Merger Update
16 Juillet 2009 - 6:24PM
UK Regulatory
TIDMCR3 TIDMCR. TIDMCR2
RNS Number : 8311V
Core VCT III PLC
16 July 2009
Core VCT III plc
16 July 2009
Merger Update and Change of Company Name
This announcement is made by Core VCT III plc ("the Company") in connection with
the schemes of reconstruction for the merger with Core VCT I plc ("VCT I") and
Core VCT II plc ("VCT II") with the Company ("the Schemes" and each a "Scheme"),
details of which were contained in the Company's prospectus ("the Prospectus")
and circular to shareholders ("the Circular") both dated 12 June 2009.
The board of directors of the Company ("the Board") is pleased to advise that
the resolutions proposed at the extraordinary general meetings of VCT I and VCT
II held today were duly passed to be able to implement the Schemes and effect
the merger. By way of implementation of the Schemes, the assets and liabilities
of VCT I and VCT II have been transferred to the Company in consideration for
the issue of new ordinary shares of 0.01p each ("Ordinary Shares") and B
ordinary shares of 0.01p ("B Shares") (together the "Shares") as set out below.
The number of Ordinary Shares and B Shares issued to VCT I Shareholders in
connection with the VCT I Scheme was 10,183,672 (on a merger ratio of 0.9313110)
and 6,789,114 respectively and the number of Ordinary Shares and B Shares issued
to VCT II Shareholders in connection with the VCT II Scheme was 16,606,883 (on a
merger ratio of 1.0066468) and 11,071,255 respectively. Such Shares have been
issued at a deemed issue price of 86p per Ordinary Share and 0.01p per B Share.
Application will shortly be made for all the Shares issued to be admitted to the
Official List and to trading on the main market of the London Stock Exchange. It
is expected that admission will become effective and that trading will commence
on 17 July 2009.
As part of, and in connection with, the merger the existing holdings in B Shares
have been adjusted as detailed in the Circular. This resulted in 13,729,050 B
Shares being redesignated as deferred shares and have been bought back by the
Company for an aggregate consideration of 1p. The unissued deferred shares so
arising were automatically redesignated as further Ordinary Shares.
The issued share capital of the Company following the merger is 43,301,416
Ordinary Shares and 28,867,610 B Shares.
Following completion of the Schemes, the name of the Company has been changed to
Core VCT plc.
For further enquiries please contact:
David Russell of Maven Capital Partners UK LLP
Company Secretary
Telephone: 0141 306 7555
This information is provided by RNS
The company news service from the London Stock Exchange
END
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