Calculus and Neptune VCTs to merge

Josh White Sharecast | 19 Jun, 2017 09:43 | | |

Money coins pound

Calculus VCT

19.00

17:18 02/08/17
0.00%
0.00
  • 22.00
  • 0.00%0.00
  • Max: 22.00
  • Min: 22.00
  • Volume: 0
  • MM 200 : n/a
17:30 19/09/17
  • 9,593.06
  • 0.18%16.78
  • Max: 9,605.67
  • Min: 9,576.28
  • Volume: 0
  • MM 200 : n/a
17:18 20/10/17

Calculus VCT issued an update to the market on Monday morning, confirming that its board had agreed in principle with the board of Neptune VCT to merge on a relative net asset basis.

The London-listed firms are both managed by Calculus Capital.

“Your board believes there will be significant benefits for all shareholders arising from the proposed merger with the Neptune VCT,” the update read.

“The merger, which will follow the methodology used in the majority of VCT mergers, will be effected by means of placing Neptune VCT into members' voluntary liquidation pursuant to Section 110 of IA 1986 and the acquisition by the company of all of Neptune VCT's assets and liabilities in consideration for the issue of consideration shares, forming an enlarged VCT.”

Calculus said the merger would be conditional on certain conditions being satisfied, which would be set out in circulars to be posted to the shareholders in both companies, along with a prospectus in connection with the merger.

Conditional upon the merger being effected, the company said it intended to seek further investment of up to £5m to be allotted in the 2017/18 and 2018/19 tax years, with an over-allotment option of a further £5m.

More news

22 Oct Sunday newspaper round-up: Spire, Mediclinic, Rolls-Royce, Brexit, SSE, GKN

A South African healthcare provider is plotting a £1.3bn swoop on Spire Healthcare, Britain’s largest chain of private hospitals. Mediclinic International is working with advisers from Morgan Stanley on a possible offer, according to City sources. It already has a 29.9% stake in Spire - the maximum that can be held without making an offer for the other shares - having staged a raid on the stock two years ago. - The Sunday Times

22 Oct US close: S&P 500 notches up sixth weekly gain in a row, as investors come off sidelines

Wall Street continued to climb the proverbial 'wall of worry' as Senate approval of the White House's budget resolution for fiscal year 2018, which many believe paves the way for tax cuts, powered the S&P 500 to a sixth consecutive weekly gain.

20 Oct FX round-up: Dollar boosted by tax plans, pound rallies on Brexit hopes

President Donald Trump's tax reforms made the dollar the early story, before a sterling narrative took over as Brexit developments filtered through from the EU 27 in Brussels.

20 Oct President Trump wrongly links rise of UK crime to 'radical Islamic terror'

US President Donald Trump was accused of fuelling hate crimes after he said the UK crime rate was linked to "radical Islamic terror".

20 Oct Europe close: Stocks end near session lows despite US tax reform optimism

European stocks finished near their worst levels of the day despite optimism regarding prospects for the US economy.

20 Oct London close: Footsie ends flat as pound bounces back

London stocks finished the Friday session almost exactly flat despite encouraging noises emerging from Brussels mingled with optimism stateside over proposed tax reforms.

20 Oct Berenberg ups Cobham target but says premium valuation "unwarranted"

Despite Cobham share's outperformance over the past six months, Berenberg cautioned clients about the near-term strength of various of the firm's end-markets, alongside operational challenges that would require time to resolve and, for a time, scupper hopes that the dividend would be reinstated.

20 Oct Octagonal 'extremely pleased' as it reports record revenue and profits

Octagonal updated the market on its trading on Friday, based on the unaudited interim figures for the six months to 30 September for its wholly-owned subsidiary, Global Investment Strategy UK, saying it was “extremely pleased” with the record revenues and profits achieved.

20 Oct Marlowe trading in line as acquisitions integrate 'well'

Support services group Marlowe updated the market on its trading for the six months to 30 September on Friday, saying trading in the first six months of the financial year was in line with board expectations.

20 Oct Ncondezi agrees non-binding development offer with CMEC and GE

Ncondezi Energy announced on Friday that it has agreed - in principle - to the terms of a non-binding offer with China Machinery Engineering Corporation and General Electric South Africa to enter into exclusive negotiations to develop, construct and operate the integrated Ncondezi 300MW coal-fired power project and open pit coal mine in Tete, Mozambique.