LONDON - Shareholders of six Albion Venture Capital Trusts (VCTs) have approved proposals for a series of mergers and revised fee arrangements in general meetings held today. The VCTs involved are Albion Enterprise VCT PLC (LSE:AAEV), Albion Development VCT PLC (LSE:AADV), Albion Technology & General VCT PLC (LSE:AATG), Albion KAY VCT PLC (LSE:KAY), Albion Crown VCT PLC (LSE:CRWN), and Albion Venture Capital Trust PLC (LSE:AAVC).
The resolutions, which were set forth in a joint circular issued on November 12, 2024, included the merging of the six companies into three pairs, offers for subscription by the acquiring companies, and revised management fee arrangements with the investment manager, Albion Capital Group LLP.
The results from today's polls indicated a strong shareholder support for the proposed changes, with the percentage of votes cast in favor ranging from 97.07% to 98.38% for the various resolutions across the companies. The specifics of the votes, including the number of votes for, against, and withheld, have been disclosed.
The approved mergers are part of a strategic decision to streamline the VCTs' operations and potentially provide enhanced returns for shareholders. The revised fee arrangements are expected to alter the way Albion Capital Group LLP is compensated for its management services.
Copies of the resolutions passed at the general meetings will be made available for inspection on the respective webpages of the VCTs on the Manager's website, as well as at the National Storage Mechanism.
The information for this report is based on a press release statement. The approval of these resolutions marks a significant step in the restructuring process of the Albion VCTs, reflecting the shareholders' consensus on the future direction of their investments.
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