11th Jan 2019 14:56
LONDON (Alliance News) - Draper Esprit VCT PLC on Friday said it has published an offer document relating to an offer for the subscription in respect of up to GBP7 million worth of new shares.
At the end of March last year, the investment company said it formed a close association with Draper Esprit, the technology investment manager, to transform the prospects of the venture capital trust.
"The board is pleased to have accepted assurances from Draper Esprit of their continuing intention to provide a flow of investment opportunities to the VCT and their intention to exercise their option to become the VCT's portfolio manager," said Chairman David Brock.
On Thursday, Draper Esprit VCT, formerly known as Elderstreet Draper Esprit VCT has consequently been renamed.
The offer, which opened on Thursday, is expected to close on April 5.
Since raising just over GBP20 million in the last two finanial years, and since building its association with Draper Esprit, Draper Esprit VCT said it has committed to fourteen new technology investments totalling GBP11.3 million.
To-date, twelve of these deals have completed and two are subject to regulatory approvals. Given this strong rate of investment, the company said it believes that this is a good time to raise a further capital.
"I am therefore delighted to offer you the chance to invest in what is already an award-winning VCT now increasingly associated with this leading, high-rated technology investor," added Brock.
Draper Esprit VCT shares were untraded on Friday, last closing at 55.00 pence each.
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