Octopus Apollo VCT2 Octopus Apollo VCT2 plc : POSSIBLE MERGER PURSUANT TO SCHEMES OF RECONSTRUCTION UNDER S.110 OF THE INSOLV...

 
TIDMOAP2 
 
JOINT ANNOUNCEMENT 
 
OCTOPUS APOLLO VCT 1 PLC ("APOLLO 1") 
OCTOPUS APOLLO VCT 2 PLC ("APOLLO 2") 
OCTOPUS APOLLO VCT 3 PLC ("APOLLO 3") 
OCTOPUS APOLLO VCT 4 PLC ("APOLLO 4") 
 
POSSIBLE  MERGER  PURSUANT  TO  SCHEMES  OF  RECONSTRUCTION  UNDER  S.110 OF THE 
INSOLVENCY ACT 1986 
 
The  Boards of Apollo 1, Apollo 2, Apollo  3 and Apollo 4, which are all managed 
by  Octopus  Investments  Limited,  are  pleased  to announce that following the 
proposed changes to the VCT investment limits (as introduced by the Finance Bill 
2012) they  have reached  agreement, in  principle, on  terms to  merge the four 
companies.  The  merger  is  intended  to  achieve,  amongst  other things, cost 
savings,  administrative  efficiency  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 the proposed merger will be completed pursuant to schemes 
of reconstruction under s.110 of the Insolvency Act 1986. A merger on this basis 
will be outside the provisions of The City Code on Takeovers and Mergers. 
 
The  intention is that Apollo 1, Apollo  2 and Apollo 4 will each transfer their 
assets  and liabilities to  Apollo 3 in consideration  for new Apollo 3 ordinary 
shares to be issued to Apollo 1, Apollo 2 and Apollo 4 shareholders. 
 
Each  acquisition will require the approval  of the shareholders of the relevant 
companies,  and will be completed  on a relative net  asset value basis and will 
not be conditional on the other acquisitions proceeding. 
 
Formal  proposals,  including  the  procedure  for  shareholders  to vote on the 
proposals,  will be provided  to shareholders of  all the relevant companies, at 
which point, a further announcement will be made. 
 
Enquiries: 
Tracey Spevack 
Company Secretary 
Tel [phone] 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Octopus Apollo VCT2 plc via Thomson Reuters ONE 
[HUG#1614969]