Merger Discussions
(Thomson Reuters ONE) - Pennine AIM VCT plc ("PA")Pennine Downing AIM VCT 2 plc ("PDA2")JOINT ANNOUNCEMENT - MERGER DISCUSSIONSThe Boards of PA and PDA2 are pleased to announce that, followingdiscussions, they have agreed, in principle, subject to shareholderapproval, terms with each other with a view to merging PA and PDA2together to create one larger entity. Each of the companies iscurrently managed by Rathbone Investment Management Limited.If the merger proceeds it would be by way of a "scheme ofreconstruction" pursuant to S.110 of the Insolvency Act 1986 (the"Scheme"). Under the proposed Scheme, the assets and liabilities ofPDA2 will be transferred to PA using a relative net asset basis tocreate one larger VCT. This should produce a reduction in runningcosts as well as other benefits. A merger effected on this basiswould be outside the City Code on Takeovers and Mergers.The proposed transactions will require approval of shareholders of PAand PDA2. Formal documents are currently being prepared and areexpected to be sent out to all shareholders in due course.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 30.11.2009 - 11:45 Uhr
Sprache: Deutsch
News-ID 9011
Anzahl Zeichen: 0
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