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23 Mar 2010 17:32
23 March 2010
Baronsmead VCT 3 plc and Baronsmead VCT 4 plc
Offer for subscription of New Ordinary Shares to raise up to approximately £ 16,000,000 in aggregate ('the Joint Offer')
Baronsmead VCT 3 plc and Baronsmead VCT 4 plc ("the Companies") announce the final allotment on 23 March 2010 of New Ordinary Shares pursuant to the Joint Offer which has raised £16,000,000 in aggregate at that date.
The first allotment took place on 1 March 2010 with respect to £11,212,000 that had been raised by Friday 26 February 2010. The final allotment was with respect to £4,788,000 subscribed between Monday 1 March and Wednesday 17 March 2010 when the Joint Offer became fully subscribed.
Based on the latest published net asset values as at 12 March 2010, the Offer Prices of the New Ordinary Shares allotted on 23 March 2010 were as follows:
Baronsmead VCT 3 plc 104.50p per New Ordinary Share
Baronsmead VCT 4 plc 97.00p per New Ordinary Share
In accordance with the Prospectus dated 18 January 2010, 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 23 March 2010 Baronsmead VCT 3 plc Baronsmead VCT 4 plc (pence per New (pence per New Ordinary Share) Ordinary Share) Latest published NAV 98.53 91.65
Latest published NAV divided by 104.26 96.98 0.945 Offer Price (rounded up to nearest 104.50 97.00 0.5p)
The number of shares allotted and the total number of shares in issue for each of the Companies after the allotment are shown below:
Shares allotted (1) Shares in issue following allotment (2) Baronsmead VCT 3 plc 2,318,712 67,619,851 Baronsmead VCT 4 plc 2,497,970 64,402,829
1. Includes shares allotted with respect to any commissions waived and
reinvested
2. Includes treasury shares (Baronsmead VCT 3 - 5,967,317; Baronsmead VCT 4 -
4,348,593)
Dealings in the New Ordinary Shares of each Company are expected to commence on 26 March 2010. CREST accounts are expected to be credited within five business days of allotment and definitive documents of title and income tax relief certificates are expected to be dispatched within ten business days of allotment.
For further information please contact:
Michael Probin VCT Investor Relations ISIS EP LLP 020 7506 5796
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