British Smaller Companies VCT2 Plc Offers for Subscription: Allotment of Shares (7938D)
April 01 2014 - 12:25PM
UK Regulatory
TIDMBSC
RNS Number : 7938D
British Smaller Companies VCT2 Plc
01 April 2014
British Smaller Companies VCT2 plc
Offers for Subscription: Allotment of Shares
British Smaller Companies VCT2 plc (the "Company") and British
Smaller Companies VCT plc are seeking to raise up to a maximum of
GBP30 million in aggregate by way of joint offers for subscription
("Offers"). Full details of the Offers are contained in a
prospectus issued by the Company and British Smaller Companies VCT
plc on 14 January 2014 (the "Prospectus").
The Company announces that on 31 March 2014 it made the first
issue of ordinary shares pursuant to these Offers by allotting an
aggregate of 11,480,398 ordinary shares of 10 pence each raising
gross proceeds of GBP8.0 million. These allotments were made in
respect of valid subscriptions received on or before 28 March 2014,
for the tax year 2013/2014 pursuant to the Offers. In accordance
with the pricing formula set out in the Prospectus the new ordinary
shares were allotted at offer prices of between 68.00 to 71.19
depending on the adviser charge (if applicable) and the number of
shares issued pertaining to each application
Together the Company and British Smaller Companies VCT plc have
in total raised gross proceeds of GBP19.9 million in this first
allotment and, after taking into consideration the costs of the
Offers, this gives net total proceeds of approximately GBP19.0
million. The Company has raised net proceeds of approximately
GBP7.6 million and British Smaller Companies VCT plc has raised net
proceeds of approximately GBP11.4 million.
Richard Last, non-executive Director of the Company, has been
allotted 5,970 ordinary shares of 10 pence in the Company which
takes his total shareholding to 126,882 ordinary shares in the
Company.
Robert Pettigrew, non-executive Director of the Company, has
been allotted 4,467 ordinary shares of 10 pence in the Company
which takes his total shareholding to 58,759 ordinary shares in the
Company.
Employees of the fund manager, YFM Private Equity Limited, have
subscribed GBP0.21 million under the Offers for 234,196 ordinary
shares in both the Company and British Smaller Companies VCT plc.
Following this allotment the employees of YFM Private Equity hold
359,656 shares across both VCTs.
Applications are now being made by the Company for the ordinary
shares which were allotted on 31 March 2014 to be admitted to the
premium segment of the Official List of the UK Listing Authority
and to trading on the London Stock Exchange's main market for
listed securities, and dealings are expected to commence on or
around 14 April 2014.
Following the allotment of 11,480,398 ordinary shares, the
Company's issued share capital consists of 57,923,961 ordinary
shares with voting rights ("Voting Capital") and 1,777,722 shares
held in Treasury.
The above statement of Voting Capital may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in the Company under the FCA's
Disclosure and Transparency Rules.
The Offers remain open. A copy of the Prospectus was submitted
to the National Storage Mechanism and is available to the public
for viewing online at the following web-site address:
http://www.hemscott.com/nsm.do. It can also be viewed on the
Company's website http://www.yfmep.com.
1 April 2014
For further information, please contact:
David Hall YFM Private Equity Limited Tel: 0113 294 5055
Matthew Thomas Nplus1 Singer Advisory LLP Tel: 020 7496 3000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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