Exciting Developments for Octopus Apollo VCT
Octopus Apollo VCT plc
Octopus Apollo VCT plc (the ‘Company’) has recently published a comprehensive prospectus outlining an enticing opportunity for potential investors. The prospectus details a proposed offer to subscribe for ordinary shares worth 0.1p each in the Company, commonly referred to as ‘New Shares.’ This Offer aims to raise up to £50 million, with the possibility of an additional £25 million from over-allotment, subject to approval from the Financial Conduct Authority.
Details of the Offer
As part of an agreement involving the Company and its portfolio manager, Octopus Investments Limited, the Offer includes specific financial arrangements that are significant for investors. These arrangements are characterized as a related party transaction under UK Listing Rule 8.2.1R. The Portfolio Manager is set to receive:
Charges Structured for Investors
The financial structure includes:
- An initial charge of 3% of the gross funds the Company raises through this Offer;
- A further charge of up to 2.5% applicable to direct investments from investors who decide not to utilize a financial intermediary;
- An ongoing charge of 0.5% based on the net asset value of the investment amount received from Direct Investors, which will be payable for a maximum of nine years, provided these investors maintain their shares.
The Board of the Company has conveyed that these arrangements are crafted to be fair and reasonable for shareholders, having been advised by Howard Kennedy Corporate Services LLP, which serves as the sponsor for the Company.
Important Dates and Availability
The Offer is currently open and will remain so until April 5, 2025, for the 2024/2025 tax year. Investors have until October 22, 2025, to participate for the 2025/2026 tax year, although this period may close sooner if the Offer reaches full subscription levels. The Board retains the discretion to conclude the Offer ahead of schedule if necessary.
Where to Find the Prospectus
Investors interested in obtaining the prospectus can soon find it accessible for inspection at the National Storage Mechanism. This resource can be located at [National Storage Mechanism](https://data.fca.org.uk/#/nsm/nationalstoragemechanism) and will also be available on the Company's official website at [Octopus Investments](https://octopusinvestments.com/apollo-vct/).
Contact Information for More Details
For those needing further assistance or inquiries, reach out to Rachel Peat at Octopus Company Secretarial Services Limited. You can contact her via telephone at +44 (0)80 0316 2067.
Furthermore, please be informed that the Company holds a Legal Entity Identifier (LEI) number: 213800Y3XEIQ18DP3O53.
Frequently Asked Questions
What is the main goal of the Octopus Apollo VCT's prospectus?
The main aim is to raise up to £50 million, with an additional £25 million in over-allotment to fund new investment opportunities.
Who is managing the portfolio for Octopus Apollo VCT?
The portfolio is managed by Octopus Investments Limited, which is the Company’s portfolio manager.
What charges will the Portfolio Manager receive?
The Portfolio Manager will receive an initial charge of 3% of gross funds raised, along with additional charges for direct investments and ongoing charges based on net asset value.
When does the Offer close?
The Offer is open until April 5, 2025, for the 2024/2025 tax year, and October 22, 2025, for 2025/2026, or earlier based on subscriptions.
How can investors access the prospectus?
The prospectus will be available for inspection at the National Storage Mechanism and on the Company’s website.
