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
  • 37.00
  • 2.78%1.00
  • Max: 39.00
  • Min: 36.00
  • Volume: 4,738
  • MM 200 : n/a
17:17 18/08/17
  • 9,436.20
  • -0.65%-61.43
  • Max: 9,497.63
  • Min: 9,403.84
  • Volume: 0
  • MM 200 : n/a
17:25 18/08/17

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

19:01 Europe close: Stocks edge slightly higher at the end of the session

Stocks pared early losses as traders digested a terrorist attack on Barcelona overnight and monitored the news-flow coming from the White House.

18:04 Weeky review

The FTSE 100 finished the week almost flat, up 14.02 points or 0.19%, at 7,323.98.

17:22 London close: Risk aversion grips FTSE, stocks lower on Trump and Barcelona attacks

London's FTSE 100 index fell below a key technical level as Friday's session wore on, with travel stocks leading the retreat after the terror attacks in Barcelona and the large cabal of overseas focused companies hit by the dollar's weakness amid renewed concerns about the US Presidency.

17:03 BowLeven appoints new director

AIM-listed oil and gas group, BowLeven announced on Friday that Matt McDonald would be appointed to the firm's board as non-executive director with immediate effect.

17:04 Week ahead: Not everything that happens at Jackson Hole stays there

In the coming week, the spotlight will be on the Federal Reserve bank of Kansas City's Symposium in Jackson Hole, Wyoming.

16:26 Acacia remains a 'buy' for HSBC but target price slashed

HSBC cut its target price for Acacia Mining by 47% but kept its 'buy' recommendation in place as the months-long spat with the Tanzanian government still hangs over the company.

16:10 US open: Stocks flat heading into the weekend, political ruckus weighs

Wall Street is essentially flat heading into the weekend after the head of the University of Michigan's consumer confidence survey said recent events in Charlottesville were likely to take their toll on sentiment.

15:18 FTSE 250 movers: Hikma still looking ill; Kaz Minerals buffs up

Hikma Pharmaceuticals shares continued their downward spiral as HSBC slashed their target price, telling clients its first half numbers contained lower guidance for generics and a tougher outlook for injectables and branded drugs.

14:56 Calpine agrees to be acquired for $5.6bn in cash

Shares of Calpine Corporation surged after news broke that the American power generation company had agreed to be acquired by a consortium led by Energy Capital Partners.

14:27 FTSE 100 movers: Airline shares down after Barcelona attack; Upgrade boost for Mondi, RSA

The Barcelona attack and disintegrating relationship between US President Donald Trump and the business community made for a very heavy splash of red among the Footsie on Friday.