Income & Growth VCT (The) PLC Joint Announcement - Fundraising Update (2077N)

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RNS Number : 2077N

Income & Growth VCT (The) PLC

04 August 2017

Mobeus Income & Growth VCT plc

Mobeus Income & Growth 2 VCT plc

Mobeus Income & Growth 4 VCT plc

The Income & Growth VCT plc

(together the "Companies" or "VCTs" and each a "Company" or "VCT")

Joint Announcement - Fundraising update

Further to the general meetings held yesterday, the Boards of the Companies are pleased to confirm that the Mobeus VCT joint fundraising Offers, promoted and advised by Mobeus Equity Partners LLP ("Mobeus"), are intending to launch in early September 2017.

The Offers will seek to raise up to GBP50 million in aggregate with an over-allotment facility of up to an additional GBP30 million in aggregate. The share of both the initial fund raise and the over-allotment facility will be allocated across each VCT as follows:

                                                                                      Initial fund raise                Over-allotment facility 
                                                                                            GBP million                                  GBP million 

Mobeus Income & Growth VCT plc: 15 10

Mobeus Income & Growth 2 VCT plc: 10 5

Mobeus Income & Growth 4 VCT plc: 10 5

The Income & Growth VCT plc: 15 10

In the event that the Boards of the Companies utilise the over-allotment facility, Mobeus has agreed to make a contribution of up to GBP300,000 to the VCTs in total, by way of a fee waiver of 1% of any funds that each VCT may raise under the allotment facility, for a period of one year.

The Boards anticipate strong demand for the Offers. To encourage early investment, Mobeus will offer an early investment incentive discount of 1% of the amounts subscribed by investors to applications which are accepted up to the earlier of the first GBP50 million, in aggregate being raised across the Companies or Friday 3rd November 2017.

Further details of all of the above arrangements will be set out in the Prospectus, which it is anticipated will be available in early September.

For further information, please contact:

Mobeus Equity Partners LLP

Rob Brittain

Telephone: [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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August 04, 2017 12:11 ET (16:11 GMT)