Issue of Equity and Total Voting Rights
Issue of Equity and Total Voting Rights
ALBION TECHNOLOGY & GENERAL VCT PLC
LEI Code 213800TKJUY376H3KN16
An allotment for the 2019/2020 tax year of new ordinary shares of nominal value 1 penny per share in Albion Technology & General VCT PLC (the “Company”) under the Albion VCTs Prospectus Top Up Offers 2018/19 (the “Offers”), (which was launched on 7 January 2019) took place on 12 April 2019. This is the final allotment of shares under the Offers.
Pursuant to the Prospectus, the Company offered a 1% discount on issue costs to existing shareholders and 0.5% discount on issue costs to new subscribers. These early bird discounts were available to investors who applied and subscribed for new shares for the first £10m by 2 p.m. on 28 February 2019 across the six VCTs participating in the Offers, including for allotments to be made in the new tax year. 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 and the Company’s net asset value as at 31 December 2018 continues to be used for the pricing determination.
The Company has received valid applications for 101,276 new ordinary shares which will be allotted at an issue price of 78.6 pence per share from existing shareholders and 4,049 new ordinary shares allotted at an issue price of 79.0 pence per share for new subscribers, both of which qualified for the early bird discounts. A further 274,663 new ordinary shares will be allotted at an issue price of 79.4 pence per share (which did not qualify for the early bird discounts). The total net proceeds receivable by the Company for these allotments is approximately £294,000, bringing net total raised for the Company under the prospectus to £7,804,000.
Application has been made to the Financial Conduct Authority for 379,988 new ordinary shares to be admitted to the Official List and to the London Stock Exchange for the new ordinary shares to be admitted to trading on the London Stock Exchange's market for listed securities. The new ordinary shares rank pari passu with the existing shares in issue.
It is expected that admission will become effective, and that dealings in the shares will commence on or before 8.00 a.m. on 16 April 2019.
The Offers, which constitute separate offers, have been fully subscribed and all have been closed. The total amount raised across the Albion VCTs under the Offers is £48m (of which £2.6m relates to this tax year 2019/2020).
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 12 April 2019 consists of 128,791,886 ordinary shares with a nominal value of 1 penny each. The Company holds 16,757,470 ordinary shares in Treasury.
Therefore, the total number of voting rights in the Company is 112,034,416 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:
Albion Capital Group LLP
Company Secretary
020 7601 1850
12 April 2019
