British Smaller Companies VCT PLC Offers for Subscription: Allotment of Shares (1539E)
April 07 2014 - 2:00AM
UK Regulatory
TIDMBSV TIDMBSC
RNS Number : 1539E
British Smaller Companies VCT PLC
07 April 2014
British Smaller Companies VCT plc
Offers for Subscription: Allotment of Shares
British Smaller Companies VCT plc (the "Company") and British
Smaller Companies VCT2 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 VCT2
plc on 14 January 2014 (the "Prospectus").
The Company announces that on 4 April 2014 it made the second
issue of ordinary shares pursuant to these Offers by allotting an
aggregate of 1,312,175 ordinary shares of 10 pence each raising
gross proceeds of GBP1.3 million. These allotments were made in
respect of valid subscriptions received on or before 3 April 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 100.75 to 106.76
depending on the adviser charge (if applicable) and the number of
shares issued pertaining to each application.
Together the Company and British Smaller Companies VCT2 plc have
in total to date raised gross proceeds of GBP22.1 million and,
after taking into consideration the costs of the Offers, this gives
net total proceeds of approximately GBP21.1 million. The Company
has raised net proceeds of approximately GBP12.7 million and
British Smaller Companies VCT2 plc has raised net proceeds of
approximately GBP8.4 million.
Employees of the fund manager, YFM Private Equity Limited, have
to date subscribed GBP0.21 million under the Offers for 234,196
ordinary shares in both the Company and British Smaller Companies
VCT2 plc. Currently 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 4 April 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 18 April 2014.
Following the allotment of 1,312,175 ordinary shares, the
Company's issued share capital consists of 62,697,862 ordinary
shares with voting rights ("Voting Capital") and 2,469,502 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.
7 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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