Albion VCTs complete merger, reshuffle boards By Investing.com

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) have announced the successful completion of their proposed mergers, resulting in the consolidation of six Companies into three pairs, with the shareholders having passed all resolutions at the general meetings held earlier today.

The merger process, which was initiated by a joint circular on November 12, 2024, has resulted in significant changes in the shareholding structure and board composition of the Companies. Following the mergers, AADV went into voluntary liquidation with its assets and liabilities transferred to AAEV, similarly, KAY was dissolved with its portfolio transferred to AATG and AAVC was folded into CRWN.

As a result of the AAEV/AADV merger, AAEV has issued new ordinary shares to AADV shareholders at an issue price of 117.00092p per share.These new shares are expected to begin trading London Stock Exchange (LON:) on 20 December 2024. AATG followed suit by issuing shares to former KAY shareholders at an issue price of 71.33586p, with trading also expected to commence on the same day new class to accommodate AAVC’s portfolio, with these shares eventually converting to common CRWN shares by June 2026 the 30th.

The mergers have prompted directorship changes at the Companies. Several directors have stepped down, with new appointments effective today. The companies also provided updated unaudited net asset values ​​(NAVs) per share to reflect the merger valuations.

Concurrent with the mergers, AAEV, AATG and CRWN have initiated subscription offerings as detailed in a prospectus dated November 12, 2024. These offerings are scheduled to open on January 6, 2025.

The companies noted that the information presented here is based on a press release. This merger event represents a strategic consolidation of the venture capital trust, with the goal of streamlining operations and potentially creating value for shareholders. The detailed impact of these mergers will be revealed when the companies begin their new operating structures and new stock trading.

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