NOT FOR RELEASE, DISTRIBUTION OR
PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR
INTO, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE
UNITED STATES OR ANY MEMBER STATE OF THE EEA (OTHER THAN ANY MEMBER
STATE OF THE EEA WHERE THE COMPANY'S SECURITIES MAY BE LEGALLY
MARKETED), OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO
DISTRIBUTE THIS ANNOUNCEMENT. THE INFORMATION CONTAINED HEREIN DOES
NOT CONSTITUTE OR FORM PART OF ANY OFFER TO ISSUE OR SELL, OR ANY
SOLICITATION OF ANY OFFER TO SUBSCRIBE OR PURCHASE, ANY INVESTMENTS
IN ANY JURISDICTION.
Baronsmead Venture Trust plc
LEI: 213800VQ1PQHOJXDDQ88
15 February 2024
Allotment of Shares and Total Voting Rights
The Board of Baronsmead Venture
Trust plc (the "Company")
announced on 24 November 2023 that the Company, together with
Baronsmead Second Venture Trust plc, had published a prospectus
(the "Prospectus") in
relation to offers for subscription to raise up to £30 million in
aggregate with the discretion to utilise over-allotment facilities
to raise up to a further £20 million in aggregate (the
"Offers" and each an
"Offer").
On 15
February 2024 and in
accordance with the Allotment Formula set out in the Prospectus,
the Company allotted 7,702,241 Ordinary Shares of 10 pence each
(the "New Ordinary Shares")
in the capital of the Company pursuant to the second allotment
under the Offer conditional only on Admission (the timetable for
which is set out in more detail below). The New Ordinary Shares
were issued at prices of between 56.92 pence per New Ordinary Share
and 59.68 pence per New Ordinary Share, depending on the amount of
Offer Costs, any Initial Commission waived, any Initial Adviser
Charges, any Early Bird Discount associated with an Application and
based on the net asset value per Ordinary Share as at 31 January
2024 (being the last published net asset value per Ordinary Share
as announced on 7 February 2024, adjusted for dividends
following the ex-dividend date).
Application will shortly be made for
the New Ordinary Shares to be admitted to the premium segment of
the Official List of the Financial Conduct Authority and to trading
on the premium segment of London Stock Exchange plc's main market
for listed securities ("Admission"). It
is expected that Admission will occur and dealing will commence in
the New Ordinary Shares on or around 22 February 2024. When issued,
the New Ordinary Shares will rank pari passu with the existing
Ordinary Shares.
As a result of the issue, the total
number of Ordinary Shares in issue will be 372,225,504 (excluding the
33,187,409 Ordinary Shares
currently held in Treasury) with each Ordinary Share carrying one
vote each. Therefore, the total voting rights in the Company will
be 372,225,504.
This figure may be used by shareholders in the Company 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 share capital of the Company under the Disclosure
Guidance and Transparency Rules.
The New Ordinary Shares will be
issued in registered form and may be held in uncertificated form.
Definitive documents of title are expected to be dispatched within
10 business days of allotment. The New
Ordinary Shares will be eligible for settlement through CREST with
effect from Admission.
Unless the context requires
otherwise, terms defined in the Prospectus have the same meaning
where used in this announcement.
For further information please
contact:
Baronsmead VCT Investor
Relations
020 7382 0999
baronsmeadvcts@greshamhouse.com
Important Information
This Announcement is an
advertisement for the purposes of the Prospectus Regulation Rules
of the UK Financial Conduct Authority ("FCA") and is not a
prospectus. This Announcement does not constitute or form part of,
and should not be construed as, an offer for sale or subscription
of, or solicitation of any offer to subscribe for or to acquire,
any ordinary shares in Baronsmead Venture Trust plc or Baronsmead
Second Venture Trust plc (together the "Companies") in any
jurisdiction, including in or into Australia, Canada, Japan, the
Republic of South Africa, the United States or any member state of
the EEA (other than any member state of the EEA where the
Companies' securities may be lawfully marketed). Investors should
not subscribe for or purchase any ordinary shares referred to in
this Announcement except on the basis of information in the
prospectus (the "Prospectus") in its final form, published on 24
November 2023 by Baronsmead Venture Trust plc and Baronsmead Second
Venture Trust plc, together with the supplementary prospectus
published on 19 January 2024 (the "Supplementary Prospectus"), in
connection with the Offer. A copy of the Prospectus and
Supplementary Prospectus is available for inspection, subject
to certain access restrictions, from the Company's registered
office, for viewing at the National Storage Mechanism at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
and on the Company's website
(http://www.baronsmeadvcts.co.uk).
Approval of the Prospectus and Supplementary Prospectus by the FCA
should not be understood as an endorsement of the securities that
are the subject of the Prospectus and Supplementary Prospectus.
Potential investors are recommended to read the Prospectus and
Supplementary Prospectus before making an investment decision in
order to fully understand the potential risks and rewards
associated with a decision to invest in the Companies'
securities.