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14 Nov 2019 12:00
The Income & Growth VCT plc (the "Company")
Utilisation of over-allotment facility
The Company is seeking to raise £5 million for the 2019/20 tax year, with an over-allotment facility to raise a further £5 million, by way of an offer for subscription (the "Offer") launched on 25 October 2019. This Offer was launched in conjunction with Mobeus Income & Growth VCT plc, Mobeus Income & Growth 2 VCT plc and Mobeus Income & Growth 4 VCT plc (together the "Companies"). In aggregate, the Companies are seeking to raise of up to a total of £38 million, with optional over-allotment facilities to raise up to a further £20 million.
The board of directors is pleased to report that, since the Offer was launched, and following strong demand from investors, the Company has received applications for subscriptions totalling in excess of £3.8 million, which amounts to more than 75% of the initial £5 million the Company is seeking to raise under its Offer.
In light of continuing strong demand from investors, and after consultation with Mobeus Equity Partners LLP about the updated pipeline of investments being assessed and likely deal completions over the coming 18 months, the Board has today confirmed that the optional over-allotment facility of £5 million will be used in relation to the Offer. This increases the maximum amount which can be raised under the Offer in respect of the Company to a total of £10 million.
The Offer will close on 31 March 2020, or earlier in the event that it becomes fully subscribed.
The Mobeus VCTs issued a prospectus, which is comprised of a securities note, a registration document and a summary document, relating to the Offer (the "Prospectus").
The Prospectus is available from the Company's website at www.mobeus.co.uk/vct-fundraising and is available for inspection at the National Storage Mechanism, which is located at: www.morningstar.co.uk/uk/NSM
For further information please contact:
Mobeus Equity Partners LLP,
Company Secretary
T: +44 20 7024 7600
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