Offer Prices and Allotment Pr

RNS Number : 0085I

Baronsmead VCT 2 PLC

12 November 2008

 



Baronsmead VCT plc and Baronsmead VCT 2 plc

Joint Offer for Subscription to raise up to £16,000,000 in aggregate by way of an issue of New Ordinary Shares

Offer Prices and Allotment Procedure for New Ordinary Shares to be allotted on 14 November 2008 

Summary

Based on the latest published Net Asset Values as at 31 October 2008, Offer Prices of Shares to be allotted on Friday 14 November 2008 are as follows:

Baronsmead VCT plc             75.5p per New Ordinary Share

Baronsmead VCT 2 plc         91.5p per New Ordinary Share

In accordance with the Prospectus dated 9 September 2008, investors whose subscription forms are received prior to 12.00 noon on Friday 14 November 2008 (the First Allotment) will receive an additional allocation of 1 per cent of the amount of their application by way of additional shares.  

Offer Price per New Ordinary Share for the First Allotment

The Offer Price at which the New Ordinary Shares will be allotted in each Company will be 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 for the First Allotment

	Baronsmead VCT plc (p per New Ordinary Share)	Baronsmead VCT 2 plc (p per New Ordinary Share)
Latest published NAV	70.89	86.17
Latest published NAV divided by 0.945	75.02	91.19
Offer Price (Rounding up to nearest 0.5p)	75.50	91.50

Allotment Procedure

The amount of an investor's subscription will be split into two equal monetary amounts, for example an investment of £20,000 will be split so that £10,000 will be invested in each Company.  The following worked example shows how the number of shares that would be allotted to an investor who subscribes £20,000 in the Joint Offer in time for the First Allotment is calculated. The allotment includes the 1 per cent extra allocation, but ignores any additional New Ordinary Shares that may be allotted if an authorised financial adviser has agreed to waive and reinvest some or all of the introductory commission that would otherwise be due.

Worked Example of a subscription of £20,000 to the First Allotment

	Baronsmead VCT plc	Baronsmead VCT 2 plc
Amount allocated	£10,000	£10,000
Plus additional allocation	£10,100	£10,100
Offer Price	75.5p	91.5p
Number of New Ordinary Shares*	13,377	11,038
* Rounded down to the nearest whole share

Expected Timetable for the First Allotment

Share and tax certificates will be sent to investors within ten business days; i.e. by 28 November 2008. Authorised financial advisers to whom introductory commission is payable should expect to receive payment by 28 November 2008 together with a statement showing how the commission due to them has been calculated.  If investors or advisers have any questions about the allotment of New Ordinary Shares or the payment of introductory commission they should contact The City Partnership (UK) Limited on 0131 220 8226 or email [e-mail] (no investment advice can be given).

Dealings in New Ordinary Shares will commence three business days after allotment. 

Future Availability of the Joint Offer

Provided the Joint Offer is not fully subscribed beforehand, investors who subscribe after the First Allotment but before 12:00 noon on 12 December (the Second Allotment) will receive an additional allocation of 0.5% of their application by way of additional shares.  

Copies of the Prospectus and the Supplementary Prospectus are available on Baronsmead VCT's and Baronsmead VCT 2's websites (www.baronsmeadvct.co.uk and www.baronsmeadvct2.co.uk, respectively) and are available for inspection during normal business hours at the Document Viewing Facility, The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5NS and may be obtained, free of charge, by collection from:

ISIS EP LLP	Noble & Company Limited	RAM Capital Partners LLP
100 Wood Street	120 Old Broad Street	74 Chancery Lane
London	London	London
EC2V 7AN	EC2N 1AR	WC2A 1AD
Tel: [phone]	Tel: [phone]	Tel: [phone]

For further information please contact: 

Michael Probin, ISIS EP LLP 0207 506 5796
Lenny Norstrand, RAM Capital Partners LLP, 0203 006 7530

Robin Smeaton, The City Partnership (UK) Limited, 0131 220 8226

Paul Forster , Company Secretary 0207 506 5652

12 November 2008

This information is provided by RNS The company news service from the London Stock Exchange 

 

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