The Longbow Growth and Income VCT, which launched on 7 December 2010, has exceeded the minimum subscription of £1million and will proceed to investment, the specialist healthcare venture investor has announced.
Longbow Capital will continue to accept applications through to 5pm on Tuesday 5 April into the VCT in order for investors to make the most of the tax efficient savings for the 2010/2011 tax year.
Julian Hickman, partner at Longbow Capital LLP, said: “Passing the £1million subscription level is great news for all of us at Longbow and our investors, especially as this is our first VCT offering. The VCT will enable investors to capitalise on the UK’s growing wellbeing and healthcare innovation sector, while at the same time giving investors the opportunity to be part of British growth and innovation.”
The VCT will invest in 15 – 30 unquoted companies with a particular emphasis on products that can be distributed through Longbow’s link to Boots and the Boots Centre for Innovation (BCI). Longbow is a founding partner of the Boots Centre for Innovation, an innovation hub based in Swansea, Wales, which works closely with early stage companies and inventors to develop pioneering products for the shelves of Boots stores.
Michael Walker, VCT Chairman, Longbow Capital LLP, said: “VCTs offer investors attractive tax-efficient investment solutions on a medium to long-term basis. The Longbow Growth and Income VCT will give investors the opportunity to invest in cutting-edge technologies that can benefit society and improve the quality of our healthcare.”
For further information please contact:
Roland Cross / Sarah Evans-Toyne/ Melanie Bradley – Broadgate Mainland 020 7726 6111
(longbow@broadgatemainland.com).
About Longbow Capital
Longbow is a specialist investor in the unquoted life enhancement and wellbeing sector, established in 2004 and owned by its investment partners and outside members. It currently manages three EIS Funds (a fourth following closure of the 2010 Longbow Approved EIS Fund) and the Longbow SIPP Venture Fund. Longbow has led on investments of over £35m into 12 unquoted life science companies. The Executive Partners have combined experience of investing in over 30 unquoted technology companies with several successful exits achieved.
Longbow Growth & Income VCT
Key Fund Facts
Fund: Longbow Growth and Income VCT PLC
Closing date: 30 June 2011
Minimum investment: £5,000
Target portfolio size: 15 – 30 investments
Upfront charge: 5.5%
Management fee: 2%
The Longbow Growth and Income VCT offers IFAs a 3% initial commission with 0.5% trail for six years.
Any decision to invest should be taken only after careful consideration of the prospectus detailing the investment opportunity presented by the Longbow Growth and Income VCT plc. Copies of the prospectus may be obtained free of charge either by download from the Longbow website or by contacting VSykes@longbow.co.uk.
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