Law firm Howard Kennedy is acting for Octopus Apollo VCT on the issue of its 2017 prospectus and on its proposed merger with Octopus Eclipse VCT.
Its 2017 issue will see Octopus Apollo VCT target a fundraise of GBP20 million.
The proposed merger with Octopus Eclipse VCT will bring efficiencies in the annual running and administration costs whilst enabling it to spread portfolio risks across a broader range of investments.
Howard Kennedy is the only English law firm able to act as both sponsor, through Howard Kennedy Corporate Services, and legal adviser to VCTs. The firm acts for 80 per cent of all VCTs coming to market in the past four years and nine of the 10 largest VCTs by funds under management.
Partner Stephen Heinemann led the Howard Kennedy team, which included partner and head of capital markets Keith Lassman and capital markets associate Sian Dewing.
Heinemann says: “VCTs are the engines of the UK economy providing businesses with the investment and support they need to compete on the domestic and international stage, and Octopus Apollo VCT is one of the largest. We are delighted to be part of the team delivering its 2017 prospectus and its merger.”
In the 2015/16 season, which closed in April, Howard Kennedy acted for 16 individual VCTs seeking to raise a total of GBP421.7 million – one of the most successful years on record.