Octopus Apollo VCT plc : Publication of a Prosp...

Octopus Apollo VCT plc (the "Company")

3 November 2015

Publication of a Prospectus and Circulars in connection with recommended proposals to merge the Company and Octopus VCT 2 plc ("OVCT2") to be completed pursuant to a scheme of reconstruction (the "Merger") under section 110 Insolvency Act 1986 and an offer for subscription by Apollo (the "Offer").  

In connection with the Merger the investment management agreement between the Company and Octopus Investments Limited ("Octopus"), the Company's investment manager, is being varied, subject to the Merger proceeding, to incorporate the existing management fee arrangements relating to OVCT2 (an annual management fee of 2% to be paid once dividends and distributions total or exceed 105p per OVCT2 share) into the Company's new D share fund.

In connection with the Offer, Octopus will receive a fee of up to 5.0% of the gross proceeds received by the Company under the Offer (comprising an initial charge of 2.5 per cent. of the gross funds raised and an initial commission of up to 2.5 per cent of gross funds raised from investors who have not invested their money through a financial intermediary ("Direct Investors") and

 an additional ongoing charge of 0.5% of the net asset value of the investment amount received by the Company from Direct Investors, payable for up to nine years, provided the Direct Investors continue to hold the shares.

The above arrangements fall within Listing Rule 11.1.10 R.
   

For further information please contact:

Nicola Board
Company Secretary
0207 776 8663

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Source: Octopus Apollo VCT plc via Globenewswire

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