Maven Income & Growth VCT 4 PLC Statement re Offer for Subscription (8464F)
April 30 2014 - 1:02AM
UK Regulatory
TIDMMAV4 TIDMMAVC
RNS Number : 8464F
Maven Income & Growth VCT 4 PLC
30 April 2014
Maven Income and Growth VCT 4 plc (the "Company")
Extension to Offer for Subscription
On 24 October 2013, the Company, Maven Income and Growth VCT
plc, Maven Income and Growth VCT 2 plc, Maven Income and Growth VCT
3 plc, Maven Income and Growth VCT 5 plc and Maven Income and
Growth VCT 6 plc (together "the Companies") announced that they had
published a Prospectus (comprising a Securities Note, Registration
Document and Summary) in relation to offers for subscription for
new Ordinary Shares in each of the Companies to raise, in
aggregate, up to GBP20 million (before issue costs) together with
an over-allotment facility for up to a further GBP5 million, in
aggregate (the "Offer").
The Offer closed on 5 April 2014 in relation to the tax year
2013/14 and was intended to close on 30 April 2014 in relation to
the tax year 2014/15 unless fully subscribed by an earlier date or
previously extended by the directors of the Company (the
"Directors") to no later than 30 September 2014.
The Finance Bill 2014 (the "Bill"), published on 27 March 2014,
contained proposed changes to regulations which would apply to VCT
shares issued on or after 6 April 2014. The Directors have been
advised that certain provisions of the Bill are ambiguous and, if
an allotment were to be made subsequent to 6 April 2014, could be
interpreted in a manner that would have serious and adverse tax
consequences for all Shareholders. Although HM Treasury have
acknowledged the concerns made by the VCT industry regarding these
provisions, and have agreed that amendments will be made to them,
the relevant amendments have not yet been published. Any amendments
will also be subject to Parliamentary review and debate.
Therefore, in the interest of all of the Company's Shareholders,
the Directors have decided to postpone any allotment of new
Ordinary Shares under the Offer for the 2014/15 tax year, with
applications (and application monies) held pending until the
Directors believe that there is certainty that allotments can take
place without contravening the new rules. At such time when the
Directors have been advised that the allotments can be made without
adverse effects on the status and operation of the Company, an
appropriate announcement will be made.
Given that the Directors intended to allot Ordinary Shares for
the tax year 2014/15 before the end of April 2014, it was the
expectation that all new investors under the Offer would be
eligible to receive the final dividend from the Company for the
year ended 31 December 2013. However, in view of the above, it is
possible that any further allotment of new Ordinary Shares may now
take place after the record date for this dividend, in which case
the Offer Price will be adjusted under the Pricing Formula for the
Offer and will reflect that no dividend payment will be
received.
In view of the above, the Offer has been extended to 5.00 pm on
30 September 2014 or such earlier date on which the Offer is fully
subscribed or on which the directors of the Companies may resolve
to close the Offer. In relation to this issue, it is also proposed
that a Supplementary Prospectus will be submitted to the UKLA for
approval, at which point a further announcement will be made.
Any enquiries in respect of this extension to the Offer should
be directed to:
Maven Capital Partners UK LLP:
Telephone: 0141 306 7400
E-mail: enquiries@mavencp.com
Maven Capital Partners UK LLP
Secretary
30 April 2014
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEPGUBPCUPCPGB
Maven I&G 4 C (LSE:MAVC)
Historical Stock Chart
From Apr 2024 to May 2024
Maven I&G 4 C (LSE:MAVC)
Historical Stock Chart
From May 2023 to May 2024