Issue of new shares

RNS Number : 3952E

Baronsmead Venture Trust PLC

27 February 2020

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION FOR 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 THE REPUBLIC OF SOUTH AFRICA.

Baronsmead Venture Trust plc

27 February 2020

Issue of New Shares pursuant to the Offer for Subscription

The Board of Baronsmead Venture Trust plc (the "Company") announced on 4 October 2019 that it had published a Prospectus in conjunction with Baronsmead Second Venture Trust plc in relation to an offer for subscription to each raise up to £20 million (before costs) with an over-allotment facility to each raise up to a further £5 million (the "Offer"). The Company announced on 20 November 2019 that 13,992,088 New Shares would be issued at an issue price of 76.80 pence pursuant to the first allotment under the Offer. The Company further announced on 23 January 2020 that 8,068,855 New Shares would be issued at an issue price of 82.40 pence pursuant to the second allotment under the Offer.

Under the Offer, the third allotment is to take place on 28 February 2020. Accordingly, New Shares in the Company issued under the third allotment of the Offer will be issued at an issue price of 83.70 pence and  6,262,000 New Shares in aggregate will be issued pursuant to the third allotment of the Offer.  The issue price has been calculated by dividing the Company's latest published Net Asset Value of 81.37 pence per ordinary share as at 31 January 2020 by 0.9725 in accordance with the terms of the Offer.

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 28 February 2020.

It is expected that share certificates and tax certificates in respect of the New Shares will be issued to the relevant Shareholders within 10 business days of the date of the third allotment.

Extension of the Offer 

Following the third allotment of shares under the Offer the Company has raised approximately £22.75 million. Accordingly, the Company has the remaining authority to raise an additional £2.25 million under the Over Allotment Facility.

Under the Offer the third allotment of New Shares was scheduled to be the final allotment. However, following consultation with the Company's investment manager, the Board have resolved that a fourth and final allotment will take place on 31 March 2020 to allow investors a further opportunity to submit their subscriptions. In order for New Shares to be allotted to investors under the fourth allotment Subscription Forms and Electronic Subscription Forms must be received by 12 noon on 23 March 2020.

Total voting rights

Each Ordinary Share has one voting right.  Following the issue of New Shares pursuant to the Offer, the Company will have 248,856,618 Ordinary Shares in issue (of which 20,731,897 Ordinary Shares are held in treasury). The total number of voting rights in the Company will therefore be 228,124,721 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.

Further information

For further information please contact.

Baronsmead VCT Investor Relations

020 3875 9862

[e-mail]

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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