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Subscriptions for one or both of:
Maven Income and Growth VCT PLC
Maven Income and Growth VCT 5 PLC

Maven VCT top-up – Frequently Asked Questions

Completing my application

Q: Why has my application data disappeared/not been saved?

A: For security reasons your application data cannot be retained on the site for longer than 20 minutes without you entering data or scrolling through the screens. If you think you will need to leave your device for more than 20 minutes while completing the application, we would recommend that you apply at a later time. You should also ensure that you do not refresh the screen while in the midst of completing an application (and before reviewing/submitting the application), as data already entered will be lost.

 

Q: Can I apply while abroad?

A: Yes. Your location while applying doesn’t matter, as long as you can confirm that you are a permanent resident of the UK, Channel Islands of Isle of Man.

 

Q: I’m an Existing Shareholder and the Application Form asks me to say whether I hold my shares directly or in a nominee account - what does this mean, what am I?

A: You hold your shares ‘directly’ if you have the share certificate in your own name or you are a CREST personal Member. Alternatively indicate if your shares are held in ‘a nominee account’ on your behalf.

 

Q: Can I apply through my broker/ Financial Intermediary?

A: Yes. You can do this by applying via a paper application or using the online portal. If you chose to complete a paper application you should complete this and post it to your Financial Intermediary for completion.

If you chose to submit your application via the online portal; once you have completed your online application and payment information a link to your application will be emailed to your Financial Intermediary using the email address you provide in section 5 of your application. They are required to complete their sections and submit the completed application to Link. In some cases you will be asked to provide additional information (which will be stated within the email sent to you by Link). For security reasons your broker cannot edit the information you submit to Link.

Q: Can I apply whilst with my broker/ Financial Intermediary?

A: You can submit your online application in any way that you choose as you are taking responsibility for the security of your information. After submitting your application a link to your application will be emailed to your Financial Intermediary using the email address you provide in section 5 of your application. They are required to complete their sections and once completed, submit your application to Link for processing.

Q: What is the minimum I can apply for/invest?

A: The minimum aggregate amount you can apply for is £5,000 across the two VCTs and both tax years, and applications for amounts above that must be in multiples of £1. If you apply for both VCTs you must apply for at least £1000 in each VCT. (The minimum of £5,000 includes any amounts you are providing to allow an adviser fee to be paid).

 

Q: Does the minimum investment of £5,000 include the adviser fee or broker commission I want to pay?

A: Yes. You must apply for a minimum of £5,000 (i.e. must provide a minimum payment of £5,000), but can agree with your adviser/broker that part of that (up to a maximum of 4.5% of the amount) be used to pay an adviser fee or initial commission to your adviser/broker) – and your adviser/broker will be asked to insert details of any fee/commission they have agreed with you on the part of the form they complete.

 

Q: What is the maximum amount that can be invested?

A: There is no maximum in relation to the Offers, but the maximum amount of investment into VCT shares on which initial tax relief is available is limited to £200,000 per tax year.

 

Q: Which parts of this online Application Form do I complete?

A: You should follow the on-screen instructions to complete the application sections as applicable.

Direct applications:

You should complete sections 1 thru 5, select your payment option and click submit

  • If you are paying via cheque please print the PDF copy emailed to you and post, along with your cheque to Link Group

     

  • If you are paying via bank transfer please ensure you make payment to the Maven VCT 2020 – CHAPS A/C within 24/48 hours of submitting your application (including the reference initials and telephone number)

     

  • If you are paying online you will automatically be directed to our Worldpay Payment Provider page where you can use a UK debit card providing the amount being applied for is up to and including £99,500.

Applications via a Financial Intermediary:

  • If you are paying via cheque please print the PDF copy emailed to you and post, along with your cheque to Link Group

     

  • If you are paying via bank transfer please ensure you make payment to the Maven VCT 2020 – CHAPS A/C within 24/48 hours of submitting your application (including the reference initials and telephone number)

     

  • If you are paying online you will automatically be directed to our Worldpay Payment Provider page where you can use a UK debit card providing the amount being applied for is up to and including £99,500.

 

Q: I am a broker/advisor how do I complete this Application Form for my client?

A: As a Financial Intermediary you can apply on behalf of a client (for example in circumstances where an applicant is unable to complete and submit an application in time or the Intermediary is taking instructions over the phone).

 

Paper applications

Where the intermediary is completing an application on behalf of the client, they will complete the whole paper application form (with no client signature in Section 8), will tick the box in section 9 to confirm that they are completing the application on their client’s behalf and also sign in section 11 to confirm that they have their client’s authority to complete and submit the application. The Applicant will however still need to provide payment/cleared funds from an account in their sole or joint name, by bank transfer or cheque, in accordance with the Terms and Conditions of application.

 

Online applications

Online applications cannot be completed on behalf of the client however, once the client has completed the first stages of their application (providing they include an email address in section 5 and also payment) a link will be emailed to the Intermediary and are required to complete sections 7 thru 13 and once completed, submit the application to Link for processing.

 

Nominee details/CREST

Q: Where do I find details of my nominee account (e.g. CREST Participant ID and Member Account ID so that I can have my shares issued in CREST?

A: These should be on any documentation from your nominee. Link and Maven are not able to advise on these details (which vary between nominee firms), so if you are in any doubt about the details requested you should contact your nominee who will be able to provide the relevant member account ID and participant code that relates to your holding. If you are unable to provide this information you will be issued with a share certificate following allotment.

 

Dividend Investment Scheme

Q: Where can I find details of the DIS / how it works?

A: Full details and mandate forms are available from each VCT’s website, and additional information is provided on page 33 of the Securities Note.

 

Q: I don’t currently participate in the DIS, so if I complete this will it then apply to my existing holding?

A: Yes. If you complete this section of the application the election will apply to the VCTs for which you apply, including any existing holdings in those VCTs.

 

Q: how do I only apply for the DIS of one VCT?

A: If you select the DIS option on the application form that election will apply to any VCTs you have applied for using the Application Form. If you have applied for both VCTs but only want to elect for the DIS of one, you can make an individual election for each VCT by completing a mandate that can be downloaded from the relevant Company’s webpage, or registering for the Link share portal at www.signalshares.com once you have received your share certificate.

 

Q: I had previously elected to participate in the DIS of one/both of the VCTs, do I need to complete this?

A: No. Your previous election will have been reinstated by the VCTs (if it was current at the time the DIS was previously suspended) and your future entitlement to dividends will be in the form of new shares (unless you advise the relevant Company otherwise). Please note that if you complete this section of the application the election will apply to the VCTs for which you have subscribed, including any existing holdings in those VCTs.

 

 

Payment

Q: How do I pay my VCT application monies?

A: As Applications will be accepted on a first come, first served basis, you should either provide monies by online payment (as part of this submission), or by cheque or bank transfer as soon as you submit the Application Form. Any delay in providing monies may affect acceptance of the Application. Your on-screen instructions and confirmation email will provide details of how to make the payments.

 

Q: Can I pay online?

A: Yes. If the amount being applied for is up to and including £99,500 in aggregate (including any other applications under these offers). Amounts over £99,500 payment should be made by cheque or bank transfer to allow Link to carry out the relevant anti-money laundering checks.

 

Q: Can I pay using a credit card?

A: No. An online payment can only be made using a debit card for a UK bank account.

 

Q: Why is my card payment not working / will my bank allow an investment of that size by debit card?

A: Only UK debit cards can be used. You should also check with your bank regarding: 1) any limits imposed on the levels and timings of payments allowed from your account (for example some banks may apply a maximum transaction or daily limit); and 2) security or anti-fraud measures they may apply for certain large payments.

 

Q: When will my cheque be cashed? / How long do you hold the cheques for before banking them?

A: Link would normally present a cheque within 1 or 2 business days after it is received (i.e. within 24/48 hours of receipt) – though that can be slightly longer if they have short periods of backlog. The funds would normally then be taken from your account around 3 working days later. So overall, allowing for time in the post to Link, it might typically take around 7 days for your funds to clear.

 

Q: Can I write separate cheques for the 2 tax years?

A: Yes. You can as long as they are sent together to Link, and you must provide cleared funds at the time of application for both tax years. To be clear, post-dated cheques are not permitted.

 

Q: Who should a cheque be made payable to?

A: The on-screen instructions and confirmation email for this application will provide the details for payment by cheques or bankers’ draft.

 

Q: Is it possible to invest with a transfer of funds via bank transfer instead of sending a cheque?

A: Yes. Link (the Receiving Agent) can accept electronic/bank transfers and they must be made by BACS, CHAPS or Faster Payment. The on-screen instructions and confirmation email for this application will provide the details for payment by bank transfer payment.

 

Q: When should I make payment if I’m doing a bank transfer?

A: You should instruct the payment at the same time as soon as you have submitted this application, as any delay in the receipt of funds may affect the validity of your application and could result in your application being rejected or not being processed before one or both of the Offers is closed. If the Receiving Agent is unable to match your Application and bank payment(s), there is a risk that your Application could be delayed or will not be treated as valid and may be rejected by the Receiving Agent.

 

There is no facility to allow for payment to be deferred until nearer the date of allotment.

 

Q: Will I receive a receipt after a bank transfer?

A: There is no receipt issued in respect of electronic payments– you should check your bank account for confirmation that the funds have been transferred.

 

 

Application status

Q: How will I know when my application [and payment] has been received?

A: As soon as you submit your application using the online portal, an automatically generated confirmation email is issued by Link (to the email address provided as part of the application), to confirm receipt of the application. If payment is made online you will receive a separate acknowledgement of payment from the payment provider Worldpay (remember to check your junk, spam or clutter folders if those emails aren’t received). If you choose to pay by cheque or bank transfer, a further acknowledgement email will be issued by Link once the relevant cheque (attached to a printed copy of the Application Form) or bank transfer has been received and matched to a valid application, normally within two Business Days of receipt of the payment.

 

Where you apply via a Financial Intermediary the acknowledgment email will be issued, normally within two Business Days, following receipt of the Application Form from the Intermediary.

 

Please note that such acknowledgment does not indicate acceptance, and only confirms receipt of an Application Form and either a cheque (which has now been presented for clearance) or a bank transfer payment in respect of the total application amount(s) under the Offers. Acceptance will be subject to additional processing by the Receiving Agent and is dependent on the Application being valid in all respects and cleared funds having been received. In the event of an issue which prevents link from processing your application, Link will contact you (or your intermediary).

 

HELPLINE - If you haven’t heard from Link in the timescales described above, or have an enquiry about your application, you should call the Maven VCT helpline on 0333 300 1566 – this is a non-premium rate shareholder helpline operated by Link (the Receiving Agent). Lines are open between 09.00 and 17.30 on Business Days (excluding public holidays in England and Wales). Calls are charged at the standard geographic rate, and will vary by provider. Please note that the helpline cannot provide advice on the merits of the Offers or give any financial, legal, investment or tax advice.

 

 

Allotments / Share and tax certificates

Q: When do you need my VCT application monies if the allotment isn’t happening yet? / Why do you need my application funds now?

A: Valid applications will be accepted on a first come, first served basis, regardless of the subsequent allotment dates, and only valid applications (i.e. those which have been fully processed and confirmed as having fully verified application details and cleared funds) will be available for allotment. So you should either provide monies either with the application (by online payment) or by cheque or bank transfer) as soon as you submit the Application Form and at the same time as the application form. Any delay in providing monies may affect acceptance of the Application.

 

Q: When will I receive my share and tax certificates?

A: Share and tax certificates will normally be issued (and CREST accounts credited by Link Asset Services) within ten Business Days of each allotment (so will typically arrive within 14 Business Days allowing for postal time etc).

 

Q: When will shares be allotted?

A: For more information please see the Securities Note for the Offers, which sets out the process and timings for allotting shares.

The allotment date for an application will be determined by the date on which the application is accepted, on a first-come, first-served basis.

 

Each Board reserves the right to allot shares on or prior to the closing date on dates as it sees fit, but it is expected that there will be a series of allotments under each Offer for the 2020/21 and 2021/22 tax years:

 

  • Share allotment in respect of valid 2020/2021 applications will take place on 5 April 2020 and any other date prior to 5 April 2020 on which the Directors decide.
  • For 2021/2022 applications allotment will take place on dates after 5 April 2020 and prior to the close of the Offers on which the Directors decide.

 

Q: Do I get a separate VCT tax certificate for claiming the tax relief, or is the share certificate used for that?

A: A combined share and tax certificate is sent by Link to each successful applicant, within ten Business Days of each allotment (Note - Shareholders who have their shares credited to CREST will receive a standalone tax voucher and those accounts will be credited by Link within ten Business Days).

For more information please contact the Maven VCT helpline (see previous answer)

 

 

Anti-Money Laundering (AML) /Identify Verification

Q: What identify verification /Anti Money Laundering documents do I have to provide?

A: the on-screen instructions and confirmation email for this application will provide the details of any documents you need to provide. You should also read page 72 of the Securities Note, which sets out Important Information about The Money Laundering Regulations – including the situations where you may need to provide one or both of Verification of Identity and Source of Funds verification.

 

Q: Who can certify the copies of passport & driving licence/what is an acceptable signatory?

A: Generally such copies should be certified as true copies by a solicitor or bank. However, in practice, it could be one of the following (where evidence of their status is provided as part of the certification):

  • UK lawyer
  • Government official
  • Doctor of medicine
  • Authorised Financial Intermediary
  • Banking Official (authorised to provide such certification)
  • MCCB regulated mortgage broker
  • Professionally qualified accountant

Offer Costs / financial advisers charges / and brokers commissions

All relevant information is found in Part V: The Offers of the Securities Note.
 

Allotment Formula, NAVs and Offer Prices

All relevant information is found in Part V: The Offers of the Securities Note.


The VCTs / portfolios / dividends / management fees / buyback policies


A: All relevant information is found in the Securities Note, and each of the VCT’s annual and interim reports (containing a portfolio analysis) can be viewed or downloaded from the VCTs’ webpages at www.mavencp.com/migvct and www.mavencp.com/migvct5

 

Tax questions

  1. Neither Maven nor Link can provide taxation or financial advice. General or summary information about VCT tax reliefs and qualification rules is set out in the Registration Document available from the Maven website, which summarises the various tax reliefs applying to investors in new VCT shares.
  2. For detailed information, regarding how the tax rules will apply to their individual circumstances or the taxation consequences of an investment in a VCT, they should seek professional advice from a qualified tax adviser such as an appropriately qualified financial adviser or accountant.

Other questions

Q: How can I sell my VCT shares?

A: VCT shares can be traded just like any other shares listed on the London Stock Exchange, but neither Link nor Maven can advise on the sale or purchase of VCT shares. If you are interested in buying or selling shares in any of the Maven VCTs, you or your adviser should contact a Stockbroker. Shore Capital Stockbrokers Limited is broker to each of the participating VCTs and the principal market maker in the Companies’ shares.

 

NB. Link can provide dealing services if required.

 

 

This web page does not constitute an offer or recommendation concerning the shares referred to. An investment in the securities referred to on this web page should be made solely on the basis of information set out in the Prospectus (comprising a Securities Note, Summary and Registration Document) jointly published by Maven Income and Growth VCT PLC and Maven Income and Growth VCT 5 PLC dated 23 October 2020.

Application Enquiries

In the event of a query please contact the Link Group's non-premium rate helpline on behalf of the Maven VCTs, on 0333 300 1566. Lines are open between 09.00 and 17.30, Monday to Friday (excluding public holidays in England and Wales). Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the United Kingdom will be charged at the applicable international rate. Calls may be recorded and monitored for security and training purposes. You can also contact Link Group by email on vcts@linkgroup.co.uk. Please note that the helpline cannot provide advice on the merits of the Offer or give any financial, legal, investment or tax advice.