Noble Fund Managers has launched a top-up for its recently acquired Sitka Health Fund VCT, to raise more than £700,000. Sitka and its team were acquired by Noble Fund Managers in October 2005 bringing the total number of investment professionals to 10 and growing the group’s offering in the VCT market to a stable of three VCTs: Noble VCT plc, Noble Income and Growth VCT plc, Sitka Health Fund VCT as well as an Enterprise Investment Scheme (EIS) and IHT qualifying private client portfolio management service, the Noble AiM Portfolios.
Noble Fund Managers has launched an offer for subscription for up to 780,025 shares to raise upwards of £700,000 of equity for the VCT for the tax year 2005/6. Noble is offering investors the chance to subscribe for ordinary shares in Sitka, and with it the opportunity to access a maturing portfolio of healthcare investments already producing realisations. The Sitka portfolio has already resulted in two IPOs (Genosis and Vectura) and one trade sale (Molecular Skincare to York Pharma.) Other recent successes include Immunodiagnostic Systems plc, which has more than doubled in value since Sitka invested in December 2004, and Altrix Healthcare plc, which has been revalued upwards by 275%.
The Sitka Health Fund VCT has a mature portfolio of 15 investments providing investors with an opportunity to gain immediate exposure to an existing fund, which to date has raised over £12m for investment.
Sitka will use the proceeds of the offer to continue its investment strategy of investing in growing businesses in the healthcare sector. The VCT will focus on companies at the revenue growth stage of development, often with a proven technology or product they are bringing to market.