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RNS Number : 2965G

British Smaller Companies VCT2 Plc

02 March 2015

British Smaller Companies VCT2 plc

Issue of Equity

British Smaller Companies VCT2 plc (the "Company") and British Smaller Companies VCT plc are seeking to raise GBP30 million in aggregate by way of 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 20 October 2014 (the "Prospectus").

The Company announces that on 2 March 2015 it made the third issue of ordinary shares pursuant to the Offers by allotting 3,799,670 ordinary shares of 10 pence each raising gross proceeds of GBP2.5 million. These allotments were made in respect of valid subscriptions received on or before 25 February 2015, for the tax year 2014/2015 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 63.25 pence and 66.23 pence per share depending on the adviser charge (if applicable) and the number of shares issued pertaining to each application.

The net asset value ("NAV") used for the calculation of the issue price on 2 March 2015 is 61.3 pence per share, being the last reported NAV as at 30 September 2014 of 63.3 pence per share, adjusted to take account of the interim dividend of 2.0 pence per share that was paid on 7 October 2014.

Together the Company and British Smaller Companies VCT plc have in total allotted shares giving gross proceeds of GBP23.2 million under the Offers and, after taking into consideration the costs of the Offers, this gives net total proceeds of approximately GBP22.1 million. Of the net total proceeds of GBP22.1 million the Company has raised net proceeds of approximately GBP8.7 million and British Smaller Companies VCT plc has raised net proceeds of approximately GBP13.4 million. Including applications received after 25 February 2015 for the current tax year and those for the tax year 2015/2016 aggregate gross proceeds for both the Company and British Smaller Companies VCT plc currently stand at approximately GBP25.5 million.

Applications are now being made by the Company for the ordinary shares which were allotted on 2 March 2015 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 13 March 2015.

Following the allotment of 3,799,670 ordinary shares, the Company's issued share capital consists of 76,667,857 ordinary shares with voting rights ("Voting Capital") and 1,910,022 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.bscfunds.com.

2 March 2015

For further information, please contact:

David Hall YFM Private Equity Limited Tel: 0113 244 1000

   Emily Watts                    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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