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(Alliance News) - Maven Income & Growth VCT 4 PLC and Maven Income & Growth VCT 6 PLC have entered into discussions regarding a possible merger, the investment trusts jointly announced on Wednesday.
"These discussions may or may not lead to an agreement to merge the companies. If the merger is to proceed, the current intention is that it will be undertaken by way of a scheme of reconstruction under s.110 of the Insolvency Act 1986 by transferring the assets and liabilities of Maven VCT 6 to Maven VCT 4 in consideration for the issue of new ordinary shares in Maven VCT 4 to the Maven VCT 6 shareholders on a relative net asset value basis," the companies said.
The Maven VCTs added that the merger is expected to achieve costs savings through the establishment of a larger combined entity.
London-listed shares in Maven VCT 4 were untraded at 65.00 pence each on Wednesday afternoon. Maven VCT 6 shares were untraded at 47.3p each.