Publication of Prospectus and Circular

RNS Number : 0074B

Blackfinch Spring VCT PLC

02 October 2020

 

2 October 2020

Publication of Prospectus and Circular

The Company has issued a prospectus dated 2 October 2020 (the "Prospectus"), relating to a proposed offer for subscription of ordinary shares of 1p each in the Company ("Shares") to raise up to £20 million with an over-allotment of up to a further £10 million (the "Offer"), and a circular (the "Circular") in connection with the Offer, following approval from the Financial Conduct Authority.

The Circular includes a notice of a general meeting to be held on 11 November 2020 (the "General Meeting"). As a result of Government restrictions on movement and gatherings imposed as a result of the COVID-19 pandemic, shareholders will not be allowed to attend the General Meeting in person, which will proceed as a closed meeting as set out in the notice with a quorum which will be made up of the minimum number of shareholders required.

Pursuant to an agreement dated 2 October 2020 relating to the Offer between, inter alia, the Company and Blackfinch Investments Limited, the Company's investment adviser (the "Adviser"), the Adviser will receive:

· an initial charge of 3 per cent. of the gross funds raised under the Offer by the Company; and
 

· a further charge of up to 2.5 per cent of gross funds raised under the Offer by the Company from investors who have not invested their money through a financial intermediary ("Direct Investors");

As the Adviser is the Company's investment adviser and, therefore, a related party of the Company under the Listing Rules, the payment of the above fees by the Company to the Adviser is a transaction to which Listing Rule 11.1.10R applies. Accordingly, the Offer is conditional on shareholders passing Resolutions 1 to 3 at the General Meeting.

The Offer will open on 2 October 2020 and will close at 3.00 pm on 1 April 2021 for the 2020/2021 tax year and 3pm on 30 September 2021 for the 2021/2022 tax year, or earlier if the Offer is fully subscribed. The board of the Company reserves the right to close the Offer earlier.

The prospectus and circular will shortly be available for inspection at the National Storage Mechanism, which is located at:

https://data.fca.org.uk/#/nsm/nationalstoragemechanism

and on the Company's website

www.blackfinch.ventures/spring-vct .

For further information please contact:

Blackfinch Investments Limited (Investment Adviser)

01452 717070

The City Partnership (UK) Limited (Company Secretary)

[e-mail]

Doreen Nic

 

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