6 May 2010 16:08
Joint Announcement Ventus 2 VCT plc and Ventus 3 VCT plc
Proposal 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").
Approval of Scheme
The Boards of directors of Ventus 2 and Ventus 3 are pleased to announce that the resolution to approve the Scheme and authorise its implementation proposed at the general meeting of Ventus 3 held today was passed unanimously.
The first steps of implementing the Scheme have now taken place, and the transfer of assets and liabilities of Ventus 3 to Ventus 2 was effected today. In consideration for that transfer 12,250,311 new Ventus 2 ordinary shares of 25 pence are being issued in connection with the Scheme. Following the above allotment, the total number of Ventus 2 ordinary shares in issue is 24,537,560.
Application has been made to the UK Listing Authority for the new Ventus 2 ordinary shares to be admitted to the Official List and to trading on the London Stock Exchange's main market for listed securities. It is expected that the new Ventus 2 ordinary shares will be admitted to the Official List and trading will become effective on 7 May 2010.
Ventus 3 shareholders who hold their shares in certificated form will shortly receive share certificates in respect of the Ventus 2 ordinary shares issued to them. Application will also be made for the new Ventus 2 ordinary shares to be admitted to the CREST system for those Ventus 3 shareholders who wish to hold their new Ventus 2 ordinary shares in uncertificated form.
For further information, please contact:
Matthew Ridley of Climate Change Capital on 020 7939 5350