BSVT and BVCT5 agree merger

The boards of Baronsmead Second Venture Trust and Baronsmead VCT 5 have agreed to merge and proposals will now be put to shareholders.

The merger will be completed via a scheme of reconstruction and winding up of Baronsmead VCT 5 under section 110 of the Insolvency Act 1986.

The scheme provides for the undertaking, assets and liabilities of BVCT5 to be transferred to Baronsmead Second Venture Trust plc (BSVT) in consideration for the issue of new shares in BSVT of an equivalent value to BVCT5 shareholders.

The merger will create a larger merged company with net assets of £180 million.

At 9:47am: (LON:BMD) Baronsmead VCT 3 Plc share price was 0p at 87.63p