Albion and Octopus merge respective VCTs

Albion Venture Capital Trust and Albion Prime combined to create a vehicle with net assets of around £42m. Meanwhile, Octopus merged four Octopus Apollo VCTs, creating an enlarged VCT with more than £50m under management.

Proposals for the merger of the four Octopus Eclipse VCTs have also been sent to shareholders.

The mergers were managed by SGH Martineau. Kavita Patel, who heads up the SGH team, said in a statement: "Changes in the VCT rules, as well as cost and strategic benefits, have been material factors in the continuing activity in this area. A merger of 'sister' vehicles with identical investment policies and similar investment portfolios would appear, therefore, to be a logical step for investment managers and boards seeking to reduce costs and create enlarged companies of more economically efficient sizes."

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• Topics
• UK / Ireland
• Albion Ventures
• Octopus Investments
• United Kingdom