REG - British Smlr Comp 2 - Issue of Equity

British Smaller Companies VCT2Announcement

30/01/2025 09:00

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RNS Number : 1564V  British Smaller Companies VCT2 Plc  30 January 2025

British Smaller Companies VCT2 plc (the "Company")

Issue of Equity

On 17 October 2024 British Smaller Companies VCT2 plc and British Smaller
Companies VCT plc (together the "Companies") launched offers for subscription
(the "Offers") seeking to initially raise £50 million in aggregate for the
2024/25 tax year, with an over-allotment facility of £25 million, which was
subsequently utilised in full.  The Offers were closed to new applications on
8 January 2025.

The Company announces that today, 30 January 2025, it has made the first issue
of ordinary shares pursuant to the Offers by allotting 17,313,531 ordinary
shares of 0.01 pence each, raising gross proceeds of £9.8 million. This
allotment was made in respect of the tax year 2024/25. In accordance with the
pricing formula set out in the Prospectus, the new ordinary shares were
allotted at offer prices of between 55.96 pence and 58.72 pence per share
depending on the adviser charge (if applicable) and the number of shares
issued pertaining to each application.  Applicants received additional New
Shares equivalent to receiving a 3.35 per cent per annum rate of return on
funds awaiting allotment, calculated by reference to the number of days
between the acceptance of an Application (including full receipt of cleared
funds) and the date of allotment.

The net asset value ("NAV") used for the calculation of the issue price on 30
January 2025 is the last reported NAV of 54.85 pence per ordinary share, being
the unaudited NAV as at 30 September 2024 of 57.35 pence per ordinary share,
adjusted for the interim dividend of 1.50 pence per ordinary share paid on 1
November 2024 and the special dividend of 1.00 pence per ordinary share paid
on 27 January 2025.

Together, the Companies have in total allotted shares relating to gross
proceeds of £25.0 million under the Offers, of which £9.8 million has been
raised by the Company and £15.2 million has been raised by British Smaller
Companies VCT plc.

In this allotment Roger McDowell, non-executive Director of the Company, has
been allotted 88,867 ordinary shares of 0.01 pence in the Company, bringing
his aggregate total holding to 926,126 ordinary shares.

In this allotment the employees and members of the Manager, YFM Private Equity
Limited, have been allotted 40,004 ordinary shares of 0.01 pence each in the
Company, bringing their aggregate total holding to 864,570 ordinary shares.

Applications are now being made by the Company for the ordinary shares which
were allotted on 30 January 2025 to be admitted to the Official List of the
Financial Conduct Authority and to trading on the London Stock Exchange's main
market for listed securities.  Dealings are expected to commence on or around
13 February 2025.

The Companies have issued a prospectus relating to the Offers (the
"Prospectus"). The proceeds will be allocated between the Companies in
accordance with the terms set out in the Prospectus.

The second and final allotment of the Offers is expected to take place between
1 - 4 April 2025.

Following the allotment of 17,313,531 ordinary shares, the Company's issued
share capital consists of 299,176,349 ordinary shares with voting rights
("Voting Capital") and 28,770,963 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.

30 January 2025

For further information, please contact:

Marcus Karia            YFM Equity
Partners
Tel:  0113 244 1000

Alex Collins              Panmure Liberum
 
Tel:  0207 886 2767

 

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