New Fundraising Initiative by Octopus AIM VCT plc and Partners
Overview of the Fundraising Initiative
Octopus AIM VCT plc and Octopus AIM VCT 2 plc are excited to announce the publication of a new prospectus. This document outlines a proposed offer for subscription of ordinary shares in the companies, aiming to raise up to £20 million. Additionally, there is an option for an over-allotment of up to £10 million, which could significantly enhance the financial foundations of the companies, allowing greater flexibility for future investments.
Details of the Offer
The offer will include ordinary shares valued at 1p each for Octopus AIM VCT plc and 0.01p each for Octopus AIM VCT 2 plc. This initiative has received approval from the Financial Conduct Authority, ensuring regulatory compliance and investor protection.
Investment Management Arrangements
The investment will be managed by Octopus Investments Limited, recognized as the Companies’ investment manager. Under the agreements established prior to the offer, it is essential to note that the investment manager will receive a fee structure composed of several components:
- An initial charge of 3% based on the gross funds raised under the offer.
- An additional 2.5% charge applied to funds from investors who choose not to go through a financial intermediary (referred to as Direct Investors).
- Ongoing fees of 0.5% per annum based on the last announced net asset value, multiplied by the number of New Shares allotted to Direct Investors, applicable for up to nine years.
Board’s Assessment of Fairness
The respective boards of Octopus AIM VCT plc and Octopus AIM VCT 2 plc have carefully considered these terms. They believe that the agreements are fair and reasonable for the shareholders. Howard Kennedy Corporate Services LLP has provided advice to the boards, further supporting the fairness of the arrangements.
Offer Timeline
The offer is now officially open for investors and is expected to close on specific dates depending on the tax year. The deadlines are set for 5 April 2025 for the 2024/2025 tax year and 22 September 2025 for the 2025/2026 tax year. However, it's important to note that the Companies reserve the right to close the offer early should it become fully subscribed, allowing for a quicker capital raise if investor interest is strong.
Accessing the Prospectus
For those interested in more detailed information, the prospectus will soon be available at the National Storage Mechanism. This resource provides transparency and access to important financial documentation for potential investors.
Company Website
Additionally, the prospectus will also be published on the Companies' website, where stakeholders can find more insights and updates about the offer and the overall strategic direction of Octopus AIM VCT plc and its affiliate.
Further Inquiries
If you have any inquiries or require additional information regarding this fundraising initiative, please reach out directly to Rachel Peat at Octopus Company Secretarial Services Limited. You can contact her at +44 (0)80 0316 2067.
Moreover, the Legal Entity Identifier (LEI) for the Companies is 213800C5JHJUQLAFP619, serving as an additional reference for corporate dealings.
Frequently Asked Questions
What is the purpose of the offer?
The offer aims to raise funds for investment opportunities that will benefit the shareholders of both Octopus AIM VCT plc and Octopus AIM VCT 2 plc.
Who is managing the investments from this offer?
Investments raised through this offer will be managed by Octopus Investments Limited, which adheres to strict regulatory standards.
Is there a closing date for the offer?
Yes, the offer is scheduled to close on 5 April 2025 for the 2024/2025 tax year and on 22 September 2025 for the 2025/2026 tax year, unless fully subscribed earlier.
How can I access the prospectus?
The prospectus will be available at the National Storage Mechanism and on the Companies' official website.
Who can I contact for more information?
For inquiries, you can contact Rachel Peat at Octopus Company Secretarial Services Limited at +44 (0)80 0316 2067.
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