Howard Kennedy is pleased to announce it is advising Praetura Ventures Limited ("Praetura Ventures"), the venture capital and EIS business associated with the wider Praetura Group, a Manchester based venture capital investor and small business lender, on the launch of its first venture capital trust, Praetura Growth VCT plc (“the Company”).
This morning (Thursday 15 June), the Company announced its intention to float an initial public offering targeting gross proceeds of £10 million by way of an offer for subscription, together with an over-allotment facility to raise a further £10 million.
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On successful listing to the London Stock Exchange’s main market, the Company, managed by Praetura Ventures, will aim to rise to the UK Government's levelling up agenda by providing growth funding to scalable businesses across a range of sectors including technology and healthcare but to companies predominantly based in the North of England.
The Howard Kennedy team, led by Keith Lassman and Marc Proudfoot and supported by Scott McLean, has been appointed to advise on and project manage the entire listing and fundraising process. As the only English law firm accredited as an FCA sponsor, Howard Kennedy will also be able to provide the Company with sponsorship advice through the process.
In March this year, Howard Kennedy also advised Guinness Ventures, the growth company investment arm of Guinness Global Investors, on the successful launch of its Guinness VCT.