Albion Venture Regulatory News (AAVC)

22 Oct 2019 17:07

LEI Code 213800JKELS32V2OK421

Albion Development VCT PLC, Albion Enterprise VCT PLC, Albion Venture Capital Trust PLC, Crown Place VCT PLC and Kings Arms Yard VCT PLC

Albion VCTs Prospectus Top Up Offers 2019/2020

Albion Development VCT PLC, Albion Enterprise VCT PLC, Albion Venture Capital Trust PLC, Crown Place VCT PLC and Kings Arms Yard VCT PLC (together, "the Companies") announce that they have published a Prospectus (comprising a Securities Note, Registration Document and Summary) in relation to offers for subscription for new Ordinary Shares in each of the Companies to raise, in aggregate, up to £34 million (before issue costs) (the "Offers") as follows:

Albion Development VCT PLC £8 million

Albion Enterprise VCT PLC £6 million

Albion Venture Capital Trust PLC £6 million

Crown Place VCT PLC £4 million

Kings Arms Yard VCT PLC £10 million

In addition, there is an over-allotment facility of a further £2 million (before issue costs) for each of the Companies. Any election to make use of their over-allotment facility will be subject to the decision of the individual boards of the Companies in the light of investments and disposals made and anticipated by them at the relevant time.

The Offers open on 22 October 2019 and are expected to close no later than 30 September 2020 (unless fully subscribed by an earlier date or previously closed).

Each of the Companies has entered into an offer agreement relating to the Offers with the Companies’ investment manager Albion Capital Group LLP (“Albion”), pursuant to which Albion will receive a fee of 2.5 per cent. of the gross proceeds of the Offers and out of which Albion will pay the costs of the Offers, as detailed in the Prospectus. Albion is a related party of each of the Companies under the Listing Rules, and therefore entering into the offer agreement is a transaction to which Listing Rule 11.1.10 applies.

A downloadable version of the Prospectus will be available from www.albion.capital.

Copies of the Prospectus are available, free of charge, from the Companies' registered office at 1 Benjamin Street, London, EC1M 5QL.

In accordance with the Listing Rules, the Prospectus has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.

22 October 2019

Enquiries:

For further information, please contact:Will Fraser-AllenManaging PartnerAlbion Capital Group LLPTelephone: 020 7601 1850