Maven Income & Growth VCT 2 To Merge Into VCT 4 Via Liquidation

LONDON (Alliance News) - Maven Income and Growth VCT 2 PLC on Monday said it will merge with Maven Income & Growth VCT 4 PLC through liquidation.

Under the merger, Maven VCT 2 will be placed into voluntary liquidation and all of its assets and liabilities will be transferred to Maven VCT 4. Maven VCT 4 will then issue shares to Maven VCT 2 shareholders.

The merger is to take place on a relative net asset value basis, which will feed into the calculation to determine the number of Maven VCT 4 shares to be issued to Maven VCT 2 shareholders under the merger.

As at June 30, Maven VCT 4's net asset value was 72.31 pence per share and Maven VCR 2's net asset value stood at 35.28p. The combined company will have net assets of GBP55.9 million.

The merger is expected to cost USD429,000 in aggregate, with all costs split proportionally between companies.

Benefits of the merger include more efficient management of the amalgamated portfolio, a more diversified portfolio, and annual running cost efficiencies of approximately GBP200,000 per year.

Shareholders will vote on the resolution at the Maven VCT 2 first general meeting.

"Maven VCT 2 shareholders who do not vote in favour of the resolution to be proposed at the Maven VCT 2 first general meeting are entitled to dissent and have their shareholding purchased by the liquidators at a price agreed between the dissenting Maven VCT 2 shareholders and the liquidator," both companies said in a combined statement.

Shares in Maven VCT 4 were untraded at 65.50p on Monday and Maven VCT 2 shares were untraded at 32.90p.