Statement regarding the proposed issue of a prospectus for the Albion VCTs Top Up Offers 2013/2014
The Board is pleased to announce that, subject to obtaining the requisite regulatory approval, it intends to launch a prospectus offer of new ordinary shares for subscription in the 2013/2014 and 2014/2015 tax years (the "Offer(s)"). The Offer will form part of joint top up offers between the six VCTs managed by Albion Ventures LLP seeking to raise, in aggregate, up to £27m.
On 6 November 2013 the Board announced a non-prospectus offer, in conjunction with the other Albion VCTs, to raise up to £15m, in aggregate, the maximum permitted without issuing an FCA approved prospectus. Due to strong demand for shares under the non-prospectus offers, £8.4m has been raised to date, suggesting the non-prospectus offers will close early and will not satisfy investor demand for new ordinary shares. The launch of the Offers will increase the amount that can be raised by the Albion VCTs under the non-prospectus and prospectus offers to £27m, in aggregate.
Full details of the Offer will be contained in a prospectus that is expected to be published on or around 17 March 2014 and will be available on the Albion Ventures LLP website (www.albion-ventures.co.uk). The Offer is expected to close on 30 September 2014 unless fully subscribed or closed earlier.
10 March 2014
Contact:
Patrick Reeve, Albion Ventures LLP, tel 0207 601 1850