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Publication of Prospectus

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Draper Esprit VCT plc (“the Company")

LEI: 2138003I9Q1QPDSQ9Z97

12 November 2021

Publication of Prospectus

The Company has today issued a prospectus (the “Prospectus”) relating to an offer for subscription for ordinary shares of 5p each in the Company ("New Shares") to raise up to £20 million (with an over-allotment facility of up to an additional £10 million) (the "Offer") following the approval of the Prospectus by the Financial Conduct Authority. A maximum of up to 60 million shares will be available under the Offer.

Promoter Agreement
Under the proposed Promoter Agreement, the Company will pay to Elderstreet Investments Limited (the “Manager”) a promoter’s fee of 3.0% of the amount subscribed under the Offer. From this, the Manager will pay all of the costs and expenses (save for commission and adviser charges payable to intermediaries) of the Offer and will contribute to such costs should they exceed the promoter’s fee actually received. The Promoter Agreement contains standard provisions indemnifying the Manager against any liability not due to its default, gross negligence, fraud or breach of FSMA.

Smaller Related Party transaction
The Manager is a related party of the Company. As such, this transaction is a smaller related party transaction as defined in LR11.1.10R.

The Offer will open on 12 November 2021 and will close at 10.00 a.m. on 5 April 2022 for the 2021/2022 tax year and 4.00 p.m. on 30 June 2022 for the 2022/2023 tax year, or earlier if the Offer is fully subscribed. The board of the Company reserves the right to close the Offer earlier or to extend the Offer to no later than 11 November 2022).

The Prospectus has been submitted to the Financial Conduct Authority and copies of the Prospectus will shortly be available for download from the Company's website, www.draperespritvct.com and from the National Storage Mechanism at data.fca.org.uk/#/nsm/nationalstoragemechanism.

12 November 2021


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