Issue of Equity and Total Voting Rights and Cap...

Issue of Equity and Total Voting Rights and Capital

ALBION VENTURE CAPITAL TRUST PLC

LEI Code 213800JKELS32V2OK421

The first allotment for the 2019/2020 tax year of new ordinary shares of nominal value 1 penny per share in Albion Venture Capital Trust PLC (the “Company”) under the Albion VCTs Prospectus Top Up Offers 2019/20 (the “Offers”), (which was launched on 22 October 2019) took place on 31 January 2020.

Pursuant to the Prospectus, the Company offered an early bird discount of 1% on issue costs to existing shareholders and 0.5% on issue costs to new subscribers. These early bird discounts were available to investors who subscribed for new shares for the first £10m by 2 p.m. on 31 January 2020 across the five VCTs participating in the Offers. The cost of these discounts is being borne by the Manager, Albion Capital Group LLP. The issue pricing of the new shares has been calculated to avoid any capital dilution to existing shareholders who do not participate in the Offers.

The Company has received valid applications for 2,668,571 new ordinary shares which will be allotted at an issue price of 76.7 pence per share from existing shareholders and 592,553 new ordinary shares allotted at an issue price of 77.0 pence per share for new subscribers, both of which qualified for the early bird discount. A further 3,620,503 new ordinary shares will be allotted at an issue price of 77.4 pence per share (which did not qualify for the early bird discount). The total net proceeds receivable by the Company for this allotment is approximately £5.2m.

Application has been made to the Financial Conduct Authority for 6,881,627 new ordinary shares to be admitted to the Official List and to the London Stock Exchange for the new ordinary shares to be admitted to trading on the London Stock Exchange's market for listed securities. The new ordinary shares rank pari passu with the existing shares in issue.

The record date in respect of the dividend of 2.5 pence per share paid on 31 January 2020 was 3 January 2020, and as a result, the new ordinary shares did not qualify for this dividend.

It is expected that admission will become effective, and that dealings in the shares will commence on or before 8.00 a.m. on 3 February 2020.

The Offers which constitute separate offers have been fully subscribed and all have been closed to further applications.  The total amount raised across the Albion VCTs under the Offers is £34m (of which £32.5m relates to this tax year 2019/2020).

Following this allotment and in conformity with the provisions of DTR 5.6, we make the following notifications in connection with the issued share capital of the Company:

The Company's capital as at 31 January 2020 consists of 114,789,539 ordinary shares with a nominal value of 1 penny each. The Company holds 12,899,188 ordinary shares in Treasury.

Therefore, the total number of voting rights in the Company is 101,890,351, which may be used by shareholders and other persons 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 Guidance and Transparency Rules.

For further information, please contact:
Albion Capital Group LLP
Company Secretary
020 7601 1850
31 January 2020