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Albion Prime VCT, Albion Venture Capital Trust plan tie-up.


16 May 2012 - The boards of British funds Albion Venture Capital Trust plc (LON:AAVC) and Albion Prime VCT plc (LON:AAPV) announced on Wednesday an agreement in principle to combine the two firms, subject to shareholders approving the plan.

The aim of this proposed merger is to create a substantially larger venture capital trust, while saving costs and ensuring administration efficiency, the two companies said.

The transaction will be completed as a reconstruction scheme under the insolvency norms, via the transfer of Albion Prime VCT plca[euro](tm)s assets and liabilities to Albion Venture Capital Trust plc in exchange for Albion Venture Capital Trust shares to be issued to Albion Prime VCTa[euro](tm)s shareholders on a net asset value basis.

Both funds are run by Albion Ventures LLP, which was set up in early 2009 and manages a total of eight funds.

Albion Prime VCT, formerly known as Albion Protected VCT plc, serves investors seeking lower risk investment and an attractive return. It makes qualifying asset-based investments and non-qualifying investments. The first category includes investments in the hotel, leisure, environmental and specialist healthcare sectors with a combination of equity and loan stock, while the second segment includes investments in cash and floating rate notes.

Albion Venture Capital Trust has a portfolio of investments in unquoted securities.Country: UKSector: Banking/Financial ServicesType: MergerFinancing: All-stockStatus: Agreed


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Publication:M & A Navigator
Date:May 16, 2012
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