Octopus AIM VCT plc and Octopus AIM VCT 2 plc (“the “Companies”)
3 August 2018
Publication of Prospectus and Circular
The Companies have today issued a prospectus and circular relating to a proposed offer for subscription for ordinary shares of 1p each in Octopus AIM VCT plc and 0.01p each in Octopus AIM VCT 2 plc (“New Shares”) to raise up to £20 million with an over allotment of up to a further £10 million (the “Offer”), following the approval of the prospectus from the UK Listing Authority.
Pursuant to agreements dated 3 August 2018 relating to the Offer between the Companies and Octopus Investments Limited, the Companies’ investment manager (the “Investment Manager”), which constitute smaller related party transactions within Listing Rule 11.1.10 R, the Investment Manager will receive:
- an initial charge of 3 per cent of the gross funds raised under the Offer by the Companies; and
- a further charge of up to 2.5 per cent of gross funds raised under the Offer by the Companies from investors who have not invested their money through a financial intermediary (“Direct Investors”); and
- an additional ongoing charge of 0.5% per annum of the most recently announced net asset value multiplied by the number of New Shares allotted to Direct Investors for up to nine years, provided the Direct Investors continue to hold the New Shares.
The Offer is now open and will close at noon on 4 April 2019 for the 2018/2019 tax year and noon on 2 August 2019 for the 2019/2020 tax year, or earlier if the Offer is fully subscribed. The boards of the Companies reserve 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:
http://www.morningstar.co.uk/uk/NSM
and on the Companies' website
http://www.octopusinvestments.com
For further information please contact:
Suzanna Waterhouse
Company Secretary
020 3142 4957