Statement re Offer for Subscription

RNS Number : 8462F

Maven Income and Growth VCT 3 PLC

30 April 2014

 



Maven Income and Growth VCT 3 plc (the "Company")

Extension to Offer for Subscription

On 24 October 2013, 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").

The Offer closed on 5 April 2014 in relation to the tax year 2013/14 and was intended to close on 30 April 2014 in relation to the tax year 2014/15 unless fully subscribed by an earlier date or previously extended by the directors of the Company (the "Directors") to no later than 30 September 2014.

The Finance Bill 2014 (the "Bill"), published on 27 March 2014, contained proposed changes to regulations which would apply to VCT shares issued on or after 6 April 2014. The Directors have been advised that certain provisions of the Bill are ambiguous and, if an allotment were to be made subsequent to 6 April 2014, could be interpreted in a manner that would have serious and adverse tax consequences for all Shareholders. Although HM Treasury have acknowledged the concerns made by the VCT industry regarding these provisions, and have agreed that amendments will be made to them, the relevant amendments have not yet been published. Any amendments will also be subject to Parliamentary review and debate. 

Therefore, in the interest of all of the Company's Shareholders, the Directors have decided to postpone any allotment of new Ordinary Shares under the Offer for the 2014/15 tax year, with applications (and application monies) held pending until the Directors believe that there is certainty that allotments can take place without contravening the new rules. At such time when the Directors have been advised that the allotments can be made without adverse effects on the status and operation of the Company, an appropriate announcement will be made.

Given that the Directors intended to allot Ordinary Shares for the tax year 2014/15 before the end of April 2014, it was the expectation that all new investors under the Offer would be eligible to receive the final dividend from the Company for the year ended 30 November 2013. However, in view of the above, it is possible that any further allotment of new Ordinary Shares may now take place after the record date for this dividend, in which case the Offer Price will be adjusted under the Pricing Formula for the Offer and will reflect that no dividend payment will be received.

In view of the above, the Offer has been extended to 5.00 pm on 30 September 2014 or such earlier date on which the Offer is fully subscribed or on which the directors of the Companies may resolve to close the Offer. In relation to this issue, it is also proposed that a Supplementary Prospectus will be submitted to the UKLA for approval, at which point a further announcement will be made.

Any enquiries in respect of this extension to the Offer should be directed to:

Maven Capital Partners UK LLP:

Telephone:  [phone]

E-mail: [e-mail]

Maven Capital Partners UK LLP

Secretary

30 April 2014

 

END

 

 

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