Pembroke VCT PLC New share offer (9672M)
October 19 2016 - 7:26AM
UK Regulatory
TIDMPEMV TIDMPEMB
RNS Number : 9672M
Pembroke VCT PLC
19 October 2016
19 October 2016
Pembroke VCT plc
New share offer
The board of directors of Pembroke VCT plc (the "Company") is
pleased to announce a new offer for subscription of B Ordinary
Shares of up to GBP15 million, with an over-allotment facility of
up to GBP10 million.
The Company has raised approximately GBP30.9 million (net of
costs) since its inaugural offer for subscription in February 2013.
As at 30 June 2016, the Company had invested GBP23.8 million in a
diverse portfolio of 25 investments with GBP15.7 million from the
Ordinary Share class and GBP8.1 million in the B Ordinary Share
class.
The B Ordinary Shares are an existing class of share which at 30
June 2016 had an unaudited net asset value of 104.41 pence per
share (prior to the payment of a final dividend of 2 pence per
share to be paid on 31 October 2016).
The new offer will provide investors with immediate access to an
existing portfolio of assets in the B Ordinary Share class which
includes high growth opportunities such as Plenish, ME+EM and
Second Home. The Company has also begun the process of realising
value from its investments, offering investors the potential to
benefit from any sales and reinvestment within the B Ordinary Share
portfolio. It is expected that the new share offer will be
available for subscription from November 2016.
Regulatory changes introduced in November 2015 restrict the
types of companies that VCTs can invest in. However, Pembroke's
continued focus on providing development capital to promising
growth opportunities rather than management buy-out transactions
leaves its strategy unchanged.
Subscription for new B Ordinary Shares in the Company will
provide investors with access to an effective investment strategy
focused on a carefully selected portfolio of apparel, leisure,
hospitality and technology investments, replicating the existing
approach of the Company, whilst benefiting from the tax benefits
available to investors in VCTs.
For further information, please contact:
Pembroke VCT plc
+44 20 7766 6900
Peter Dubens
Oakley Investment Managers LLP (Manager)
+44 20 7766 6900
Andrew Wolfson / Simon Male
The City Partnership (UK) Limited (Company Secretary)
+44 131 243 7215
Doreen Nic
Cornerstone Communications
+44 07917 080 365
Richard Acworth
This information is provided by RNS
The company news service from the London Stock Exchange
END
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