Issue of Equity and Close of Offer

RNS Number : 0154Q

British Smaller Companies VCT PLC

24 February 2016

 

British Smaller Companies VCT plc

Issue of Equity and Close of Offer

British Smaller Companies VCT plc (the "Company") launched an Offer for Subscription (the "Offer") on 2 February 2016 to raise up to £3.80 million which was fully subscribed on 9 February 2016. 

The Company announces that on 24 February 2016 it made the first and final issue of ordinary shares pursuant to the Offer by allotting 3,672,283 ordinary shares of 10 pence each raising gross proceeds of £3.80 million. In accordance with the pricing formula set out in the Offer Document the new ordinary shares were allotted at an average price of 103.45 pence per share depending on whether applications were received direct, through an adviser or through an execution only broker or platform. After taking into consideration the costs of the Offer, net proceeds were approximately £3.64 million.

The net asset value ("NAV") used for the calculation of the issue price on 24 February 2016 is 99.1 pence per share, being the last reported NAV as at 31 December 2015 (102.1p) as adjusted for the interim dividend of 2.0p per ordinary share paid on 15 January 2016 and the special dividend of 1.0p per ordinary share (payable on 11 March 2016 to holders of ordinary shares on the register at 12 February 2016).

Applications are now being made by the Company for the ordinary shares which were allotted on 24 February 2016 to be admitted to the premium segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities, and dealings are expected to commence on or around 2 March 2016.

Following the allotment of 3,672,283 ordinary shares, the Company's issued share capital consists of 95,528,246 ordinary shares with voting rights ("Voting Capital") and 3,589,665 shares held in treasury.

The above statement of Voting Capital 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 FCA's Disclosure and Transparency Rules.

24 February 2016

For further information, please contact:

David Hall                        YFM Private Equity Limited                      Tel: [phone]

Gillian Martin                   Nplus1 Singer Advisory LLP                     Tel: [phone]

 

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