Change of Investment Manager and Proposed Change o
23 January 2009 - 10:54PM
UK Regulatory
TIDMCIG
RNS Number : 1618M
Close Income & Growth VCT PLC
23 January 2009
Close Income & Growth VCT PLC
Change of Investment Manager and Proposed Change of Name
The Board of Close Income & Growth PLC (the "VCT") announces that the business
of Close Ventures Limited, the manager of the VCT and one of the leading
managers of venture capital trusts in the UK, has been acquired by Albion
Ventures LLP ("Albion Ventures") from Close Brothers Group ("Close"). Albion
Ventures has been formed by the executive directors of Close Ventures;
Close meanwhile will continue to have an investment in the business.
The VCT's management contract, along with those of the other VCTs managed by
Close Ventures, has been novated from Close Ventures to Albion Ventures under
exactly the same terms as the current agreement. The investment approach of
Albion Ventures and the investment policy of the VCT are also unchanged, with a
continued emphasis on building up a broad portfolio of investee companies with
no bank borrowings and the maintenance of a strong dividend yield.
As a result of this change, the VCT's Company Secretary will change to Albion
Ventures LLP with immediate effect.
A General Meeting will be convened shortly to seek shareholder approval to
change the VCT's name from Close Income & Growth VCT PLC to Albion Income &
Growth VCT PLC.
For further information, please contact:
Patrick Reeve
Close Ventures
020 7422 7830
Roddi Vaughan Thomas
Peregrine Communications
020 3178 6870
23 January 2009
This information is provided by RNS
The company news service from the London Stock Exchange
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