Postponement of Allotment and Offers Extension

RNS Number : 7056F

British Smaller Companies VCT PLC

29 April 2014

 



British Smaller Companies VCT plc ("the Company")

Postponement of Issue of Equity under the Joint Offers for Subscription and Extension of Closing Date of the Joint Offers for Subscription

On 27 March 2014, the Government published the Finance Bill 2014.  Following the publication of the 2014 Finance Bill on 27 March 2014 we have been advised that there is some ambiguity around the drafting of certain of the provisions relating to VCTs which, depending on interpretation, could have an adverse effect on VCT investors' tax reliefs for allotments taking place after 5 April 2014.  To remove this ambiguity certain amendments to the legislation are being discussed with HM Revenue & Customs, and our current expectation is that this issue will be satisfactorily resolved by the end of May 2014.  In the meantime we are therefore taking the following actions:

Postponement of allotment of shares

On 14 January 2014, the Company and British Smaller Companies VCT2 plc issued a prospectus (which is comprised of a securities note, a registration document and a summary document, together "the Prospectus") and circulars relating to joint offers for subscription to raise up to £30 million in aggregate ("the Offers"). While we await clarification from HM Revenue & Customs, our advisers have suggested that it would be sensible to postpone the allotment of the tax year 2014/15 shares applied for under the Offers from the closing date of 30 April 2014 as stated in the Prospectus.  We expect this situation will be resolved in May 2014, and hope the allotment can take place around the end of that month, unless further advised. The closing date of the Offers is hereby extended accordingly.

Further announcements will be made should it become necessary to revise the above proposal.

For further information please contact:

David Hall                      YFM Private Equity Limited                     Tel: [phone]

Matthew Thomas           Nplus1 Singer Advisory LLP                      Tel:  [phone]

 

END

 

 

DOCBLGDSRXDBGSI