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Enterprise VCT (EVCT)

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Wednesday 10 September, 2008

Enterprise VCT

Merger Update

RNS Number : 1766D
Enterprise VCT PLC
10 September 2008
 



Foresight 3 VCT plc 


10 September 2008


Merger Update and Board Changes


This announcement is made by Foresight 3 VCT plc ("the Company") in connection with the scheme for the merger of Enterprise VCT plc ("Enterprise") with the Company ("the Scheme"), details of which were contained in the Company's prospectus ("the Prospectus") and circular to shareholders ("the Circular") both dated 8 August 2008.


The board of directors of the Company ("the Board") are pleased to advise that the resolution proposed at the extraordinary general meeting of Enterprise held today was duly passed to be able to implement the Scheme and effect the merger. By way of implementation of the Scheme, the assets and liabilities of Enterprise have been transferred to the Company, in consideration for the issue of shares in the Company, as set out below.


The total number of C shares of 1 pence each in the capital of the Company ("Shares") issued to Enterprise shareholders in connection with the Scheme was 30,437,476, this being equal to the number of ordinary share of 10 pence each in the capital of Enterprise in issue before the transfer, at a deemed issue price of 62.3p per share.  


Application will shortly be made for all the Shares issued to be admitted to the Official List and to trading on the main market of the London Stock Exchange. It is expected that admission will become effective and that trading will commence on 12 September 2008


The Board further announces that John Gregory (the chairman of Enterprise) and Tom Maxwell (a director of Enterprise) have also today joined the Board as nonߛexecutive directors together bringing a broad experience of banking, corporate finance and fund management.  

For further enquiries please contact:


Foresight Group LLP 

Gary Fraser

Telephone: 01732 471 809


  Enterprise VCT plc 


EGM Results and Merger Update


10 September 2008


This announcement is made by Enterprise VCT plc ("the Company") in connection with the scheme for the merger of Foresight 3 VCT plc ("Foresight 3") with the Company ("the Scheme"), details of which were contained in the Company's circular to shareholders dated  8 August 2008 ("the Circular"). 


The board of directors of the Company ("the Board") is pleased to announce that the resolution proposed at the extraordinary general meeting of the Company held today was duly passed. Details of the proxy votes in respect of the resolution passed received as at 2.30 pm on 10 September 2008 are set out below:

        


No. of Votes

For

Discretionary

Against    

Withheld

4,660,747

592,924

78,963.

-


Accordingly, by way of implementation of the scheme for the reconstruction of the Company ("the Scheme"), the Company has been placed into members' voluntary liquidation and the assets and liabilities of the Company transferred to Foresight 3 in consideration for the issue of C shares of 1 pence each in the capital of Foresight 3 ("Foresight 3 C Shares"). The total number of Foresight 3 C Shares issued to the Company's shareholders was 30,437,476, this being equal to the number of ordinary shares of 10 pence in the capital of the Company in issue before the transfer, at a deemed issue price of 62.3p per share.


Application will shortly be made for all the Foresight 3 C Shares issued to be admitted to the Official List and to trading on the main market of the London Stock Exchange. It is expected that admission will become effective and that trading will commence on 12 September 2008


As part of the Scheme, the suspension of the listing of the Company's shares took place at 7.30am today and the suspension of the Company's shares will take place from the commencement of trading tomorrow.


A copy of the resolution passed at the extraordinary general meeting will be submitted to the UK Listing Authority and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at:


Financial Services Authority

25 The North Colonnade
Canary Wharf
London

E14 5HS

Telephone: 020 7066 1000


For further enquiries please contact:


Foresight Group LLP 

Gary Fraser

Telephone: 01732 471 809


This information is provided by RNS
The company news service from the London Stock Exchange
 
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