Income & Growth VCT (The) PLC Fundraising Update (4273T)
November 14 2019 - 6:00AM
UK Regulatory
TIDMIGV
RNS Number : 4273T
Income & Growth VCT (The) PLC
14 November 2019
The Income & Growth VCT plc (the "Company")
Utilisation of over-allotment facility
The Company is seeking to raise GBP5 million for the 2019/20 tax
year, with an over-allotment facility to raise a further GBP5
million, by way of an offer for subscription (the "Offer") launched
on 25 October 2019. This Offer was launched in conjunction with
Mobeus Income & Growth VCT plc, Mobeus Income & Growth 2
VCT plc and Mobeus Income & Growth 4 VCT plc (together the
"Companies"). In aggregate, the Companies are seeking to raise of
up to a total of GBP38 million, with optional over-allotment
facilities to raise up to a further GBP20 million.
The board of directors is pleased to report that, since the
Offer was launched, and following strong demand from investors, the
Company has received applications for subscriptions totalling in
excess of GBP3.8 million, which amounts to more than 75% of the
initial GBP5 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 about the updated
pipeline of investments being assessed and likely deal completions
over the coming 18 months, the Board has today confirmed that the
optional over-allotment facility of GBP5 million will be used in
relation to the Offer. This increases the maximum amount which can
be raised under the Offer in respect of the Company to a total of
GBP10 million.
The Offer will close on 31 March 2020, or earlier in the event
that it becomes fully subscribed.
The Mobeus VCTs issued a prospectus, which is comprised of a
securities note, a registration document and a summary document,
relating to the Offer (the "Prospectus").
The Prospectus is available from the Company's website at
www.mobeus.co.uk/vct-fundraising and is available for inspection at
the National Storage Mechanism, which is located at:
www.morningstar.co.uk/uk/NSM
For further information please contact:
Mobeus Equity Partners LLP,
Company Secretary
T: +44 20 7024 7600
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END
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