Octopus Apollo VCT Proposed Increase In Size Of Offer For Subscription
March 03 2021 - 6:34AM
UK Regulatory
TIDMOAP3
Octopus Apollo VCT plc ("the "Company")
3 March 2021
Proposed Increase in Size of Offer for Subscription
Further to the announcement released by Octopus Apollo VCT plc (the
"Company") on 25 September 2020 relating the Company's Offer for
Subscription to raise up to GBP35 (GBP25 million with an over-allotment
facility of a further GBP10 million) (the "Offer"), in the 2020/2021 and
2021/2022 tax years, the Board of the Company announces today that, due
to investor demand, it is proposing to increase the size of the Offer
from GBP35 million to GBP75 million (the "Offer Increase").
Pursuant to an agreement relating to the Offer Increase between the
Company and Octopus Investments Limited, the Company's investment
manager (the "Manager"), this offer increase constitutes a smaller
related party transaction within Listing Rule 11.1.10 R, and the Manager
will receive:
-- an initial charge of 3 per cent. of the gross funds raised by the Company
under the Offer; and
-- a further charge of up to 2.5 per cent of gross funds raised by the
Company from investors under the Offer who have not invested their money
through a financial intermediary ("Direct Investors"); and
-- an additional ongoing charge of 0.5% per annum of the investment amounts
received from Direct Investors for up to nine years, provided the Direct
Investors continue to hold the shares.
For further information please contact:
Graham Venables
Octopus Company Secretarial Services Limited
0203 935 3803
(END) Dow Jones Newswires
March 03, 2021 07:34 ET (12:34 GMT)
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