Issue of New Shares

RNS Number : 2269W

Baronsmead Venture Trust PLC

10 November 2017

 

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 VENTURE TRUST PLC

10 November 2017

Issue of New Shares pursuant to the Offer for Subscription

On 4 October 2017, Baronsmead Venture Trust plc (the "Company") published a prospectus (the "Prospectus") in relation to an offer for subscription to raise up to £21 million (the "Offer").  As announced by the Company on 6 November 2017 the Offer became fully subscribed during the course of 3 November 2017. Accordingly, the Board of the Company has resolved to bring the date of the second allotment forward from 15 November 2017 to today.

New Shares issued under the second allotment pursuant to the Offer will be issued at an issue price of 94.50 pence and 2,932,226 New Shares in aggregate will be issued. The issue price has been calculated by dividing the Company's latest published Net Asset Value of 91.58 pence as at 31 October 2017 by 0.97 in accordance with the pricing formula set out in the Prospectus.

Applications have been made for the New Shares to be issued pursuant to the Offer 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 dealing will commence in the New Shares to be issued pursuant to the Offer at 8.00 a.m. on 14 November 2017.

In accordance with the terms of the Offer investors whose Subscription Forms are received after the 3 November 2017 will have their Subscription automatically allocated to the Baronsmead Second Venture Trust plc offer for subscription, which remains open, unless the investor has specifically stipulated on the Subscription Form that they do not want this to happen.

It is expected that share certificates and tax certificates in respect of the New Shares will be issued to the relevant Shareholders on or around 17 November 2017.

Total voting rights

Each Ordinary Share has one voting right.  Following the second allotment of New Shares pursuant to the Offer, the Company will have 206,285,223 Ordinary Shares in issue (of which 11,103,819 Ordinary Shares are held in treasury). The total number of voting rights in the Company will therefore be 195,181,404 and this figure 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 Disclosure and Transparency Rules.

Definitions

Terms defined in the Prospectus 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 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 and the Prospectus in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to in this announcement and 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.

 

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