Quester VCTs merge

An enlarged Quester VCT has been formed after the boards of Quester VCT, Quester VCT 2 and Quester VCT 3 agreed to merge the three funds. The move has been made possible by new government regulations that became effective in September 2004 and allow VCTs to merge without the loss of VCT specific tax concessions to investors. The boards have recommended the merger to their respective shareholders, claiming that it would lead to an increase in the range and diversity of the investment portfolio, allowing a smoother flow of dividends as a result of a higher number of exits, as well as reducing the annual running costs as a percentage of net assets. The enlarged Quester VCT will comprise 34 investments worth a combined £52.8m.

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• UK / Ireland