Hargreave Hale seeks to raise £20m for AIM VCTs

Hargreave Hale is seeking to raise £20m for its VCT range from new and existing investors.

The offer aims to raise £10m of new ordinary shares each in the Hargreave Hale AIM VCT 1 and VCT 2. Investors subscriptions will be split between both VCTs, and the minimum subscription into each VCT is £2,500, while the maximum is £200,000. The firm said up to 75% of the proceeds raised may be invested in the Marlborough Special Situations fund, pending investment into qualifying companies. The VCTs offer investors access to a portfolio of smaller AIM-listed companies and target a tax-free income of 5% based on the year end NAV. They also offer investors upfront tax relief of 30%,...