Publication of a Prospectus

RNS Number : 2225R

Income & Growth VCT (The) PLC

25 October 2019

 

Joint Announcement

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 Mobeus Equity Partners LLP (Mobeus).

The boards of the Companies are pleased to announce the launch of offers for subscription to raise, in aggregate, up to £38 million, with over-allotment facilities to raise, in aggregate, up to a further £20 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)	£10 million	£15 million	£8 million	£5 million
Maximum amount to be raised (including the over-allotment facility)	£15 million	£20 million	£13 million	£10 million

If a board decides (in consultation with Mobeus) 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.

The Offers open today and will close at 12.00 midnight on 31 March 2020 (unless an Offer is fully subscribed by an earlier date or otherwise closed at the relevant board's discretion).

Full details of the Offers are contained in the summary, securities note and registration document, which together constitute a prospectus (the Prospectus), published by the Companies today. The Prospectus will shortly be available for download from Mobeus' website: www.mobeus.co.uk/vct-investors/fundraising.

The Prospectus has also been submitted to the Financial Conduct Authority and will shortly be available for inspection at the National Storage Mechanism, which is located at http://www.morningstar.co.uk/uk/nsm.

Pursuant to an offers' agreement dated 25 October 2019 relating to the Offers between, among others, each Company and Mobeus, each Company will pay Mobeus 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 (i) an amount equal to 0.5% of the Investment Amounts in respect of investors who receive advice from a financial adviser (and the application forms are completed by the financial adviser on this basis) less (ii) an amount equal to any 'execution only' initial commission waived by 'execution only' intermediaries in respect of such applications, and less (iii) an amount equal to any further amounts by which Mobeus 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. Where a Company utilises its over-allotment facility under its Offer, Mobeus has further agreed to cap the amount payable by that Company to 2.5% of the gross amount raised under its Offer (and rebate any amounts paid in excess of this amount to the relevant Company), such amount being inclusive of VAT.

As Mobeus 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 Mobeus is a transaction to which Listing Rule 11.1.10 applies.

In addition, if a Company utilises its over-allotment facility, Mobeus has agreed to waive its management fees for the relevant Company by an amount equal to 1.0% of any net funds raised by that Company under its over-allotment facility for the 12 month period commencing on the start of the first calendar quarter following close of that Company's Offer.

For further information, please contact:

Mobeus Equity Partners LLP

Rob Brittain

Telephone: [phone]

 

END

 

 

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