Circular, Prospectus, Securities Note and Summary Document published for the proposed merger of six Albion Capital VCTs into three and top up offers to raise up to £50 million
November 2024
Albion Capital is a London based specialist venture capital investor that has backed visionary founders and technologies since 1996.
With £1bn in assets under management and over 100 exits successfully realised, it funds venture breakthroughs that drive real outcomes for founders, investors and society.
On 24 July 2024, the VCT Boards announced that they had entered into discussions regarding the possibility of merging the six Companies into three to achieve, amongst other things, cost savings, administration efficiency and simplicity.
The Boards stated that they would, subject to agreement in principle to implement the Mergers by all six Boards, put Proposals to their respective Shareholders so as to be able to implement these Mergers. Agreement in principle has now been reached.
The Mergers
The proposed Mergers will consist of Albion Development VCT PLC (Target VCT) merging into Albion Enterprise VCT PLC (Acquirer VCT), Albion Venture Capital Trust PLC (Target VCT) merging into Albion Crown VCT PLC (Acquirer VCT) and Albion KAY VCT PLC (Target VCT) merging into Albion Technology & General VCT PLC (Acquirer VCT).
- Each Target VCT will be placed into members’ voluntary (solvent) liquidation pursuant to a scheme of reconstruction under section 110 of IA 1986; and
- All of the assets and liabilities of the Target VCT will be transferred to the relevant Acquirer VCT in consideration for the issue of Consideration Shares in that Acquirer VCT (which will be issued to the Target VCT Shareholders).
Offers for Subscription (The top up offers)
The Issue of Consideration Shares relating to the Mergers and Offers for Subscription to raise, in aggregate, up to £50 million by way of an issue of New Shares together with over-allotment facilities of up to a further £30 million in aggregate will be implemented as follows:
- Albion Enterprise VCT Offer to raise up to £10 million
- Albion Technology & General VCT Offer to raise up to £20 million
- Albion Crown VCT Offer to raise up to £20 million
For further information, click here.
The Perivan shareholder communications team was delighted to work with Albion Capital on the Circular, Prospectus, Securities Note and Summary Document which were successfully published and posted to qualifying shareholders on 13th November 2024.
Perivan specialise in producing and publishing financial documents relating to shareholder and investor communications for quoted companies and are a market leader for the production of documentation relating to corporate finance transactions.
