Update upon the convening of a general meeting

RNS Number : 8318P

Mobeus Income & Growth VCT PLC

10 June 2015

 

Mobeus Income & Growth VCT plc

Update upon the convening of a general meeting

10 June 2015

Background

The Board of Mobeus Income & Growth VCT plc ("the Company") wishes to update Shareholders on its intention to convene a general meeting which was referred to in the prospectus dated 10th December 2014, issued by the Company jointly with Mobeus Income & Growth 2 VCT plc, Mobeus Income & Growth 4 VCT plc and The Income & Growth VCT plc (the "Prospectus"), in connection with an Offer for Subscription ("the Offer") by the Company and each of the other Companies.

The Board advised in the Prospectus (as also disclosed in the Company's annual report  for the year ended 31 December 2014 since published) that it had agreed with Mobeus Equity Partners LLP ("Mobeus") to:-

i)          make a bonus payment to Mobeus of £250,000, (inclusive of VAT, if any);  and

ii)    consider implementing a revised performance incentive agreement with Mobeus, such agreement to be similar to that currently in place, reflective of a total return performance and to be effective from 1st January 2015.

In each case, the proposals would be subject to the approval of Shareholders and the requirements of the Listing Rules. The Board further agreed to convene a general meeting to seek Shareholder approval of the proposals within three months of the close of the Offer. As the Offer closed on 10th March 2015, the relevant date by which to convene this general meeting is 10th June 2015.

Update

The Board advises that it has agreed with Mobeus that the 10th June deadline be extended to 30th June 2015, and intends to update Shareholders on this matter by that date.

For further information, please contact:

Robert Brittain, of Mobeus Equity Partners LLP, Company Secretary 020 7024 7612

 

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