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The Income & Growth VCT plc (I&G) provided an update on its Offer for Subscription, launched on 18 June 2024 and open for applications since 2 September 2024, which aims to raise up to £35 million with a £10 million over-allotment facility. The I&G Board reported that applications for over 80% of the Offers have been received, leading it to make the full over-allotment facility available. The first share allotment is planned for 1 October 2024, and a scheduled 7 November 2024 allotment has been brought forward to 28 October 2024.
| Date | 18 Sept 2024 |
| Time | 10:00:01 |
| Category | Corporate updates |
| ID | 5930E |
The Income & Growth VCT plc
LEI: 213800FPC15FNM74YD92
Offer for Subscription - Update
On 18 June 2024 Mobeus Income & Growth VCT plc (MIG), and The Income & Growth VCT plc (I&G) launched new offers for subscription (together the Offers and each an Offer) subject to and conditional on, the merger of Mobeus Income & Growth 2 VCT plc (MIG 2) with MIG and Mobeus Income & Growth 4 VCT plc (MIG 4) with I&G (Merger) being implemented. The Offers were contained in a prospectus issued by MIG and I&G on 18 June 2024.
The Merger was implemented on 26 July 2024 and the I&G Offer opened for applications at 9.00 a.m. on 2 September 2024.
The I&G Offer seeks to raise up to £35 million (Initial Amount), with an over-allotment facility to raise up to a further £10 million (Over-Allotment Facility).
The I&G Board is pleased to announce that applications have been received for over 80% of the Offers. Based on the investor appetite, the Initial Amount is likely to be fully subscribed shortly. The first allotment of shares in respect of applications accepted by the Company is planned for 1 October 2024 with cleared funds received on 24 September 2024.
In light of the above, the I&G Board is pleased to further announce that it has decided to make the Over-Allotment Facility available in full.
The Board also advises that the scheduled 7 November 2024 allotment (as detailed in the Prospectus) will be brought forward to 28 October 2024 with cleared funds to be received by 21 October 2024. It is also likely that an additional allotment may take place during the week commencing 16 December 2024, subject to the fundraise not filling beforehand in which case the Offer will close earlier and an additional allotment will take place.
For further information, please contact:
Gresham House Asset Management Limited Company Secretary
Telephone: +44 (0)20 7382 0999
Please note that I&G and Gresham House cannot give any financial, legal, tax or investment advice.