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
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
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
Richard Manley, Seneca Growth Capital VCT Plc at
Any enquiries in respect of the Offer should be directed to:
Seneca Partners Limited
01942 295 981
(END) Dow Jones Newswires
July 17, 2019 03:00 ET (07:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.