9
September 2024
Blackfinch Spring VCT plc (the "Company")
Publication of Prospectus and Circular
The Company has issued a prospectus
dated 9 September 2024 (the "Prospectus"), relating to a proposed
offer for subscription of ordinary shares of 1p each in the Company
("Shares") to raise up to £20 million with an over-allotment of up
to a further £20 million (the "Offer"), and a circular (the
"Circular") in connection with the Offer, following approval from
the Financial Conduct Authority.
The Circular includes a notice of a
general meeting to be held on 10 October 2024 (the "General
Meeting").
Pursuant to an agreement dated 9
September 2024 relating to the Offer between, inter alia, the
Company and Blackfinch Investments Limited, the Company's
investment manager (the "Manager"), the Manager will
receive:
· an
initial charge of 2.5 per cent. of the gross funds raised under the
Offer by the Company; and
· a
further charge of up to 3 per cent of gross funds raised under the
Offer by the Company from investors who have not invested their
money through a financial intermediary ("Direct
Investors");
As the Manager is the Company's
investment manager and, therefore, a related party of the Company
under the UK Listing Rules, the payment of the above fees by the
Company to the Manager is a transaction to which UK Listing Rule
11.5.5 applies. Accordingly, the Offer is conditional on
shareholders passing Resolution 1 at the General
Meeting.
The Offer will open on 9 September
2024 and will close at 5pm on 3 April 2025 for the 2024/2025 tax
year and 5pm on 20 August 2025 for the 2025/2026 tax year, or
earlier if the Offer is fully subscribed. The board of the Company
reserves the right to close the Offer earlier.
The Prospectus and Circular will
shortly be available for inspection at the National Storage
Mechanism, which is located at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
and on the Company's
website
www.blackfinch.ventures/vct
For further information
please contact:
Blackfinch Investments Limited (Investment
Manager)
01452 717070
The City Partnership (UK) Limited (Company
Secretary)
enquiries@city.uk.com
