Foresight VCT plc - Publication of Prospectus
RNS ANNOUCEMENT
FORESIGHT VCT PLC (Company)
Offer for Subscription and Issue of Prospectus
The board of the Company (Board) is pleased to announce the launch of an offer for subscription (Offer) to raise up to £20 million (with an over-allotment facility to raise up to a further £5 million) through the issue of new shares (Offer Shares). The Offer will provide shareholders and new investors with a further opportunity to invest in the Company and benefit from the VCT tax reliefs available to qualifying investors.
The Offer opens today and will close (unless fully subscribed earlier or otherwise at the discretion of the Board) at 12.00 noon on 30 April 2020. Applications for the 2019/2020 tax year should be received by 12.00 noon on 3 April 2020 and Applications for the 2020/2021 tax year should be received by 12.00 noon on 30 April 2020. Funds raised under the Offer will allow the Company to take advantage of the continuing flow of investment opportunities being received and further increase the net assets of the Company. Full details of the Offer are set out in the prospectus issued by the Company today (Prospectus).
Foresight Group Promoter LLP (Promoter) is acting as the promoter to the Offer and will be paid a fee equal to 2.5% (as reduced by any relevant discounts) of the amount subscribed by Retail Client Investors, Professional Client Investors and Execution-Only Investors (as each term is defined in the Prospectus) and 5.5% (as reduced by any relevant discounts) of the amount subscribed by Direct Investors (as defined in the Prospectus), (Promoter’s Fee). In consideration of the Promoter’s Fee, the Promoter (as guaranteed by Foresight Group LLP)) has agreed to meet all costs, expenses and charges of, or incidental to, the Offer (other than intermediary commissions and adviser charges).
The Promoter, as a subsidiary of Foresight Group LLP (the manager to the Company, is a related party of the Company for the purposes of the Listing Rules. The Promoter’s Fee constitutes a smaller related party transaction for the purposes of the Listing Rules and, as such, Listing Rule 11.1.10 applies. The Board considers the Promoter’s Fee to be in line with market practice.
The price at which the Offer Shares are being made available is the net asset value of an existing share at the time of allotment plus associated Offer costs directly or indirectly incurred by an investor (including the Promoter’s Fee). As a result, the Offer is not expected to have any material dilutive effect on existing Shareholders’ assets per share. The Offer Shares will rank pari passu with the existing shares in the Company from issue.
The Prospectus has been submitted to the Financial Conduct Authority and shall shortly be available for download from the Company’s website () and the National Storage Mechanism ().
For further information, please contact:
Company Secretary
Foresight Group LLP
Contact: Gary Fraser Tel: 0203 667 8100
Investor Relations
Foresight Group LLP
Contact: Ellie Kakoulli Tel: 0203 667 8181
