Offer and Allotment of shares

RNS Number : 1798Q

Baronsmead VCT 2 PLC

06 April 2009

 



Baronsmead VCT plc and Baronsmead VCT 2 plc

Offer for subscription of New Ordinary Shares to raise up to approximately £22,500,000 in aggregate ('the Joint Offer')

Baronsmead VCT plc and Baronsmead VCT 2 plc ('the Companies') announce the final allotment on 4 April 2009 of New Ordinary Shares pursuant to the Joint Offer which has raised £17,483,200 at that date. 

Based on the latest published Net Asset Values as at 18 March 2009, Offer Prices of the New Ordinary Shares allotted on Saturday 4 April 2009 were as follows:

Baronsmead VCT plc                76p per New Ordinary Share

Baronsmead VCT 2 plc             92p per New Ordinary Share

In accordance with the Prospectus dated 9 September 2008, the Offer Prices at which the New Ordinary Shares were allotted in each Company were calculated separately on the basis of the following formula (the 'Pricing Formula'):

Latest published net asset value of an existing Ordinary Share divided by 0.945 (to allow for issue costs of 5.5 per cent.) rounded up to the nearest 0.5p per share.

As a result, the Offer Prices have been calculated as follows:

Offer Prices of New Ordinary Shares Allotted on 4 April 2009

	Baronsmead VCT plc (pence per New Ordinary Share)	Baronsmead VCT 2 plc (pence per New Ordinary Share)
Latest published NAV	71.62	86.74
Latest published NAV divided by 0.945	75.79	91.79
Offer Price (Rounding up to nearest 0.5p)	76.00	92.00

The number of shares allotted and the total number of shares in issue for each of the Companies after the allotment are shown below:

	Shares allotted(1)	Shares in issue following allotment
Baronsmead VCT plc	2,227,381	79,272,793
Baronsmead VCT 2 plc	1,839,987	74,730,194

(1) includes shares allotted with respect to any commissions waived and reinvested

Dealing in the New Ordinary Shares of each Company is expected to commence by 8 April 2009. CREST accounts are expected to be credited within five business days of allotment and definitive documents of title are expected to be dispatched within ten business days of allotment.

The Joint Offer is now closed.

For further information please contact:

Michael Probin     VCT Investor Relations ISIS EP LLP        020 7506 5796

 

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