PND Penn.Down.Aim 2

 
TIDMPND 
 
Pennine AIM VCT plc ("PA") 
Pennine Downing AIM VCT 2 plc ("PDA2") 
 
JOINT ANNOUNCEMENT - MERGER DISCUSSIONS 
 
The Boards of  PA and PDA2  are pleased to  announce that,  following 
discussions, they have agreed,  in principle, subject to  shareholder 
approval, terms with each  other with a view  to merging PA and  PDA2 
together to  create one  larger  entity.  Each  of the  companies  is 
currently managed by Rathbone Investment Management Limited. 
 
If  the  merger  proceeds  it  would  be  by  way  of  a  "scheme  of 
reconstruction" pursuant to  S.110 of  the Insolvency  Act 1986  (the 
"Scheme").  Under the proposed Scheme, the assets and liabilities  of 
PDA2 will be transferred  to PA using a  relative net asset basis  to 
create one larger VCT.   This should produce  a reduction in  running 
costs as well  as other  benefits. A  merger effected  on this  basis 
would be outside the City Code on Takeovers and Mergers. 
 
The proposed transactions will require approval of shareholders of PA 
and PDA2.  Formal  documents are  currently  being prepared  and  are 
expected to be sent out to all shareholders in due course. 
 
=--END OF MESSAGE--- 
 
 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 

Grafico Azioni Penn.Down.Aim 2 (LSE:PND)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Penn.Down.Aim 2 (LSE:PND)
Storico
Da Giu 2023 a Giu 2024