Source - RNS
RNS Number : 3670X
Maven Income & Growth VCT 4 PLC
18 December 2019
 

Maven Income and Growth VCT 4 PLC ("MIG4")

Maven Income and Growth VCT 6 PLC ("MIG6")

(together the "Companies")

18 December 2019

Merger Update: Approval of Scheme

This announcement is made by the Companies in connection with the scheme of reconstruction of MIG6 (the "Scheme"), details of which were contained in the prospectus jointly issued by MIG4 and Maven Income and Growth VCT 3 PLC on 13 November 2019 (the "Prospectus"), and the circulars (the "Circulars") and the announcements issued by each of the Companies on the same date.

The boards of directors of the Companies are pleased to report that the resolution proposed at the second general meeting of MIG6 held today (the "Second General Meeting") was duly passed and that the Scheme has become unconditional.

In implementing the Scheme, the assets and liabilities of MIG6 have been transferred to MIG4, in consideration for the issue of a total of 27,578,970 ordinary shares of 10p each in the capital of MIG4 ("Scheme Shares") to the shareholders of MIG6 at a deemed issue price of 70.60p per Scheme Share. Pursuant to the Scheme, Scheme Shares were issued to the shareholders of MIG6 at a ratio of 0.687632 Scheme Share for every 1 (one) MIG6 share held. The net asset value of MIG4 following the Scheme is £72,803,191.

Following the issue of the Scheme Shares, the total number of MIG4's issued ordinary shares of 10p each is 103,113,920.

Following the implementation of the Scheme, MIG6 has been placed in members' voluntary liquidation.

Application has been made to the London Stock Exchange for the Scheme Shares to be admitted to trading on its main market for listed securities and it is expected that the Scheme Shares will be admitted to the Official List of the Financial Conduct Authority and that trading will become effective on 19 December 2019.

MIG6 also announces that further to the resolution passed at the Second General Meeting, the listing of its ordinary shares of 10p each on the Official List will be cancelled with effect from 8.00 am on 19 December 2019.

As referred to in the Prospectus and the Circulars, since the Scheme has now taken effect, one of the existing directors of MIG6, Fraser Gray, has been appointed as an additional non-executive director of MIG4 with effect from 18 December 2019. Brian May, Gregor Logan and Fraser Gray have also resigned as directors of MIG6 with effect from 18 December 2019.

 

A copy of the resolution passed at the Second General Meeting has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.morningstar.co.uk/uk/NSM.

Issued on behalf of the Boards

 

Maven Capital Partners UK LLP

Secretary of each of the Companies

 

 


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