British Smaller Companies VCT Announces Dividend and Share Plans
British Smaller Companies VCT Announces Dividend Payment
British Smaller Companies VCT plc has recently unveiled its plans to issue an interim dividend alongside new share allocations. The Company committed to distributing a dividend of 2.0 pence per ordinary share, rewarding its loyal shareholders. This payment is part of the venture capital trust's broader strategy to enhance shareholder value through consistent dividends.
Details of Share Issuance and Dividend Reinvestment
In addition to the dividend, the Company has issued 1,364,849 new ordinary shares at a rate of 79.8 pence each. Shareholders who chose to reinvest their dividends had the opportunity to acquire these additional shares. This price reflects the Company’s net asset value of 81.8 pence as of the end of the previous quarter, adjusted for the dividend. Impressively, about 18.0 percent of the distributed dividend was reinvested, showing strong shareholder confidence in the Company's prospects.
Manager’s Allocation and Total Holdings
The employees and members of YFM Private Equity Limited, managing the Company, received an allocation of 4,413 shares. This gesture has increased their cumulative holdings to 1,039,635 ordinary shares, demonstrating their continuing commitment to the Company’s success.
Market Implications of the New Shares
The newly issued shares will soon be listed on the premium segment of the Official List maintained by the Financial Conduct Authority, with expected trading commencement on the London Stock Exchange's Main Market around January 8, 2025. This move is significant as it amends the Company's issued share capital, which now includes 301,302,716 ordinary shares carrying voting rights and an additional 32,317,862 ordinary shares retained in treasury.
Shareholder Benefits and Future Outlook
This strategic financial initiative highlights the Company's dedication to maximizing shareholder benefits. By offering both dividends and the option for reinvestment, British Smaller Companies VCT reinforces its commitment to not just meeting but exceeding shareholder expectations. This approach not only serves the current investor base but also positions the Company favorably for future growth opportunities.
Frequently Asked Questions
What is the amount of the interim dividend announced by British Smaller Companies VCT?
The interim dividend announced is 2.0 pence per ordinary share.
When will the newly issued shares start trading on the London Stock Exchange?
The new shares are expected to commence trading around January 8, 2025.
What percentage of the dividend was reinvested by shareholders?
Approximately 18.0 percent of the dividend was reinvested through the dividend reinvestment scheme.
How many new ordinary shares were issued by the Company?
The Company issued a total of 1,364,849 new ordinary shares.
Who manages British Smaller Companies VCT?
The Company is managed by YFM Private Equity Limited.
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