Murray merger

Plans have been published to merge the three Murray VCTs managed by Close Venture Management.

Plans have been published to merge the three Murray VCTs managed by Close Venture Management.

These three trusts were the subject of an unsuccessful attempt to remove the existing directors this summer after they had replaced original manager Aberdeen Murray Johnstone with Close.

Close had threatened to resign if the proposals had been approved. Instead the manager announced its intention to merge the three trusts into a combined entity called Crown Place VCT. Shareholders can also tender up to ten per cent of their holding if they wish to sell some of their investment.

The combined vehicle will have a net asset value of £33.8 million, using the latest calculation to the end of August and assuming the tender offers are taken up in full.

(28/11/2005)