Foresight Enterprise VCT PLC has announced the launch of a new offer for subscription to raise up to £20 million (with an over-allotment facility to raise up to a further £10 million) through the issue of new shares. The offer is open to shareholders and new investors and aims to provide them with an opportunity to invest in the company and benefit from VCT tax reliefs. The offer will close on April 3, 2024, for the 2023/2024 tax year and on April 30, 2024, for the 2024/2025 tax year. The additional funds raised will be used to maintain liquidity levels, make market purchases of its own shares, and support running costs.

Foresight Group Promoter LLP is acting as the promoter to the offer and will be paid a fee equal to 2.5% of the amount subscribed by Retail Client Investors, Professional Client Investors, and Execution-Only Investors, and 5.5% of the amount subscribed by Direct Investors. The maximum fee payable, if all investors were Direct Investors, would be £1.65 million. The Promoter has agreed to meet all costs, expenses, and charges of the offer, except for financial intermediary commissions and adviser charges.

The offer shares will be priced at the most recently published net asset value of an existing share at the time of allotment plus associated offer costs directly or indirectly incurred by an investor. The offer shares will rank pari passu with the existing shares in the company from issue.

The prospectus for the offer has been approved by the Financial Conduct Authority and will be available for download from the company's website and the National Storage Mechanism.

For further information, interested parties can contact the company secretary or the investor relations department of Foresight Group LLP.