Baronsmead VCTs - Offers for subscription
Baronsmead Venture Trust plc and Baronsmead Second Venture Trust plc (BVT, BSVT or the Companies and each a Company respectively)
Publication of a Prospectus and Offer for Subscription
The Companies have published a prospectus in relation to offers for subscription to raise up to £XX million in aggregate (before costs) with an over-allotment facility to raise up to a further £10 million in aggregate (the Offers).
The Offers are now open and are expected to close no later than 1 April 2020 (unless fully subscribed by an earlier date). All subscriptions will be processed on a “first come, first served” basis. Investors can subscribe for new shares using one of the following methods:
- Email: Subscriptions can be made by email by completing the subscription form available on [add new form] and sending it to baronsmeadOFS@computershare.co.uk
- Post: Subscriptions can be made by post by completing the subscription form available on [link to downloadable PDF form] and sending it to Computershare Investor Services plc, Corporate Actions 2, Bridgwater Road, Bristol BS99 6AR
- Online Portal: Baronsmead have launched a new portal for both direct investors and IFAs. As an IFA you can follow this link www.baronsmeadportal.co.uk and set up a profile where you’ll be able to generate individual or bulk links for you to distribute to your clients. This way you will be able to track the progress of your clients through the investment phase
User accounts will need to be approved by Computershare before the portal can be used. Approvals will be processed twice a day (midday and overnight) so we recommend you register your account as soon as possible.
Full user instructions can be found in the guide here www.baronsmeadportal.co.uk. Please note the timeline on page 4. From the 4 October you will be able to set up your account and send links to your clients then from 16 October (phase two) you will have full access to the dashboard where you will see the application list, details and workflow. Any questions regarding this please email baronsmeadOFS@computershare.co.uk or call 0800 923 1533.
On the application form there is a tick box at the end of section 5 – Financial Intermediaries’ Details, if your clients wish for you to be able to receive information from the registrar then please ask your clients to tick this box.
Full details of the Offers are contained in the prospectus (the “Prospectus”) issued by the Companies, dated 3 October 2019. The prospectus and subscription form are available on the Baronsmead website at http://www.baronsmeadvcts.co.uk and copies are available for collection during normal business hours on any working day (Saturday, Sunday and public holidays excepted) until 1 April 2020 from Gresham House, Octagon Point, 5 Cheapside, London, EC2V 6AA.
The full terms and conditions of the Offers are contained within the Prospectus.
Each Company is a Venture Capital Trust (VCT), which is a particular type of investment company. The VCT regime was established by the UK Government with the intention of encouraging individuals to invest indirectly in a range of small higher-risk trading companies whose shares and securities are not listed on a recognised stock exchange. Investments in VCTs are high risk and for the long term.
This email, which constitutes a financial promotion for the purposes of section 21 of the Financial Services and Markets Act 2000, has been approved, for the purposes of that section only, by Gresham House Asset Management Limited (“Gresham House”) which is authorised and regulated by the Financial Conduct Authority (FCA) with reference number 682776 and having its registered office address at 5 New Street Square, London EC4A 3TW.
Please see the Important Notice below in relation to the status of this document.
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This document is for information only and is being provided by Gresham House Asset Management Ltd to a limited number of persons of the kind described below in relation to the Company.
This document has not been approved by a person authorised under the Financial Services and Markets Act 2000 (“FSMA”). Accordingly, this document is directed solely at persons who have professional experience in matters relating to investments being persons who fall within Article 19(5) of the FSMA (Financial Promotion) Order 2005 (as amended). This document is being supplied to you in your capacity as an expert (in order to assist you to formulate your advice to your clients). It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of person and in any event and under no circumstances should persons of any other description rely on or act upon its contents. It must not be reproduced by, further distributed or published (in whole or part) by you or any other person. In particular this document has not been designed for retail investors. Livingbridge does not take responsibility for your compliance with the rules of the Financial Conduct Authority concerning communications to retail clients. If you wish to communicate any information about the Company to a retail investor, you are responsible for ensuring such information is suitable for consumption by them.
This document is an advertisement, not a prospectus or listing particulars, does not contain any representation or warranty as to its accuracy or completeness and does not constitute an offer or invitation to subscribe, underwrite or purchase any securities, or the solicitation of any offer or invitation to subscribe, underwrite or purchase any securities, nor shall it or any part of it form the basis of or be relied upon in connection with any offer to subscribe, underwrite or purchase any securities nor in connection with any contract therefor. Investors should not subscribe for any shares in the Company under the Offer except on the basis of the information contained in the Prospectus.
Tax related and legislative risks
The current VCT tax reliefs may change during the time the shares are held and can be retrospective. The value of the tax reliefs depends on the personal circumstances of the investors, who should consult their own tax advisers before making an investment. There can be no guarantee that the Company will retain full VCT status which could lead to adverse tax consequences for investors, including a requirement to pay the 30% income tax relief.
Gresham House does not give investment advice. If you are in any doubt about whether investment in the Offers is suitable for you and wish to obtain advice, please contact an authorised financial adviser.