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29 Apr 2014 15:26
Joint Announcement
Mobeus Income & Growth VCT plc, Mobeus Income & Growth 2 VCT plc, Mobeus Income & Growth 4 VCT plc and The Income & Growth VCT plc (together "the Companies")
Offer Update
The Boards of the Companies launched an offer for subscription to raise, in aggregate, up to £24 million (subsequently increased to £34 million) on 28 November 2013 ("the Offer"), of which shares representing £30.5 million have been allotted.
The attention of potential investors is drawn to the current delay in accepting and allotting shares under the Offer for the current 2014/2015 tax year. This is as a result of the Government having recently published the Finance Bill 2014 which sets out measures to be introduced relating to returns of capital from shares issued by venture capital trusts ("VCTs") on or after 6 April 2014.
The Companies, along with others in the VCT industry, are currently seeking legal and tax advice in respect of the implications of this proposed legislation. The Boards of the Companies consider it prudent, therefore, to delay accepting applications and allotting any further shares under the Offer until the proposed legislation is clarified and its implications understood.
Once the proposed legislation has been clarified and provided that the Boards of the Companies are satisfied in proceeding, they will accept applications in respect of the 2014/2015 tax year and allot such shares. Each Company will then make a further announcement to the London Stock Exchange once an allotment has occurred.
In the light of the above, the Boards of the Companies announce that the closing date of the Offer has been extended from 12.00 noon on 30 April 2014 to 12.00 noon on 30 May 2014 (subject to the discretion of the Boards to extend this closing date further or close earlier).
For further information on the Offer, copies of the prospectus and supplementary prospectuses published by the Companies (containing the full details and terms of the Offer) can be downloaded for free from either the manager's website or the National Storage Mechanism:
www.mobeusequity.co.uk/investor-area/fundraising
www.morningstar.co.uk/uk/nsm
For further enquiries, please contact:
Mobeus Equity Partners LLP
Investment Adviser to the Companies
Rob Brittain
Telephone: 020 7024 7600
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