Offer and Allotment of shares

RNS Number : 1796Q

Baronsmead VCT 3 PLC

06 April 2009

 



Baronsmead VCT 3 plc

Offer for subscription of New Ordinary Shares to raise up to the sterling equivalent of €2.5million (i.e. approximately £2.3m)

Baronsmead VCT 3 plc ('the Company') announces the allotment on 3 April 2009 of New Ordinary Shares pursuant to the Offer for subscription which has raised £1,498,000 at that date. 

Based on the latest published Net Asset Value as at 18 March 2009, the Offer Price of the New Ordinary Shares allotted on Friday 3 April 2009 is 103.5p per New Ordinary Share.

In accordance with the Offer document dated 11 February 2009, the Offer Price at which the New Ordinary Shares are allotted in the Company was calculated on the basis of the following formula (the 'Pricing Formula'):

Latest published net asset value of an existing Ordinary Share divided by 0.95 (to allow for issue costs of 5 per cent.) rounded up to the nearest 0.5p per share.

As a result, the Offer Price has been calculated as follows:

Offer Price of New Ordinary Shares Allotted on 3 April 2009

	Baronsmead VCT 3 plc (pence per New Ordinary Share)
Latest published NAV	97.96
Latest published NAV divided by 0.95	103.12
Offer Price (Rounding up to nearest 0.5p)	103.50

The number of shares allotted and the total number of shares in issue after the allotment are shown below:

	Shares allotted(1)	Shares in issue following allotment
Baronsmead VCT 3 plc	1,472,556	59,699,553

(1) includes shares allotted with respect to any commissions waived and reinvested

Dealing in the New Ordinary Shares of Baronsmead VCT 3 plc is expected to commence by 8 April 2009. CREST accounts are expected to be credited within five business days of allotment and definitive documents of title are expected to be dispatched within ten business days of allotment.

The Offer for subscription closed on Friday 3 April 2009.  

For further information please contact:

Michael Probin     VCT Investor Relations ISIS EP LLP        020 7506 5796

 

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