(Alliance News) - Foresight VCT PLC on Monday unveiled an offer for subscription to raise up to GBP20 million through the issue of new shares.
The London-based investment firm's offer opened on July 26 and will close on April 4, 2022, and April 30, 2022. Applications will close earlier if the offer is fully subscribed.
The offer has an over-allotment facility to raise up to GBP10 million more, putting the maximum subscription total at GBP30 million. The funds raised will be used to finance dividend policy and support company running costs.
Shares will be available to investors at the net asset value of an existing share at the time of allotment plus associated investor offer costs. The offer is not expected to affect existing NAV per share.
Foresight's NAV per share decreased by 3.7% in 2020, narrowing to 73.7 pence from 76.5 pence in the year ended 2019.
Foresight Group Promoter LLP, a subsidiary of Foresight Group, will be acting promoter to the offer. It can expect a fee equal to 5.5% of the amount subscribed by direct investors and 2.5% of the amount subscribed by non-direct investors, up to a maximum of GBP1.6 million.
Shares in Foresight were down 2.2% at 66.00 pence in London on Monday.
By Josie O'Brien; josieobrien@alliancenews.com
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