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LONDON - British Smaller Companies VCT plc announced today that it has successfully issued new ordinary shares, raising gross proceeds of £15.2 million. This funding is part of an offer launched on 17 October 2024, aiming to initially raise £50 million in aggregate for the 2024/25 tax year, with an over-allotment facility of £25 million that was fully utilised.
The new shares were allotted at prices between 80.13 pence and 84.09 pence, based on a pricing formula detailed in the Prospectus, considering the adviser charge and the number of shares per application. Investors received additional shares equivalent to a 3.35% annual return on funds awaiting allotment, calculated from the time of application acceptance to the date of allotment.
The issue price on 30 January 2025 was determined using the last reported net asset value (NAV) of 78.55 pence per ordinary share, adjusted for dividends paid in December 2024 and January 2025. The total raised by both British Smaller Companies VCT plc and British Smaller Companies VCT2 plc under these offers is £25.0 million, with the latter raising £9.8 million.
Adam Bastin, a non-executive Director of the Company, was allotted 7,449 shares, bringing his total holding to 20,696 shares. Additionally, employees and members of the Manager, YFM Private Equity Limited, were allotted 41,901 shares, increasing their total holding to 1,084,774 shares.
The Company is applying for the newly allotted shares to be admitted to the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange (LON:LSEG)’s main market, with dealings expected to commence around 13 February 2025. The second and final allotment of the offer is anticipated to occur between 1 - 4 April 2025.
Following this allotment, the Company’s issued share capital consists of 321,059,791 ordinary shares with voting rights and 32,317,862 shares held in treasury. Shareholders may use this statement of Voting Capital as the denominator for calculations to notify their interest or change in interest in the Company under the FCA’s Disclosure and Transparency Rules.
This announcement is based on a press release statement from British Smaller Companies VCT plc.
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