Mobeus Income & Growth VCT PLC Offer for Subscription and Issue of Prospectus (0293Q)
September 06 2017 - 11:34AM
UK Regulatory
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RNS Number : 0293Q
Mobeus Income & Growth VCT PLC
06 September 2017
Joint Announcement
Offer for Subscription and Issue of Prospectus
This announcement is made jointly by Mobeus Income & Growth
VCT plc, Mobeus Income & Growth 2 VCT plc, Mobeus Income &
Growth 4 VCT plc and The Income & Growth VCT plc (together "the
Companies" and each a "Company"), which are advised by Mobeus
Equity Partners LLP ("Mobeus").
The Boards of the Companies are pleased to announce the launch
of offers for subscription to raise, in aggregate, up to GBP50
million, with over-allotment facilities to raise, in aggregate, up
to a further GBP30 million ("the Offers" and each an "Offer"). The
amount each company is seeking to raise is set out below:
MIG MIG 2 MIG 4 I&G
-------------------------- --------- --------- --------- ---------
Maximum amount to be GBP15 GBP10 GBP10 GBP15
raised (excluding the million million million million
over-allotment facility)
-------------------------- --------- --------- --------- ---------
Maximum amount to be GBP25 GBP15 GBP15 GBP25
raised (including the million million million million
over-allotment facility)
-------------------------- --------- --------- --------- ---------
If a Board decides (in consultation with Mobeus) to increase its
Company's Offer this will be advised through a RIS announcement.
Investors can select which of the Companies they wish to invest in.
Investors can apply to invest equally in all of the Companies or
different amounts in one or more of the Companies (subject to an
Offer not having closed prior to the Application Form being
processed). The amount subscribed under each Offer will be invested
into new ordinary shares of 1p each in the relevant Company.
The Offers open today and will close at 12.00 noon on 4 April
2018 (unless fully subscribed by an earlier date or otherwise
closed at the Directors' discretion).
Investors who successfully apply for shares pursuant to the
Offers up to the earlier of the first GBP50 million, in aggregate,
being raised across the Offers or 3 November 2017, will be eligible
to receive an early investment incentive discount of 1% of the
amount they subscribe for under the Offers.
Pursuant to an offers' agreement dated 6 September 2017 relating
to the Offers between, among others, each Company and Mobeus,
Mobeus will receive a fee of an amount representing 3.25% of the
investment amounts in respect of applications accepted under the
relevant Offer, less (i) an amount equal to the early investment
incentive discount in respect of such applications and less (ii)
any 'execution only' initial commission offered by Mobeus in
respect of such applications, but waived by the 'execution only'
intermediary concerned, and less (iii) any additional amounts by
which Mobeus has agreed to reduce its fees further (in whole or
part) in respect of such applications (such amount being inclusive
of VAT). As Mobeus is a related party of each Company under the
Listing Rules, the payment of such fee by each Company to Mobeus is
a transaction to which Listing Rule 11.1.10 applies.
In the event that a Company utilises its over-allotment
facility, Mobeus has agreed to reduce its management fees for the
relevant Company by an amount equal to 1% of any gross funds raised
by that Company under its over-allotment facility, for the 12 month
period following close of that Company's Offer.
Full details of the Offers are contained in the summary,
securities note and registration document, which together
constitute a prospectus ("the Prospectus"), which was published by
the Companies today. The Prospectus will shortly be available for
download from Mobeus' website:
www.mobeusequity.co.uk/vct-investors/fundraising.
The Prospectus has also been submitted to the Financial Conduct
Authority and will shortly be available for inspection at the
National Storage Mechanism, which is located at
http://www.hemscott.com/nsm.do.
For further information, please contact:
Mobeus Equity Partners LLP
Rob Brittain
Telephone: 020 7024 7600
This information is provided by RNS
The company news service from the London Stock Exchange
END
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