New Share Offer

11th September 2015

Pembroke VCT plc

New share offer

The Board of Pembroke VCT plc (the "Company") is pleased to announce a new B Ordinary Share issue of up to £15 million, with an over-allotment facility of up to £10 million. 

The Company has raised approximately £24 million since their first inaugural offer in February 2013. As at 30th June 2015, the Company has invested £18.1 million in a diverse portfolio of 23 investments with £17.4 million from the Ordinary Share class and £0.75 million in the B Ordinary share class.

The B Ordinary Shares are an existing class of share which as at 30th June 2015 had a net asset value of £5.2m. The new offer will provide investors with immediate access to an existing portfolio of assets in the B Ordinary Share class which includes high growth opportunities such as Plenish, Bella Freud and Second Home; and top-up opportunities in the Ordinary Share portfolio. It is expected that the new share offer will be available for subscription from November 2015, inviting investment in either or both of the 2015/16 and 2016/17 tax years.

In the Summer Budget 2015, the Chancellor proposed a number of changes to VCTs which will restrict the types of companies that new offer proceeds can be invested in. Pembroke believes that their investment strategy will not be materially affected by any of these changes, as the Company predominantly focuses on providing development capital to growth opportunities rather than management buy-out transactions or investing in older businesses. Of the current portfolio 20 / 23 investments would qualify under the new proposed regulatory changes.

Subscription for new B Ordinary Shares in the Company will provide investors with access to a private equity type investment strategy, replicating the existing approach of the Company, whilst benefiting from the tax benefits available to investors in VCTs.

For further information, please contact:

Pembroke VCT plc

+44 20 7766 6900

Peter Dubens / Andrew Wolfson

The City Partnership (UK) Limited, Company Secretary

0131 243 7210

Robin Smeaton

FTI Consulting

+44 20 7831 3113

Edward Bridges / Emily Hartman