Elderstreet VCT Plc Publication Of Prospectus

 
TIDMEDV 
 
   Draper Esprit VCT plc ("the Company") 
 
   LEI: 2138003I9Q1QPDSQ9Z97 
 
   3 October 2019 
 
   Publication of Prospectus 
 
   The Company has today issued a prospectus (the "Prospectus") relating to 
an offer for subscription for ordinary shares of 5p each in the Company 
("New Shares") to raise up to GBP20 million (the "Offer") following the 
approval of the Prospectus by the Financial Conduct Authority. This is 
equivalent to approximately 34,558,669 New Shares assuming the Offer is 
fully subscribed based on the current NAV and maximum offer costs of 
5.5%, though up to a maximum of 40,000,000 New Shares may be issued 
under the Offer. 
 
   In addition, the Company has entered into a smaller related party 
transaction under Listing Rule 11.1.10R with Elderstreet Investments 
Limited ("Elderstreet"), the Company's investment adviser. 
 
   In respect of the proposed Offer, it is proposed that Elderstreet will 
be appointed by the Company as promoter pursuant to an agreement as has 
been the case under previous offers made by the Company. 
 
   Under the terms of the Offer, Elderstreet will receive a promoter's fee 
from the Company of up to 3.5% of the amount applied for; from this they 
will pay all of the costs and expenses (save for commission and adviser 
charges payable to intermediaries) of the Offer and will contribute to 
such costs should they exceed the promoter fee actually received. 
 
   In addition, the Company has entered into a smaller related party 
transaction under Listing Rule 11.1.10R with Downing LLP ("Downing"), 
the Company's administration provider to increase the annual fee payable 
to Downing from GBP50,000 to GBP65,000. 
 
   The above arrangements in aggregate fall within the smaller related 
party listing rule 11.1.10R. 
 
   The Offer will open on 4 October 2019 and will close at 3.00 pm on 3 
April 2020 for the 2019/2020 tax year and 3.00 pm on 31 May 2020 for the 
2020/2021 tax year, or earlier if the Offer is fully subscribed. The 
board of the Company reserves the right to close the Offer earlier or to 
extend the Offer to no later than 2 October 2020). 
 
   The Prospectus will shortly be available to view at the online viewing 
facility of the National Storage Mechanism at the following website 
address: http://www.morningstar.co.uk/uk/NSM 
 
   Copies of the Prospectus are available, free of charge from the 
Company's registered office, 6(th) Floor, St. Magnus House, 3 Lower 
Thames Street, London EC3R 6HD and on the Downing website at 
www.downing.co.uk/existing-investor/draper-esprit-vct.

(END) Dow Jones Newswires

October 03, 2019 09:27 ET (13:27 GMT)

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