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Acuity VCTs to merge
21-12-2009 17:35
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Acuity VCT and Acuity VCT 2 plan to merge with shareholders in Acuity VCT2.
Acuity VCT will be wound up and the assets transferred to Acuity VCT 2. The number of shares issued will depend on the relative net assets of the two VCTs. The scheme is expected to become effective on 29 January.
The merger will achieve a reduction in annual running costs and a more economically efficient sized VCT. There should be increased potential to pay dividends.
Acuity VCT had a NAV of 78.1p a share at the end of September 2009, while at the same date Acuity VCT 2's NAV was 93p a share.
Acuity VCT will be wound up and the assets transferred to Acuity VCT 2. The number of shares issued will depend on the relative net assets of the two VCTs. The scheme is expected to become effective on 29 January.
The merger will achieve a reduction in annual running costs and a more economically efficient sized VCT. There should be increased potential to pay dividends.
Acuity VCT had a NAV of 78.1p a share at the end of September 2009, while at the same date Acuity VCT 2's NAV was 93p a share.
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