REG - British Smaller Co's - Issue of Equity

British Smaller Companies VCTAnnouncement

07/01/2026 09:30

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RNS Number : 8621N  British Smaller Companies VCT PLC  07 January 2026

British Smaller Companies VCT plc (the "Company")

Issue of Equity

On 25 September 2025 British Smaller Companies VCT plc and British Smaller
Companies VCT2 plc (together the "Companies") launched offers for subscription
(the "Offers") seeking to initially raise £60 million in aggregate for the
2025/26 tax year, with an over-allotment facility of £25 million, which was
subsequently utilised in full.  The Offers were closed to new applications on
18 December 2025.

The Companies announce that today, 7 January 2026, the allotment of the first
£25 million of funds raised in the Offers has taken place, of which £15.6
million relates to the Company.

The second and final allotment of the Offers of the remaining £60 million of
gross proceeds is expected to take place between 1 and 2 April 2026; funds
awaiting allotment will receive additional shares equivalent to a 2.36 per
cent per annum return, reducing to 2.06 per cent from 27 January 2026 due to a
change by the receiving agent's banking provider (rate subject to change by
the receiving agent's banking provider).

Under today's issue, the Company has allotted 19,484,289 ordinary shares of
0.01 pence each, raising gross proceeds of £15.6 million. This allotment was
made in respect of the tax year 2025/26. In accordance with the pricing
formula set out in the Prospectus, the new ordinary shares were allotted at
offer prices of between 79.84 pence and 83.80 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 2.36 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 7
January 2026 is the last reported NAV of 78.05 pence per ordinary share, being
the unaudited NAV as at 30 September 2025 of 80.05 pence per ordinary share,
adjusted for the interim dividend of 2.00 pence per ordinary share paid on 19
December 2025.

Together, the Companies have in total allotted shares relating to gross
proceeds of £25.0 million under the Offers, of which £15.6 million has been
raised by the Company and £9.4 million has been raised by British Smaller
Companies VCT2 plc.

In this allotment the employees and members of the Manager, YFM Private Equity
Limited, have been allotted 157,305 ordinary shares of 0.01 pence each in the
Company, bringing their aggregate total holding to 1,356,427 ordinary shares.

Applications are now being made by the Company for the ordinary shares which
were allotted on 7 January 2026 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
20 January 2026.

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.

Following the allotment of 19,484,289 ordinary shares, the Company's issued
share capital consists of 373,415,438 ordinary shares with voting rights
("Voting Capital") and 39,260,029 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.

7 January 2026

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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