Announcement re: Merger Discussions


 
TIDMOPHX 
 
OCTOPUS  PHOENIX VCT PLC 
 
13 January 2010 
 
JOINT ANNOUNCEMENT - MERGER DISCUSSIONS 
 
The Boards  of  Octopus AIM VCT plc ("AIM") and Octopus Phoenix VCT plc 
("Phoenix") are pleased  to announce that they are in preliminary discussions on 
terms for the merger of AIM  and Phoenix (the "Companies"). Each of the Companies 
is  currently  managed by  Octopus Investments Limited. 
 
If  the  merger  proceeds  it  is likely to be  by  way  of  a "scheme  of reconstruction" 
pursuant to  s.110 of  the Insolvency Act 1986 (the "Scheme").   Under the 
proposed  Scheme, the assets and  liabilities  of Phoenix would  be transferred to 
AIM on a  relative net asset value basis  to create one larger  VCT.   This  should 
produce  a significant reduction in running costs  as well as other benefits.   A 
merger on this  basis would  be outside the City Code on Takeovers and Mergers. 
 
The proposed transaction which, if implemented, is expected to be completed 
before 30 June 2010, would require the approval  of shareholders  of each of the 
Companies. 
 
A further announcement will be made in due course. 
 
For further information please contact: 
 
Chris Hulatt 
Director, Octopus Investments Limited 
020 7710 2804 
 
 
[HUG#1373261]

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