Offers for Subscription and Issue of Prospectus

RNS Number : 9185B

Income & Growth VCT (The) PLC

05 October 2022

 

Mobeus Income & Growth VCT plc   (LEI: 213800HKOSEVWS7YPH79)

Mobeus Income & Growth 2 VCT plc   (LEI: 213800LY62XLI1B4VX35)

Mobeus Income & Growth 4 VCT plc   (LEI: 2 13800IFNJ65R8AQW943)

The Income & Growth VCT plc   (LEI: 213800FPC15FNM74YD92)

Offers for Subscription and Issue of Prospectus

This announcement is made jointly by Mobeus Income & Growth VCT plc (MIG), Mobeus Income & Growth 2 VCT plc (MIG 2), Mobeus Income & Growth 4 VCT plc (MIG 4) and The Income & Growth VCT plc (I&G) (together the Companies and each a Company), which are advised by Gresham House Asset Management Limited (Gresham House).

The boards of the Companies are pleased to announce the launch of offers for subscription to raise, in aggregate, up to £47 million, with over-allotment facilities to raise, in aggregate, up to a further £29 million (together the Offers and each an Offer). The amount each Company is seeking to raise is set out below:

	MIG	MIG 2	MIG 4	I&G
Maximum amount to be raised (excluding the over-allotment facility)	£14 million	£8 million	£11 million	£14 million
Maximum amount to be raised (including the over-allotment facility)	£22 million	£16 million	£16 million	£22 million

Full details of the Offers are contained in the prospectus issued by the Companies today (Prospectus). The Offers will open for applications at 9.00 a.m. on 17 October 2022 and will close for Applications (unless fully subscribed earlier or otherwise at the discretion of the relevant Board) at 5.30 p.m. on 27 March 2023 . If a board decides (in consultation with Gresham House) to utilise its Company's over-allotment facility, this will be advised through a RIS announcement.

Investors can select which of the Companies they wish to invest in. Investors can apply to invest equally in all of the Companies or different amounts in one or more of the Companies (subject to an Offer not having closed prior to the application form being processed). The amount subscribed under each Offer will be invested into new ordinary shares of 1p each in the relevant Company.

Applications under an Offer will be accepted on a 'first-come, first-served' basis, subject always to the discretion of the relevant Company's board of directors. For these purposes 'first-come, first-served' shall be assessed based on the date and time of receipt of a fully completed application, subject to receipt of application monies (in full) in cleared funds within five business days thereafter to retain the applicant's position of priority.

The Prospectus, which has been approved by the Financial Conduct Authority, will shortly be available for download from the Companies' websites at:

· MIG: www.migvct.co.uk

· MIG 2: www.mig2vct.co.uk

· MIG 4: www.mig4vct.co.uk

· I&G: www.theincomeandgrowthvct.co.uk

The Prospectus will also shortly be available for inspection at the National Storage Mechanism, which is located at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

Pursuant to an offers' agreement dated 5 October 2022 relating to the Offers between, among others, each Company and Gresham House, each Company will pay Gresham House a fee of an amount representing 3.0% of the Investment Amounts (as defined in the Prospectus) in respect of applications accepted under its Offer, less an amount equal to (i) 0.5% of the Investment Amounts in respect of investors who receive advice from a financial adviser other than in respect of a Professional Client (as defined in the Prospectus) investor (and the application forms are completed by the financial adviser on this basis), (ii) 0.5% of the Investment Amounts where initial commission is waived by intermediaries in respect of applications from 'execution only' investors and Professional Client investors, (iii) 0.5% of the Investment Amounts in respect of direct investors who are existing shareholders in one or more of the Companies and (iv) any further amounts by which Gresham House agrees (at its discretion, but subject to not reducing Offer Costs (as defined in the Prospectus) to nil) to reduce its fees in respect of such applications, such amount being inclusive of VAT.

As Gresham House is a related party of each Company under the Listing Rules of the Financial Conduct Authority, the payment of such fee by each Company to Gresham House is a transaction to which Listing Rule 11.1.10 applies.

For further information, please contact:

Gresham House Asset Management Limited

Company Secretary

Telephone: [phone]

Please note that the Mobeus VCTs and Gresham House cannot give any financial, legal, tax or investment advice.

 

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