Maven Income and Growth VCT 3 PLC Statement re Offer for Subscription (4971T)
15 November 2019 - 5:20AM
UK Regulatory
TIDMMIG3 TIDMMAV4
RNS Number : 4971T
Maven Income and Growth VCT 3 PLC
14 November 2019
Maven Income and Growth VCT 3 PLC
Maven Income and Growth VCT 4 PLC
14 November 2019
Offer for Subscription
The board of directors of Maven Income and Growth VCT 3 PLC
("Maven VCT 3") and Maven Income and Growth VCT 4 PLC ("Maven VCT
4") (together the "Companies" and each a "Company") are pleased to
announce that they have published a joint Prospectus (comprising a
Securities Note, Registration Document and Summary) in relation to
offers for subscription for new Ordinary Shares of 10p each in the
Companies to raise, in aggregate, up to GBP15 million (before issue
costs) (the "Offers").
Each of the Companies has also published a circular (a
"Circular") seeking the approval from their respective shareholders
for matters in connection with the Offers, each Company giving
notice of a general meeting of that company to be held on 10
December 2019 (each a "General Meeting").
The Offers are now open and are expected to close no later than
1 April 2020 in relation to the tax year 2019/20 and on 30 April
2020 in relation to the tax year 2020/21 (unless the relevant Offer
is fully subscribed by an earlier date or previously extended by
the relevant board to no later than 3 November 2020).
Each Offer is conditional on the passing of the requisite
resolutions at the relevant General Meeting.
At its General Meeting, Maven VCT 4 will also be seeking
shareholder approval of the proposals for Maven VCT 4 to merge with
Maven Income and Growth VCT 6 PLC (to be effected pursuant to a
scheme of reconstruction under section 110 of the Insolvency Act
1986) (the "Merger").
Pursuant to individual offer agreements dated 13 November 2019
relating to each Offer between, among others, each relevant Company
and Maven Capital Partners LLP ("Maven"), Maven, as the
administrator of the Offer, will receive an offer administration
fee of 2.5% of the application amount in relation to each accepted
application, with reductions to the fee applying in certain cases
(for instance, early applications under the Offers). Maven as the
investment manager of each Company is a related party of each
Company under the Listing Rules, and the payment of such a fee by
the Company to Maven is a transaction to which Listing Rule
11.1.10R applies.
Further, William Nixon has expressed his intention, prior to the
close of each of the Offers, to subscribe GBP50,000 in Maven VCT 3
and GBP50,000 in Maven VCT 4 under the relevant Offer. As a
director of each of the Companies, William Nixon is a related party
of the relevant Company under the Listing Rules and, consequently,
each subscription is a transaction to which Listing Rule 11.1.10R
applies.
To obtain a copy of the Securities Note, private investors and
financial advisers should call Maven Capital Partners LLP on 0141
306 7400. A downloadable version of the Securities Note will also
be available from www.mavencp.com/vctoffer, or from each of the
Company's websites: www.mavencp.com/migvct3 and
www.mavencp.com/migvct4.
Copies of the Prospectus and the Circulars are available, free
of charge, from Maven Capital Partners UK LLP at Kintyre House, 205
West George Street, Glasgow G2 2LW.
In accordance with the Listing Rules, the Prospectus and
Circular have been submitted to the National Storage Mechanism and
will shortly be available for inspection at:
www.morningstar.co.uk/uk/NSM.
Any enquiries in respect of the Offers or the Merger should be
directed to:
Maven Capital Partners UK LLP
Telephone: 0141 306 7400
E-mail: enquiries@mavencp.com
Maven Capital Partners UK LLP
Secretary
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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