Novation of Financial investment Expert services Settlement

Downing One VCT plc
LEI: 213800R88MRC4Y3OIW86
13 June 2022
Sale of Downing Ventures business to Foresight Team – Novation of Investment decision Products and services Agreement  

Downing One VCT plc (“Downing 1” or “the “Enterprise”) announces that its financial investment adviser, Downing LLP (“Downing”), has agreed to market its non-Healthcare Ventures enterprise to Foresight Team Holdings Constrained (“Foresight”).

The Board has agreed to the novation of the Expenditure Expert services Settlement with Downing to Foresight, matter to completion of the sale. The whole of the Downing Ventures workforce and crucial assist workers are envisioned to transfer to Foresight pursuant to the sale and Downing will continue on to offer administration expert services, and expenditure advisory expert services in regard of non-ventures portfolio investments (largely Intention-quoted and generate focussed investments) for a transitional period of time.

Downing and Foresight have agreed to rebate to the Business, on completion of the sale, a sum equal to just one quarter’s fees for investment decision advisory services (about £550,000).

Downing and Foresight have also agreed to waive their part of the promoter’s fee for current Downing 1 shareholders who wish to take part in the Company’s upcoming fundraising give. There are no other content variations being produced to the terms of the Financial investment Services Settlement.

The Board of Downing A single believes that the novation of the Investment decision Services Agreement to Foresight supplies the Firm with the profit of the resources of a significant fund management group, mixed with the continuity supplied by the Downing Ventures expense executives.

Foresight is outlined on the Most important Marketplace of the London Inventory Trade and has a latest sector capitalisation of close to £390 million and £8.7 billion of funds underneath administration as at 31 March 2022. Foresight now manages a few VCTs with merged internet assets of about £375 million.

Subject to the completion of the sale to Foresight, the directors of Downing A person have consented to the novation of the Expenditure Solutions Settlement with the Organization from Downing to Foresight.

Further more facts will be furnished in the Yearly Report of Downing One particular to be published in July.

Enquiries
Grant Whitehouse
Business Secretary
Tel: 020 7630 4333