After raising £19.8 million in April this year, Close Enterprise VCT now intends to raise a further £20 million through an offer of new shares. Up to 20 million new 50p shares will be issued at a price of 100p each.
After raising £19.8 million in April this year, Close Enterprise VCT now intends to raise a further £20 million through an offer of new shares. Up to 20 million new 50p shares will be issued at a price of 100p each.
Close Ventures, which manages seven VCTs with net assets of £240 million, will issue a prospectus and application forms on 23 November 2007. The offer will be open to new investors as well as those with existing holdings in the trust.
Close Enterprise VCT aims to provide investors with ‘regular and predictable’ income, plus long-term capital growth, by investing up to half of its funds in lower-risk, asset-based businesses, principally within the leisure sector and related areas. The balance of the funds are invested in higher-growth businesses across a variety of sectors.
Patrick Reeve, managing director of Close Ventures, comments: ‘We are confident that our established, carefully balanced and income-producing investment policies will continue to be attractive to investors.’
Close Ventures launched its first VCT in 1996 and was awarded the title of VCT Fund Manager of the Year at the 2005 and 2006 Growth Company Awards, run by GrowthBusiness’ sister publication Growth Company Investor.
