Close Ventures has announces a further offer of new shares for Close Enterprise VCT following the success of the initial offering for the venture capital trust earlier this year.
Close Ventures has announces a further offer of new shares for Close Enterprise VCT following the success of the initial offering for the venture capital trust earlier this year.
Close Enterprise VCT, which raised GBP19.8m in April, plans to raise up to a further GBP20m in top-up subscriptions through the new offer of up to 20,000,000 new shares of 50 pence each at 100 pence per share.
Close Enterprise VCT seeks to provide investors with regular income plus long-term capital growth by investing up to approximately 50 percent of its funds in lower risk, asset-based businesses, principally within the leisure sector and related areas.
The balance of the net capital is invested in higher-growth businesses in a variety of sectors of the UK economy, ranging from lower-risk income-producing businesses to higher-risk technology companies. The fund aims to offer investors consistently high dividends over the longer term.
The prospectus and application forms will be available from 23 November 2007. Winterflood Securities is acting as sponsor to the offer.
‘We are delighted to be able to offer investors further shares in an existing VCT,’ says Close Ventures managing director Patrick Reeve. ‘We are confident that our established, carefully balanced and income-producing investment policies will continue to be attractive to investors.’
Close Ventures is a member of the Close Brothers Group and a leaders in the area of VCT investment, managing seven venture capital trusts with net assets of GBP240m. The firm, which launched its first VCT in 1996, has a track record of returning cash to shareholders through dividends from revenue and capital and share buy-backs. To date Close Ventures has returned £65 million to shareholders.
