Chrysalis merges four VCTs in £9.1m share for share deal

Chrysalis has merged four VCTs, by issuing a £9.1m share for share offer for the entire issued share capital of each of Chrysalis A VCT, Chrysalis B VCT and Chrysalis C VCT. Chrysalis and the Chrysalis VCTs are all venture capital trusts and until a recent change in UK tax legislation, the merger of these companies would have resulted in the ending of their tax-advantaged status for investors. This obstacle was removed with effect from September 2004 with a change in the VCT tax regulations. James Hardy and Tessa Laws of Rosenblatt Solicitors acted for Chrysalis on the legal aspects of the deal, while Smith & Williamson Corporate Finance offered financial advice.

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