British Smaller Companies VCT2 Plc Postponement of Allotment and Dividend (7063F)
April 29 2014 - 2:01AM
UK Regulatory
TIDMBSC
RNS Number : 7063F
British Smaller Companies VCT2 Plc
29 April 2014
British Smaller Companies VCT2 plc ("the Company")
Postponement of Dividend and Postponement of Issue of Equity
under the Joint Offers for Subscription and Extension of Closing
Date of the Joint Offers for Subscription
On 27 March 2014, the Government published the Finance Bill
2014. Following the publication of the 2014 Finance Bill on 27
March 2014 we have been advised that there is some ambiguity around
the drafting of certain of the provisions relating to VCTs which,
depending on interpretation, could have an adverse effect on VCT
investors' tax reliefs for allotments taking place after 5 April
2014. To remove this ambiguity certain amendments to the
legislation are being discussed with HM Revenue & Customs, and
our current expectation is that this issue will be satisfactorily
resolved by the end of May 2014. In the meantime we are therefore
taking the following actions:
1. Postponement of allotment of shares
On 14 January 2014, the Company and British Smaller Companies
VCT plc issued a prospectus (which is comprised of a securities
note, a registration document and a summary document, together "the
Prospectus") and circulars relating to joint offers for
subscription to raise up to GBP30 million in aggregate ("the
Offers"). While we await clarification from HM Revenue &
Customs, our advisers have suggested that it would be sensible to
postpone the allotment of the tax year 2014/15 shares applied for
under the Offers from the closing date of 30 April 2014 as stated
in the Prospectus. We expect this situation will be resolved in May
2014, and hope the allotment can take place around the end of that
month, unless further advised. The closing date of the Offers is
hereby extended accordingly.
2. Postponement of the Company's 2.5 pence per ordinary share
final dividend payment
The 2.5 pence per ordinary share final dividend was announced on
28 March 2014 with a Record and Payment Date of 9 May 2014 and 9
June 2014 respectively. However, because of the share allotment
delay, to ensure the Company's new shareholders receive this
dividend (as anticipated on page 15 of the securities note of the
Prospectus), we are proposing moving the Record Date to 30 May
2014, with the payment made at the end of June 2014.
Further announcements will be made should it become necessary to
revise the above proposals.
For further information please contact:
David Hall YFM Private Equity Limited Tel: 0113 294 5039
Matthew Thomas Nplus1 Singer Advisory LLP Tel: 0207 496 3000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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