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RNS Number : 8449R Mobeus Income & Growth VCT PLC 10 June 2024
Mobeus Income & Growth VCT plc (LEI:
213800HKOSEVWS7YPH79)
The Income & Growth VCT plc
(LEI: 213800FPC15FNM74YD92)
(the Companies)
10 June 2024
Merger Proposals and Intention To Launch Joint Offers For Subscription
The boards of the Companies, together with the boards of Mobeus Income &
Growth 2 VCT plc (MIG 2) and Mobeus Income & Growth 4 VCT plc (MIG 4) (the
Companies, MIG 2 and MIG 4 together the Mobeus VCTs) announced on 28 February
2024 that they were in discussions regarding the possibility of merging the
Mobeus VCTs from four into two.
If merger proposals are put to shareholders of the Mobeus VCTs, the intention
would be 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
· The merger would be effected pursuant to a scheme of reconstruction
under s.110 of the Insolvency Act 1986 whereby each Target VCT is placed into
members' voluntary liquidation and its assets and liabilities are transferred
to the relevant 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.
The boards of the Companies are pleased to announce that, subject to and
conditional on, the merger being proposed to shareholders of the Mobeus VCTs,
and approved and implemented, they, as the continuing Mobeus VCTs following
the merger, intend to launch offers for subscription for new ordinary shares
(the "Offers") for the current 2024/25 tax year.
A further announcement will be made in due course.
For further information, please contact:
Gresham House Asset Management Limited
Company Secretary
Telephone: 020 7382 0999
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