Correction: Offer for Subscription
The following announcement replaces the announcement made at 17.27 on 16 July 2019. In that previous announcement, the date for the closing of the Offer which will open on 16 July 2019 was incorrectly given as 3 April 2019 in relation to the tax year 2019/20, rather than 3 April 2020. All other text remains the same.
Seneca Growth Capital VCT Plc
Offer for Subscription
17 July 2019
The Board of Seneca Growth Capital VCT Plc (the “Company”) are pleased to announce that the Company has published a prospectus in relation to an offer for subscription for B ordinary shares of 1p each in the Company to raise, in aggregate, up to £10 million with an over-allotment facility of up to a further £10 million (before issue costs) (the "Offer").
The Offer will open on 16 July 2019 and is expected to close no later than 5.00 p.m. on 3 April 2020 in relation to the tax year 2019/20, and no later than 5.00 p.m. on 9 July 2020 in relation to the tax year 2020/21 (unless the Offer has been fully subscribed by an earlier date or previously extended by the Board to a date no later than 13 July 2020).
Pursuant to an offer agreement dated 16 July 2019 relating to the Offer between, among others, the Company and, Seneca Partners Limited ("SPL"), the investment manager of the Company, SPL as the promoter of the Offer will receive a promoter fee of up to 5.5% 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 Offer)). The aggregate amount of promoter fee to be paid to SPL under the offer agreement shall not exceed £338,000.
The Company has also agreed with SPL that with effect from 1 August 2019, SPL will take over the provision of the management accounting services, which were previously provided by the Company's administration manager, Pennywise Accounting Ltd (“Pennywise”). As a result, the terms of the investment management agreement will be varied so that SPL will be entitled to charge an additional` annual fee of £9,000 (plus VAT, if applicable), payable quarterly in arrears, replacing the fee currently charged by Pennywise.
As SPL is a related party of the Company under the Listing Rules, the payment of a promoter fee by the Company to SPL, together with payment of an annual fee in relation to management accounting services, is a transaction to which Listing Rule 11.1.10R applies.
Further, Richard Manley has expressed his intention to subscribe £25,000 under the Offer prior to its close. As a director of the Company, Richard Manley is a related party under the Listing Rules and consequently his subscription is a transaction to which Listing Rule 11.1.10R applies.
To obtain a copy of the prospectus, private investors and financial advisers should call Seneca Partners Limited on 01942 295 981. A downloadable version of the prospectus will also be available from the Company's website: /key-documents. A copy of the prospectus will be posted to all shareholders of the Company shortly and copies of the prospectus are available, free of charge, from Seneca Partners Limited at 12 The Parks, Haydock, Newton-Le-Willows, WA12 0JQ.
In accordance with the Prospectus Rules, the prospectus has been submitted to the National Storage Mechanism and will shortly be available for inspection at .
For further information, please contact:
John Hustler, Seneca Growth Capital VCT Plc at
Richard Manley, Seneca Growth Capital VCT Plc at
Any enquiries in respect of the Offer should be directed to:
John Davies
Seneca Partners Limited
01942 295 981
