Statement re Prospectus and Circular

RNS Number : 8172U

Maven Income & Growth VCT PLC

20 October 2014

Joint Announcement

Prospectus and Circular

Maven Income and Growth VCT PLC ("Maven VCT 1"), Maven Income and Growth VCT 2 PLC ("Maven VCT 2"), Maven Income and Growth VCT 3 PLC ("Maven VCT 3"), Maven Income and Growth VCT 4 PLC ("Maven VCT 4") and Maven Income and Growth VCT 5 PLC ("Maven VCT 5") (together "the Companies" and each a "Company"). The Companies are managed by Maven Capital Partners UK LLP ("Maven").

The Boards of the Companies are pleased to announce the launch of the offers for subscription to raise, in aggregate, up to £18 million ("the Offers" and each an "Offer").

Full details of the Offers are contained in a prospectus ("the Prospectus"), which was published by the Companies today.

In contrast to previous offers by Maven VCTs, prospective investors can apply either to invest amounts of their choice in one or more of the Offers or invest an equal amount in each of the Companies pursuant to the Offers (subject to each relevant Offer not having closed prior to the Application Form being processed). The amount subscribed under each Offer will be invested into new ordinary shares of 10p each ("New Shares") in the relevant Company.

The Offers open today and will close at 12.00 noon on 28 April 2015 (unless fully subscribed by an earlier date or otherwise extended or closed at an earlier date at the Directors' discretion). Persons intending to apply under the Offers for the 2014/2015 tax year should note that the deadline for such applications is 12.00 noon on 1 April 2015.

Pursuant to individual offer agreements dated 20 October 2014 relating to each Offer between, among others, each relevant Company and Maven, Maven will receive a fee of an amount equal to 2.5% of the amounts remitted to each Company with an investor's application (including any amounts requested to be facilitated) in respect of applications accepted under that Offer less (i) an amount equal to any early investment incentive discounts being made available by the Company (as set out in the Prospectus) applicable in respect of applications accepted under the relevant Offer, and less (ii) any amounts that Maven has agreed to waive in respect of applications accepted under the relevant Offer. As Maven is a related party of each Company under the Listing Rules, the payment of such fee by each Company to Maven is a transaction to which Listing Rule 11.1.10R applies.

Further, William Nixon and his associates have expressed their intention, prior to the close of the Offers, to subscribe for up to £300,000 under the Offers (up to £60,000 in respect of each Company). As a director (in the case of Maven VCT 2, Maven VCT 3 and Maven VCT 4) or an associate of Maven (in the case of Maven VCT 1 and Maven VCT 5), William Nixon and, therefore, each of his associates, are each a related party of each Company under the Listing Rules and consequently each of these subscriptions is a transaction to which Listing Rule 11.1.10R applies.

The Companies will also shortly be posting to shareholders a joint circular ("the Circular") convening general meetings of the Companies to be held on:

· 20 November 2014 at 10.00 a.m. (Maven VCT 1)

· 20 November 2014 at 10.15 a.m. (Maven VCT 2)

· 20 November 2014 at 10.30 a.m. (Maven VCT 3)

· 20 November 2014 at 10.45 a.m. (Maven VCT 4)

· 20 November 2014 at 11.00 a.m. (Maven VCT 5)

to propose, amongst other things, granting authorities to the Companies to allot New Shares pursuant to the Offers. The Prospectus has been submitted to the Financial Conduct Authority and copies of the Circular and Prospectus will shortly be available for download from the Companies' websites:

· www.mavencp.com/migvct

· www.mavencp.com/migvct2

· www.mavencp.com/migvct3

· www.mavencp.com/migvct4

· www.mavencp.com/migvct5

and from the National Storage Mechanism (http://www.hemscott.com/nsm.do).

For further information, please contact:

Maven Capital Partners UK LLP

Telephone: 0141 306 7400

E-mail: enquiries@mavencp.com

Maven Capital Partners UK LLP

Secretary