Maven 2 and 4 Merger
Posted: October 10th, 2018, 2:05 pm
By post today - proposals to merge Maven VCT2 (£14.2M) with Maven VCT4 (£41.7M). Estimated annual saving £200,000, but cost of the merger £429,000.
At first sight this seems a sensible proposal, although I am surprised at the cost of the merger. Two of the existing Directors will resign. I'll have a closer look at the documentation, but I think I'll be voting yes.
If the scheme progresses, VCT2 dissenters will have the right to have their shares purchased by the Liquidator, but there is a warning that this is expected to be at a significant reduction to NAV. So it doesn't look that this will be a route to dispose of VCT2 shares at above their current market value.
At first sight this seems a sensible proposal, although I am surprised at the cost of the merger. Two of the existing Directors will resign. I'll have a closer look at the documentation, but I think I'll be voting yes.
If the scheme progresses, VCT2 dissenters will have the right to have their shares purchased by the Liquidator, but there is a warning that this is expected to be at a significant reduction to NAV. So it doesn't look that this will be a route to dispose of VCT2 shares at above their current market value.