Octopus AIM VCT plc ('Octopus AIM') Octopus AIM VCT 2 plc ('Octopus AIM 2') (together the 'Companies')
29 August 2014
Publication of Prospectus and Circular
The Companies have today issued a prospectus and circular relating to a proposed offer for subscription for ordinary shares of 1p each in Octopus AIM and 0.01p each in Octopus AIM 2 ('New Shares') to raise up to £20 million in aggregate with an over allotment of up to a further £10 million in aggregate (the 'Offers'), following the approval of the prospectus from the UK Listing Authority.
Subject to the Offers becoming unconditional and remaining open for both Companies, applicants may elect that their applications are allocated 100% to either Octopus AIM or Octopus AIM 2 or split 60% to Octopus AIM and 40% to Octopus AIM 2 and, in default of any election, the subscription monies will be split 60% to Octopus AIM and the remaining 40% to Octopus AIM 2. The maximum to be raised by Octopus AIM and Octopus AIM 2 is £18 million and £12 million respectively.
Pursuant to agreements dated 29 August 2014 relating to the Offers, between each of the Companies and Octopus Investments Limited (the 'Investment Manager'), the Companies' investment manager and which fall within Listing Rule 11.1.10 R, the Investment Manager will receive:
* an initial charge of 3 per cent. of the gross funds raised under the Offers by each of the Companies; and
* an initial commission of up to 2.5 per cent of gross funds raised under the Offers by the Companies from investors who have not invested their money through a financial intermediary ('Direct Investors'); and
* an additional ongoing charge of 0.5% per annum of the most recently announced net asset value multiplied by the number of New Shares allotted to Direct Investors for up to nine years, provided the Direct Investors continue to hold the New Shares.
The Offers are now open and will close at noon on 1 April 2015 for the 2014/2015 tax year and noon on 10 August 2015 for the 2015/2016 tax year, or earlier if the Offers are fully subscribed. The boards of the Companies reserve the right to close the Offers earlier.
The prospectus and circular will shortly be available for inspection at the National Storage Mechanism, which is located at:
http://www.hemscott.com/nsm.do and on the Companies' website http://www.octopusinvestments.com
For further information please contact:
Patricia Standaloft Company Secretary 0207 710 6471
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Source: Octopus AIM VCT PLC via GlobeNewswire [HUG#1852491]
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