Last checked at 
24 Jul 2015 09:20
Mobeus Income & Growth VCT plc
General Meeting - Related Party Transaction
The Board of Mobeus Income & Growth VCT plc (the "Company") updated its shareholders ("Shareholders") on 30 June 2015 in respect of its intention to convene a general meeting on or before 31 August 2015. This was referred to in the prospectus dated 10 December 2014, issued by the Company jointly with Mobeus Income & Growth 2 VCT plc, Mobeus Income & Growth 4 VCT plc and The Income & Growth VCT plc (the "Prospectus"), in connection with an Offer for Subscription (the "Offer") by the Company and each of the other Companies.
The Board advised in the Prospectus (as also disclosed in the Company's annual report for the year ended 31 December 2014 since published) that it had agreed with Mobeus Equity Partners LLP ("Mobeus") to:-
i) | make a bonus payment to Mobeus of £250,000 (inclusive of VAT if any) ("Performance Payment"); and |
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ii) | consider implementing a revised performance incentive agreement with Mobeus, such agreement to be similar to that currently in place, reflective of a total return performance and to be effective from 1 January 2015. |
In each case, the proposals would be subject to the approval of Shareholders and any requirements of the Listing Rules, as a related party transaction. The Board further agreed to convene a general meeting to seek Shareholders' approval of the proposals within three months of the close of the Offer (subsequently extended to 31 August 2015).
Following close of the Offer, the Board and Mobeus considered what the terms of a revised performance incentive agreement should be. It has not been possible to agree any revised terms. However, the Board and Mobeus have agreed to clarify the principles and interpretation to be applied to the existing performance incentive agreement to allow operation of the arrangements going forward ("Clarifications").
The Board is pleased to announce that a circular to Shareholders has been posted today to convene a general meeting to be held at 2.30 pm on Thursday, 3 September 2015 at the offices of Shakespeare Martineau LLP, One America Square, Crosswall, London EC3N 2SG. A resolution to approve the Performance Payment will be proposed at the general meeting. The circular also includes details of the Clarifications to be applied to the existing performance incentive agreement.
A copy of the circular has been submitted to the Financial Conduct Authority and will shortly be available for inspection at the National Storage Mechanism, which is located at: www.morningstar.co.uk/uk/nsm
A copy of the circular may be downloaded from the Company's website: www.migvct.co.uk
For further information, please contact:
Mobeus Equity Partners LLP
Rob Brittain
Telephone: 020 7024 7600