JOINT ANNOUNCEMENT - MERGER
DISCUSSIONS
Mobeus Income & Growth VCT plc
(LEI: 213800HKOSEVWS7YPH79)
Mobeus Income & Growth 2 VCT plc
(LEI: 213800LY62XLI1B4VX35)
Mobeus Income & Growth 4 VCT plc
(LEI: 213800IFNJ65R8AQW943)
The
Income & Growth VCT plc
(LEI: 213800FPC15FNM74YD92)
28
February 2024
Merger Discussions
The boards of directors of Mobeus
Income & Growth VCT plc (MIG), Mobeus Income & Growth 2 VCT
plc (MIG 2), Mobeus Income
& Growth 4 VCT plc (MIG
4) and The Income & Growth VCT plc (I&G) (together the Companies) announce that they have
entered into discussions regarding the possibility of merging the
four Companies into two (Mergers) to achieve, amongst other
things, cost savings, administration efficiency and
simplicity.
If the Mergers are to proceed, the
current intentions are that:
· MIG 2
would be merged into MIG and MIG 4 would be merged into I&G
(MIG and I&G being an Acquirer
VCT and MIG 2 and MIG 4 being a Target VCT); and
· each
Merger would be effected pursuant to a scheme of
reconstruction under s.110 of the Insolvency Act 1986 by
transferring the assets and liabilities of the Target VCT to the
Acquirer VCT in consideration for new Acquirer VCT shares to be
issued to the Target VCT's shareholders on a relative net asset
value basis. A merger solely on this basis would be outside the
provisions of The City Code on Takeovers and
Mergers.
Each Merger will be subject to the
approval of the shareholders of the relevant two Companies.
However, the Mergers will only be proposed if the boards of all
Companies agree to put proposals to their respective shareholders
so as to be able to implement both Mergers.
A further announcement will be made
in due course.
This announcement contains inside
information for the purposes of article 7 of Regulation 2014/596/EU
(which forms part of domestic UK law pursuant to the European Union
(Withdrawal) Act 2018) (UK
MAR). Upon the publication of this announcement, this inside
information (as defined in UK MAR) is now considered to be in the
public domain.
For further information, please
contact:
Gresham House Asset Management
Limited
Company Secretary
Telephone: +44 (0)20 7382
0999