Octopus Apollo VCT plc (“the “Company”)
10 May 2019
Publication of Prospectus and Circular
The Company has issued a prospectus and circular both dated 10 May 2019 relating to a proposed offer for subscription for ordinary shares of 10p each in the Company (“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 an agreement dated 10 May 2019 relating to the Offer between the Company and Octopus Investments Limited, the Company’s investment manager (the “Manager”), which constitutes a smaller related party transaction within Listing Rule 11.1.10 R, the Manager will receive:
- an initial charge of 3 per cent. of the gross funds raised under the Offer by the Company; and
- a further charge of up to 2.5 per cent of gross funds raised under the Offer by the Company 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 5 April 2020 for the 2019/2020 tax year and noon on 9 May 2020 for the 2020/2021 tax year, or earlier if the Offer is fully subscribed. The board of the Company reserves 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 Company’s website
http://www.octopusinvestments.com
For further information please contact:
Parisha Kanani
Company Secretary
020 3935 3520