Circ re. Enhanced Buyback Scheme

RNS Number : 8878M

Maven Income and Growth VCT 3 PLC

21 September 2012

 

MAVEN INCOME & GROWTH VCT 3 PLC

PUBLICATION OF CIRCULAR

Summary

The board of directors ("Board") of Maven Income & Growth VCT 3 plc ("the Company") is today sending out a circular ("Circular") to shareholders in relation to the proposed enhanced buyback scheme in respect of the ordinary shares of 10p each in thecapital of the Company ("Shares"), such scheme being for up to 14.99% of the issued share capital of the Company ("Enhanced Buyback Scheme").

The Enhanced Buyback Scheme is subject to shareholder approval being provided at a general meeting convened for 16 October 2012pursuant to the Circular. The Enhanced Buyback Scheme has opened today for application.

Enhanced Buyback Scheme

The Company is offering to purchase up to a maximum of 4,708,596 existing Shares, which represent 14.99% of the issued share capital as at 21 September 2012, subject to the proceeds of sale being reinvested in new Shares.

The record date to be eligible to participate in the Enhanced Buyback Scheme is 5.00 p.m. on 21 September 2012.

The closing date for applications pursuant to the Enhanced Buyback Scheme is 12.00 noon on 29 October 2012.

If the Enhanced Buyback Scheme is over subscribed, applications will be scaled back and accepted as follows:

Firstly, valid applications from all shareholders eligible to participate would be accepted to the extent that the number of Existing Shares to be purchased represent 14.99% or less of their holding of Existing Shares on 21September 2012 (rounded down to the nearest whole number of Existing Shares) and secondly, valid applications thereafter would be accepted pro rata to the number of Existing Shares tendered, subject always to the Board's discretion.

Further details on the Enhanced Buyback Scheme, including the terms and conditions and tax consequences of participating, are set out in the Circular and application form. Shareholders are further advised to consult their independent financial adviser.

Availability of Documents

The Circular has been submitted to the Financial Services Authority and will shortly be available for inspection both at the National Storage Mechanism, which is located at:

http://www.hemscott.com/nsm.do

and the Company's website:

http://www.mavencp.com/migvct3

Rosemary O'Neil

Maven Capital Partners UK LLP

0141 306 7400

 

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