Octopus T.vct Regulatory News (OTV2)

21 Oct 2021 13:42

Publication of Prospectus

Octopus Titan VCT plc (“the “Company”)

 

21 October 2021

 

Publication of Prospectus and Circular

 

The Company has issued a prospectus dated 21 October 2021 relating to a proposed offer for subscription for ordinary shares of 10p each in the Company (“New Shares”) to raise up to £125 million with an over-allotment of up to a further £75 million (the “Offer”), following approval from the Financial Conduct Authority.

 

The Company has also issued a circular dated 21 October 2021 relating to the allotment of shares, the ratification and adoption of allotments and amendments to the Company's articles of association and investment policy, following approval from the Financial Conduct Authority.

 

Pursuant to an agreement dated 21 October 2021 relating to the Offer between the Company and Octopus Investments Limited (the “Portfolio Manager”), the Company’s portfolio manager, which constitutes a smaller related party transaction within Listing Rule 11.1.10 R, the Portfolio Manager will receive:

 

an initial charge of 3% of the gross funds raised under the Offer by the Company; a further charge of up to 2.5% of gross funds raised under the Offer by the Company from investors who have not invested their money through a financial intermediary (“Direct Investors”); and an additional ongoing charge of 0.5% per annum of the most recently announced net asset value multiplied by the number of New Shares allotted to Direct Investors for up to seven years, provided the Direct Investors continue to hold the New Shares.

The Offer is now open and will close at 5.00pm on 4 April 2022 for the 2021/2022 tax year and noon on 20 October 2022 for the 2022/2023 tax year, or earlier if the Offer is fully subscribed. The board of the Company reserves the right to close the Offer earlier.

The prospectus, circular and proxy will shortly be available for inspection at the National Storage Mechanism, which is located at:

https://data.fca.org.uk/#/nsm/nationalstoragemechanism

and on the Company’s website

http://www.octopusinvestments.com

For further information please contact:

 

Katherine Fyfe Octopus Company Secretarial Services Limited +44 (0)20 7710 2800