Endeavour Mining receives offer from Draper Esprit for EUR7M of new shares
The board of Draper Esprit VCT announced that the company has published an offer document relating to an offer for the subscription in respect of up to EUR7M worth of new ordinary shares. In respect of the 2018/2019 tax year, the offer will close on April 5 and, in respect of the 2019/2020 tax year, it will close on May 31, unless extended or fully subscribed earlier. By percentage of net asset value, new subscribers would be buying into a portfolio made up of 31% Draper Esprit technology investments, cash of 30% to be invested in further technology investments and a legacy portfolio representing 39% of the total. Consequently, if this offer is taken up in full, once invested, the company will have over EUR30M allocated predominantly to technology investments which will be driven by one of the UK's technology investment managers. As for the legacy portfolio, 91% is made up of four companies. Two are AIM quoted and the other two are private companies which are engineering and manufacturing businesses.