REG - Baronsmead Venture - Publication of a Prospectus/Offer for Subscription

Baronsmead Venture TrustAnnouncement

24/11/2023 13:30

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RNS Number : 6415U  Baronsmead Venture Trust PLC  24 November 2023

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE
REPUBLIC OF SOUTH AFRICA, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION. 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.

THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS.

Baronsmead Venture Trust plc

24 November 2023

Publication of a Prospectus and Offer for Subscription

Baronsmead Venture Trust plc and Baronsmead Second Venture Trust plc have
today published a prospectus (the "Prospectus") in relation to offers for
subscription to raise up to £30 million in aggregate with the discretion to
utilise over-allotment facilities to raise up to a further £20 million in
aggregate (the "Offers" and each an "Offer").

Full details of the Offers are contained in the Prospectus. Each Offer will
open to Applications at 9.00 a.m. on 4 December 2023.  In order for New
Shares to be issued in relation to the 2023/24 tax year fully completed
Applications must be received by 12 noon on 21 March 2024 in respect of
Applications via cheque and by 9.00 a.m. on 25 March 2024 in respect of
Applications via bank transfer, in order to allow time for funds to clear. If
the Offer is not fully subscribed by 3 April 2024, the Directors reserve the
right to allow the Offer to remain open for at least part of the 2024/25 tax
year.

Applications under an Offer will be processed on a 'first-come, first-served'
basis, subject always to the discretion of the relevant Company's Board. For
these purposes 'first-come, first-served' shall be assessed based on the date
and time of receipt of a fully completed Application, subject to receipt of
the Application Amount (in full) in cleared funds within three business days
thereafter to retain the Applicant's position of priority. If the Application
Amount is not received within such time, the relevant date and time shall be
when such monies are received in cleared funds.

Early Bird Discount

The Investment Manager has agreed to discount the Offer Costs by 0.75 per
cent. for Existing Shareholders and by 0.5 per cent. for New Investors in
respect of Applications accepted (including receipt of cleared funds by the
Receiving Agent) on or before 9 a.m. on 8 January 2024, subject to a maximum
aggregate Application Amount qualifying for this discount of £7.5 million per
Company.

Smaller related party transaction

In connection with the Offer, BVT has entered into an offer agreement with the
Investment Manager (Gresham House Asset Management Limited) pursuant to which
BVT will pay the Investment Manager, in consideration for administering the
BVT Offer, a fee of an amount equal to 4.5 per cent. of aggregate accepted
Application Amounts in respect of the BVT Offer less an amount equal to the
sum of:

·      1.5 per cent. of the aggregate accepted Application Amounts
received from Applicants under the BVT Offer who have subscribed through a
Financial Intermediary, who are not Professional Clients of the Financial
Intermediary, and who have received advice in relation to their Application
for New Shares;

·      1.0 per cent. of the aggregate accepted Application Amounts
received from Applicants under the BVT Offer who have not subscribed through a
Financial Intermediary (i.e. Applicants that have subscribed directly);

·      1.5 per cent. of the aggregate accepted Application Amounts
received from Applicants under the BVT Offer where Initial Commission is
waived by Financial Intermediaries in respect of such Applications from
'execution only' investors and 'Professional Client' investors; and

·      any further amounts by which the Investment Manager agrees (at
its discretion, but subject to not reducing an Applicant's offer costs to nil)
to reduce offer costs in respect of any Application under the BVT Offer,
including under the Early Bird Discount.

Out of this fee, the Investment Manager will pay all the costs and expenses of
and incidental to the Offer and the preparation of the Prospectus. The
Investment Manager is a related party of BVT. As such, this transaction is a
smaller related party transaction as defined in LR11.1.10R.

The Prospectus will shortly be available for inspection at the National
Storage Mechanism which is located at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) . The Prospectus is
also available on the Company's website at http://www.baronsmeadvcts.co.uk
(http://www.baronsmeadvcts.co.uk) and on request by emailing
baronsmeadvcts@greshamhouse.com.

All capitalised terms used and not defined herein shall have the same meaning
as in the Prospectus.

For fundraising  enquiries please contact Gresham House on 020 3875 9851

 or email wholesaledistribution@greshamhouse.com
(mailto:wholesaledistribution@greshamhouse.com) .

For VCT administration enquiries please contact:

Baronsmead VCT Investor Relations

Telephone - 020 7382 0999

baronsmeadvcts@greshamhouse.com

 

Notes

This announcement is an advertisement for the purposes of the Prospectus
Regulation Rules of the UK Financial Conduct Authority ("FCA") and is not a
prospectus. This announcement does not constitute or form part of, and should
not be construed as, an offer for sale or subscription of, or solicitation of
any offer to subscribe for or to acquire, any ordinary shares in Baronsmead
Venture Trust plc or Baronsmead Second Venture Trust plc (together the
"Companies") in any jurisdiction, including in or into the United States,
Australia, Canada, Japan or the Republic of South Africa. Investors should not
subscribe for or purchase any ordinary shares referred to in this announcement
except on the basis of information in the prospectus (the "Prospectus") in its
final form, published today by Baronsmead Venture Trust plc and Baronsmead
Second Venture Trust plc in connection with the proposed admission of new
ordinary shares to the premium segment of the Official List of the FCA and to
trading on London Stock Exchange plc's main market for listed securities. A
copy of the Prospectus is available for inspection, subject to certain access
restrictions, from the Companies' registered office, for viewing at the
National Storage Mechanism at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) and on the Companies'
website (http://www.baronsmeadvcts.co.uk (http://www.baronsmeadvcts.co.uk/) ).
Approval of the Prospectus by the FCA should not be understood as an
endorsement of the securities that are the subject of the Prospectus.
Potential investors are recommended to read the Prospectus before making an
investment decision in order to fully understand the potential risks and
rewards associated with a decision to invest in the Companies' securities.

 

The distribution of this announcement may be restricted by law in certain
jurisdictions and persons into whose possession any document or other
information referred to herein 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.
This announcement does not constitute, and may not be construed as, an offer
to sell, or the solicitation of an offer to acquire or subscribe for,
securities of the Companies in any jurisdiction where such offer or
solicitation is unlawful or would impose any unfulfilled registration,
qualification, publication or approval requirements on either of the Companies
or Howard Kennedy Corporate Services LLP. The offer and sale of securities of
the Companies has not been and will not be registered under the applicable
securities laws of the United States, Australia, Canada, Japan or the Republic
of South Africa. Subject to certain exemptions, the securities of the
Companies may not be offered to or sold within the United States, Australia,
Canada, Japan or the Republic of South Africa or to any national, resident or
citizen of the United States, Australia, Canada, Japan or the Republic of
South Africa.

This announcement is not for publication or distribution, directly or
indirectly, in or into the United States of America. This announcement is not
an offer of securities for sale into the United States. The securities of the
Companies have not been and will not be registered under the US Securities Act
of 1933, as amended, and may not be offered or sold in the United States or to
any national, resident or citizen of the United States. No public offering of
securities is being made in the United States. In addition, the Companies have
not been and the Companies will not be registered under the US Investment
Company Act of 1940, as amended.

The information in this announcement is for background purposes only and does
not purport to be full or complete. No reliance may be placed for any purpose
on the information contained in this announcement or its accuracy or
completeness. The material contained in this announcement is given as at the
date of its publication (unless otherwise marked) and is subject to updating,
revision and amendment. In particular, any proposals referred to herein are
subject to revision and amendment.

This announcement does not constitute a recommendation concerning the
Companies or the Offers. The price and value of securities and any income from
them can go down as well as up. Past performance is not a guide to future
performance and prospective investors may not receive any return from either
Company. Before purchasing any securities of either Company, persons viewing
this announcement should ensure that they fully understand and accept the
risks set out in the Prospectus. Information in this announcement or any of
the documents relating to the Companies or the Offers cannot be relied upon as
a guide to future performance. Potential investors should consult a
professional adviser as to the suitability of the Offers for them.

Howard Kennedy Corporate Services LLP, which is authorised and regulated by
the FCA, is acting only for the Companies in connection with the matters
described in this announcement and is not acting for or advising any other
person, or treating any other person as its client, in relation thereto and
will not be responsible for providing the regulatory protection afforded to
clients of Howard Kennedy Corporate Services LLP or advice to any other person
in relation to the matters contained herein.

Neither Howard Kennedy Corporate Services LLP, the Companies, or any of their
respective parents or subsidiary undertakings, or the subsidiary undertakings
of any such parent undertakings, or any of such person's respective directors,
partners, officers, employees, agents, affiliates or advisers or any other
person ("their respective affiliates") accepts (save where required by law)
any responsibility or liability whatsoever for/or makes any representation or
warranty, express or implied, as to this announcement, including the truth,
accuracy or completeness of the information in this announcement (or whether
any information has been omitted from the announcement) or any other
information relating to the Companies, whether written, oral or in a visual or
electronic form, and howsoever transmitted or made available or for any loss
howsoever arising from any use of this announcement or its contents or
otherwise arising in connection therewith.

 

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