British Smaller Companies VCT2 Plc Issue of Equity (9204I)
March 31 2015 - 2:01AM
UK Regulatory
TIDMBSC
RNS Number : 9204I
British Smaller Companies VCT2 Plc
31 March 2015
British Smaller Companies VCT2 plc
Issue of Equity
British Smaller Companies VCT2 plc (the "Company") and British
Smaller Companies VCT plc have been seeking to raise GBP40 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 30 March 2015 it made the fourth
issue of ordinary shares pursuant to the Offers by allotting
8,412,414 ordinary shares of 10 pence each raising gross proceeds
of GBP5.6 million. These allotments were made in respect of valid
subscriptions received on or before 24 March 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 65.00 pence and 68.06 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 30 March 2015 is 62.9 pence per share, being the
last reported NAV as at 31 December 2014.
Together the Company and British Smaller Companies VCT plc have
in total allotted shares giving gross proceeds of GBP37.8 million
under the Offers and, after taking into consideration the costs of
the Offers, this gives net total proceeds of GBP36.0 million, of
which GBP14.0 million has been raised by the Company and GBP22.0
million by British Smaller Companies VCT plc. Including
applications received for the tax year 2015/2016 aggregate gross
proceeds for both the Company and British Smaller Companies VCT plc
stand at GBP40.0 million. As announced on 24 March 2015, the Offers
are now closed to new applications. The allotment for the 2015/2016
tax year will take place as soon as practicable after 5 April
2015.
Richard Last, Chairman and non-executive Director of the
Company, has been allotted 7,750 ordinary shares of 10 pence in the
Company which takes his total shareholding to 134,632 ordinary
shares in the Company.
Robert Pettigrew, non-executive Director of the Company, has
been allotted 12,030 ordinary shares of 10 pence in the Company
which takes his total shareholding to 80,333 ordinary shares in the
Company.
Employees of the investment adviser, YFM Private Equity Limited,
have been allotted 18,731 ordinary shares of 10 pence in the
Company. Following this allotment, employees of YFM Private Equity
Limited hold 168,299 ordinary shares of 10 pence in the Company,
and 488,228 shares across both VCTs.
Applications are now being made by the Company for the ordinary
shares which were allotted on 30 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 15 March 2015.
Following the allotment of 8,412,414 ordinary shares, the
Company's issued share capital consists of 85,080,271 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.
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.
30 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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