British Smaller Companies VCT2 Plc Issue of Equity and Close of Offers (7284U)
April 01 2019 - 10:44AM
UK Regulatory
TIDMBSC
RNS Number : 7284U
British Smaller Companies VCT2 Plc
01 April 2019
British Smaller Companies VCT2 plc
Issue of Equity and Close of Offers
British Smaller Companies VCT2 plc (the "Company") and British
Smaller Companies VCT plc launched 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 27 November 2018 (the "Prospectus").
The Company announces that on 1 April 2019 it made the first and
final issue of ordinary shares pursuant to the Offers by allotting
22,835,464 ordinary shares of 10 pence each raising gross proceeds
of GBP13.1 million. This allotment was made in respect of the tax
year 2018/2019 and is the final allotment to be made pursuant to
the Offers, which are now closed. In accordance with the pricing
formula set out in the Prospectus the new ordinary shares were
allotted at offer prices of between 56.308 pence and 57.433 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 1 April 2019 is the last reported NAV of 54.9 pence
per ordinary share, being the NAV as at 31 December 2018 of 59.9
pence per ordinary share, adjusted for the interim dividend of 5.0
pence per ordinary share paid on 15 February 2019.
Together the Company and British Smaller Companies VCT plc have
in total allotted shares giving gross proceeds of GBP35.0 million
under the Offers and, after taking into consideration the costs of
the Offers, this gives net total proceeds of GBP33.9 million, of
which GBP12.7 million has been raised by the Company and GBP21.2
million has been raised by British Smaller Companies VCT plc.
In this allotment Richard Last, Chairman and non-executive
Director of the Company, has been allotted 17,759 ordinary shares
of 10 pence in the Company which takes his total shareholding to
152,391 ordinary shares in the Company. Bob Pettigrew,
non-executive Director of the Company, has been allotted 8,879
ordinary shares of 10 pence in the Company which takes his total
shareholding to 89,212 ordinary shares in the Company. Peter
Waller, non-executive Director of the Company, has been allotted
8,879 ordinary shares of 10 pence in the Company which takes his
total shareholding to 44,439 ordinary shares in the Company. Roger
McDowell, non-executive Director of the Company, has been allotted
266,391 ordinary shares of 10 pence in the Company which represents
his total shareholding in the Company.
Under this allotment the employees and members of the Investment
Advisor, YFM Private Equity Limited, have been allotted 3,551
ordinary shares of 10 pence each in the Company bringing their
aggregate total holding to 99,554 ordinary shares.
Applications are now being made by the Company for the ordinary
shares which were allotted on 1 April 2019 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 April 2019.
Following the allotment of 22,835,464 ordinary shares, the
Company's issued share capital consists of 131,294,474 ordinary
shares with voting rights ("Voting Capital") and 6,966,757 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.
1 April 2019
For further information, please contact:
David Hall YFM Private Equity Limited Tel: 0113 244 1000
Jonathan Becher Panmure Gordon (UK) Limited Tel: 0207 886 2715
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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