Publication of Prospectus and Management Arrang...
JOINT ANNOUNCEMENT
Matrix Income & Growth VCT plc, Matrix Income & Growth 4 VCT plc and The Income
& Growth VCT plc
Joint Offer for Subscription, Issue of Prospectus and Proposed Change of
Ownership of Investment Manager
The Offer
The boards of Matrix Income & Growth VCT plc, Matrix Income & Growth 4 VCT plc
and The Income & Growth VCT plc ("the Companies") are pleased to announce the
launch of a joint offer for subscription for new ordinary shares of 1p each in
the capital of each of the Companies to raise, in aggregate, up to £21 million
before expenses ("the Offer").
The Offer opens today and will close at 12.00 p.m. on 30 April 2012 (unless
fully subscribed by an earlier date or otherwise extended or closed at the
Directors' discretion). Persons intending to subscribe for shares under the
Offer in the 2011/2012 tax year should note that the deadline for such
subscriptions is 12.00 p.m. on 5 April 2012. The Offer is open to existing
shareholders and new investors. Investors' subscriptions will be divided
equally between each of the Companies.
Funds raised under the Offer will be used by each of the Companies, alongside
their existing funds, to make investments in accordance with their existing
investment policies, maintain liquidity and enable payment of dividends and
costs without reducing the overall amounts available for investment.
Full details of the Offer are contained in the summary, securities note and
registration document, which together constitute a prospectus ("the
Prospectus"), which was published by the Companies today. The Prospectus will
shortly be available for download from the Companies' websites:
* www.migvct.co.uk
* www.mig4vct.co.uk
* www.incomeandgrowthvct.co.uk
The Prospectus has also been submitted to the Financial Services Authority and
will shortly be available for inspection at the National Storage Mechanism,
which is located at www.hemscott.com/nsm.do.
* Matrix Private Equity Partners LLP ("MPEP")
* MPEP is the investment manager to the Companies. Since April 2004, MPEP has
been owned jointly by its executive partners and Matrix Group Limited. MPEP
has now grown to a team of six partners and ten staff with over 150 years'
investing experience between them. This team is wholly dedicated to the
management and administration of VCTs.
* On 12 January 2012, the executive partners of MPEP and Matrix Group Limited
agreed for the executive partners of MPEP to acquire Matrix Group Limited's
interest in MPEP. This will result in the executive partners acquiring
control of MPEP to create a fully independent firm. The acquisition is
subject to approval from the FSA of the change of control in MPEP and is
expected to be completed on or around 30 June 2012.
* The Companies' arrangements with MPEP, in particular its investment
approach and services, are not expected to change. The Boards look forward
to this new phase with their manager whilst reserving their respective
rights under the investment management agreements.
* Subject to the acquisition being completed and following close of the
Offer, it is currently intended that MPEP will leave its offices at One
Vine Street and that both it and the names of the VCTs under its management
(including, where relevant, the Companies) will be changed to remove
references to "Matrix".
For further information, please contact:
Investment Adviser to the Companies
Matrix Private Equity Partners LLP
Rob Brittain
Telephone: 020 3206 7102
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