the London Stock Exchange (LON:LSEG) starting from a specified date, presenting a fresh chapter in their corporate journeys.

Changes in Leadership

Alongside these mergers, there have been notable adjustments to the boards of directors at all involved companies. Several directors have stepped down, while new appointments have been made to optimize governance and ensure efficient management moving forward. Leadership stability is critical during this transformative period, and these changes aim to bolster company performance.

Net Asset Value and Future Offerings

In the aftermath of the mergers, the unaudited net asset value (NAV) per share has been reported, showing 117.00p for AAEV, 71.34p for AATG, and 30.46p for CRWN, with new CRWN shares anticipated to reflect an NAV of 41.84p. These figures indicate a strong foundation as the companies progress post-merger.

Upcoming Subscription Offers

Furthermore, the companies plan to open offers for subscription on a specified date which indicates their commitment to continued growth and investment opportunities. Detailed information regarding these offers will be made available in an upcoming prospectus on the Manager's website, providing transparency to potential investors.

Frequently Asked Questions

What are the recent mergers involving Albion VCTs?

The recent mergers have seen several Albion VCTs combine to enhance shareholder value and operational efficiency.

How have shareholders reacted to the merger proposals?

Shareholders have overwhelmingly supported the mergers, with over 97% of votes in favor during recent meetings.

What is the expected NAV for the new shares post-merger?

The post-merger NAV is 117.00p for AAEV, 71.34p for AATG, and 30.46p for CRWN, with expectations of 41.84p for new CRWN shares.

When will the new shares begin trading?

The new shares are set to be admitted to the Official List and commence trading on the London Stock Exchange on a specific date.

What changes have been made to the company boards?

There have been resignations and new appointments on the boards of the involved companies to better navigate this transitional phase.

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