Level 2

Company Announcements

Octopus Apollo VCT plc : Merger Update: Approval of Scheme

Octopus Apollo VCT plc ("Apollo")
Octopus VCT plc ("OVCT") 
(together the "Companies")

28 November 2014
Merger Update: Approval of Scheme

This announcement is made by the Companies in connection with the scheme of reconstruction of OVCT (the "Scheme"), details of which were contained in the prospectus and circulars issued by the Companies on 24 October 2014.

The boards of directors of the Companies are pleased to report that the resolution proposed at the second general meeting of OVCT held today (the "Second General Meeting") was duly passed and that the Scheme has become unconditional.

In implementing the Scheme, the assets and liabilities of OVCT have been transferred to Apollo, in consideration for the issue of a total of 52,035,840 C ordinary shares of 1p each in the capital of Apollo to the former shareholders of OVCT ("Scheme Shares") at a deemed issue price of 97.8p per Scheme Share.     

Following the issue of the Scheme Shares, the total number of Apollo's issued ordinary shares of 10p each is 76,572,663 and the total number of Apollo's issued C ordinary shares of 1p each is 52,035,840.

Following the implementation of the Scheme, OVCT has been placed in members' voluntary liquidation.

Application has been made to the London Stock Exchange for the Scheme Shares to be admitted to trading on its main market for listed securities and it is expected that the Scheme Shares will be admitted to the Official List and that trading will become effective on 1 December 2014.

OVCT also announces that further to the resolution passed at the Second General Meeting, the listing of its ordinary shares of 1p each on the Official List of the UK Listing Authority will be cancelled with effect from 8am on 1 December 2014.

As a result of the Scheme becoming effective, Tony Morgan has resigned as a director of Apollo and James Otter has been appointed as a director of Apollo.

Information required to be disclosed in respect of James Otter pursuant to paragraph LR 9.6.13R of the Listing Rules of the Financial Services Authority is as follows:

Details of all directorships held in any other publicly quoted company at any time in the previous five years:

Octopus VCT plc
Hygea VCT plc

There are no other disclosures to be made under Listing Rule 9.6.13R.

A copy of the resolution passed at the Second General Meeting has been submitted to the National Storage Mechanism and will shortly be available for inspection at:

www.hemscott.com/nsm.do 

For further information please contact:

Nicola Board
Company Secretary
020 7776 8663




This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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: Octopus Apollo VCT plc via Globenewswire

HUG#1875204

Top of Page