Offer for Subscription Update

RNS Number : 2805I

Maven Income & Growth VCT PLC

28 May 2014

 

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

Offer for Subscription Update

On 24 October 2013, the Company, Maven Income and Growth VCT 2 plc, Maven Income and Growth VCT 3 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 in relation to the tax year 2014/15 was intended to close on 30 April 2014 unless fully subscribed by an earlier date or previously extended by the directors of the Companies (the "Directors") to no later than 30 September 2014.

In view of discussions between the VCT industry and HM Treasury regarding proposed changes to regulations (contained in The Finance Bill 2014 published on 27 March 2014), which would have applied to VCT shares issued on or after 6 April 2014, the Company announced on 20 April 2014 that, in the interest of all of the Company's Shareholders, the Directors  proposed to postpone the allotment of new Ordinary Shares under the Offer for the 2014/15 tax year, with applications (and application monies) held pending 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 proposed changes to regulations.   As a result, the Companies will now recommence allotments of new Ordinary Shares in relation to the Offer for the tax year 2014/15, and announce that the Offer will 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. 

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

Maven Capital Partners UK LLP:

Telephone:  [phone]

E-mail: [e-mail]

Maven Capital Partners UK LLP

Secretary

28 May 2014

 

END

 

 

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