FUNDRAISING LAUNCH 11 FEBRUARY 2020 - OFFER CLOSED FOR APPLICATIONS
On 12 June 2020 the Company announced: "The Directors confirm that in accordance with the Prospectus, based on applications received to date, the Offer closed to new applications at 5.30pm on 11 June 2020 and is fully subscribed."
On 11 February 2020 the Company announced that it had launched an offer to raise up to £15 million (with an over-allotment facility for up to a further £10 million) through the subscription of up to a maximum of 25 million ordinary shares of 1p each (“the Offer"). Full details of the Offer are contained in a prospectus (“the Prospectus"), and application form, or an interactive application.
The Offer opens 11 February 2020 and will close at 5.30 p.m. on 2 April 2020 for application in the 2019/2020 tax year, and 5.30pm on 30 June for the 2020/2021 tax year (or, if earlier, as soon as the Offer is fully subscribed or otherwise at the Board’s discretion).
On 26 March 2020 the Company announced the publication of a Supplementary Prospectus, a copy of which can be downloaded here.
On 25 March 2020 the Company announced:
Yesterday the Company published its net asset value per share (“NAV”) of 119.6p as at 23 March 2020, a reduction of 46.1p in the NAV of 165.7p as at 29 February 2020. This fall of 27.8% reflected valuation reductions generally across the investments in the portfolio as a result of the market volatility arising from the impact of the Coronavirus (Covid-19) pandemic affecting all businesses including those in which the Company invests.
In light of the updated NAV, the Company is required to publish a supplementary prospectus (“Supplementary Prospectus”) in connection with the offer for subscription contained in the prospectus dated 11 February 2020 (“Offer”) as soon as possible. As a result of the above, the allotment scheduled for today, 25 March 2020, will be delayed until after the publication of the Supplementary Prospectus. Once the Supplementary Prospectus has been published the Company now intends to make one allotment for the 2019/2020 tax year. Valid applications (which requires the receipt of cleared funds) received by 5.30pm on 2 April 2020, are intended to be processed and allotted on 3 April 2020, based on an unaudited net asset value calculated as at the close of markets on 31 March 2020.
The Offer will remain open until 30 June 2020 unless the over-allotment facility is fully subscribed before this date or otherwise at the Board's discretion.
On 17 March 2020 the Company announced:
"In view of the rapidly evolving Coronavirus pandemic and its impact on stock market volatility, the board of directors of the Company (“Board”) currently intend to adopt a revised timetable related to the initial allotment of shares in respect of applications for the 2019/20 tax year. Valid applications (which requires the receipt of cleared funds) received by midday on 23 March 2020, are intended to be processed and allotted on 25 March 2020, based on an unaudited net asset value calculated as at the close of markets on 23 March 2020. If required, and remaining capacity permits, a second allotment of shares is then intended to take place on 3 April 2020, as originally indicated in the Prospectus, thereby accommodating any further valid applications in respect of the current tax year, which may be received following the initial allotment.
The Directors of the Company are also pleased to announce that, if all subscription applications and reservations received as at 16 March 2020 result in valid applications with cleared funds, the initial £15m sought under the Offer will be fully subscribed.
In order to accommodate further demand, and in accordance with terms of the Prospectus, the Board has therefore decided, after consultation with Unicorn Asset Management, the Company's investment manager, to implement the over-allotment facility available under the Offer to raise a further £10 million. The Offer will remain open until 30 June 2020 unless the over-allotment facility is fully subscribed before this date or otherwise at the Board's discretion."