Maven Income & Growth VCT PLC Statement re Prospectus and Circular (8172U)
20 Octubre 2014 - 12:27PM
UK Regulatory
TIDMMIG1 TIDMMIG2 TIDMMIG3 TIDMMAV4 TIDMMIG5
RNS Number : 8172U
Maven Income & Growth VCT PLC
20 October 2014
Joint Announcement
Prospectus and Circular
Maven Income and Growth VCT PLC ("Maven VCT 1"), Maven Income
and Growth VCT 2 PLC ("Maven VCT 2"), Maven Income and Growth VCT 3
PLC ("Maven VCT 3"), Maven Income and Growth VCT 4 PLC ("Maven VCT
4") and Maven Income and Growth VCT 5 PLC ("Maven VCT 5") (together
"the Companies" and each a "Company"). The Companies are managed by
Maven Capital Partners UK LLP ("Maven").
The Boards of the Companies are pleased to announce the launch
of the offers for subscription to raise, in aggregate, up to GBP18
million ("the Offers" and each an "Offer").
Full details of the Offers are contained in a prospectus ("the
Prospectus"), which was published by the Companies today.
In contrast to previous offers by Maven VCTs, prospective
investors can apply either to invest amounts of their choice in one
or more of the Offers or invest an equal amount in each of the
Companies pursuant to the Offers (subject to each relevant 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 10p each ("New Shares") in the relevant
Company.
The Offers open today and will close at 12.00 noon on 28 April
2015 (unless fully subscribed by an earlier date or otherwise
extended or closed at an earlier date at the Directors'
discretion). Persons intending to apply under the Offers for the
2014/2015 tax year should note that the deadline for such
applications is 12.00 noon on 1 April 2015.
Pursuant to individual offer agreements dated 20 October 2014
relating to each Offer between, among others, each relevant Company
and Maven, Maven will receive a fee of an amount equal to 2.5% of
the amounts remitted to each Company with an investor's application
(including any amounts requested to be facilitated) in respect of
applications accepted under that Offer less (i) an amount equal to
any early investment incentive discounts being made available by
the Company (as set out in the Prospectus) applicable in respect of
applications accepted under the relevant Offer, and less (ii) any
amounts that Maven has agreed to waive in respect of applications
accepted under the relevant Offer. As Maven is a related party of
each Company under the Listing Rules, the payment of such fee by
each Company to Maven is a transaction to which Listing Rule
11.1.10R applies.
Further, William Nixon and his associates have expressed their
intention, prior to the close of the Offers, to subscribe for up to
GBP300,000 under the Offers (up to GBP60,000 in respect of each
Company). As a director (in the case of Maven VCT 2, Maven VCT 3
and Maven VCT 4) or an associate of Maven (in the case of Maven VCT
1 and Maven VCT 5), William Nixon and, therefore, each of his
associates, are each a related party of each Company under the
Listing Rules and consequently each of these subscriptions is a
transaction to which Listing Rule 11.1.10R applies.
The Companies will also shortly be posting to shareholders a
joint circular ("the Circular") convening general meetings of the
Companies to be held on:
-- 20 November 2014 at 10.00 a.m. (Maven VCT 1)
-- 20 November 2014 at 10.15 a.m. (Maven VCT 2)
-- 20 November 2014 at 10.30 a.m. (Maven VCT 3)
-- 20 November 2014 at 10.45 a.m. (Maven VCT 4)
-- 20 November 2014 at 11.00 a.m. (Maven VCT 5)
to propose, amongst other things, granting authorities to the
Companies to allot New Shares pursuant to the Offers. The
Prospectus has been submitted to the Financial Conduct Authority
and copies of the Circular and Prospectus will shortly be available
for download from the Companies' websites:
-- www.mavencp.com/migvct
-- www.mavencp.com/migvct2
-- www.mavencp.com/migvct3
-- www.mavencp.com/migvct4
-- www.mavencp.com/migvct5
and from the National Storage Mechanism
(http://www.hemscott.com/nsm.do).
For further information, please contact:
Maven Capital Partners UK LLP
Telephone: 0141 306 7400
E-mail: enquiries@mavencp.com
Maven Capital Partners UK LLP
Secretary
20 October 2014
This information is provided by RNS
The company news service from the London Stock Exchange
END
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