Maven Income & Growth VCT 4 PLC Statement re Offer for Subscription (6312R)
September 22 2017 - 1:25PM
UK Regulatory
TIDMMAV4 TIDMMIG3 TIDMTTM
RNS Number : 6312R
Maven Income & Growth VCT 4 PLC
22 September 2017
Joint Announcement
Offer for Subscription
22 September 2017
The board of directors of Maven Income and Growth VCT 3 PLC
("Maven VCT 3") and Maven Income and Growth VCT 4 PLC ("Maven VCT
4") (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 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 8 November 2017 (the
"General Meeting").
The Offers will open on 22 September 2017 and are expected to
close no later than 3 April 2018 in relation to the tax year
2017/18 and on 20 April 2017 in relation to the tax year 2018/19
(unless the relevant Offer is fully subscribed by an earlier date
or previously extended by the relevant board to no later than 14
September 2018).
Each Offer is conditional on the passing of all the resolutions
at the relevant General Meeting.
Pursuant to individual offer agreements dated 22 September 2017
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.
Further, William Nixon has expressed his intention, prior to the
close of each of the Offers, to subscribe GBP50,000 in Maven VCT 3
and GBP50,000 in Maven VCT 4 under the relevant Offer. As a
director of each of the Companies, William Nixon is a related party
of the relevant Company under the Listing Rules and consequently
each subscription is a transaction to which Listing Rule 11.1.10R
applies.
Maven VCT 3 has also agreed with Maven that with effect from 1
December 2017 Maven will also be entitled to a performance
incentive fee, for each six month period ending 31 May and 30
November, of an amount equal to 15% of any increase in the total
return (before applying any performance incentive fee) as at the
end of the relevant six month period to the total return (after
accruing for the performance incentive fee payable for that period)
compared to the end of the last six month period on which a
performance incentive fee was paid. Payments in relation to any
performance incentive fee shall not exceed GBP890,000 in relation
to any rolling twelve month period ending on the date of the
proposed payment. Maven and Maven VCT 3 have also agreed to vary
the terms of a co-investment agreement (which enables employees and
officers of Maven to co-invest with Maven VCT 3 in certain new and
follow-on investments) with the effect that the 8% total investment
limit (which applies to the investments that can be made by such
employees and officers) will be reduced to 5% with effect from 1
December 2017. As Maven is a related party of Maven VCT 3 under the
Listing Rules, the introduction of a performance incentive fee
payable by that Company to Maven, together with the variation of
the co-investment arrangements, are transactions to which Listing
Rule 11.1.10R applies.
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 the each of the Company's websites:
http://www.mavencp.com/migvct3 and http://www.mavencp.com/migvct4
.
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 company news service from the London Stock Exchange
END
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