Issue of Equity

RNS Number : 5897Q

Baronsmead Second Venture Trust PLC

30 November 2016

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR south africa OR any jurisdiction in which the same could be unlawful. the information contained herein does not constitute an offer of securities for sale in any jurisdiction, including in the united states, CANADA, australia, japan OR south africa. 

BARONSMEAD SECOND VENTURE TRUST PLC

30 NOVEMBER  2016

ISSUE OF NEW SHARES IN CONNECTION WITH THE RECONSTRUCTION AND WINDING UP OF BARONSMEAD VCT 5 PLC

The Board of Baronsmead Second Venture Trust plc (the "Company") refers to the circular and prospectus published by the Company on 17 October 2016 in connection with the participation of the Company in the proposed scheme for the reconstruction and winding up of Baronsmead VCT 5 plc ("BVCT5"). 

The Board is pleased to announce that, following the passing of the resolution at the general meeting of BVCT5 earlier today, the Company will acquire approximately £43 million of assets of BVCT5 in consideration for the issue of New Shares to BVCT5 Shareholders.  The Company already holds investments in all of the companies that make up the BVCT5 portfolio of assets.

The number of New Shares to be issued to BVCT5 Shareholders under the BVCT5 Scheme will be based on the adjusted Net Asset Value of an Ordinary Share (the "FAV per Ordinary Share") and the adjusted Net Asset Value of a BVCT5 Share (the "FAV per BVCT5 Share"). The FAV per Ordinary Share and the FAV per BVCT5 Share were calculated as at close of business on 28 November 2016.  The FAV per Ordinary Share was 90.67 pence and the FAV per BVCT5 Share was 76.05 pence.  BVCT5 Shareholders will receive approximately 0.838803 New Shares for every BVCT5 Share, accordingly the Company will issue 47,077,911 New Shares under the Scheme.

Applications have been made for the New Shares to be issued pursuant to the Scheme to be admitted to the Official List (with a Premium Listing) and to the London Stock Exchange for the New Shares to be admitted to trading on the Main Market.  It is expected that Admission will occur and dealings will commence in the New Shares to be issued pursuant to the Scheme at 8.00 a.m. on 2 December 2016.

Each Ordinary Share has one voting right. Following the issue of New Shares pursuant to the Scheme, the Company will have 209,037,921 Ordinary Shares in issue (of which 9,089,214 Ordinary Shares are held in treasury). The total number of voting rights in the Company will therefore be 199,948,707 and this figure may be used by Ordinary 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 Disclosure Guidance and Transparency Rules. 

Changes to the Board

Following approval of the Proposals, John Davies has joined the board of the Company as a non-executive director, with immediate effect.  Save for as disclosed in the Prospectus, there are no other details to be disclosed pursuant to Listing Rule 9.6.13 in relation to this Board appointment. A copy of the Prospectus is available for inspection at the National Storage Mechanism, which is located at http://www.morningstar.co.uk/uk/NSM.

Definitions

Terms defined in the circular published by the Company dated 17 October 2016 have the same meanings in this announcement unless the context requires otherwise.

Further information

For further information please contact.

Michael Probin - VCT investor relations
Livingbridge VC LLP
020 7506 5796

Notes

This announcement is for information purposes only and does not purport to be full or complete and any decision regarding the Proposals should be made only on the basis of the Circular and the Prospectus. 

This announcement does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any investment in any jurisdiction, nor shall it (or the fact of its distribution) form the basis of, or be relied on in connection with, any contract therefor. 

The issue and the distribution of this announcement, the Circular and/or the Prospectus in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to this announcement, the Circular and/or the Prospectus comes should inform themselves about and observe any such restriction.  Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

 

END

 

 

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