Maven Income & Growth VCT 4 PLC Offer for Subscription Update (2814I)
29 May 2014 - 2:11AM
UK Regulatory
TIDMMAV4 TIDMMAVC
RNS Number : 2814I
Maven Income & Growth VCT 4 PLC
28 May 2014
Maven Income and Growth VCT 4 plc (the "Company")
Offer for Subscription Update
On 24 October 2013, the Company, Maven Income and Growth VCT
plc, Maven Income and Growth VCT 2 plc, Maven Income and Growth VCT
3 plc, Maven Income and Growth VCT 5 plc and Maven Income and
Growth VCT 6 plc (together "the Companies") announced that they had
published a Prospectus (comprising a Securities Note, Registration
Document and Summary) in relation to offers for subscription for
new Ordinary Shares in each of the Companies to raise, in
aggregate, up to GBP20 million (before issue costs) together with
an over-allotment facility for up to a further GBP5 million, in
aggregate (the "Offer").
The Offer in relation to the tax year 2014/15 was intended to
close on 30 April 2014 unless fully subscribed by an earlier date
or previously extended by the directors of the Companies (the
"Directors") to no later than 30 September 2014.
In view of discussions between the VCT industry and HM Treasury
regarding proposed changes to regulations (contained in The Finance
Bill 2014 published on 27 March 2014), which would have applied to
VCT shares issued on or after 6 April 2014, the Company announced
on 20 April 2014 that, in the interest of all of the Company's
Shareholders, the Directors proposed to postpone the allotment of
new Ordinary Shares under the Offer for the 2014/15 tax year, with
applications (and application monies) held pending until the
Directors believed that there was certainty that allotments could
take place without contravening the new rules.
HM Treasury has now clarified the operation of these proposed
changes to regulations. As a result, the Companies will now
recommence allotments of new Ordinary Shares in relation to the
Offer for the tax year 2014/15, and announce that the Offer will
close at 5.00 pm on 30 May 2014 unless fully subscribed by an
earlier date, with the allotment and listing of the new Ordinary
Shares occurring as soon as practicable thereafter.
Any enquiries in respect of the closing of the Offer should be
directed to:
Maven Capital Partners UK LLP:
Telephone: 0141 306 7400
E-mail: enquiries@mavencp.com
Maven Capital Partners UK LLP
Secretary
28 May 2014
This information is provided by RNS
The company news service from the London Stock Exchange
END
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