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LONDON - Maven Income and Growth VCT PLC, a UK-based investment company, has successfully closed its recent offer for subscription, raising a total of £5,381,727. The company announced on Monday that the offer, which was launched on 27 September 2024 to issue new ordinary shares, has been fully subscribed and is now closed to further applications.
The offer aimed to raise up to £10 million, including an over-allotment facility. During the subscription period, which began at 9:00 am on 23 January 2025 and concluded at 9:00 am on 24 March 2025, the company received valid applications surpassing its initial £5 million target for the 2024/2025 tax year.
As a result of the successful offer, Maven Income and Growth VCT PLC issued and allotted 13,308,995 new ordinary shares on Thursday. The shares were issued at prices ranging from 39.37p to 40.43p per share, in line with the allotment formula detailed in the prospectus. Following this issuance, the total number of ordinary shares now in issue stands at 180,150,743, which also represents the total voting rights in the company.
Shareholders may use this figure as the denominator for calculations to determine if they need to notify their interest or any change to their interest in the company, in compliance with the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
The company has initiated the process for the new ordinary shares to be admitted to the Official List and to commence trading on the London Stock Exchange (LON:LSEG)’s main market for listed securities. Admission is expected to become effective, and dealings in the new shares are anticipated to begin on or around 31 March 2025.
This allocation marks the second allotment for the 2024/2025 tax year, and the Board intends to conduct a further allotment for applications within this tax year by 4 April 2025. An additional allotment for applications for the 2025/2026 tax year is planned on or before 2 May 2025.
The information for this article is based on a press release statement from Maven Income and Growth VCT PLC.
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