Issue of Equity and Total Voting Rights and Capital
28 February 2022 - 10:30PM
Issue of Equity and Total Voting Rights and Capital
ALBION DEVELOPMENT VCT PLC
Issue of Equity and Total Voting Rights
and Capital
LEI Code
213800FDDMBD9QLHLB38
The first allotment for the 2021/2022 tax year
of new ordinary shares of nominal value 1 penny per share ("New
Shares") in Albion Development VCT PLC (the “Company”) under the
Albion VCTs Prospectus Top Up Offers 2021/22 (the “Offers”), (which
was launched on 6 January 2022) took place on 25 February 2022.
Pursuant to the Prospectus, the Company offered
an early bird discount of 1% on issue costs to existing
shareholders and 0.5% on issue costs to new subscribers. These
early bird discounts were available to investors who subscribed for
New Shares for the first £10m received by 2 p.m. on 25 February
2022 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
1,360,570 New Shares which will be allotted at an issue price of
96.50 pence per share from existing shareholders and 462,648 New
Shares allotted at an issue price of 97.00 pence per share for new
subscribers, both of which qualified for the early bird discount. A
further 11,077,966 New Shares will be allotted at an issue price of
97.50 pence per share (which did not qualify for the early bird
discount). The total net proceeds receivable by the Company for
this allotment is approximately £12.3 million.
Application has been made to the Financial
Conduct Authority for 12,901,184 New Shares to be admitted to the
Official List and to the London Stock Exchange for the New Shares
to be admitted to trading on the London Stock Exchange's market for
listed securities. The New Shares rank pari passu with the existing
shares in issue.
It is expected that admission to the Official
List will become effective and that dealings in the New Shares will
commence within three Business Days following allotment.
The Offers which constitute separate offers
remain open to new valid applications for the Company, as well as
for Crown Place VCT PLC, Albion Enterprise VCT PLC and Albion
Technology & General VCT PLC. As at 25 February 2022, the total
amount raised across the six VCTs under the Offers is £68.9 million
(of which £64.5 million relates to this tax year 2021/2022). The
Offers are expected to close no later than 2 p.m. on 30 September
2022 (unless fully subscribed by an earlier date or previously
closed).
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 25 February 2022
consists of 129,648,578 ordinary shares with a nominal value of 1
penny each. The Company holds 13,946,475 ordinary shares in
Treasury.
Therefore, the total number of voting rights in
the Company is 115,702,103, 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:
Vikash HansraniOperations PartnerAlbion Capital
Group LLPCompany Secretary 020 7601 185028 February 2022
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