Income & Growth VCT (The) PLC Joint Announcement - Fundraising Update (9638X)
November 30 2017 - 3:15AM
UK Regulatory
TIDMIGV TIDMMIX TIDMMIG TIDMMIG4
RNS Number : 9638X
Income & Growth VCT (The) PLC
30 November 2017
Mobeus Income & Growth VCT plc
Mobeus Income & Growth 2 VCT plc
Mobeus Income & Growth 4 VCT plc
The Income & Growth VCT plc
(together the "Companies" and each a "Company")
Joint Announcement - Fundraising update and intention to publish
a Supplementary Prospectus
On 6 September 2017, the Companies published a prospectus (the
"Prospectus") in relation to offers for subscription to raise, in
aggregate, up to GBP80 million (together the "Offers" and each an
"Offer"). As at 21 November 2017, applications for subscription
totalling, in aggregate, GBP60.3 million had been received and
accepted in respect of the Offers.
On 22 November 2017, following the Autumn Budget Statement, Her
Majesty's Government published policy papers that will introduce
changes to the rules governing Venture Capital Trusts. While the
headlines are generally positive, the Companies are reviewing the
proposed changes with their advisers and await the first draft of
the Finance Bill, which is expected to provide fuller details of
the proposed changes. The draft Finance Bill is due to be published
on 1 December 2017.
As of the date of this announcement, each board does not have
any reason to believe that the policy changes will materially
affect either the purpose for which funds are being raised pursuant
to their Company's Offer or in respect of their Company's
investment policy and strategy. They do, however, regard the
changes to be a significant new factor in relation to VCT rules
requiring the publication of a supplementary prospectus to the
Prospectus.
Each board confirms that it remains its intention that their
Company's Offer remains open and that a supplementary prospectus
will be issued as soon as reasonably practicable to inform
prospective investors of the changes to be made in the Finance
Bill. This supplementary prospectus will also include information
on the annual report and financial statements of The Income &
Growth VCT plc in respect of the year ending 30 September 2017.
No further share allotments will take place under the Offers
until at least 48 hours after the publication of the supplementary
prospectus. The publication of the supplementary prospectus will be
announced and made available on the Companies' websites and lodged
at the National Storage Mechanism.
For further information please contact:
Robert Brittain
Mobeus Equity Partners LLP, Company Secretary, on 020 7024
7600
This information is provided by RNS
The company news service from the London Stock Exchange
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