Last checked at 
20 Jan 2012 15:19
JOINT ANNOUNCEMENT
Matrix Income & Growth VCT plc, Matrix Income & Growth 4 VCT plc and The Income & Growth VCT plc
Joint Offer for Subscription, Issue of Prospectus and Proposed Change of Ownership of Investment Manager
The Offer
The boards of Matrix Income & Growth VCT plc, Matrix Income & Growth 4 VCT plc and The Income & Growth VCT plc ("the Companies") are pleased to announce the launch of a joint offer for subscription for new ordinary shares of 1p each in the capital of each of the Companies to raise, in aggregate, up to £21 million before expenses ("the Offer").
The Offer opens today and will close at 12.00 p.m. on 30 April 2012 (unless fully subscribed by an earlier date or otherwise extended or closed at the Directors' discretion). Persons intending to subscribe for shares under the Offer in the 2011/2012 tax year should note that the deadline for such subscriptions is 12.00 p.m. on 5 April 2012. The Offer is open to existing shareholders and new investors. Investors' subscriptions will be divided equally between each of the Companies.
Funds raised under the Offer will be used by each of the Companies, alongside their existing funds, to make investments in accordance with their existing investment policies, maintain liquidity and enable payment of dividends and costs without reducing the overall amounts available for investment.
Full details of the Offer are contained in the summary, securities note and registration document, which together constitute a prospectus ("the Prospectus"), which was published by the Companies today. The Prospectus will shortly be available for download from the Companies' websites:
* www.migvct.co.uk * www.mig4vct.co.uk * www.incomeandgrowthvct.co.uk
The Prospectus has also been submitted to the Financial Services Authority and will shortly be available for inspection at the National Storage Mechanism, which is located at www.hemscott.com/nsm.do.
* Matrix Private Equity Partners LLP ("MPEP") * MPEP is the investment manager to the Companies. Since April 2004, MPEP has been owned jointly by its executive partners and Matrix Group Limited. MPEP has now grown to a team of six partners and ten staff with over 150 years' investing experience between them. This team is wholly dedicated to the management and administration of VCTs. * On 12 January 2012, the executive partners of MPEP and Matrix Group Limited agreed for the executive partners of MPEP to acquire Matrix Group Limited's interest in MPEP. This will result in the executive partners acquiring control of MPEP to create a fully independent firm. The acquisition is subject to approval from the FSA of the change of control in MPEP and is expected to be completed on or around 30 June 2012. * The Companies' arrangements with MPEP, in particular its investment approach and services, are not expected to change. The Boards look forward to this new phase with their manager whilst reserving their respective rights under the investment management agreements. * Subject to the acquisition being completed and following close of the Offer, it is currently intended that MPEP will leave its offices at One Vine Street and that both it and the names of the VCTs under its management (including, where relevant, the Companies) will be changed to remove references to "Matrix".
For further information, please contact:
Investment Adviser to the Companies
Matrix Private Equity Partners LLP
Rob Brittain
Telephone: 020 3206 7102
XLON