Mobeus Income & Growth 4 VCT PLC Publication of a Prospectus (2227R)
October 25 2019 - 11:00AM
UK Regulatory
TIDMMIG4
RNS Number : 2227R
Mobeus Income & Growth 4 VCT PLC
25 October 2019
Joint Announcement
Offers for Subscription and Issue of Prospectus
This announcement is made jointly by Mobeus Income & Growth
VCT plc (MIG), Mobeus Income & Growth 2 VCT plc (MIG 2), Mobeus
Income & Growth 4 VCT plc (MIG 4) and The Income & Growth
VCT plc (I&G) (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 GBP38
million, with over-allotment facilities to raise, in aggregate, up
to a further GBP20 million (together 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 raised GBP10 GBP15 GBP8 million GBP5 million
(excluding the over-allotment million million
facility)
--------- --------- ------------- -------------
Maximum amount to be raised GBP15 GBP20 GBP13 GBP10
(including the over-allotment million million million million
facility)
--------- --------- ------------- -------------
If a board decides (in consultation with Mobeus) to utilise its
Company's over-allotment facility, 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 midnight on 31
March 2020 (unless an Offer is fully subscribed by an earlier date
or otherwise closed at the relevant board's discretion).
Full details of the Offers are contained in the summary,
securities note and registration document, which together
constitute a prospectus (the Prospectus), published by the
Companies today. The Prospectus will shortly be available for
download from Mobeus' website:
www.mobeus.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.morningstar.co.uk/uk/nsm.
Pursuant to an offers' agreement dated 25 October 2019 relating
to the Offers between, among others, each Company and Mobeus, each
Company will pay Mobeus a fee of an amount representing 3.0% of the
Investment Amounts (as defined in the Prospectus) in respect of
applications accepted under its Offer, less (i) an amount equal to
0.5% of the Investment Amounts in respect of investors who receive
advice from a financial adviser (and the application forms are
completed by the financial adviser on this basis) less (ii) an
amount equal to any 'execution only' initial commission waived by
'execution only' intermediaries in respect of such applications,
and less (iii) an amount equal to any further amounts by which
Mobeus agrees (at its discretion, but subject to not reducing Offer
Costs (as defined in the Prospectus) to nil) to reduce its fees in
respect of such applications, such amount being inclusive of VAT.
Where a Company utilises its over-allotment facility under its
Offer, Mobeus has further agreed to cap the amount payable by that
Company to 2.5% of the gross amount raised under its Offer (and
rebate any amounts paid in excess of this amount to the relevant
Company), such amount being inclusive of VAT.
As Mobeus is a related party of each Company under the Listing
Rules of the Financial Conduct Authority, the payment of such fee
by each Company to Mobeus is a transaction to which Listing Rule
11.1.10 applies.
In addition, if a Company utilises its over-allotment facility,
Mobeus has agreed to waive its management fees for the relevant
Company by an amount equal to 1.0% of any net funds raised by that
Company under its over-allotment facility for the 12 month period
commencing on the start of the first calendar quarter following
close of that Company's Offer.
For further information, please contact:
Mobeus Equity Partners LLP
Rob Brittain
Telephone: 020 7024 7600
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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