LONDON - 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), collectively referred to as the Companies, have successfully completed a series of mergers following shareholder approval, as announced on Thursday.
The series of mergers, which were proposed in a joint circular on November 12, 2024, were approved in general meetings held on December 11, 2024, and earlier today for AADV, KAY, and AAVC. The resolutions were passed by a significant majority, with over 97% of votes in favor across the three companies.
As a result of the mergers, AAEV has absorbed AADV, AATG has merged with KAY, and CRWN has combined with AAVC. The mergers have led to the issuance of new ordinary shares in the acquiring companies, with AAEV issuing 112,097,051 new shares, AATG issuing 154,908,314 shares, and CRWN issuing 134,160,646 new 'C' shares that will later convert into ordinary shares.
Trading of the shares of the acquired companies has been suspended as of 7:30 a.m. today, and their listings are expected to be canceled from 8:00 a.m. on December 20, 2024. The new shares are expected to be admitted to the Official List and commence trading on the London Stock Exchange (LON:LSEG) on the same date.
In conjunction with the mergers, there have been changes to the boards of directors of the companies involved, with several directors stepping down and new appointments being made effective today.
The unaudited net asset value (NAV) per share post-merger was reported as 117.00p for AAEV, 71.34p for AATG, and 30.46p for CRWN, with the new CRWN shares expected to have an NAV of 41.84p.
Additionally, AAEV, AATG, and CRWN are set to open offers for subscription on January 6, 2025, as detailed in a prospectus available on the Manager's website.
This news is based on a press release statement and reflects the latest developments in the restructuring of the Companies.
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