PE Tech Report


Like this article?

Sign up to our free newsletter

Maven managed VCTs to raise GBP6.4m in top-up offer

The boards of four Maven managed venture capital trusts intend to raise up to GBP6.4m in a linked top-up offer across the four companies, which will close on 29 April 2011 and is available for subscriptions for both the 2010/11 and 2011/12 tax years.

This is a strictly limited offer, targeting GBP6.4m in total raised across the four VCTs for the two tax years.

The four VCTs participating in the offer are: Maven Income and Growth VCT; Maven Income and Growth VCT 2; Maven Income and Growth VCT 3; and Maven Income and Growth VCT 4.

The funds raised will allow the VCTs to make further later stage private company investments and to take advantage of the introductions that Maven is experiencing across its UK office network.

By investing through Linked VCT Offer 2 an investor participates in all four VCTs via a single application. The offer provides an immediate dividend stream, offering the potential to receive up to four tax-free final dividends by July 2011 in addition to the 30 per cent initial tax relief available on subscription.

The offer is on the same basis as the first Maven linked top-up which closed in April 2010. By the end of 2010 investors in that offer will have received eight tax-free dividend payments ranging from 1p to 3p per share within eight months of the offer closing.
Maven managing partner Bill Nixon says: “We feel there is an investor appetite for this type of linked top-up offer, with an attractive combination of the usual VCT tax breaks alongside the chance to invest in a mature and highly diversified private company portfolio. Our successful first linked VCT offer only closed in April and shareholders will have received eight dividend payments by the end of the year. Linked VCT Offer 2 aims to deliver similar benefits, including an immediate eligibility for any final dividends paid between May and July 2011.”

Like this article? Sign up to our free newsletter