Joint Offer Allotment

RNS Number : 2959I

Baronsmead VCT 2 PLC

17 November 2008

 



Baronsmead VCT plc and Baronsmead VCT 2 plc

Offer for subscription of New Ordinary Shares to raise up to £16,000,000 in aggregate ('the Joint Offer')

Baronsmead VCT plc and Baronsmead VCT 2 plc ('the Companies') announce the first allotment on 14 November 2008 of New Ordinary Shares pursuant to the Joint Offer which has raised £5,767,500 at that date. 

Based on the latest published Net Asset Values as at 31 October 2008, Offer Prices of the New Ordinary Shares allotted on Friday 14 November 2008 were as follows:

Baronsmead VCT plc             75.5p per New Ordinary Share

Baronsmead VCT 2 plc          91.5p per New Ordinary Share

In accordance with the Prospectus dated 9 September 2008, the Offer Prices at which the New Ordinary Shares were allotted in each Company were calculated separately on the basis of the following formula (the 'Pricing Formula'):

Latest published net asset value of an existing Ordinary Share divided by 0.945 (to allow for issue costs of 5.5 per cent.) rounded up to the nearest 0.5p per share.

As a result, the Offer Prices have been calculated as follows:

Offer Prices of New Ordinary Shares Allotted on 14 November 2008

	Baronsmead VCT plc (pence per New Ordinary Share)	Baronsmead VCT 2 plc (pence per New Ordinary Share)
Latest published NAV	70.89	86.17
Latest published NAV divided by 0.945	75.02	91.19
Offer Price (Rounding up to nearest 0.5p)	75.50	91.50

Investors whose subscription forms were received by 12:00 on Friday 14 November 2008 received an additional allocation of 1 per cent of the amount of their application by way of additional shares.  

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

	Share allotted(1)	Shares in issue following allotment
Baronsmead VCT plc	3,907,638	71,444,777
Baronsmead VCT 2 plc	3,224,314	68,260,329

(1) includes shares allotted as part of the 1% incentive and any commissions waived and reinvested

Dealing in the New Ordinary Shares of each Company is expected to commence on 19 November 2008. 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 Directors along with employees and partners of the Manager have subscribed a total of £339,000 under the Joint Offer.

The directors of the Companies were allotted the following shares as a result of their subscriptions to the Joint Offer:

DIRECTORS	Directors original holding	Directors shares allotted	Total holding %
Baronsmead VCT plc	323,523	82,648	0.57
Baronsmead VCT 2 plc	587,998	56,830	0.95

Provided the Joint Offer is not fully subscribed beforehand, investors who subscribe after 12:00 noon on Friday 14 November but before 12:00 noon on 12 December will receive an additional allocation of 0.5% of their application by way of additional shares. The Joint Offer is expected to remain open until 16 January 2009 unless fully subscribed prior to this date. 

For further information please contact:

Michael Probin Investor Relations ISIS EP LLP    020 7506 5796

Paul Forster Company Secretary                         020 7506 5652

 

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