Four Baronsmead VCTs launch offers to raise GBP40m in aggregate
Baronsmead VCT plc, Baronsmead VCT 2 plc, Baronsmead VCT 3 plc and Baronsmead VCT 4 plc have each launched an offer for subscription to raise up to GBP10m before costs, or GBP40m in aggregate.
Investors can choose to invest equally across the offers or different amounts in one or more of the offers.
The companies were established between 1995 and 2001 and each currently has an existing portfolio of between 68 and 73 companies. From 13 November 1995 to 30 November 2013 the companies have raised, in aggregate, approximately GBP326m (net of costs), providing shareholders with a combined total return of over GBP500m.
The dividend policy of each company is to seek to maintain a regular flow of dividends to shareholders. In the past five years, each company has paid average annual dividends that have ranged between 6.4p and 7.5p per share (equivalent to 8.5p and 10.0p per share to those higher rate taxpayers who qualify for VCT tax reliefs).
The companies have a strong track record in portfolio management through their manager, ISIS. Current investments include car rental provider Nexus, marketing services provider Inspired Thinking Group, and CableCom, a provider of digital media services to over 500 locations throughout the UK.
Andrew Garside, partner at ISIS, says: “ISIS is delighted to offer both new and existing investors the opportunity to invest directly in four of the Baronsmead VCTs, providing access to the investment returns of each company’s existing portfolio and their future dividends.”
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