13th Mar 2009 16:23
Baronsmead VCT plc and Baronsmead VCT 2 plc
Offer for subscription of New Ordinary Shares to raise up to approximately £22,500,000 in aggregate ('the Joint Offer')
Baronsmead VCT plc and Baronsmead VCT 2 plc ("the Companies") announce the fourth allotment on 13 March 2009 of New Ordinary Shares pursuant to the Joint Offer which has raised £10,449,700 at that date.
Based on the latest published Net Asset Values as at 28 February 2009, Offer Prices of the New Ordinary Shares allotted on Friday 13 March 2009 were as follows:
Baronsmead VCT plc 75.50p per New Ordinary Share
Baronsmead VCT 2 plc 91.50p 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 13 March 2009
|
|
Baronsmead VCT plc (pence per New Ordinary Share) |
Baronsmead VCT 2 plc (pence per New Ordinary Share) |
|
Latest published NAV |
71.07 |
86.01 |
|
Latest published NAV divided by 0.945 |
75.21 |
91.02 |
|
Offer Price (Rounding up to nearest 0.5p) |
75.50 |
91.50 |
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 |
888,786 |
74,596,781 |
|
Baronsmead VCT 2 plc |
733,368 |
70,867,462 |
(1) includes shares allotted with respect to any commissions waived and reinvested
Dealing in the New Ordinary Shares of each Company is expected to commence by 18 March 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.
Provided the Joint Offer is not fully subscribed or extended beforehand, the Joint Offer is due to close on Friday 3 April 2009.
For further information please contact:
Michael Probin VCT Investor Relations ISIS EP LLP 020 7506 5796
Paul Forster Company Secretary 020 7506 5652
Related Shares:
Baronsmead Vt