LONDON - Shareholders of six Albion Venture Capital Trusts (VCTs) have voted in favor of proposed mergers and revised fee arrangements with their investment manager, Albion Capital Group LLP. The general meetings held today resulted in the approval of all resolutions related to the planned consolidation of the VCTs.
The companies involved in the proposed mergers are 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 mergers, first announced in a joint circular on November 12, 2024, will see the six companies merge into three pairs, with AAEV, AATG, and CRWN acting as the acquiring companies.
The resolutions included offers for subscription by the acquiring companies and revised management fee arrangements with Albion Capital. Shareholders voted by way of a poll, with an overwhelming majority in favor of the mergers. For example, AAEV's first resolution received 97.57% votes in favor, while AADV's sole resolution saw 98.33% approval.
The detailed results of the votes for each company show strong support, with the percentage of votes cast in favor ranging from 96.65% to 98.38% for various resolutions across the VCTs. The approvals indicate shareholder confidence in the strategic consolidation, which aims to create larger, more efficient VCTs with the potential for increased investment opportunities and cost savings.
Copies of the resolutions passed will be made available for inspection on each VCT's webpage on the Manager's website and at the National Storage Mechanism.
The information for this article is based on a press release statement. The successful passage of these resolutions marks a significant step in the restructuring process for the Albion VCTs, which is subject to further regulatory and procedural steps before the mergers can be finalized.
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