British
Smaller Companies VCT2 plc (the "Company")
Issue of
Equity and Close of Offers
On 20 September 2023 British Smaller
Companies VCT2 plc and British Smaller Companies VCT plc (together
the "Companies") launched offers for subscription (the "Offers")
seeking to initially raise £65 million in aggregate for the 2023/24
tax year. On 13 December 2023, the Companies confirmed that
the over-allotment facility of £25 million included in the Offers
will be used in full. This increases the maximum amount which
can be raised under the Offers to £90 million in
aggregate.
The first allotment allotting shares
relating to gross proceeds of £30.0 million under the Offers took
place on 30 January 2024.
The Company announces that today, 3
April 2024, it has made the second and final issue of ordinary
shares pursuant to the Offers by allotting 37,666,087 ordinary
shares of 10 pence each, raising gross proceeds of £23.1 million.
This allotment was made in respect of the tax year 2023/2024. In
accordance with the pricing formula set out in the Prospectus, the
new ordinary shares were allotted at offer prices of between 59.96
pence and 63.95 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 3.70 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 3 April 2024 is the last
reported NAV of 59.3 pence per ordinary share, being the audited
NAV as at 31 December 2023.
Together, the Companies have in
total on 30 January 2024 and 3 April 2024 allotted shares relating
to gross proceeds of £90.0 million under the Offers, of which £34.5
million has been raised by the Company and £55.5 million has been
raised by British Smaller Companies VCT plc.
In this allotment Barbara Anderson,
non-executive Director of the Company, has been allotted 79,558
ordinary shares of 10 pence in the Company, bringing her aggregate
total holding to 619,754 ordinary shares.
In this allotment Peter Waller,
non-executive Director of the Company, has been allotted 9,836
ordinary shares of 10 pence in the Company, bringing his aggregate
total holding to 73,647 ordinary shares.
In this allotment the employees and
members of the Manager, YFM Private Equity Limited, have been
allotted 41,877 ordinary shares of 10 pence each in the Company,
bringing their aggregate total holding to 776,515 ordinary
shares.
Applications are now being made by
the Company for the ordinary shares which were allotted on 3 April
2024 to be admitted to the premium segment of the Official List of
the UK Listing Authority and to trading on the London Stock
Exchange's main market for listed securities. Dealings are
expected to commence on or around 5 April 2024.
Following the allotment of
37,666,087 ordinary shares, the Company's issued share capital
consists of 284,639,146 ordinary shares with voting rights ("Voting
Capital") and 22,702,746 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.
3 April 2024
For further information, please
contact:
Dan
Perkins
YFM Private Equity
Limited
Tel: 0113 244 1000
Alex
Collins
Panmure Gordon (UK) Limited
Tel: 0207 886 2767