Maven Income & Growth VCT PLC Statement re Offer for Subscription (0755C)
September 26 2018 - 12:29PM
UK Regulatory
TIDMMIG1 TIDMMIG5
RNS Number : 0755C
Maven Income & Growth VCT PLC
26 September 2018
Joint Announcement
Offer for Subscription
26 September 2018
The Board of Directors of Maven Income and Growth VCT PLC
("Maven VCT 1") and Maven Income and Growth VCT 5 PLC ("Maven VCT
5") (together the "Companies" and each a "Company") are pleased to
announce that they have published a joint Prospectus (comprising a
Securities Note, Registration Document and Summary) in relation to
offers for subscription for new Ordinary Shares of 10p each in each
of the Companies to raise, in aggregate, up to GBP30 million with
over-allotment facilities of up to, in aggregate, a further GBP10
million (before issue costs) (the "Offers").
The Companies have also published a joint Circular (the
"Circular") seeking the approval of their respective Shareholders
for matters in connection with the Offers, each Company giving
notice of a General Meeting to be held on 2 November 2018 (the
"General Meeting").
The Offers will open on 26 September 2018 and the deadline for
receipt of applications is 12.00 noon on 3 April 2019 in relation
to the tax year 2018/19 and 12.00 noon on 26 April 2019 in relation
to the tax year 2019/20. The Offers will close on 26 April 2019
unless the relevant Offer is fully subscribed by an earlier date or
previously extended by the relevant Board to no later than 16
September 2019. Each Company intends to re-introduce its dividend
investment scheme (DIS) with immediate effect. Applicants under the
Offers can make a DIS election using the application form for the
Offers. Full details of each Company's DIS, together with mandate
forms are available from the relevant Company's website.
Each Offer is conditional on the passing of all the resolutions
at the relevant General Meeting.
Pursuant to individual offer agreements dated 26 September 2018
relating to each Offer between, among others, each relevant Company
and Maven Capital Partners LLP ("Maven"), Maven, as the
administrator of the Offer, will receive an offer administration
fee of 2.5% of the application amount in relation to each accepted
application, with reductions to the fee applying in certain cases
(for instance, early applications under the Offers). Maven as the
investment manager of each Company is a related party of each
Company under the Listing Rules, and the payment of such a fee by
the Company to Maven is a transaction to which Listing Rule
11.1.10R applies.
Maven VCT 1 has also agreed with Maven, subject to Shareholder
approval on the terms set out in the Circular, to vary the terms of
a management and administration deed entered into with Maven on 1
March 2015 (the "Deed"), with the effect that, from 1 March 2019,
Maven's fee for secretarial services will increase from GBP50,000
to GBP100,000 per annum (excluding VAT, if any), the notice period
under the Deed will be increased from six months to twelve months,
and the cap on fees payable to Maven under the Deed will be
removed. As Maven is a related party of Maven VCT 1 under the
Listing Rules, the aggregate potential impact of the above changes
to the terms of the management and administration deed between that
Company and Maven is a transaction to which Listing Rule 11.1.10R
applies.
The Maven VCT 1 Board composition is regularly reviewed by the
Directors, and Fiona Wollocombe will step down from the Board at
the end of the current financial year. Maven VCT 1 Shareholders
will be informed when further information is available regarding
the appointment of replacement or additional Directors.
To obtain a copy of the Securities Note, private investors and
financial advisers should call Maven Capital Partners LLP on 0141
306 7400. A downloadable version of the Securities Note will also
be available from each of the Company's websites:
http://www.mavencp.com/migvct and http://mavencp.com/migvct5.
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.
In accordance with the Listing Rules, the Prospectus and
Circular have been submitted to the National Storage Mechanism and
will shortly be available for inspection at:
www.morningstar.co.uk/uk/NSM.
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
Maven Capital Partners UK LLP
Secretary
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
STRDQLFLVKFBBBV
(END) Dow Jones Newswires
September 26, 2018 13:29 ET (17:29 GMT)
Maven Income & Growth Vct (LSE:MIG1)
Historical Stock Chart
From Apr 2024 to May 2024
Maven Income & Growth Vct (LSE:MIG1)
Historical Stock Chart
From May 2023 to May 2024