British Smaller Companies VCT2 Plc Issue of Equity and Close of Offers (7926X)
January 07 2022 - 6:14AM
UK Regulatory
TIDMBSC
RNS Number : 7926X
British Smaller Companies VCT2 Plc
07 January 2022
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 22 September 2021 (the "Prospectus").
The Company announces that on 7 January 2022 it made the first
and final issue of ordinary shares pursuant to the Offers by
allotting 40,224,521 ordinary shares of 10 pence each, raising
gross proceeds of GBP25.3 million. This allotment was made in
respect of the tax year 2021/2022 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 61.74
pence and 66.16 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 7 January 2022 is the last reported NAV of 60.2
pence per ordinary share, being the NAV as at 30 September 2021 of
66.7 pence per ordinary share, adjusted for the second interim
dividend of 1.5 pence per ordinary share paid on 25 October 2021
and the third interim dividend of 5.0 pence per ordinary share paid
on 16 November 2021.
Together the Company and British Smaller Companies VCT plc have
in total allotted shares giving gross proceeds of GBP59.9 million
under the Offers. After taking into consideration the costs of the
Offers, net proceeds total GBP57.4 million, of which GBP24.2
million has been raised by the Company and GBP33.2 million has been
raised by British Smaller Companies VCT plc.
In this allotment Peter Waller, non-executive Director of the
Company, has been allotted 9,617 ordinary shares of 10 pence in the
Company which takes his total shareholding to 54,056 ordinary
shares in the Company.
In this allotment Barbara Anderson, non-executive Director of
the Company, has been allotted 323,920 ordinary shares of 10 pence
in the Company, which takes her total shareholding to 333,032
ordinary shares in the Company.
In this allotment Roger McDowell, non-executive Director of the
Company, has been allotted 322,259 ordinary shares of 10 pence in
the Company, which takes his total shareholding to 588,650 ordinary
shares in the Company.
In this allotment the employees and members of the Manager, YFM
Private Equity Limited, have been allotted 362,699 ordinary shares
of 10 pence each in the Company, bringing their aggregate total
holding to 443,039 ordinary shares.
Applications are now being made by the Company for the ordinary
shares which were allotted on 7 January 2022 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. Dealings are expected to commence on or around
14 January 2022.
Following the allotment of 40,224,521 ordinary shares, the
Company's issued share capital consists of 182,379,720 ordinary
shares with voting rights ("Voting Capital") and 15,929,774 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.
7 January 2022
For further information, please contact:
David Hall YFM Private Equity Limited Tel: 0113 244 1000
Alex Collins Panmure Gordon (UK) Limited Tel: 0207 886 2767
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