Octopus Titan VCT 1 Octopus Titan Vct 1 Plc : Postponement Of Issue Of Equity And Closure Date Of Further Offer For Subscript...

 
TIDMOTV1 
 
 
   Octopus Titan VCT 1 Plc 
 
   Octopus Titan VCT 2 Plc 
 
   Octopus Titan VCT 3 Plc 
 
   Octopus Titan VCT 4 Plc 
 
   Octopus Titan VCT 5 Plc 
 
   Together "the Companies" 
 
   28 April 2014 
 
   Postponement of Issue of Equity and Closure Date of Further Offer for 
Subscription 
 
   Postponement of Issue of Equity 
 
   The Companies  announce that further to the issue of a Prospectus on 3 
September 2013 relating to an offer for subscription by the Companies 
for ordinary Shares of 10p each to raise up to GBP50 million in 
aggregate (the "Offer for Subscription") and a further combined new 
offer for subscription by the Companies for ordinary Shares of 10p each 
to raise up to GBP13,500,000 million in aggregate (the "Further Offer 
for Subscription"), split equally between the Companies, in the 
2013/2014 and 2014/2015 tax years (the Offer for Subscription and the 
Further Offer For Subscription together the "Offers"), the Companies 
indicated that an allotment of Shares under the Offers for the 2014/15 
tax year would take place on 30 April 2014. 
 
   On 27 March 2014, the Government published the Finance Bill 2014.  The 
Finance Bill contains proposed changes to VCT rules which apply to VCT 
Shares issued on or after 6 April 2014.  The Companies' professional 
advisers are of the opinion that those provisions of the Finance Bill 
require clarification as they could be interpreted as preventing the 
Companies from issuing Shares after 5 April 2014 on all of the terms of 
the Offers. 
 
   The directors of the Companies (the "Directors") have been advised that 
amendments to the relevant provisions in the Finance Bill are to be 
introduced in order to provide this clarification; however, those 
amendments have not yet been published, and will in any event be subject 
to the usual process of Parliamentary review and debate. 
 
   On advice, and in the interest of all of the Companies' shareholders, 
therefore, the Directors have decided to postpone the allotment and 
issue of further Shares under the Offers for the 2014/15 tax year until 
such time as the Directors believe that there is certainty whether the 
allotment and issue can be made under all of the terms of the Offers 
without contravening the new rules. 
 
   Application monies received under the Offers in respect of the 2014/15 
tax year will be held in the Companies' Offer account pending decision 
as to whether the allotment and issue of Shares can be made under all of 
the terms of the Offers without contravening the new rules. 
 
   Further announcements will be made at such time as the Directors believe 
that there is certainty whether the allotment and issue of Shares can be 
made under all of the terms of the Offers without contravening the new 
rules and in any event prior to 31 May 2014. 
 
   Closure Date of Further Offer for Subscription 
 
   Further, the closure date of the Further Offer For Subscription, stated 
to be 30 April 2014, will be extended to 31 May 2014, subject to the 
Directors reserving the right prior to 31 May 2014 to make a further 
extension, to allow for the allotment and issue of Shares under the 
Further Offer For Subscription but no further applications in respect of 
the Further Offer for Subscription will be accepted after 30 April 2014. 
 
   For further information, please contact: 
 
   Patricia Standaloft 
 
   Company Secretary 
 
   0207 710 6471 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Octopus Titan VCT 1 PLC via Globenewswire 
 
   HUG#1780580 
 
 
  http://www.octopusinvestments.com