Foresight 4 VCT Plc Foresight Enterprise Vct Plc - Offer And Prospectus
14 10월 2022 - 6:10PM
UK Regulatory
TIDMFTF
FORESIGHT ENTERPRISE VCT PLC (Company)
Legal Entity Identity number: 213800MWJNR3WZZ3ZP42
Offer and Prospectus
The Board of the Company (Board) is pleased to announce the
launch of a new offer for subscription (Offer) to raise up to GBP20
million (with an over-allotment facility to raise up to a further
GBP10 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 for Applications at 12.00
noon on 3 April 2023 in respect of the 2022/2023 tax year and 12.00
noon on 28 April 2023 in respect of the 2023/2024 tax year (or, if
earlier, as soon as the Offer is fully subscribed or otherwise at
the Board's discretion). The additional funds raised will allow the
Company to maintain liquidity levels to take advantage of
investment opportunities, maintain its dividend policy and support
its running costs. 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). The maximum fee payable, if all
investors were Direct Investors, would be GBP1.65 million. 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 financial
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
shareholder's net asset value per share. The Offer Shares will rank
pari passu with the existing shares in the Company from issue.
The Prospectus has been approved to the Financial Conduct
Authority and shall shortly be available for download from the
Company's website (https://www.foresightenterprisevct.com) and the
National Storage Mechanism
https://data.fca.org.uk/#/nsm/nationalstoragemechanism).
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
(END) Dow Jones Newswires
October 14, 2022 05:10 ET (09:10 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Foresight Enterprise Vct (LSE:FTF)
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Foresight Enterprise Vct (LSE:FTF)
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