Albion Crown Regulatory News (CRWN)

10 Aug 2005 07:01

Murray VCT PLC10 August 2005 10 August 2005 MURRAY VCT PLC Registered Office: 4 Crown Place, London, EC2A 4BT Company Number - 03049972 Murray VCT PLC, Murray VCT 2 PLC and Murray VCT 3 PLC (the "Companies"): Joint statement on circulars convening company meetings Circulars to convene extraordinary and annual general meetings for Murray VCT 2PLC and Murray VCT 3 PLC and a circular to convene an extraordinary generalmeeting for Murray VCT PLC have been despatched. These circulars contain important information on the future of the Companies aswell as the response to Mr Charles Clark, a shareholder activist who has,through a campaign supported by Aberdeen Asset Management, the parent company ofthe former manager of the Companies, requisitioned meetings to remove the boardsof the three Companies. The meetings have been convened as follows: VCT 2 - EGM 2.00 p.m. and, as soon as practical thereafter, AGM on 5th September2005VCT 3 - EGM 9.30 a.m. and, as soon as practical thereafter, AGM on 6th September2005VCT 1 - EGM 2.00 p.m. on 6th September 2005 Subject to the results of the EGMs and AGMs, the boards intend to proceed withproposals to merge the Companies. Included in the merger proposals, which wouldbe conducted on a formula asset value basis, will be a proposed tender offer forup to 10% of the issued share capital of the Companies at a value relativelyclose to the prevailing net asset values of the Companies. Murray VCT 2 PLC has proposed a final dividend of 1 p per share, payable on 9September 2005 to shareholders on the register as at 19 August 2005.Murray VCT 3 PLC has also proposed a final dividend of 1 p per share, payable on9 September 2005 to shareholders on the register as at 19 August 2005. As a result of the refusal of Mr Clark and his proposed directors to engage withthe Companies and their advisers, Close Venture Management Limited ("Close"),the new manager appointed by the Companies in April 2005, has advised the boardsof the Companies that it intends to serve notice under its management contract,at the earliest opportunity, if Mr Clark's proposed directors are appointed andthe current board members are removed. The boards of the Companies remain firmly of the view that the retention ofClose as manager and the proposed merger of the Companies are in the bestinterests of shareholders and are all recommending unanimously that shareholdersvote against Mr Clark's resolutions. Copies of the circulars have been submitted to the FSA and will shortly beavailable for inspection at the FSA's Document Viewing Facility which issituated at: Financial Services Authority25 The North ColonnadeCanary WharfLondon E14 5HS Tel: 020 7066 1000 Andrew CubieMurray VCTs Patrick ReeveClose Venture Management Todd NugentNoble Grossart Limited Press enquiries:Derek Douglas/David Gaffney 01324 602 550Beattie Communications Group Shareholder enquiries:COMPANY HELPLINE 0800 073 1500 This information is provided by RNS The company news service from the London Stock Exchange