Hargreave Hale AIM 2 Hargreave Hale Aim Vct 2 Plc : Offer Update

 
TIDMHHVT 
 
   Hargreave Hale AIM VCT 1 Plc 
 
   Hargreave Hale AIM VCT 2 Plc 
 
 
 
 
 
   6 February 2018 
 
   Possible merger between Hargreave Hale AIM VCT 1 Plc ("HH1") and 
Hargreave Hale AIM VCT 2 Plc ("HH2") (together, the "Companies") 
 
   Merger 
 
   On 27 December 2017, the Companies announced the boards of the Companies 
(the "Boards") had entered discussions regarding the possible merger of 
the Companies (the "Merger"). Subject to shareholder approval, the 
Boards have now agreed to proceed with the Merger based on the relative 
Net Asset Values of the Companies as last published prior to the Merger. 
 
 
   Expected to proceed in late March, the proposed 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 Hargreave Hale AIM 
VCT 2 plc to Hargreave Hale AIM VCT 1 plc in consideration for the issue 
of new Hargreave Hale AIM VCT 1 plc shares to Hargreave Hale AIM VCT 2 
plc shareholders.  A merger solely on this basis would be outside the 
provisions of The City Code on Takeovers and Mergers. The Merger will 
require the support of the shareholders of both Companies, approval by 
HMRC and a United Kingdom Listing Authority ("UKLA") approved prospectus 
setting out the terms of the Merger (the "Prospectus"). 
 
   Offer for Subscription 
 
   Alongside the proposed Merger, it is intended to launch a new offer for 
subscription in Hargreave Hale AIM VCT 1 plc to raise up to GBP20 
million with an overallotment facility of a further GBP10 million (the 
"New Offer").  The full terms of the New Offer will also be set out in 
the Prospectus. Once approved, the New Offer will be open to new and 
existing shareholders. It is expected to open on 9 February 2018 and 
will span the 2017/18 and 2018/19 tax years, with the first allotment of 
shares in Hargreave Hale AIM VCT 1 plc under the New Offer expected on 
20 March 2018. The New Offer will require the support of shareholders in 
Hargreave Hale AIM VCT 1 plc and the UKLA approved Prospectus. 
 
   The New Offer and the Merger are not inter-conditional.  The terms and 
conditions for both will be set out in a single Prospectus. 
 
   As has previously been the case, Hargreave Hale will offer an 'early 
bird discount' of up to 2% on the initial fee for those applications 
received by Hargreave Hale by 12pm on 16 March 2018. The 2% discount (to 
the standard 3.5% initial fee) will only apply to applications which do 
not trigger the payment of a 1% introductory commission to an adviser. 
In such cases, the available discount will fall to 1%.  Discounts are 
paid through the allotment of additional shares to the subscriber. 
 
   The Prospectus will be published alongside circulars to shareholders of 
the Companies ("Circulars").  The Circulars will be posted to 
shareholders and should arrive on or around 19 February 2018. These are 
required under the Listing Rules and Companies' legislation ahead of the 
general meetings of both Companies on 16 March 2018, with a second 
general meeting of Hargreave Hale AIM VCT 2 plc to be held on 23 March 
2018. 
 
   The information contained within this announcement is deemed by the 
Companies to constitute inside information as stipulated under the 
Market Abuse Regulations (EU number. 596/2014). Upon the publication of 
this announcement via Regulatory Information Service this inside 
information is now considered to be in the public domain. 
 
   For additional information, please contact: 
 
   Stuart Brookes 
 
   Company Secretary 
 
   Hargreave Hale AIM VCT 1 & 2 plc 
 
   01253 754740 
 
   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: Hargreave Hale AIM VCT 2 plc via Globenewswire 
 
 
  https://hargreaveaimvcts.co.uk/ 
 

(END) Dow Jones Newswires

February 06, 2018 04:12 ET (09:12 GMT)

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