Issue of Equity and Total Voting Rights

16.04.24 15:25 Uhr

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ALBION DEVELOPMENT VCT PLC

Issue of Equity and Total Voting Rights and Capital

LEI Code 213800FDDMBD9QLHLB38

The first and final allotment for the 2024/2025 tax year of new ordinary shares of nominal value 1 penny per share ("New Shares") in Albion Development VCT PLC (the "Company”) under the Albion VCTs Prospectus Top Up Offers 2023/24 (the "Offers”), (which opened for applications on 2 January 2024) took place on 16 April 2024.

Pursuant to the Prospectus, the Company offered an early bird discount of 1% on issue costs to existing shareholders and 0.5% on issue costs to new subscribers. These early bird discounts were available to investors who subscribed for New Shares for the first £10m across the five Albion VCTs participating in the Offers. The cost of these discounts is being borne by the Manager, Albion Capital Group LLP. The issue pricing of the New Shares has been structured to avoid any capital dilution to existing shareholders who do not participate in the Offers.

The Company has received valid applications for 101,424 New Shares which will be allotted at an issue price of 93.41 pence per share from existing shareholders and 15,975 New Shares allotted at an issue price of 93.89 pence per share for new subscribers, both of which qualified for the early bird discount. A further 272,637 New Shares will be allotted at an issue price of 94.38 pence per share (which did not qualify for the early bird discount). The total net proceeds receivable by the Company for these allotments is approximately £0.4 million, bringing net total raised under the prospectus to £14.1 million.

Application has been made to the Financial Conduct Authority for 390,036 New Shares to be admitted to the Official List and to the London Stock Exchange for the New Shares to be admitted to trading on the London Stock Exchange's market for listed securities. The New Shares rank pari passu with the existing shares in issue.

It is expected that admission to the Official List will become effective and that dealings in the New Shares will commence on or around 18 April 2024.

The Offers which constitute separate offers have been fully subscribed and all have been closed to further applications. The total amount raised across the Albion VCTs under the Offers is £60 million, (of which £1.7 million relates to this tax year 2024/2025).

Following this allotment and in conformity with the provisions of DTR 5.6, the Company makes the following notifications in connection with the issued share capital of the Company:

The Company's capital as at 16 April 2024 consists of 169,564,047 ordinary shares with a nominal value of 1 penny each. The Company holds 19,309,045 ordinary shares in Treasury.

Therefore, the total number of voting rights in the Company is 150,255,002 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:

Vikash Hansrani
Operations Partner
Albion Capital Group LLP
Company Secretary
020 7601 1850
16 April 2024


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