Issue of Equity

RNS Number : 2056L

Maven Income and Growth VCT 3 PLC

02 July 2014

 

Maven Income and Growth VCT 3 PLC

Issue of Equity and Total Voting Rights

On 24 October 2013, Maven Income and Growth VCT 3 plc (the "Company"), Maven Income and Growth VCT plc, Maven Income and Growth VCT 2 plc, Maven Income and Growth VCT 4 plc, Maven Income and Growth VCT 5 plc and Maven Income and Growth VCT 6 plc (together "the Companies") announced that they had published a Prospectus (comprising a Securities Note, Registration Document and Summary) in relation to offers for subscription for new Ordinary Shares in each of the Companies to raise, in aggregate, up to £20 million (before issue costs) together with an over-allotment facility for up to a further £5 million, in aggregate (the "Offer").

In view of discussions between the VCT industry and HM Treasury regarding proposed changes to regulations contained in The Finance Bill 2014, which would have applied to VCT shares issued on or after 6 April 2014, the Company announced on 28 May 2014 that the Directors of the Company proposed to postpone the allotment of new Ordinary Shares under the Offer for the 2014/15 tax year until the Directors believed that there was certainty that allotments could take place without contravening the new rules. HM Treasury has now clarified the operation of these new regulations to the Board's satisfaction and, on 28 May 2014, the Board announced that the Offer, would close at 5.00 pm on 30 May 2014 unless fully subscribed by an earlier date, with the allotment and listing of the new Ordinary Shares occurring as soon as practicable thereafter. 

The Board now confirms that all valid applications in respect of the 2014/15 tax year have been accepted in full and in relation to the applications received the Company issued and allotted a further 654,877 Ordinary Shares of 10 pence each on 1 July 2014 at an offer price of 83.89p per Ordinary Share.

As a result of the further allotment the number of Ordinary Shares now in issue, and the total voting rights of the Company, is 37,390,467.

Dealings in such Ordinary Shares are expected to commence on or around 4 July 2014.

Since the publication of the Prospectus, in aggregate, 5,054,003 Ordinary Shares of 10 pence each have been issued by the Company in relation to the Offer, with net proceeds of £4.09 million being raised by the Company through the issue of those shares.

For further information please contact Maven Capital Partners UK LLP by telephone on 0141 306 7400 or by e-mail to [e-mail].

Maven Capital Partners UK LLP

Secretary

2 July 2014

 

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