Maven Income and Growth VCT 3 PLC Publication of a Prospectus (3691M)
September 20 2021 - 12:21PM
UK Regulatory
TIDMMIG3 TIDMMAV4
RNS Number : 3691M
Maven Income and Growth VCT 3 PLC
20 September 2021
Joint Announcement by Maven Income and Growth VCT 3 PLC and
Maven Income and Growth VCT 4 PLC
Offers for Subscription
20 September 2021
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 each
of the Companies to raise, in aggregate, up to GBP20 million with
over-allotment facilities of up to, in aggregate, a further GBP20
million (before issue costs) (the "Offers" and each an
"Offer").
The Companies have also published a joint Circular (the
"Circular") seeking the approval of their respective shareholders
for various matters, including obtaining shareholder approval of
allotment and disapplication authorities in connection with the
Offers, each Company giving notice of a General Meeting to be held
on 20 Octo ber 2021 (the "General Meeting").
The Offers will open on 20 September 2021 and the deadline for
receipt of applications is 12.00 noon on 4 April 2022 in relation
to the tax year 2021/22 and 12.00 noon on 27 May 2022 in relation
to the tax year 2022/23. The Offers will close on 3 June 2022
unless the relevant Offer is fully subscribed by an earlier date or
previously extended by the relevant Board to no later than 9
September 2022.
Each Offer is conditional on the passing of certain resolutions
at the relevant General Meeting.
Pursuant to individual offer agreements dated 19 September 2021
relating to each Offer between, among others, each relevant Company
and Maven Capital Partners LLP ("Maven"), Maven, as the
administrator of each 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, pursuant to a deed of variation dated 20 September 2021
between Maven VCT 3 and Maven, both parties have agreed to vary the
terms of the relevant management and administration deed, dated 1
December 2015, to remove the cap of GBP890,000 (in any rolling
twelve month period) on the payment of performance incentive fees
to Maven. It is proposed that cap is removed with effect from 1
December 2021. Since Maven is the investment manager of Maven VCT 3
and is, therefore, a related party of Maven VCT 3 under the Listing
Rules, the entry into the deed of variation is a related party
transaction which requires approval of the shareholders of Maven
VCT 3 under Listing Rule 11.
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
shortly be available from the Maven website:
www.mavencp.com/vctoffer .
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.
Copies of the Prospectus and the Circular have been submitted to
the National Storage Mechanism and will shortly be available for
viewing online at the following website address:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
Any enquiries in respect of this announcement should be directed
to:
Maven Capital Partners UK LLP
Telephone: 0141 306 7400
E-mail: enquiries@mavencp.com
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