Elderstreet VCT plc : Offer for Subscription

Elderstreet VCT plc
14 December 2015
Offer for Subscription

The board of Elderstreet VCT plc (the "Company") is pleased to announce that the Company has today published an offer document (the "Offer Document") relating to an offer for the subscription in respect of new ordinary shares (the "Offer").

The Offer will open on 14 December 2015.  In respect of the 2015/16 tax year, the Offer will close at 4.00 p.m. on 5 April 2015 and, in respect of the 2016/17 Tax Year, it will close at 4.00 p.m. on 29 April 2016 (unless extended or fully subscribed earlier). The Offer is seeking to raise up to £1,475,000.

Pursuant to the terms set out in the Offer Document, Elderstreet Investments Limited ("EIL"), the investment manager of the Company, will receive commission (the "Promoter's Fee") from the Company of up to 5.5% of the application amount due from an applicant in relation to their application for new ordinary shares made under the Offer. The amount of Promoter's Fee for any particular type of applicant is as set out in the Offer Document.

Out of its Promoter's Fee, EIL has agreed to be responsible for paying the costs of the Offer (excluding any initial commissions or adviser charges payable in relation to applications (which are facilitated through the pricing formula set out in the Offer Document), any trail commission payable in the future and the registrar's costs in issuing the applicable share certificates which will be payable by the Company).  EIL will also meet the cost of the early investment incentive set out in the Offer Document.

As EIL is a related party of the Company under the Listing Rules, the payment of the Promoter's Fee by the Company to EIL is a transaction to which Listing Rule 11.1.10R applies.

On 10 December 2015, the Company entered into an agreement with EIL under which EIL was to purchase the two loans that the Company has granted to Snacktime Plc, which are in the aggregate principle amount of £450,000, for an initial payment of £50,000 and deferred consideration equal to 75% of any ultimate realisation on redemption or conversion of those loans. The purchase of these loans, and the amounts payable by EIL, have been taken into account in determining the application of the related party rules under the Listing Rules to the agreement by the Company to pay Promoter's Fees to EIL as referred to above.

A downloadable version of the Offer Document is available from www.elderstreet.com. The Offer Document will also be submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Elderstreet VCT plc via Globenewswire

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