Merger details
At the General Meetings held on 18 and 26 July 2024, shareholder approval was received for the Merger (as defined in the Circular dated 18 June 2024) and MIG2 and MIG4 were put into liquidation with the assets transferred to MIG and I&G respectively.
On 18 June 2024, the Companies issued a joint circular setting out proposals for, amongst other things, merging the four Companies into two, offers for subscription by MIG and I&G (as the proposed surviving Companies, such offers being conditional on the Merger becoming effective) and notices for general meetings of the Companies to be convened on 18 July 2024 and 26 July 2024 (MIG 2 and MIG 4 only) in connection therewith.
General Meetings
On 18 July 2024, the Companies announced that all the resolutions proposed at their respective General Meetings held on that day were duly passed.
MIG 2 and MIG 4 announced that the resolutions proposed at their respective General Meetings held on 26 July 2024 were duly passed.
The full RNS can be viewed here >>
The Circular and Prospectus can be viewed in the ‘Key downloads’ section on the right of this page.
Share certificates in MIG and I&G will be issued on or around 10 August 2024 to shareholders in MIG2 and MIG4.
The Offers for subscription by MIG and I&G were conditional upon the Merger being approved. With approval received, the Offers will open for applications at 9.00am on Monday, 2 September 2024.
Details on the VCT Fundraising for the 2024/25 tax year can be found here >>
This document has been issued as a financial promotion for the purposes of section 21 of the Financial Services and Markets Act 2000 and approved as such by Gresham House whose registered office is 5 New Street, London EC4A 3TW and is authorised and regulated by the Financial Conduct Authority (FCA number 682776).
This document is not a prospectus but an advertisement and the receipt of Consideration Shares by a Target VCT’s shareholders will be, and/or any subscription for Offer Shares in an Acquirer VCT should only be made, on the basis of the information contained in the Prospectus (and your attention is drawn to the risk factors set out in Part I of the Prospectus). This document does not, and is not intended to, form the basis of (nor may it be relied on in connection with) the issuance of, or any contract for the acquisition of, any shares in an Acquirer VCT. Information contained herein is qualified entirely by the information in the Prospectus. The approval of the Prospectus by the Financial Conduct Authority should not be understood as an endorsement of the shares of an Acquirer VCT. Investment in an Acquirer VCT should be considered a long-term investment. The value of shares in an Acquirer VCT, and the income derived from them, can go up and down and investors may not get back the money originally invested. In addition, there is no certainty that the market price of the shares in an Acquirer VCT will fully reflect their underlying net asset value nor that dividends will be paid. Past performance is not a guide to future performance and there is no guarantee that an Acquirer VCT’s objectives (including maintaining VCT status) will be achieved.