Octopus Apollo VCT2 Octopus Apollo VCT2 plc : POSSIBLE MERGER PURSUANT TO SCHEMES OF RECONSTRUCTION UNDER S.110 OF THE INSOLV...
May 25 2012 - 4:14AM
UK Regulatory
TIDMOAP2
JOINT ANNOUNCEMENT
OCTOPUS APOLLO VCT 1 PLC ("APOLLO 1")
OCTOPUS APOLLO VCT 2 PLC ("APOLLO 2")
OCTOPUS APOLLO VCT 3 PLC ("APOLLO 3")
OCTOPUS APOLLO VCT 4 PLC ("APOLLO 4")
POSSIBLE MERGER PURSUANT TO SCHEMES OF RECONSTRUCTION UNDER S.110 OF THE
INSOLVENCY ACT 1986
The Boards of Apollo 1, Apollo 2, Apollo 3 and Apollo 4, which are all managed
by Octopus Investments Limited, are pleased to announce that following the
proposed changes to the VCT investment limits (as introduced by the Finance Bill
2012) they have reached agreement, in principle, on terms to merge the four
companies. The merger is intended to achieve, amongst other things, cost
savings, administrative efficiency and the potential for a more diverse
portfolio through the creation of a significantly enlarged VCT to provide
benefits for all shareholders.
The intention is that the proposed merger will be completed pursuant to schemes
of reconstruction under s.110 of the Insolvency Act 1986. A merger on this basis
will be outside the provisions of The City Code on Takeovers and Mergers.
The intention is that Apollo 1, Apollo 2 and Apollo 4 will each transfer their
assets and liabilities to Apollo 3 in consideration for new Apollo 3 ordinary
shares to be issued to Apollo 1, Apollo 2 and Apollo 4 shareholders.
Each acquisition will require the approval of the shareholders of the relevant
companies, and will be completed on a relative net asset value basis and will
not be conditional on the other acquisitions proceeding.
Formal proposals, including the procedure for shareholders to vote on the
proposals, will be provided to shareholders of all the relevant companies, at
which point, a further announcement will be made.
Enquiries:
Tracey Spevack
Company Secretary
Tel 020 7776 3195
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Octopus Apollo VCT2 plc via Thomson Reuters ONE
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