NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION FOR WHICH THE SAME COULD BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION, INCLUDING IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA.
THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS.
HARGREAVE HALE AIM VCT PLC
LEI: 213800LRYA19A69SIT31
2 September 2021
Issue of a Prospectus and Related Party Transaction
Further to the announcement on 22 June 2021, the Board of Hargreave Hale AIM VCT plc (the “Company”) is pleased to announce that the Company has today published a prospectus in relation to an offer for subscription under which the Company is seeking to raise up to £20 million, together with an over-allotment facility to raise up to a further £20 million (the “Offer”).
As part of the Offer, the Company has entered into an offer agreement with the Company's administrator, Canaccord Genuity Wealth Limited (the "Administrator") dated 2 September 2021 (the "Offer Agreement"). Under the Offer Agreement the Administrator has agreed to act as receiving agent to the Company in relation to the Offer and to use its reasonable endeavours to procure subscribers for shares in the Company. As consideration for the services to be provided under the Offer Agreement the Company shall pay the Administrator a fee of 3.5 per cent. of the gross proceeds of the Offer. Out of this fee the Administrator shall pay all costs and expenses of and incidental to the Offer and the preparation of the prospectus.
The investment manager of the Company is Hargreave Hale Limited (the "Investment Manager") and the Administrator and the Investment Manager are both wholly owned subsidiaries of Canaccord Genuity Wealth Group Limited. Under the Listing Rules of the FCA, a related party includes the investment manager of a closed-ended investment fund and any member of such investment manager’s group. The Administrator is therefore a related party in relation to the Company on the basis that it forms part of the same group as the Investment Manager. As such, this transaction is a smaller related party transaction as defined in LR11.1.10R.
The Offer opened on 2 September 2021 and will close on 12 August 2022 (unless fully subscribed by an earlier date or closed at the Directors' discretion). Persons intending to apply for ordinary shares under the Offer for the 2021/22 tax year should note that the deadline for such applications is 12.00 p.m. on 1 April 2022.
The Prospectus is available to download from the Company's website, www.hargreaveaimvcts.co.uk. The Prospectus will also shortly be available for inspection at the National Storage Mechanism, https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
For further information please contact:
Oliver Bedford, Canaccord Genuity Fund Management
Tel: 020 7523 4837
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014). Upon the publication of this announcement via Regulatory Information Service this inside information is now considered to be in the public domain.
