HYG Seneca Growth Capital Vct Plc

 
TIDMHYG 
 
 
   The following announcement replaces the announcement made at 17.27 on 16 
July 2019.  In that previous announcement, the date for the closing of 
the Offer which will open on 16 July 2019 was incorrectly given as 3 
April 2019 in relation to the tax year 2019/20, rather than 3 April 
2020.  All other text remains the same. 
 
   Seneca Growth Capital VCT Plc 
 
   Offer for Subscription 
 
   17 July 2019 
 
   The Board of Seneca Growth Capital VCT Plc (the "Company") are pleased 
to announce that the Company has published a prospectus in relation to 
an offer for subscription for B ordinary shares of 1p each in the 
Company to raise, in aggregate, up to GBP10 million with an 
over-allotment facility of up to a further GBP10 million (before issue 
costs) (the "Offer"). 
 
   The Offer will open on 16 July 2019 and is expected to close no later 
than 5.00 p.m. on 3 April 2020 in relation to the tax year 2019/20, and 
no later than 5.00 p.m. on 9 July 2020 in relation to the tax year 
2020/21 (unless the Offer has been fully subscribed by an earlier date 
or previously extended by the Board to a date no later than 13 July 
2020). 
 
   Pursuant to an offer agreement dated 16 July 2019 relating to the Offer 
between, among others, the Company and, Seneca Partners Limited ("SPL"), 
the investment manager of the Company, SPL as the promoter of the Offer 
will receive a promoter fee of up to 5.5% of the application amount in 
relation to each accepted application (with reductions to the fee 
applying in certain cases (for instance, early applications under the 
Offer)).  The aggregate amount of promoter fee to be paid to SPL under 
the offer agreement shall not exceed GBP338,000. 
 
   The Company has also agreed with SPL that with effect from 1 August 
2019, SPL will take over the provision of the management accounting 
services, which were previously provided by the Company's administration 
manager, Pennywise Accounting Ltd ("Pennywise"). As a result, the terms 
of the investment management agreement will be varied so that SPL will 
be entitled to charge an additional` annual fee of GBP9,000 (plus VAT, 
if applicable), payable quarterly in arrears, replacing the fee 
currently charged by Pennywise. 
 
   As SPL is a related party of the Company under the Listing Rules, the 
payment of a promoter fee by the Company to SPL, together with payment 
of an annual fee in relation to management accounting services, is a 
transaction to which Listing Rule 11.1.10R applies. 
 
   Further, Richard Manley has expressed his intention to subscribe 
GBP25,000 under the Offer prior to its close.  As a director of the 
Company, Richard Manley is a related party under the Listing Rules and 
consequently his subscription is a transaction to which Listing Rule 
11.1.10R applies. 
 
   To obtain a copy of the prospectus, private investors and financial 
advisers should call Seneca Partners Limited on 01942 295 981. A 
downloadable version of the prospectus will also be available from the 
Company's website: www.senecavct.co.uk/key-documents. A copy of the 
prospectus will be posted to all shareholders of the Company shortly and 
copies of the prospectus are available, free of charge, from Seneca 
Partners Limited at 12 The Parks, Haydock, Newton-Le-Willows, WA12 0JQ. 
 
   In accordance with the Prospectus Rules, the prospectus has been 
submitted to the National Storage Mechanism and will shortly be 
available for inspection at www.morningstar.co.uk/uk/NSM. 
 
   For further information, please contact: 
 
   John Hustler, Seneca Growth Capital VCT Plc at 
john.hustler@btconnect.com 
https://www.globenewswire.com/Tracker?data=Uic0gbeRW0klHtFmE2uLMntB4lJLhVyw8tM1Q2W3RwxhyKRpI87GTGRtcraE1uWbF0SPmW-C2ZhoLmuM6rcnoQ-jfp-CwpGEUie7MTgLd_XSaq7icV3sZIKlxQQIJN6g 
 
 
   Richard Manley, Seneca Growth Capital VCT Plc at 
richard.manley@senecapartners.co.uk 
 
   Any enquiries in respect of the Offer should be directed to: 
 
   John Davies 
 
   Seneca Partners Limited 
 
   01942 295 981 
 
   John.Davies@senecapartners.co.uk 
 
 
 
 

(END) Dow Jones Newswires

July 17, 2019 03:00 ET (07:00 GMT)

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