Br.smaller Cos. Regulatory News (BSV)

9 May 2007 15:48

British Smaller Companies VCT PLC09 May 2007 British Smaller Companies VCT plc ("the Company") Conversion of C Shares into Ordinary Shares 9 May 2007 The Board of British Smaller Companies VCT plc announces today the earlyconversion of the C Shares of 50p each into new Ordinary Shares of 10p each. Theexpected Calculation Date, per the original offer for subscription, was to be nolater than 31 May 2008 and as previously announced in connection with an offerfor subscription launched in December 2006 the board has resolved that all ofthe C Shares will be converted into new Ordinary Shares. The C Shares were issued by way of an offer for subscription launched inNovember 2004 and the funds raised have been managed as a separate pool ofassets from those attributed to the Ordinary Shares. The 1,258,676 C Sharesconvert into 1,415,585 new Ordinary Shares on a net asset value basis and willrank pari passu with the existing Ordinary Shares. The conversion, is in accordance with the Articles of Association of theCompany, by reference to a conversion formula based on the relative net assetsof the Company on 30 April 2007, being the Calculation Date. Accordingly the directors announce the issue and allotment of 1,415,585 OrdinaryShares; and the issue of 4,877,795 Deferred Shares which have been purchased bythe Company in accordance with the Articles of Association for an aggregateconsideration of 5p and cancelled. Application will be made to the extent necessary for the new Ordinary Shares tobe admitted to the Official List and to trading on the London Stock Exchange'smarket for listed securities. For further information contact: D I Hall YFM Private Equity Limited 0161 832 7603 This information is provided by RNS The company news service from the London Stock Exchange