Downing FOUR VCT plc: Publication of Prospectus

?Downing FOUR VCT plc ("the Company")
13 November 2018
LEI: 21380035MV1VRYEXPR95
Publication of Prospectus 

The Company has today issued a prospectus relating to an offer for subscription for Generalist Shares of 0.1p each in the Company ("Generalist Shares") and Healthcare Shares of 0.1p each in the Company (“Healthcare Shares”) (together, “New Shares”) to raise up to approximately £20 million in Generalist Shares and approximately £10 million in Healthcare Shares (the "Offer") (equivalent to 22 million Generalist Shares and 11.5 million Healthcare Shares, excluding Management Shares), following the approval of the prospectus from the UK Listing Authority. The Offer also includes an over-allotment facility to raise up to approximately a further £20 million in Generalist Shares (22 million Generalist Shares) and £20 million in Healthcare Shares (22.9 million Healthcare Shares) (excluding Management Shares).

Pursuant to an agreement dated 12 November 2018 relating to the Offer, between the Company and Downing LLP (the "Investment Manager") and which constitutes a smaller related party transaction within Listing Rule 11.1.10 R, the Investment Manager will receive:

• 3.0% of the amounts subscribed under the Offer where no intermediary commission is payable; and
   
• 5.0% of the amounts subscribed under the Offer and 0.25% per annum of the NAV of the Offer Shares for a maximum of five years where intermediary commission is payable, out of which Downing will pay up front and ongoing commission to those financial intermediaries eligible to receive it. Downing will also pay all other costs and expenses of, or incidental to, the Offer and Admission. The amounts payable will be capped at a maximum of £3 million.

The Offer opens at 9:00 a.m. on 14 November 2018 and will close at 3.00 p.m. on 5 April 2019 for the 2018/2019 tax year and 3:00 p.m. on 30 June 2019 for the 2019/2020 tax year, or earlier if the Offer is fully subscribed. The board of the Company reserves the right to close the Offer earlier or to extend the Offer (to no later than 31 October 2019).

The Prospectus has been approved by the UK Listing Authority and will shortly be available to view at the online viewing facility of the National Storage Mechanism at the following website address: http://www.morningstar.co.uk/uk/NSM

A copy of the Prospectus will shortly be available, free of charge from the Company's registered office, 6^th Floor, St. Magnus House, 3 Lower Thames Street, London EC3R 6HD and on Downing's website https://www.downing.co.uk