Albion launches £25m share issue for VCT fund

Albion Ventures, formerly Close Ventures before spinning out of Close Brothers in January, intends to launch a new share issue this autumn to raise £25m for its Albion Development VCT.

The offer would create a separate class of shares, D shares, which would eventually merge with the existing Ordinary shares.

Albion Ventures will manage the process, while Brewin Dolphin will act as sponsors. The issue is still subject to shareholder approval.

VCTs are an attractive tax shelter for high earners: they give a 30% cash income tax relief on investments; access to capital; no tax on disposal of share; and no tax on dividends.

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