Octopus proposes merger of 4 VCTs
Octopus Investments has proposed a merger of four of its venture capital trusts (VCT).
In a market statement released this morning, the boards of Apollo 1, Apollo 2, Apollo 3 and Apollo 4 announced that, following the proposed changes to the VCT investment limits, they have in principle agreed to merge the four companies.
The group said the merger was intended to achieve cost savings, administrative efficiencies and the potential for a more diverse portfolio through the creation of a significantly enlarged VCT to provide benefits for all shareholders.
The intention is that Apollo 1, Apollo 2 and Apollo 4 will each transfer their assets and liabilities to Apollo 3.
Each merger will require the approval of the shareholders of the relevant VCTs, and will be completed on a relative net asset value basis and will not be conditional on the other acquisitions proceeding.