Replacement re Issue of Equity

RNS Number : 5465L

Maven Income and Growth VCT 5 PLC

04 July 2014

 

Maven Income and Growth VCT 5 PLC

Issue of Equity and Total Voting Rights - Replacement

The issuer advises that the following replaces the Maven Income and Growth VCT 5 PLC - Issue of Equity and Total Voting Rights announcement released at 09.51 BST on 2 July 2014.

At the end of the third paragraph in the announcement the number of Ordinary Shares allotted pursuant to the Offer and the number of additional Ordinary Shares allotted have now been identified separately, and the date on which dealings in shares is expected to commence has been revised to "on or around 8 July 2014".

The reference to the date of the announcement by the Board (of the postponement of the allotment of Ordinary Shares) has been corrected to state 30 April 2014.

All other details remain unchanged.

The full amended version is shown below.

On 24 October 2013, Maven Income and Growth VCT 5 plc (the "Company"), Maven Income and Growth VCT  plc, Maven Income and Growth VCT 2 plc, Maven Income and Growth VCT 3 plc, Maven Income and Growth VCT 4 plc and Maven Income and Growth VCT 6 plc (together "the Companies") announced that they had published a Prospectus (comprising a Securities Note, Registration Document and Summary) in relation to offers for subscription for new Ordinary Shares in each of the Companies to raise, in aggregate, up to £20 million (before issue costs) together with an over-allotment facility for up to a further £5 million, in aggregate (the "Offer").

In view of discussions between the VCT industry and HM Treasury regarding proposed changes to regulations contained in The Finance Bill 2014, which would have applied to VCT shares issued on or after 6 April 2014, the Company announced on 30 April 2014 that the Directors of the Company proposed to postpone the allotment of new Ordinary Shares under the Offer for the 2014/15 tax year until the Directors believed that there was certainty that allotments could take place without contravening the new rules. HM Treasury has clarified the operation of these new regulations to the Board's satisfaction and, on 28 May 2014, the Board announced that the Offer would close at 5.00 pm on 30 May 2014 unless fully subscribed by an earlier date, with the allotment and listing of the new Ordinary Shares occurring as soon as practicable thereafter. 

The Board now confirms that all valid applications in respect of the 2014/15 tax year have been accepted in full and in relation to the applications received the Company issued and allotted a further 985,093 Ordinary Shares of 10 pence each on 1 July 2014 at an offer price of 41.58p per Ordinary Share (954,196 of which were allotted to applicants pursuant the Offer and a further 30,897 of which were allotted to the same persons at the same offer price as a result of the delay in allotting those shares pursuant the Offer).

As a result of the further allotment the number of Ordinary Shares now in issue, and the total voting rights of the Company, is 68,497,528.

Dealings in all the Ordinary Shares allotted are now expected to commence on or around 8 July 2014.

Since the publication of the Prospectus, in aggregate, 7,642,103 Ordinary Shares of 10 pence each have been issued by the Company in relation to the Offer, with net proceeds of £3.07 million being raised by the Company through the issue of those shares.

For further information please contact Maven Capital Partners UK LLP by telephone on 0141 306 7400 or by e-mail to [e-mail].

Maven Capital Partners UK LLP

Secretary

4 July 2014

 

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