3 September 2021
Blackfinch Spring VCT plc (the "Company")
Publication of Prospectus and Circular
The Company has issued a prospectus dated 3 September 2021 (the "Prospectus"), relating to a proposed offer for subscription of ordinary shares of 1p each in the Company ("Shares") to raise up to £20 million with an over-allotment of up to a further £10 million (the "Offer"), and a circular (the "Circular") in connection with the Offer, following approval from the Financial Conduct Authority.
The Circular includes a notice of a general meeting to be held on 8 October 2021 (the "General Meeting").
Pursuant to an agreement dated 3 September 2021 relating to the Offer between, inter alia, the Company and Blackfinch Investments Limited, the Company's investment adviser (the "Adviser"), the Adviser will receive:
· an initial charge of 3 per cent. of the gross funds raised under the Offer by the Company; and
· a further charge of up to 2.5 per cent of gross funds raised under the Offer by the Company from investors who have not invested their money through a financial intermediary ("Direct Investors");
As the Adviser is the Company's investment adviser and, therefore, a related party of the Company under the Listing Rules, the payment of the above fees by the Company to the Adviser is a transaction to which Listing Rule 11.1.10R applies. Accordingly, the Offer is conditional on shareholders passing Resolutions 1 to 3 at the General Meeting.
The Offer will open on 3 September 2021 and will close at 10.00 am on 4 April 2022 for the 2021/2022 tax year and 3pm on 26 August 2022 for the 2022/202 tax year, or earlier if the Offer is fully subscribed. The board of the Company reserves the right to close the Offer earlier.
The prospectus and circular will shortly be available for inspection at the National Storage Mechanism, which is located at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
and on the Company's website
For further information please contact:
Blackfinch Investments Limited (Investment Manager)
01452 717070
The City Partnership (UK) Limited (Company Secretary)
enquiries@city.uk.com
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