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 known as the Companies, have announced the successful completion of their proposed mergers. The restructuring has resulted in the consolidation of the six Companies into three pairs, with shareholders passing all resolutions in general meetings held earlier today.
The merger process, which was initiated with a joint circular on November 12, 2024, has led to significant changes in the Companies' share structures and board compositions. Following the mergers, AADV has been placed into members' voluntary liquidation, with its assets and liabilities transferred to AAEV. Similarly, KAY has been liquidated, with its portfolio moved to AATG, and AAVC has been folded into CRWN.
As a result of the AAEV/AADV merger, AAEV has issued new ordinary shares to AADV shareholders, with an issue price of 117.00092p per share. Trading of these new shares is expected to commence on the London Stock Exchange (LON:LSEG) on December 20, 2024. AATG has followed suit, issuing shares to former KAY shareholders at an issue price of 71.33586p per share, with trading also set to begin on the same date. CRWN has introduced a new class of shares to accommodate AAVC's portfolio, with these shares eventually converting into ordinary CRWN shares by June 30, 2026.
The mergers have prompted directorial changes across the Companies. Several directors have stepped down, and new appointments have taken effect today. The Companies have also provided updated unaudited net asset values (NAV) per share, reflecting the merger valuations.
In conjunction with the mergers, AAEV, AATG, and CRWN have launched offers for subscription as detailed in a prospectus issued on November 12, 2024. These offers are set to open on January 6, 2025.
The Companies have stated that the information provided here is based on a press release statement. This merger event signifies a strategic consolidation within the venture capital trust sector, aiming to streamline operations and potentially create value for shareholders. The detailed impact of these mergers will unfold as the Companies begin their new operational structures and trading of new shares.
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