15 Apr 2010 14:30
Ventus 3 VCT plc
Recommendation to merge Ventus 3 VCT plc ("Ventus 3") and Ventus 2 VCT plc ("Ventus 2") by way of a scheme of reconstruction of Ventus 3 pursuant to Section 110 of the Insolvency Act 1986 (the "Scheme").
Adjournment of General Meeting, 15 April 2010.
Summary
The boards of directors of Ventus 2 and Ventus 3 have written to shareholders to recommend that Ventus 2 and Ventus 3 merge on the terms of the Scheme set out in the prospectus dated 8 February 2010 that was issued by Ventus 2 (the "Prospectus").
In connection with the approval of the Scheme, a Ventus 3 shareholder meeting was convened at noon on Thursday 15 April 2010. That meeting was again adjourned and will be reconvened at noon on Thursday 6 May 2010. The venue of the reconvened meeting will be the offices of Climate Change Capital Limited, 3 More London Riverside, London SE1 2AQ.
The Chairman explained at the meeting that a number of the third party consents were required in order to effect the transfer of Ventus 3's assets to Ventus 2 in connection with the Scheme. Ventus 3 had been advised that it is preferable that those consents are obtained before the next step of the Scheme progresses. It was reported to the meeting that almost all of those consents had now been obtained but regrettably a few remained outstanding. As such it was deemed appropriate to adjourn the meeting and reconvene it at a time when the relevant consents were expected to be in place.
The adjournment of the meeting by a further 21 days to Thursday 6 May 2010 defers the Expected Timetable set out in the Prospectus by 50 days.
For further information, please contact:
Matthew Ridley, Climate Change Capital on 020 7939 5350