Albion Venture Regulatory News (AAVC)

2 Apr 2019 11:52

Issue of Equity and Total Voting Rights

ALBION VENTURE CAPITAL TRUST PLC

LEI Code 213800JKELS32V2OK421

The first allotment for the 2018/2019 tax year of new ordinary shares of nominal value 1 penny per share in Albion Venture Capital Trust PLC (the “Company”) under the Albion VCTs Prospectus Top Up Offers 2018/19 (the “Offers”), (which was launched on 7 January 2019) took place on 1 April 2019. 

Pursuant to the Prospectus, the Company offered a 1% discount on issue costs to existing shareholders and 0.5% discount on issue costs to new subscribers. These early bird discounts were available to investors who subscribed for new shares for the first £10m by 2 p.m. on 28 February 2019 across the six VCTs participating in the Offers. The cost of these discounts is being borne by the Manager, Albion Capital Group LLP. The issue pricing of the new shares has been calculated to avoid any capital dilution to existing shareholders who do not participate in the Offers.

The Company has received valid applications for 2,517,008 new ordinary shares which will be allotted at an issue price of 78.9 pence per share from existing shareholders and 554,593 new ordinary shares allotted at an issue price of 79.3 pence per share for new subscribers, both of which qualified for the early bird discount. A further 6,375,602 new ordinary shares will be allotted at an issue price of 79.7 pence per share (which did not qualify for the early bird discount). The total net proceeds receivable by the Company under these allotments is approximately £7,342,000.

Application has been made to the Financial Conduct Authority for 9,447,203 new ordinary shares to be admitted to the Official List and to the London Stock Exchange for the new ordinary shares to be admitted to trading on the London Stock Exchange's market for listed securities. The new ordinary shares rank pari passu with the existing shares in issue.

It is expected that admission will become effective, and that dealings in the shares will commence on or before 8.00 a.m. on 4 April 2019.

The Offers constitute separate offers made by each of the Albion VCT's which are participating in it. As at 1 April 2019, the amount raised in total across the Albion VCTs under the Offers was £44m (of which £2.5m relates to tax year 2019/2020). As announced on 5 March 2019 the Company reached its £8m limit under its offer and has now closed to further applications.

Following this allotment and in conformity with the provisions of DTR 5.6, we make the following notifications in connection with the issued share capital of the Company:

The Company's capital as at 1 April 2019 consists of 106,465,465 ordinary shares with a nominal value of 1 penny each. The Company holds 11,517,188 ordinary shares in Treasury.

Therefore, the total number of voting rights in the Company is 94,948,277, which may be used by shareholders and other persons as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

For further information, please contact:

Albion Capital Group LLPCompany Secretary020 7601 1850

2 April 2019