LONDON - Albion Venture Capital Trust PLC (AAVC) and its group of investment companies have successfully completed a series of mergers, resulting in the consolidation of six companies into three. The restructuring was approved by shareholders at general meetings held on Thursday, with the resolutions passing by significant majorities.
The mergers, which were first proposed in a joint circular on November 12, 2024, have now been implemented. Albion Development VCT PLC (AADV) has merged with Albion Enterprise VCT PLC (AAEV), Albion KAY VCT PLC (KAY) with Albion Technology & General VCT PLC (AATG), and Albion Crown VCT PLC (CRWN) with Albion Venture Capital Trust PLC (AAVC).
As a result of the mergers, AADV, KAY, and AAVC have been placed into members' voluntary liquidation. Shareholders of the liquidated companies received new shares in the acquiring companies, AAEV, AATG, and CRWN, respectively. These new shares are expected to be admitted to the Official List and commence trading on the London Stock Exchange (LON:LSEG) on December 20, 2024.
Following the mergers, there have been changes to the boards of directors of the acquiring companies, with several directors stepping down and new appointments being made effective today.
The restructuring also includes revised fee arrangements with Albion Capital Group LLP, the investment manager for AAEV and CRWN. The unaudited net asset value (NAV) per share post-merger was announced for each of the acquiring companies, with AAEV at 117.00p, AATG at 71.34p, and CRWN at 30.46p for existing shares and 41.84p for the newly issued class of shares.
Additionally, AAEV, AATG, and CRWN have launched offers for subscription, which are set to open on January 6, 2025. The offers are detailed in a prospectus available on the manager's website and at the National Storage Mechanism.
This series of mergers and subsequent share restructurings are part of a strategic effort to streamline the group's structure. The information provided in this article is based on a press release statement from the companies involved.
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