LONDON - Shareholders of six Albion Venture Capital Trusts (VCTs) have approved proposals for a series of mergers, according to results from general meetings held today. The resolutions, which also included offers for subscription and revised fee arrangements with the investment manager, Albion Capital Group LLP, were passed by a majority vote.
The six VCTs involved in the merger include Albion Enterprise VCT PLC (LSE:AAEV), Albion Development VCT PLC (LSE:AADV), Albion Technology & General VCT PLC (LSE:AATG), Albion KAY VCT PLC (LSE:KAY), Albion Crown VCT PLC (LSE:CRWN), and Albion Venture Capital Trust PLC (LSE:AAVC). The proposed mergers will consolidate the six companies into three pairs, with AAEV, AATG, and CRWN positioned as the acquiring companies.
The voting results showed overwhelming support for the proposed changes, with the lowest approval rate being 96.65% for one of the resolutions concerning CRWN. The other resolutions across the companies saw approval rates ranging from 97.04% to 98.38%.
The general meetings, which took place on Wednesday, saw all resolutions related to the mergers and associated offers for subscription passed. The meetings also addressed revised management fee arrangements between the acquiring companies and Albion Capital Group LLP. Details of the resolutions passed will be available for inspection on the companies' respective webpages on the manager's website and at the National Storage Mechanism.
The successful passage of these resolutions marks a significant step forward in the restructuring of the VCTs managed by Albion Capital. The merger is part of an ongoing strategy to streamline operations and potentially provide better returns for shareholders through increased economies of scale.
The information in this article is based on a press release statement from the involved companies.
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