Issue of Equity

RNS Number : 1006I

Maven Income & Growth VCT PLC

20 March 2015

 

Maven Income and Growth VCT PLC

Offer for Subscription

On 20 February 2015, under announcement RNS 5075F, the board of Maven Income and Growth VCT PLC (the Company) confirmed that its offer for subscription (the Offer), which had opened on 20 October 2014, was closed for further applications, with the Company having received valid applications to the value of £4 million pursuant to the Offer, of which applications accepted in respect of the 2014/2015 tax year represented the sum of £3.73 million. As stated in that announcement, 5,506,387 new Ordinary Shares of 10p each in respect of applications for the 2014/2015 tax year were issued and allotted.

Further to the above announcement, on 20 March 2015 the Company has issued and allotted a further 203,769 new Ordinary Shares of 10p each in respect of the applications in respect of the 2014/2015 tax year. The offer prices at which these new Ordinary Shares were issued and allotted ranged from £0.64850843 to £0.66858327 per Ordinary Share and, as a result of this further allotment, the Company's issued share capital consists of 54,003,731 Ordinary Shares with voting rights (Voting Capital).

The allotment of these additional shares is intended to account for the interim dividend of 2.40p per

Ordinary Share paid on 5 December 2014, which had been included in the Company's net asset value per Ordinary Share (NAV) of 67.25p as at 30 November 2014 that had been used to calculate the allotments made on 20 February 2015. The additional new Ordinary Shares issued by the Company under this allotment will result in each successful applicant having had their full subscription monies in the 2014/15 tax year invested using an adjusted NAV of 64.85p per Ordinary Share and offer prices ranging from £0.64850843 to £0.66858327 per Ordinary Share. In due course an additional share certificate will be issued to each such applicant, along with a revised illustration of the basis of calculation and a replacement tax certificate.

In respect of this allotment, an application will be made by the Company to the UK Listing Authority and to the London Stock Exchange for the new Ordinary Shares so issued to be admitted to the Official List and to trading on the London Stock Exchange's main market for listed securities. It is expected that the admission of the new Ordinary Shares will become effective and dealings will commence on or around 26 March 2015.

The above statement of Voting Capital may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure and Transparency Rules.

Maven Capital Partners UK LLP

Secretary

20 March 2015

 

END

 

 

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