Br.smaller Cos. Regulatory News (BSV)

British Smaller Companies VCT plc

Offer for Subscription: Allotment of Shares

British Smaller Companies VCT plc (the "Company") is seeking to raise up to a maximum of £3.78 million by way of an offer for subscription of up to 3,788,310 ordinary shares of 10 pence each in the Company ("Offer for Subscription").

Full details of the Offer for Subscription are contained in an offer document issued by the Company on 6 March 2012 ("Offer Document"). As stated (and as defined) in the Offer Document the Offer Price is 99.75 pence per ordinary share.

The Company announces that on 20 March 2012 it allotted 1,080,772 ordinary shares of 10 pence each ("Ordinary Shares") at a price of 99.75 pence per ordinary share in respect of valid subscriptions received on or before 20 March 2012 for the tax year 2011/2012 pursuant to the Offer for Subscription. Of the Ordinary Shares allotted, 5,137 were allotted to Philip Cammerman, a director of the Company.

Application is now being made for the Ordinary Shares which were allotted on 20 March 2012 to be admitted to the premium segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities, and dealings are expected to commence on or around 27 March 2012.

Following the allotment of the Ordinary Shares on 20 March 2012 the Company's issued share capital consists of 38,033,720 ordinary shares of 10 pence each with voting rights ("Voting Capital") and 2,360,485 shares held in Treasury.

The above statement of Voting Capital may be used by shareholders 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 FSA's Disclosure and Transparency Rules.

A further and final allotment of ordinary shares pursuant to the Offer for Subscription is expected to be made by the Company on 5 April 2012 in respect of valid subscriptions for the tax year 2011/2012 received and accepted by the Company before 11.00am on Thursday 5 April 2012.

A copy of the Offer Document has been submitted to the National Storage Mechanism and is available to the public for viewing online at the following web-site address: http://www.hemscott.com/nsm.do. It can also be viewed on the Companies' website http://www.yfmep.com.

For further information, please contact:

David Hall YFM Private Equity Limited Tel: 0113 294 5055

Claes Spang Singer Capital Markets Tel: 0203 205 7500