Over-allotment facility

RNS Number : 3417U

Income & Growth VCT (The) PLC

23 October 2017

 

The Income & Growth VCT plc

23 October 2017

Fundraising update - Decision to utilise over-allotment facility

The boards of Mobeus Income & Growth VCT plc, Mobeus Income & Growth 2 VCT plc, Mobeus Income & Growth 4 VCT plc and The Income & Growth VCT plc (the "Company") launched on 6 September 2017 offers for subscription to raise, in aggregate, up to £50 million, with over-allotment facilities to raise, in aggregate, up to a further £30 million ("the Offers" and each an "Offer").

The board of directors of the Company ("the Board") is pleased to report that, since the Offers were launched and following strong demand from investors, the Company has received applications for subscription totalling £11.3 million in respect of its Offer.  This amounts to 75.0% of the initial £15 million the Company is seeking to raise under its Offer.

In light of continuing strong demand from investors, and after consultation with Mobeus Equity Partners LLP, as Promoter to the Offers, the Board has today decided to utilise the over-allotment facility to raise up to a further £10 million under its Offer.

As previously notified, the Offers will close at 12 noon on 4 April 2018, unless an Offer is fully subscribed by an earlier date or otherwise closed at the relevant directors' discretion. 

Investors who successfully apply for shares pursuant to the Offers up to the earlier of the first £50 million, in aggregate, being raised across the Offers, or 3 November 2017, will be eligible to receive an early investment incentive discount of 1% of the amount they subscribe for under the Offers. 

As at 20 October 2017 the cumulative value of applications received and expected to be accepted under all four of the Offers was £42.8 million. The early investment incentive discount will therefore only apply to the next £7.2 million of successful applications, if applied for prior to 3 November 2017.

For further updates on the current cumulative value of applications received, and to see full details of the Offers and the Prospectus, please visit www.mobeusequity.co.uk/vct-investors/fundraising.

For further information please contact:

Rob Brittain

Mobeus Equity Partners LLP

Telephone: [phone]

 

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