16th Jul 2019 17:42
(Alliance News) - Seneca Growth Capital VCT PLC on Tuesday said it has launched an offer for subscription to raise up to GBP10 million, with an over-allotment facility for up to a further GBP10 million before expenses.
The investment firm said Seneca Partners Ltd will act as the promoter of the offer and will receive a promoter fee of up to 5.5% of the application amount in relation to each accepted application.
The aggregate amount of fees to be paid to Seneca Partners will not exceed GBP338,000, Seneca Growth noted.
Seneca Growth has also said it agreed with Seneca Partners that, with effect from August, Seneca Partners will take over management accounting services, which were previously provided by Seneca's administration manager, Pennywise Accounting Ltd.
Seneca said Non-Executive Director Richard Manley has expressed his intention to subscribe GBP25,000 under the offer prior to its close.
Seneca shares closed flat on Tuesday in London at 94.50 pence each.