NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION FOR WHICH THE SAME COULD BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION, INCLUDING IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA.
Baronsmead Second Venture Trust plc
6 March 2020
Update on the Offer for Subscription
The Board of Baronsmead Second Venture Trust plc (the "Company") announced on 4 October 2019 that it had published a Prospectus in conjunction with Baronsmead Venture Trust plc in relation to an offer for subscription to each raise up to £20 million (before costs) with an over-allotment facility to each raise up to a further £5 million (the "Offer").
On 27 February 2020 the Company carried out a third allotment of shares under the Offer, issuing 2,318,288 new ordinary shares of 10 pence each in the Company ("New Shares"). Subsequently, at the annual general meeting of the Company held on 27 February 2020, shareholders approved the payment of a final dividend of 3.5 pence per share (the "Final Dividend"). However, the net asset value as at 31 January 2020 did not take account of the Final Dividend and accordingly the net asset value used to calculate the issue price which the New Shares were issued at was overstated by the amount of the Final Dividend.
On the basis of the adjusted net asset value the Company has issued an additional 101,155 New Shares resulting in 2,419,443 New Shares being issued in the third allotment under the Offer at an issue price of 82.50 pence.
Applications have been made for the additional New Shares to be issued pursuant to the Offer to be admitted to the Official List (with a Premium Listing) and to the London Stock Exchange for the New Shares to be admitted to trading on the Main Market. It is expected that Admission will occur and dealing will commence in the additional New Shares to be issued pursuant to the Offer at 8.00 a.m. on 11 March 2020.
Share certificates and tax certificates in respect of the original issue of New Shares have not yet been issued. It is expected that share certificates and tax certificates showing the aggregate number of New Shares issued will be sent to the relevant Shareholders within 10 business days of the date of the allotment of the additional New Shares.
Total voting rights
Each Ordinary Share has one voting right. Following the issue of additional New Shares pursuant to the Offer, the Company will have 268,014,594 Ordinary Shares in issue (of which 22,750,063 Ordinary Shares are held in treasury). The total number of voting rights in the Company will therefore be 245,264,531 and this figure 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 Disclosure and Transparency Rules.
Further information
For further information please contact.
Baronsmead VCT Investor Relations
020 3875 9862
[email protected]
Notes
This announcement does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any investment in any jurisdiction, nor shall it (or the fact of its distribution) form the basis of, or be relied on in connection with, any contract therefor.
The issue and the distribution of this announcement and the Prospectus in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to in this announcement and the Prospectus comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
