23 Jan 2009 11:55
Close Brothers Development VCT PLC
Change of Investment Manager and Proposed Change of Name
The Board of Close Brothers Development VCT PLC (the "VCT") announces that the business of Close Ventures Limited, the manager of the VCT and one of the leading managers of venture capital trusts in the UK, has been acquired by Albion Ventures LLP ("Albion Ventures") from Close Brothers Group ("Close"). Albion Ventures has been formed by the executive directors of Close Ventures; Close meanwhile will continue to have an investment in the business.
The VCT's management contract, along with those of the other VCTs managed by Close Ventures, has been novated from Close Ventures to Albion Ventures under exactly the same terms as the current agreement. The investment approach of Albion Ventures and the investment policy of the VCT are also unchanged, with a continued emphasis on building up a broad portfolio of investee companies with no bank borrowings and the maintenance of a strong dividend yield.
As a result of this change, the VCT's Company Secretary will change to Albion Ventures LLP with immediate effect.
A General Meeting will be convened shortly to seek shareholder approval to change the VCT's name from Close Brothers Development VCT PLC to Albion Development VCT PLC.
For further information, please contact:
Patrick Reeve
Close Ventures
020 7422 7830
Roddi Vaughan Thomas
Peregrine Communications
020 3178 6870
23 January 2009
Albion. Dev Vct (AADV)