Octopus Eclipse 3 Octopus Eclipse VCT 3 plc : POSSIBLE MERGER PURSUANT TO SCHEMES OF RECONSTRUCTION UNDER S.110 OF THE INSOLV...
16 August 2012 - 7:29PM
UK Regulatory
TIDMOEC3
JOINT ANNOUNCEMENT
OCTOPUS ECLIPSE VCT PLC ("ECLIPSE")
OCTOPUS ECLIPSE VCT 2 PLC ("ECLIPSE 2")
OCTOPUS ECLIPSE VCT 3 PLC ("ECLIPSE 3")
OCTOPUS ECLIPSE VCT 4 PLC ("ECLIPSE 4")
POSSIBLE MERGER PURSUANT TO SCHEMES OF RECONSTRUCTION UNDER S.110 OF THE
INSOLVENCY ACT 1986
The Boards of Eclipse, Eclipse 2, Eclipse 3 and Eclipse 4, which are all managed
by Octopus Investments Limited, are pleased to announce that they have reached
agreement, in principle, on terms to merge the four companies. The merger is
intended to achieve, amongst other things, cost savings, administrative
efficiency and the potential for a more diverse portfolio through the creation
of a significantly enlarged VCT to provide benefits for all shareholders.
The intention is that the proposed merger will be completed by placing each of
Eclipse 2, Eclipse 3 and Eclipse 4 into members' voluntary liquidations pursuant
to a scheme of reconstruction under s.110 of the Insolvency Act 1986 and the
transfer of their assets and liabilities to Eclipse in consideration for new
Eclipse shares to be issued to Eclipse 2, Eclipse 3 and Eclipse 4 shareholders.
A merger on this basis will be outside the provisions of The City Code on
Takeovers and Mergers.
Each scheme will require the approval of the shareholders of the relevant
companies, will be completed on a relative net asset value basis and will not be
conditional on the other schemes proceeding.
Formal proposals, including the procedure for shareholders to vote on the
proposals, will be provided to shareholders of all the relevant companies, at
which point, a further announcement will be made.
Enquiries:
Celia Whitten
Company Secretary
020 7710 2849
or
Trish Standaloft
020 7710 6471
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Octopus Eclipse VCT 3 plc via Thomson Reuters ONE
[HUG#1634358]
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