The Pathway One VCT, sponsored by Beaumont Cornish, is open for subscription and will look to invest...
The Pathway One VCT, sponsored by Beaumont Cornish, is open for subscription and will look to invest in companies at the pre-IPO stage.
The generalist smaller company venture capital trust is looking to raise £5m at 25p per share with a first closing date of 14 December 2001.
The directors have reserved the right to extend the closing date of the offer and extend the offer for acceptance of applications for the tax year ending 5 April 2003.
Investments are expected to range in size from £100,000 to £500,000 although investments outside this range may be contemplated if they meet the trust's investment objectives.
No more than 15% of its assets will be invested into any one company. It is the intention of the VCT to seek an exit from its investments within three to five years.
The board of the trust will consist of Norman Riddel, chairman, Richard Henstock, managing director, Gordon Arbib, previously chief executive Kelsey Industries, Philip Lovegrove and Anthony Torrance. The minimum level for individual applications is £2,500 and there is no maximum investment, although tax reliefs are limited to £100,000 per tax year. There is an initial commission available of 3% for intermediaries.
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