British Smaller Companies VCT2 Plc Dividend Declaration (2140F)
04 November 2022 - 7:30PM
UK Regulatory
TIDMBSC
RNS Number : 2140F
British Smaller Companies VCT2 Plc
04 November 2022
British Smaller Companies VCT2 plc ("the Company")
Special Dividend
The directors of British Smaller Companies VCT2 plc ("BSC2" or
the "Company") are pleased to announce the payment of a special
dividend, which will be the first interim dividend for the year
ending 31 December 2023 of 2.25 pence per ordinary share ("Special
Dividend").
The payment of the Special Dividend follows the successful exits
from two separate investments in Springboard and Intelligent
Office.
Springboard is a leading provider of performance insights for
the retail industry across Europe and North America. BSC2 realised
its investment in Springboard in September 2022, generating
proceeds of GBP5.8 million, representing a capital profit over cost
of GBP3.9 million, an uplift of 46.0 per cent or GBP1.8 million on
the carrying value at the beginning of the Company's financial
year. Including income, the total return from this investment was
GBP6.6 million over a nearly eight year holding period, producing
an internal rate of return of 23 per cent and a multiple of 4.1x
cost. There is the prospect of further consideration in 2023 based
on performance targets, however no value has been taken on these
payments at this time.
Intelligent Office is a leading provider of support services to
the legal sector, with more than 9,000 employees in over 60 client
sites across the UK. BSC2 realised its investment in Intelligent
Office in September 2022, generating proceeds of GBP4.1 million,
representing a capital profit over cost of GBP2.1 million, an
uplift of 29.0 per cent or GBP0.9 million on the carrying value at
the beginning of the year. Including income, the total return from
this investment was GBP5.0 million over an eight and a half year
holding period, producing an internal rate of return of 14 per cent
and a multiple of 2.6x cost.
The Special Dividend will be paid on 11 January 2023 to those
shareholders on the Company's register at the close of business on
18 November 2022. The ex-dividend date will be 17 November 2022.
The Special Dividend will reduce the net asset value by 2.25 pence
per ordinary share.
The Company operates a dividend re-investment scheme ("DRIS").
The latest date for receipt of new or updated DRIS elections in
respect of the Special Dividend is the close of business on 2
December 2022.
4 November 2022
For further information, please contact:
David Hall YFM Private Equity Limited Tel: 0113 244 1000
Alex Collins Panmure Gordon (UK) Limited Tel: 0207 886 2767
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END
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