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Proposed Increase in Size of Offer for Subscription

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Octopus Apollo VCT plc
·1 min read
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Octopus Apollo VCT plc (“the “Company”)

3 March 2021

Proposed Increase in Size of Offer for Subscription

Further to the announcement released by Octopus Apollo VCT plc (the “Company") on 25 September 2020 relating the Company's Offer for Subscription to raise up to £35 (£25 million with an over-allotment facility of a further £10 million) (the “Offer”), in the 2020/2021 and 2021/2022 tax years, the Board of the Company announces today that, due to investor demand, it is proposing to increase the size of the Offer from £35 million to £75 million (the "Offer Increase").

Pursuant to an agreement relating to the Offer Increase between the Company and Octopus Investments Limited, the Company’s investment manager (the “Manager”), this offer increase constitutes a smaller related party transaction within Listing Rule 11.1.10 R, and the Manager will receive:

  • an initial charge of 3 per cent. of the gross funds raised by the Company under the Offer; and

  • a further charge of up to 2.5 per cent of gross funds raised by the Company from investors under the Offer who have not invested their money through a financial intermediary (“Direct Investors”); and

  • an additional ongoing charge of 0.5% per annum of the investment amounts received from Direct Investors for up to nine years, provided the Direct Investors continue to hold the shares.

For further information please contact:

Graham Venables
Octopus Company Secretarial Services Limited
0203 935 3803