QUV Quester Vct 5

RNS Number:9793B
Quester VCT 5 PLC
02 October 2002

             Quester VCT 5 plc (the "Company" or  "Quester VCT 5")



 Offers For Subscription of up to 15,000,000 Ordinary Shares of 1p each at 100p
               per Ordinary Share Payable in full on Application



The Directors announce that up to 15,000,000 Ordinary Shares are being offered
to the public by way of the Offers for Subscription. The Offers for Subscription
will be open from 2 October 2002, with the 2002/2003 Offer closing at 10.00am on
3 April 2003 and the 2003/2004 Offer closing at 10.00am on 30 April 2003 or
until they are fully subscribed if earlier. The Directors may, at their
discretion, resolve to extend the period during which the 2003/2004 Offer will
remain open.



Introduction



Quester VCT 5 raised a total of #18.6 million in the Initial Offers. The Company
has made a good start on its programme of venture capital investment and has a
current portfolio of seven investments spread across a range of sectors and in
companies at different stages of development.



In Quester's view this is a particularly interesting time to be investing in
unquoted companies. Prices have fallen significantly and competition for deals
has reduced. Attractive investment opportunities are now available at lower
prices, providing a favourable opportunity for the achievement of good returns
to shareholders over the long term.



Accordingly the Board has decided to offer investors a further opportunity to
subscribe for Ordinary Shares through the Offers, and thus to participate in the
high quality investment opportunities available through Quester's deal flow at
currently favourable prices.



As a specialist in this market, Quester receives a substantial number of
opportunities for investment each year, which are assessed on behalf of Quester
VCT 5 and the other Quester funds currently open to new investment. The first
three Quester VCT's are currently fully invested, when commitments and reserves
for follow-on investment are taken into account. Accordingly, whenever possible
and appropriate, Quester VCT 5 will co-invest principally alongside Quester VCT
4 and Quester's fund for institutional investors, the Quester Venture
Partnership.



The cost of investments completed to date by the Company, together with
outstanding commitments and reserves for follow-on investment in the companies
concerned, amounts to approximately #3.3 million, representing some 19 per cent.
of the net funds raised in the Initial Offers. This level of investment has been
reached in less than 10 months since the launch of the Initial Offers and the
Company is well on track to meeting the 70 per cent. minimum Qualifying Holdings
requirement to be satisfied by the end of the initial three year period.



The current rate of investment, Quester's strong deal flow (particularly given
currently favourable prices) and its track record all support the Offers of New
Ordinary Shares. The deal size available to Quester is increasing and the Board
is confident that this deal flow, combined with the opportunities for
co-investment with the other Quester VCT's and other Quester funds, will provide
investors in Quester VCT 5 with a range of attractive investment opportunities.



Details of the Offers for Subscription



The Offers comprise two offers for subscription providing investors with the
ability to invest in both the 2002/2003 and 2003/2004 tax years.



It is proposed to raise up to #15,000,000 before expenses under the Offers
(#14,120,000 net of expenses).  The New Ordinary Shares will be offered at 100p
per share payable in full on application.



The Offers will be open from 2 October 2002 with the 2002/2003 Offer closing at
10.00 am on 3 April 2003 and the 2003/2004 Offer closing at 10.00 am on 30 April
2003 or until they are fully subscribed if earlier. The Directors may, at their
discretion, resolve to extend the period during which the 2003/2004 Offer will
remain open.  Applications from existing shareholders in the Company or in any
of Quester VCT 1, Quester VCT 2, Quester VCT 3 or Quester VCT 4 which are
received by 30 October 2002 will be given priority under either of the Offers.
Otherwise, valid applications will be dealt with on a first-come, first served
basis.  Investors are therefore urged to return their applications promptly.



Share certificates will be posted to Shareholders as soon as possible after
allotment and in any event within 10 working days of each allotment.



There is no minimum overall subscription level to be reached before the Offers
proceed as Quester VCT 5 already has Ordinary Shares in issue. The Offers are
not underwritten.



The Directors have the discretion to make allotments of New Ordinary Shares in
respect of which valid Applications have been received at any time and such
allotment(s) may be made earlier than the closing dates of each of the Offers,
provided that no New Ordinary Shares will be allotted under the 2003/2004 Offer
until 7 April 2003 at the earliest.  In the event of an over-subscription for
New Ordinary Shares under the Offers, the Directors reserve the right to treat
applications in respect of which the Company has received cleared funds with
priority.



The Offers are conditional upon the admission of the New Ordinary Shares to the
Official List of the UK Listing Authority and to trading on the London Stock
Exchange's market for listed securities.  Application has been make to the UK
Listing Authority for the New Ordinary Shares issued pursuant to the Offers to
be admitted to the Official List of the UK Listing Authority and to the London
Stock Exchange for the same to be admitted to trading on the London Stock
Exchange's market for listed securities.



The New Ordinary Shares will be in registered form and no temporary documents of
title will be issued.  The Company has applied for the New Ordinary Shares to be
admitted to CREST and it is expected that the New Ordinary Shares will be so
admitted, and eligible for settlement in CREST, on the date of Admission. CREST
is a paperless settlement procedure enabling securities to be evidenced
otherwise than by a certificate and transferred otherwise than by a written
instrument.  This settlement procedure is reflected in the Articles of
Association of the Company.





Availability of the Prospectus



Copies of the prospectus are available for public inspection only at the
Document Viewing Facility of the UK Listing Authority, 25 The North Colonnade,
London E14 5HJ and are also available free of charge until the date on which the
2003/2004 Offer closes (or full subscription under the Offers, if earlier) for
collection from:



Quester VCT 5 plc

29 Queen Anne's Gate

London  SW1H 9BU



Evolution Beeson Gregory Limited


The Registry

Royal Mint Court


London EC3N 4LB




Capita IRG Plc

Bourne House

34 Beckenham Road

Beckenham


Kent  BR3 4TH



This announcement does not constitute an offer or an invitation to purchase or
subscribe for any securities. The procedure for, and the terms and conditions
of, application under the Offers are set out at the end of the Prospectus.



Evolution Beeson Gregory is acting as agent for the Company in relation to the
Offers and is not advising any other person, nor treating any other person as a
customer in relation to the Offers and will not be responsible to anyone other
than the Company for the protections afforded to its customers.



Words and expressions used in this announcement shall, unless the context
otherwise requires, bear the same meanings as set out in the document containing
the Offers for Subscription dated 2 October 2002.






                      This information is provided by RNS
            The company news service from the London Stock Exchange
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