Statement re Proposed Joint Fund Raising

RNS Number : 8606O

Maven Income & Growth VCT PLC

25 September 2013

 



Maven Income and Growth VCT plc, 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 (the "Companies")

Statement re: Proposed Joint Fundraising

The Directors of the Companies are pleased to announce that they are planning to raise up to £20 million, in aggregate, by way of a joint offer for subscription of new ordinary shares (the "Offer"). 

Maven Income and Growth VCT plc, Maven Income and Growth VCT 2 plc, Maven Income and Growth VCT 3 plc and Maven Income and Growth VCT 4 plc will each be aiming to raise up to £4 million, with Maven Income and Growth VCT 5 plc and Maven Income and Growth VCT 6 plc aiming to raise up to £3 million and £1 million respectively.

Applications will be accepted on a first-come, first-served basis, subject to the Directors' discretion.  Each applicant's subscription will be split across the six Companies pro-rata to the amounts being raised by each Company, in accordance with the terms to be set out in the Prospectus for the Offer.

It is anticipated that the Offer will remain open until 5 April 2014 in respect of the 2013/14 tax year and until late April 2014 in respect of the 2014/15 tax year, unless fully subscribed at an earlier date and subject to the Directors' right to close or extend the Offer at any time. As there would be no minimum overall subscription, potential investors can be assured that the Offer, once launched, will proceed.

The full terms of the Offer will be set out in a detailed Prospectus to be approved by the UK Listing Authority which is expected to be issued in October 2013.  The Offer will be subject to the approval of the Shareholders of each of the Companies, who will receive a Circular explaining the necessary authorities required for the Offer to proceed.  It is anticipated that the Circular will be issued in October 2013.

On behalf of the Board

Maven Capital Partners UK LLP, Secretary

25 September 2013

 

END

 

 

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