NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN OR
INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF
SOUTH AFRICA OR ANY JURISDICTION FOR WHICH THE SAME COULD BE
UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN
OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION, INCLUDING IN THE
UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH
AFRICA.
Joint
Announcement by Maven Income and Growth VCT PLC, Maven Income and
Growth VCT 3 PLC, Maven Income and Growth VCT 4 PLC and Maven
Income and Growth VCT 5 PLC
Offer for
Subscription
A prospectus relating to offers for
subscription by Maven Income and Growth VCT PLC, Maven Income and
Growth VCT 3 PLC, Maven Income and Growth VCT 4 PLC and Maven
Income and Growth VCT 5 PLC (together the "Companies" and each a
"Company") to raise up to, in aggregate, £40,000,000 including
over-allotment facilities for up to, in aggregate, £20,000,000
through the issue of new ordinary shares of 10p each in the capital
of the Companies (each an "Offer" and together the "Offers"), was
issued by the Companies on 27 September 2024 (the
"Prospectus").
The Companies have also published a
joint Circular (the "Circular") seeking the approval of their
respective shareholders for various matters, including obtaining
shareholder approval of allotment and disapplication authorities in
connection with the Offers and each Company giving notice of a
General Meeting to be held on 14 November 2023 (the "General
Meeting").
The Offers will open on 27 September
2024 and are expected to close no later than 5 April 2025 for
shares to be allotted in the 2024/25 tax year, and no later than 1
May 2025 for shares to be allotted in the 2025/26 tax year (unless
fully subscribed by an earlier date or previously extended by the
directors to no later than 26 September 2025).
Each Offer is conditional on the
passing of certain resolutions at the relevant General Meeting as
set out in the Circular.
Pursuant to individual offer
agreements dated 27 September 2024 relating to the Offer between,
among others, the Companies and Maven Capital Partners ("Maven"),
Maven, in exchange for providing administration services and
endeavouring to procure subscribers in connection with the Offer,
will receive a fee of up to 2.5% of the aggregate amount received
by the Companies from subscribers under the Offer. Maven, as the
investment manager of the Companies, is a related party of the
Companies under UK Listing Rule 11.5.3R, and the payment of such a
fee by the Companies to Maven is a related party transaction of an
adequate size under UK Listing Rule 11.5.4R for UK Listing Rule
8.2.1R to apply. The Board considers this transaction fair and
reasonable as far as the shareholders of the Company are concerned
and have been provided with written confirmation of this by the
Company's sponsor, Howard Kennedy Corporate Services
LLP.
To obtain a copy of the Prospectus, private
investors and financial advisers should call Maven Capital Partners
LLP on 0141 306 7400. A downloadable version of the Prospectus will
also be available from the Maven website: www.mavencp.com/vctoffer.
Copies of the Prospectus and Circular are
available, free of charge, from Maven Capital Partners UK LLP at
Kintyre House, 205 West George Street, Glasgow G2 2LW.
A copy of the
Prospectus has been submitted to the National Storage Mechanism and
will shortly be available for viewing online at the following
website address: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Any enquiries in respect of the
Offers should be directed to:
Maven Capital Partners UK
LLP
Telephone: 0141 306 7400
E-mail: enquiries@mavencp.com
The information contained within
this announcement is deemed by the Companies to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014). Upon the publication of this announcement via
Regulatory Information Service, this inside information is now
considered to be in the public domain.
Notes
This announcement does not
constitute or form part of any offer to issue or sell, or any
solicitation of any offer to subscribe or purchase, any investment
in any jurisdiction, nor shall it (or the fact of its distribution)
form the basis of, or be relied on in connection with, any contract
therefor.
