Pembroke VCT PLC New share offer (9672M)

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RNS Number : 9672M

Pembroke VCT PLC

19 October 2016

19 October 2016

Pembroke VCT plc

New share offer

The board of directors of Pembroke VCT plc (the "Company") is pleased to announce a new offer for subscription of B Ordinary Shares of up to GBP15 million, with an over-allotment facility of up to GBP10 million.

The Company has raised approximately GBP30.9 million (net of costs) since its inaugural offer for subscription in February 2013. As at 30 June 2016, the Company had invested GBP23.8 million in a diverse portfolio of 25 investments with GBP15.7 million from the Ordinary Share class and GBP8.1 million in the B Ordinary Share class.

The B Ordinary Shares are an existing class of share which at 30 June 2016 had an unaudited net asset value of 104.41 pence per share (prior to the payment of a final dividend of 2 pence per share to be paid on 31 October 2016).

The new offer will provide investors with immediate access to an existing portfolio of assets in the B Ordinary Share class which includes high growth opportunities such as Plenish, ME+EM and Second Home. The Company has also begun the process of realising value from its investments, offering investors the potential to benefit from any sales and reinvestment within the B Ordinary Share portfolio. It is expected that the new share offer will be available for subscription from November 2016.

Regulatory changes introduced in November 2015 restrict the types of companies that VCTs can invest in. However, Pembroke's continued focus on providing development capital to promising growth opportunities rather than management buy-out transactions leaves its strategy unchanged.

Subscription for new B Ordinary Shares in the Company will provide investors with access to an effective investment strategy focused on a carefully selected portfolio of apparel, leisure, hospitality and technology investments, replicating the existing approach of the Company, whilst benefiting from the tax benefits available to investors in VCTs.

For further information, please contact:

Pembroke VCT plc

[phone]

Peter Dubens

Oakley Investment Managers LLP (Manager)

[phone]

Andrew Wolfson / Simon Male

The City Partnership (UK) Limited (Company Secretary)

[phone]

Doreen Nic

Cornerstone Communications

[phone]

Richard Acworth

This information is provided by RNS

The company news service from the London Stock Exchange

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October 19, 2016 08:26 ET (12:26 GMT)