Joint Announcement - Fundraising Update

RNS Number : 9638X

Income & Growth VCT (The) PLC

30 November 2017

 

Mobeus Income & Growth VCT plc

Mobeus Income & Growth 2 VCT plc

Mobeus Income & Growth 4 VCT plc

The Income & Growth VCT plc

(together the "Companies" and each a "Company")

Joint Announcement - Fundraising update and intention to publish a Supplementary Prospectus

On 6 September 2017, the Companies published a prospectus (the "Prospectus") in relation to offers for subscription to raise, in aggregate, up to £80 million (together the "Offers" and each an "Offer").  As at 21 November 2017, applications for subscription totalling, in aggregate, £60.3 million had been received and accepted in respect of the Offers.

On 22 November 2017, following the Autumn Budget Statement, Her Majesty's Government published policy papers that will introduce changes to the rules governing Venture Capital Trusts.  While the headlines are generally positive, the Companies are reviewing the proposed changes with their advisers and await the first draft of the Finance Bill, which is expected to provide fuller details of the proposed changes.  The draft Finance Bill is due to be published on 1 December 2017.

As of the date of this announcement, each board does not have any reason to believe that the policy changes will materially affect either the purpose for which funds are being raised pursuant to their Company's Offer or in respect of their Company's investment policy and strategy.  They do, however, regard the changes to be a significant new factor in relation to VCT rules requiring the publication of a supplementary prospectus to the Prospectus. 

Each board confirms that it remains its intention that their Company's Offer remains open and that a supplementary prospectus will be issued as soon as reasonably practicable to inform prospective investors of the changes to be made in the Finance Bill.  This supplementary prospectus will also include information on the annual report and financial statements of The Income & Growth VCT plc in respect of the year ending 30 September 2017.

No further share allotments will take place under the Offers until at least 48 hours after the publication of the supplementary prospectus.  The publication of the supplementary prospectus will be announced and made available on the Companies' websites and lodged at the National Storage Mechanism.

For further information please contact:

Robert Brittain

Mobeus Equity Partners LLP, Company Secretary, on 020 7024 7600

 

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