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2017-12-07 19:34 CET
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Elderstreet VCT plc : Publication of Prospectus

Elderstreet Draper Esprit VCT plc 
Legal Entity Identifier: 2138003I9Q1QPDSQ9Z97
7 December 2017

Publication of Prospectus

The board of Elderstreet Draper Esprit VCT plc (the "Company") (formerly Elderstreet VCT plc) is pleased to announce that the Company has today published a prospectus (the "Prospectus") relating to an offer for the subscription in respect of new ordinary shares (the "Offer").

The Offer will open on 7 December 2017.  In respect of the 2017/18 tax year, the Offer will close at 4.00 p.m. on 5 April 2018 and, in respect of the 2018/19 Tax Year, it will close at 4.00 p.m. on 31 May 2018 (unless extended or fully subscribed earlier). The Offer is seeking to raise up to £10 million with an overallotment facility of up to an additional £10 million.

As set out in the Prospectus, Elderstreet Investments Limited ("EIL"), the investment manager of the Company, will receive commission (the "Promoter's Fee") from the Company of up to 5.5% of the application amount due from an applicant in relation to their application for new ordinary shares made under the Offer. The amount of Promoter's Fee for any particular type of applicant is as set out in the Prospectus.

Out of its Promoter's Fee, EIL has agreed to be responsible for paying the costs of the Offer (excluding any initial commissions or adviser charges payable in relation to applications which are facilitated through the pricing formula set out in the Prospectus), any trail commission payable in the future and the registrar's costs in issuing the applicable share certificates which will be payable by the Company.  Early investors will be entitled to a rebate from the Promoter's Fee as set out in the Prospectus.

As EIL is a related party of the Company under the Listing Rules, the payment of the Promoter's Fee by the Company to EIL is a transaction to which Listing Rule 11.1.10R applies.

A downloadable version of the Offer Document is available from www.elderstreet.com. The Offer Document will also be submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.

HUG#2154797