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Net Asset Value & Offer Update

26th Mar 2009 11:46

RNS Number : 5360P
Baronsmead VCT PLC
26 March 2009
 



The Board of Baronsmead VCT plc announces that the net asset value of the Ordinary Shares at 18 March 2009 was 71.62p per share

Based on the net asset values as at 18 March 2009, Offer Prices of the New Ordinary Shares to be allotted on or before Friday 3 April 2009 are as follows:

Baronsmead VCT plc  76.00p per New Ordinary Share

Baronsmead VCT 2 plc  92.00p per New Ordinary Share

In accordance with the Prospectus dated 9 September 2008, the Offer Prices at which the remaining New Ordinary Shares will be allotted in each Company are 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 to be allotted on or before 3 April 2009

Baronsmead VCT plc

(pence per New Ordinary Share)

Baronsmead VCT 2 plc

(pence per New Ordinary Share)

Latest published NAV

71.62

86.74

Latest published NAV divided by 0.945 

75.79

91.79

Offer Price (Rounding up to nearest 0.5p)

76.00

92.00

As at 25 March 2009, the Joint Offer has received applications in respect of subscriptions totalling £12,542,325The Joint Offer is seeking to raising approximately £22,500,000 in aggregate.

Allotments are scheduled to take place on 30 March and 3 April 2009. The Boards of Baronsmead VCT plc and Baronsmead VCT 2 plc reserve the right to vary the allotment timetable and close the offer before the 3 April 2009 in accordance with the terms and conditions set out in the Prospectus.

Full details of the Joint Offer are contained in the summary, securities note, registration document and supplementary prospectus (together constituting a prospectus issued by the Companies) ("Prospectus"), which is available on the Companies' websites www.baronsmeadvct.co.uk and www.baronsmeadvct2.co.uk. 

For further information contact: Michael Probin ISIS EP LLP: 020 7506 5796 Paul Forster ISIS EP LLP: 020 7506 5652

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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