24 Oct 2023 13:20
24 October 2023
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British Smaller Companies VCT plc and British Smaller Companies VCT2 plc (together the "Companies")
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Update on Offers
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The Companies are pleased to announce that Applications exceeding £30 million have been received in relation to the new share offer in the 2023/24 tax year, launched on 20 September 2023, to raise, in aggregate, up to £65 million, with an over-allotment facility of up to a further £25 million, in aggregate, by way of prospectus offers of new ordinary shares for subscription (the "Offers").
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Applicants subscribing for the first £20 million of Application Amounts under the Offers will receive additional New Shares equivalent to 0.25 per cent of the amount they subscribe and Applicants subscribing for the next £10 million of Application Amounts under the Offers will receive additional New Shares equivalent to 0.125 per cent of the amount they subscribe.
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It is intended that the first allotment for the 2023/24 tax year, issuing new shares up to a maximum of £30 million of funds received, will take place between 29 and 31 January 2024. The second and final allotment will take place between 2 and 5 April 2024.
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The Companies have issued a prospectus relating to the Offers (the "Prospectus"). The proceeds will be allocated between the Companies in accordance with the terms set out in the Prospectus.
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The deadline for the receipt of Applications and cleared funds is 28 March 2024, or earlier if the Offers become fully subscribed.
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The Prospectus is available from the Company's website:
www.bscfunds.com
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and is available for inspection at the National Storage Mechanism, which is located at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
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For further information, please contact:
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David Hall YFM Private Equity Limited Tel: 0113 244 1000
Alex Collins Panmure Gordon (UK) Limited Tel: 0207 886 2767