Statement re Adjustment to Offer Price for Shares

RNS Number : 7845A

British Smaller Companies VCT PLC

24 February 2014

 



British Smaller Companies VCT plc ("the Company")

Adjustment to Offer Price for Shares under the Joint Offers for Subscription

On 14 January 2014, the Company and British Smaller Companies VCT2 plc issued a prospectus ("the Prospectus", which is comprised of a securities note, a registration document and a summary document) and circulars relating to joint offers for subscription to raise up to £30 million in aggregate ("the Offers").

On 13 February 2014 the Company declared an interim dividend of 2.0 pence per ordinary share to be paid on 21 March 2014 to Shareholders on the register on 21 February 2014. In order to reflect the fact that any allotment of ordinary shares under the Offers will be after the record date, and thus holders of such ordinary shares are not entitled to receive the interim dividend, the Offer Price (as defined in the Prospectus) has been reduced in accordance with the Pricing Mechanism (as defined in the Prospectus) to take account of this interim dividend and will be:

-       For applications through execution only brokers:  at an offer price of 103.0 pence per ordinary share, being the unaudited net asset value as at 30 September 2013 less the amount of interim dividend paid per share adjusted for the costs of the Offers of 5.5% (rounded to the nearest 0.25 pence per ordinary share).

-       For applications through financial advisers or for direct applications: at an offer price of 100.75 pence per ordinary share, being the unaudited net asset value as at 30 September 2013 less the amount of interim dividend paid per share adjusted for the costs of the Offers of 3.5% (rounded to the nearest 0.25 pence per ordinary share).

The Directors reserve the right to make allotments other than those described below should it be deemed appropriate, and to extend the closing date of the 2014/2015 Offers.

An allotment of ordinary shares will be made by the Company on 31 March 2014 in respect of valid subscriptions for the tax year 2013/2014 received and accepted by the Company up to and including 28 March 2014.  A further allotment of ordinary shares will be made by the Company on 5 April 2014 in respect of valid subscriptions for the tax year 2013/2014 received and accepted by the Company on or after 29 March 2014 and before the close of the Offers in respect of the tax year 2013/2014 at 11:00am on Saturday 5 April 2014. 

An allotment of ordinary shares will be made by the Company on 30 April 2014 in respect of valid subscriptions for the tax year 2014/2015 received and accepted by the Company before the close of the Offers in respect of the tax year 2014/2015 at 11:00am on Wednesday 30 April 2014 (or earlier should the Offers become fully subscribed).

For further information please contact:

David Hall                      YFM Private Equity Limited                     Tel: [phone]

Matthew Thomas           Nplus1 Singer Advisory LLP                    Tel:  [phone]

 

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