10th Dec 2015 09:51
LONDON (Alliance News) - Investment funds Baronsmead VCT 3 PLC and Baronsmead VCT 4 PLC on Thursday said they have proposed merging and will seek to raise funds should the plans be approved.
The two funds said merging would result in estimated annual cost savings of around GBP300,000 and would create a combined fund with around GBP150.0 million in net assets on its books, potentially increasing its attraction to private client wealth managers.
The pair said that should the plans be approved by shareholders, they will launch a subscription offer for shareholders to buy shares in the merged company.
The plans will be detailed to shareholders in January and the pair, dependent on securing approval, expect the merger would be completed by February.
Baronsmead VCT 3 shares were untraded on Thursday, having last traded at 97.51 pence, while Baronsmead VCT 4 shares were also untraded, having last traded at 93.27p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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