Pembroke VCT launches share offer to raise up to £60m
The subscription offer is for up to £40m of B ordinary shares, with an over-allotment facility for up to a further £20m of B ordinary shares.
The subscription offer is for up to £40m of B ordinary shares, with an over-allotment facility for up to a further £20m of B ordinary shares.
Pembroke, which holds £216m in assets and is part of the £9bn private equity firm Oakley Capital, will aim to deploy 30% of funds raised in new opportunities and 70% in follow-on investments in existing holdings, with 80% of the funds raised invested within 12 months.
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The VCT invests in early-stage, founder-led, high-growth businesses in the traditional consumer, business services and technology sectors. The portfolio currently has over 40 growth-stage companies, many of which have «strong exit potential», the firm said.
In a letter to shareholders, chair Jonathan Djanogly said: «After raising over £229m since 2012 and returning £52m to shareholders, Pembroke has invested in 64 companies.
»Since April 2022, the company has invested £11m across six new exciting and innovative businesses, and £18m in 15 existing portfolio companies."
The chair said that as the company continues its growth beyond the £200m net asset hurdle, the VCT remains in a «strong position» and the additional cash will allow it to invest in new opportunities while the continued growth of its existing portfolio businesses.
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The deadline for the receipt of applications is 12pm on 5 April 2024 in respect of the 2023/2024 tax year and 3pm on 28 June 2024 in respect of the 2024/2025 tax year, or as soon as the offer is fully subscribed. The minimum investment is £5,000.
The closing
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