REG - British Smaller Co's - Issue of Equity

British Smaller Companies VCTAnnouncement

01/04/2025 08:15

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RNS Number : 9762C  British Smaller Companies VCT PLC  01 April 2025

British Smaller Companies VCT plc (the "Company")

Issue of Equity and Close of Offers

On 17 October 2024 British Smaller Companies VCT plc and British Smaller
Companies VCT2 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 first allotment allotting shares relating to gross proceeds of £25.0
million under the Offers took place on 30 January 2025.

The Company announces that today, 1 April 2025, it has made the second and
final issue of ordinary shares pursuant to the Offers by allotting 36,799,582
ordinary shares of 10 pence each, raising gross proceeds of £30.5 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 81.61 pence and 86.33 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 (reduced to 3.00 per cent per annum from late January
by the Receiving Agent's banking provider), 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 1
April 2025 is the last reported NAV of 80.25 pence per ordinary share, being
the unaudited NAV as at 31 December 2024 of 81.50 pence per ordinary share,
adjusted for the special dividend of 1.25 pence per ordinary share paid on 27
January 2025.

Together, the Companies have in total allotted shares relating to gross
proceeds of £75.0 million under the Offers, of which £45.8 million has been
raised by the Company and £29.2 million has been raised by British Smaller
Companies VCT2 plc.

In this allotment Rupert Cook, non-executive Director and Chairman of the
Company, has been allotted 12,206 ordinary shares of 10 pence in the Company,
bringing his aggregate total holding to 208,746 ordinary shares.

In this allotment the employees and members of the Manager, YFM Private Equity
Limited, have been allotted 213,253 ordinary shares of 10 pence each in the
Company, bringing their aggregate total holding to 1,298,027 ordinary shares.

Applications are now being made by the Company for the ordinary shares which
were allotted on 1 April 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
15 April 2025.

Following the allotment of 36,799,582 ordinary shares, the Company's issued
share capital consists of 355,978,239 ordinary shares with voting rights
("Voting Capital") and 34,198,996 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.

1 April 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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