Foresight 3 VCT PLC Foresight 3 Vct Plc : Possible Merger Between Foresight 3 Vct Plc ("F3") And Foresight 4 Vct Plc ("F4") (...

 
TIDMFTD 
 
   21 March 2017 
 
   Possible merger between Foresight 3 VCT plc ("F3") and Foresight 4 VCT 
plc ("F4") (together the "Companies") 
 
   Further to the recent announcements by the Companies in connection with 
the possible merger between F3 and F4 (the "Merger"), the boards of 
directors of the Companies are now pleased to announce that shareholders 
of both Companies have indicated their preference for the Merger to 
proceed. 
 
   It is intended the Merger will be effected pursuant to a scheme of 
reconstruction under s.110 of the Insolvency Act 1986 by transferring 
the assets and liabilities of F3 to F4 in consideration for new F4 
shares to be issued to F3 shareholders on a relative net asset value 
basis. A merger solely on this basis would be outside the provisions of 
The City Code on Takeovers and Mergers. The proposed Merger will be 
subject to the approval of the shareholders of both Companies. 
 
   If the Merger proceeds it would be expected to achieve, amongst other 
things, significant cost savings and administration efficiency through 
the establishment of a single, enlarged VCT with net assets in excess of 
GBP70 million immediately following the Merger. In addition, it is 
expected that the enlarged VCT will have enough critical mass to 
generate sufficient income and realisations to meet an attractive 
dividend target, as well as maintaining a regular program of share 
buybacks aimed at maintaining a discount to NAV in the region of 10%. 
 
   For further information please contact: 
 
   Gary Fraser, Foresight Group: 0203 667 8100 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Foresight 3 VCT PLC via Globenewswire 
 
 
  http://www.foresightgroup.eu/ 
 

(END) Dow Jones Newswires

March 21, 2017 06:30 ET (10:30 GMT)

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