Downing ONE VCT plc : Publication of Prospectus (Correction)

Downing ONE VCT plc ("the Company")
7 September 2017
Publication of prospectus (correction)

The announcement released by the Company at 18:03 today entitled "Publication of prospectus" contained some incorrect wording in the description of the smaller related party transaction.

The full announcement with corrected wording is as follows:

The Company has today issued a prospectus relating to an offer for subscription for ordinary shares of 1p each in the Company ("New Shares") to raise up to £20 million (the "Offer") (equivalent to approximately 21,548,821 Shares), following the approval of the prospectus from the UK Listing Authority. The offer also includes an overallotment facility to issue up to a further £10 million worth of New Shares.

Pursuant to an agreement dated 7 September 2017 relating to the Offer, between the Company and Downing LLP (the "Investment Adviser"), the Company's investment adviser, and which constitutes a smaller related party transaction within Listing Rule 11.1.10 R, the Investment Adviser will receive:

  • 2.0% of the amounts subscribed under the Offer by, and issued to Direct Investors (those who subscribe without an IFA) and Retail Client Investors;
     
  • 4.0% of the amounts subscribed under the Offer by, and issued to, Execution-Only Investors and (prior to 3 January 2018) Professional Client Investors; and
     
  • 0.25% per annum of the NAV of the Offer Shares for a maximum of five years, out of which Downing will pay annual trail commission to the independent financial intermediaries of Professional Client Investors and Execution-Only Investors.

The Offer is now open and will close at 3.00 pm on 5 April 2018 for the 2017/2018 tax year and 3.00 pm on 30 April 2018 for the 2018/2019 tax year, or earlier if the Offer is fully subscribed. The board of the Company reserves the right to close the Offer earlier or to extend the Offer (to no later than 31 August 2018).

The Prospectus has been approved by the UK Listing Authority and will shortly be available to view at the online viewing facility of the National Storage Mechanism at the following website address: http://www.morningstar.co.uk/uk/NSM

A copy of the Prospectus is available, free of charge from the Company's registered office, Ergon House, Horseferry Road, London SW1P 2AL and on Downing's website at https://www.downing.co.uk/d1offer




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Downing ONE VCT plc via GlobeNewswire

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