British Smaller Companies VCT PLC (BSC)

BSC’s objective is to provide investors with an attractive long-term tax free dividend yield whilst seeking to maintain and build the capital value of their investment and maintain the Company’s status as a venture capital trust.

The investment strategy of BSC is to create a portfolio with a mix of companies operating in traditional industries and those that offer opportunities in the development and application of innovation. BSC invests in UK businesses across a broad range of sectors including but not limited to Software, IT & Telecommunications, Business Services, Manufacturing & Industrial Services, Retail & Brands and Healthcare. These investments will primarily be in unquoted companies.

  • Launch Date

    1996

  • Last Valuation Date

    30 Jun 2017

  • Net Asset Value

    £83.71m

  • Net Asset Value (pps)

    76.55

  • Total Return (NAV) & Cumulative dividends (pps)

    213.00

  • Average annual dividend over the last five years (pps)

    11.5

  • Cumulative dividends (pps)

    136.45

  • Effective annual yield over last five years*

    15.0%

* Based on the average dividend paid over 5 years to 30 June 2017 expressed as a percentage of the last reported NAV (30 June 2017).

Share Price (“BSV”) London Stock Exchange
The Company’s shares can be recommended to ordinary retail investors by financial advisers in accordance with the FCA’s definition of excluded security as it relates to non-mainstream pooled investments.

BSC Announcements

British Smaller Companies VCT plc – Purchase of own Securities and Total Voting Rights 30 December 2014

British Smaller Companies VCT plc – Realisation of Investment (Waterfall Services) – RNS 22 December 2014

British Smaller Companies VCT plc – Completion of a new investment – RNS 18 December 2014

British Smaller Companies VCT plc – Result of General Meeting – RNS 3 December 2014

British Smaller Companies VCT plc – Note of Proxies Received at the General Meeting on 3 December 2014

British Smaller Companies VCT plc – Completion of a new investment – RNS 2 December 2014

British Smaller Companies VCT plc – Unaudited Interim Results and Interim Management Report For the 6 months ended 30 September 2014 & Change of Company Secretary – RNS 25 November 2014

British Smaller Companies VCT plc – Completion of two new investments – RNS 27 October 2014

British Smaller Companies VCT plc – Publication of Prospectus and Circular re: offers – RNS 20 October 2014

British Smaller Companies VCT plc – Investment Portfolio as at 30 June 2014 – RNS 17 October 2014

British Smaller Companies VCT plc – Purchase of Own Securities and Total Voting Rights – RNS 23 September 2014

British Smaller Companies VCT plc – DRIS Share Allotment – 1 August 2014

British Smaller Companies VCT plc – Interim Management Statement for the Quarter ended 30 June 2014

British Smaller Companies VCT plc – Result from Annual General Meeting – RNS 22 July 2014 

British Smaller Companies VCT plc – Annual General Meeting 22 July 2014 – Notes of Proxies Received

British Smaller Companies VCT plc – Purchase of Own Securities and Total Voting Rights – RNS 27 June 2014

British Smaller Companies VCT plc – Annual Financial Report Announcement for the Year to 31 March 2014 – RNS

British Smaller Companies VCT plc – Offers for Subscription: Allotment of Shares 29 May 2014 – RNS

British Smaller Companies VCT plc – Postponement of Issue of Equity and Extension of Closing Date of the Offers – RNS 29 April 2014

British Smaller Companies VCT plc – Offers for Subscription Supplementary Prospectus 10 April 2014 – RNS

British Smaller Companies VCT plc – Offers for Subscription: 5 April 2014 Allotment of Shares – RNS

British Smaller Companies VCT plc – Offers for Subscription: 4 April 2014 Allotment of Shares – RNS

British Smaller Companies VCT plc – Offers for Subscription: Allotment of Shares 31 March 2014 – RNS

British Smaller Companies VCT plc – Purchase of Own Securities and Total Voting Rights – 27 March 2014 RNS

British Smaller Companies VCT plc – DRIS allotment of shares 21 March 2014 RNS

British Smaller Companies VCT plc – Adjustment to Offer Price for Shares under the Joint Offers for Subscription RNS 24 February 2014

British Smaller Companies VCT plc – Result of General Meeting 18 February 2014 – RNS

British Smaller Companies VCT plc – Note of Proxies Received at General Meeting on 18 February 2014

British Smaller Companies VCT plc – Interim Dividend to be paid 21 March 2014 – RNS

British Smaller Companies VCT plc – Reduction of Capital 13 February 2014 – RNS

British Smaller Companies VCT plc – Interim Management Statement 31 December 2013 and Change of Auditor RNS – 31 January 2014

British Smaller Companies VCT plc – BSC and BSC2 Joint Offers Circular – 14 January 2014

British Smaller Companies VCT plc – Publication of Prospectus and Circular re: joint offers – RNS

British Smaller Companies VCT plc – Result of General Meeting on 13 January 2014 – RNS

British Smaller Companies VCT plc – General Meeting on 13 January 2014 – Note of Proxies Received

British Smaller Companies VCT plc – Issue of Circular relating to a General Meeting – RNS 12 December 2013

British Smaller Companies VCT plc – Notice of General Meeting on 13 January 2014 – Circular 12 December 2013

British Smaller Companies VCT plc – Interim Results and Management Reports for the 6 months ended 30 September 2013

British Smaller Companies VCT plc – Management Arrangements RNS – 30 September 2013

British Smaller Companies VCT plc – BSC Proposed Joint Fundraising 2013/14 RNS – 23 September 2013

British Smaller Companies VCT plc – Director’s Purchase of Shares – 12 September 2013 RNS

British Smaller Companies VCT plc – DRIS Allotment of Shares – 13 August 2013 RNS

British Smaller Companies VCT plc – Result of AGM and GM 19 July 2013 RNS

British Smaller Companies VCT plc – Note of Proxies Received for Annual General Meeting 19 July 2013

British Smaller Companies VCT plc – Note of Proxies Received for General Meeting 19 July 2013

British Smaller Companies VCT plc – Annual General Meeting Presentation 19 July 2013

British Smaller Companies VCT plc – Interim Management Statement for the quarter ended 30 June 2013 RNS

British Smaller Companies VCT plc – Issue of Circular relating to a General Meeting – 20 June 2013 RNS

British Smaller Companies VCT plc –  Purchase of Own Securities and Total Voting Rights – 19 June 2013 RNS

British Smaller Companies VCT plc – Annual Financial Report Announcement for the Year to 31 March 2013 RNS

British Smaller Companies VCT plc – Allotment of Shares – 15 May 2013

British Smaller Companies VCT plc – Allotment of Shares –  9 May 2013

British Smaller Companies VCT plc – Offers for Subscription: Allotment of Shares – 30 April 2013

British Smaller Companies VCT plc – Offers for Subscription: Allotment of Shares 5 April 2013 – RNS

British Smaller Companies VCT plc – Increase of Size of Offer for Subscription April 2013 RNS

British Smaller Companies VCT plc – Purchase of Own Securities and Total Voting Rights 28 March 2013 RNS

British Smaller Companies VCT plc – Interim Management Statement For the quarter ended 31 December 2012

British Smaller Companies VCT plc – DRIS Allotment of Shares – 14 January 2013 RNS

British Smaller Companies VCT plc – Offers for Subscription: Allotment of Shares – 31 December 2012 – RNS

British Smaller Companies VCT plc – Result of General Meeting 18 December 2012

British Smaller Companies VCT plc – Note of proxies received prior to the meeting for Resolutions to be put to the General Meeting held on 18 December 2012

British Smaller Companies VCT plc – Purchase of Own Securities and Total Voting Rights RNS – 22 November 2012

British Smaller Companies VCT plc – Publication of Prospectus and Circular re: Offer for Subscription RNS – 19 November 2012

British Smaller Companies VCT plc – Interim Report For the 6 months ended 30 September 2012

British Smaller Companies VCT plc – Unaudited Interim Results for the six months to 30 September 2012 RNS – 13 November 2012

British Smaller Companies VCT plc – BSC Proposed Joint Fundraising 2012-13 – RNS

British Smaller Companies VCT plc – DRIS Allotment of Shares RNS – 17 August 2012

British Smaller Companies VCT plc – Interim Management Statement for the quarter ended 30 June 2012

British Smaller Companies VCT plc – Note of Proxies Received – Annual General Meeting 20 July 2012

British Smaller Companies VCT plc – Results of Annual General Meeting 20 July 2012 RNS

British Smaller Companies VCT plc – Purchase of Own Securities and Total Voting Rights 29 June 2012

British Smaller Companies VCT plc – Purchase of Own Securities and Total Voting Rights 14 June 2012

British Smaller Companies VCT plc – Annual Financial Report Announcement for the Year to 31 March 2012

British Smaller Companies VCT plc – Offer for Subscription: Allotment of Shares 5th April 2012

British Smaller Companies VCT plc – Offer for Subscription: Allotment of Shares 20 March 2012

British Smaller Companies VCT plc – Fundraising Offer to raise £3.78 million – Shareholder letter 6 March 2012

British Smaller Companies VCT plc – Fundraising Offer to raise £3.78 million – Offer document with application form – 6 March 2012

British Smaller Companies VCT plc – Top Up Offer for Subscription and issue of Top Up Offer Document RNS 6 March 2012

British Smaller Companies VCT plc – Interim Management Statement for the quarter ended 31 December 2011

British Smaller Companies VCT plc – Allotment of Shares: Dividend Re-Investment Scheme 20 January 2012

British Smaller Companies VCT plc – Interim Management Statement for the quarter ended 31 December 2011

British Smaller Companies VCT plc – Purchase of Own Securities and Total Voting Rights 19 December 2011

British Smaller Companies VCT plc – Publication of Interim Accounts to 30 September 2011

British Smaller Companies VCT plc – Unaudited Interim Results and Interim Management Statement 6 months to September 2011

British Smaller Companies VCT plc – New Directorship for the Chairman of the Company

British Smaller Companies VCT plc – Purchase of Own Securities and Total Voting Rights 20 September 2011

British Smaller Companies VCT plc – Change of Company Secretary 23 August 2011

British Smaller Companies VCT plc – Allotment of Shares 22 August 2011 (Dividend Reinvestment Scheme)

BSC Interim Management Statement to 30 June 2011

British Smaller Companies VCT plc – Result of Annual General Meeting 29 July 2011

British Smaller Companies VCT plc – Note of Proxies Received – AGM 29 July 2011

British Smaller Companies VCT plc Special Interim Dividend July 2011

British Smaller Companies VCT plc Dividend Reinvestment Scheme Mandate Form July 2011

British Smaller Companies VCT plc Dividend Reinvestment Scheme Opt-Out Form July 2011

British Smaller Companies VCT plc Dividend Reinvestment Scheme circular July 2011

British Smaller Companies VCT plc Annual Financial Report Announcement for the Year to 31 March 2011

British Smaller Companies VCT plc Amendment to Dividend Re-Investment Scheme 3 June 2011

British Smaller Companies VCT plc Allotment of Shares 4 May 2011

Partial Realisation of investment in Go Outdoors

British Smaller Companies VCT plc Supplementary Prospectus 11 April 2011

British Smaller Companies VCT plc Change of Company Secretary 6 April 2011

British Smaller Companies VCT plc Allotment of Shares 5 April 2011

British Smaller Companies VCT plc Allotment of Shares 23 March 2011

British Smaller Companies VCT plc and British Smaller Companies VCT2 plc (together “the Companies”) – Offer Update 11 March 2011

British Smaller Companies VCT – Interim Management Statement 31 December 2010

British Smaller Companies VCT – Allotment of Shares RNS 7 January 2011

British Smaller Companies VCT – Interim Management Statement 31 December 2010

VCTs Publication of Prospectus and Circular re: Offers for Subscription 9 December 2010

British Smaller Companies VCT and British Smaller Companies VCT2 Linked Offer Prospectus December 2010

British Smaller Companies VCT – Circular re Offers for Subscription 9 December 2010

British Smaller Companies VCT – Proxy form relating to Circular re Offers for Subscription 9 December 2010

British Smaller Companies VCT – Shareholder Circular 1 December 2010

British Smaller Companies VCT – Unaudited Interim Results to 30 September 2010

British Smaller Companies VCT Appointment of Director 1 October 2010

British Smaller Companies VCT Note of Proxies Received 21 September 2010

British Smaller Companies VCT Allotment of Shares 28 September 2010

British Smaller Companies VCT changes to the Board of Directors 21 September 2010

British Smaller Companies VCT Purchase of Own Securities and Total Voting Rights 3 September 2010

British Smaller Companies VCT Directorate Change and Annual Report and Accounts 2010

British Smaller Companies VCT Interim Management Statement for the quarter ended 30 June 2010

British Smaller Companies VCT Director Disclosure 2 August 2010

British Smaller Companies VCT Annual Financial Report Announcement for the year to 31 March 2010

British Smaller Companies VCT Circular to Shareholders April 2010

British Smaller Companies VCT Share Allotment Announcement 6 April 2010

British Smaller Companies VCT Share Allotment Announcement 1 April 2010

British Smaller Companies VCT Offer Update – close of Offer 30 March 2010

British Smaller Companies VCT Top Up Offer Document

British Smaller Companies VCT potential transaction announcement March 2010

British Smaller Companies VCT Interim Management Statement to 31 December 2009

British Smaller Companies VCT plc DRIS Share Allotment January 2010

British Smaller Companies VCT Purchase of Own Securities and Total Voting Rights December 2009

British Smaller Companies VCT Dividend Reinvestment Scheme Terms and Conditions and Mandate Form November 2009

British Smaller Companies VCT Unaudited Interim Results and Interim Management Statement to September 2009

British Smaller Companies VCT Interim Management Statement to 30 June 2009

British Smaller Companies VCT DRIS Share Allotment August 2009

British Smaller Companies VCT Document Re Annual Report for year end 31 March 2009 and AGM Statement August 2009

British Smaller Companies Circular to Share Holders July 2009

British Smaller Companies VCT Purchase of Own Securities and Total Voting Rights July 2009

British Smaller Companies VCT Annual Financial Report Announcement 31 March 2009

British Smaller Companies VCT DRIS Share allotment February 2009

British Smaller Companies Share Allotment and New Articles of Association January 2009

British Smaller Companies VCT Interim Management Statement to 31 December 2008

British Smaller Companies VCT Dividend Reinvestment Scheme Mandate Form

British Smaller Companies VCT Dividend Reinvestment Scheme December 2008

British Smaller Companies VCT Document Re Interim Report to 30 September 2008 and Circular

British Smaller Companies VCT Unaudited Interim Results and Interim Management Statement to 30 September 2008

British Smaller Companies VCT Prospectus

British Smaller Companies VCT Share Buy Back 30 September 2008

British Smaller Companies VCT AGM

BSC Accounts and Updates

 BSC Annual Reports
Annual Report 2017

Annual Report for the year ended 31 March 2016

Annual Report for the year ended 31 March 2015

Annual Report for the year ended 31 March 2014

Annual Report for the year ended 31 March 2013

 BSC Interim Reports

Interim Report 6 months to 30 September 2015

Interim Report 2016BSC Interim Report Sept 2016

Interim Report 6 months to 30 September 2014

Interim Report 6 months to 30 September 2013

Interim Report 6 months to 30 September 2012

 BSC Investor Updates
BSC Investor Update Autumn 2017 BSC Investor Update Autumn 2017

BSC_Investor_Update_Winter_2016

BSC_Investor_Update_Summer_2016

BSC_Investor_Update_Winter_2015

BSC Investor Update Summer 2015

BSC Investor Update December 2014

BSC Inside Information

As required under section 17(1) of the Market Abuse Regulation (“MAR”) this part of the company’s website separately discloses inside information related to the company, as defined under section 7(1) of MAR.  This information is also included in the “Announcements” section of the website.
Date Recent Announcements
23 August 2017 BSC Interim Management Statement to 30 June 2017
16 June 2017 Annual Financial Report Announcement for the year ended 31 March 2017
10 February 2017 BSC Interim Management Statement to 31 December 2016 and Offer for Subscription
28 November 2016 Announcement of BSC’s exit from GO Outdoors 28 November 2016
28 July 2016 Interim Management Statement for the quarter ended 30 June 2016
6 December 2016 BSC Interim results for the six months ended 30 September 2016 – RN

BSC Performance

Total Return (Net Asset Value plus cumulative dividends paid per share in pence)

The table below shows the cumulative dividends, the total return on each fundraising round per ordinary share and the total return if a shareholder had opted to participate in the Company’s DRIS. The cumulative dividend and total return figures in this table exclude the benefits of all tax reliefs whilst the last two columns include the benefit of tax reliefs as noted.
Tax year Net asset value at 30 June 2017 Cumulative dividends paid since fundraising Total Return including fundraising* Offer price net of initial tax relief Offer price Overall Return (In DRIS)**
Pence Pence Pence Pence Pence Pence
1995/96 & 1996/97 76.55 136.45 213.00 80.0 100.0 344.95
1996/97 & 1997/98 76.55 133.45 210.00 80.0 100.0 344.05
1997/98 & 1998/99 76.55 129.70 206.25 84.0 105.0 343.92
2004/05 & 2005/06  (C share***) 86.09 114.64 200.73 60.0 100.0 358.81
2005/06 76.55 106.00 182.55 59.7 99.5 337.30
2006/07 & 2007/08 76.55 101.50 178.05 71.8 102.5 312.72
2007/08 & 2008/09 76.55 96.50 173.05 74.4 106.3 298.04
2009/10 & 2010/11 76.55 86.50 163.05 68.1 97.3 263.75
2010/11 & 2011/12 76.55 80.25 156.80 89.6 128.0 255.35
2011/12 76.55 57.25 133.80 69.8 99.8 198.13
2012/13 & 2013/14 76.55 52.25 128.80 67.0 95.8 186.53
2013/14 & 2014/15 76.55 45.75 122.30 70.5 100.8 175.60
2014/15 & 2015/16 76.55 37.75 114.30 69.7 99.5 161.09
2015/16 76.55 27.75 104.30 71.6 102.3 145.92
As at 30 June 2017

Notes

* This assumes that at the time of investment the tax relief given on the investment was not invested in shares of the Company.
** NAV plus tax relief on the initial subscription plus additional tax relief and NAV on DRIS shares purchased. Assuming that all dividends since inception were invested under terms of the current DRIS.
*** All figures have been adjusted for conversion of C Shares into Ordinary shares in May 2007

Cumulative dividends paid to 30 June 2017: 136.45 pps

*Based on the average dividend paid over 5 years to 30 June 2017 expressed as a percentage of the last reported NAV (30 June 2017)

Date Paid
Pence per share (pps)
26 May 2017 5.75
18 January 2017 16.5
5 August 2016 2.00
5 August 2016 3.50
11 March 2016 1.00
15 January 2016 2.00
7 September 2015 3.50
4 August 2015 3.50
3 March 2015 2.50
7 January 2015 2.00
1 August 2014 3.50
21 March 2014 2.00
13 August 2013 4.50
14 January 2013 2.00
17 August 2012 3.00
20 January 2012 2.00
22 August 2011 18.00
22 August 2011 3.00
7 January 2011 2.00
28 September 2010 4.25
7 January 2010 2.00
13 August 2009 3.00
11 February 2009 2.00
8 August 2008 3.00
16 November 2007 2.00
8 August 2007 3.00
6 November 2006 1.50
11 August 2006 3.00
10 January 2006 1.50
5 August 2005 2.20
28 February 2005 1.10
30 November 2004 1.50
9 August 2004 4.80
4 August 2003 0.60
3 January 2003 0.25
12 August 2002 0.90
21 December 2001 1.10
6 August 2001 1.10
20 December 2000 1.20
7 August 2000 1.60
23 December 1999 1.55
30 July 1999 0.24
30 March 1999 1.88
18 December 1998 2.19
31 July 1998 2.19
19 December 1997 1.56
18 July 1997 1.94
20 December 1996 1.06

Buying And Selling Shares

The Company’s ordinary shares can be bought and sold through a stockbroker in the same way as any other company quoted on the London Stock Exchange. There may be tax implications in respect of selling all or part of your holdings, so shareholders should contact their independent financial adviser if they have any queries.

The Company operates a policy of buying its own shares for cancellation as they become available. The Company is, however, unable to buy back shares directly from shareholders. If you are considering selling your shares or trading in the secondary market, please contact the Company’s corporate broker, details above. The broker can provide details of closed periods (when the Company is prohibited from buying in shares) and details of the price at which the Company has brought in shares.

Stockbrokers

Panmure Gordon (UK) Limited
One New Change
London
EC4M 9AF
www.panmure.com

Chris Lloyd 020 7886 2716 chris.lloyd@panmure.com

Paul Nolan
020 7886 2717 paul.nolan@panmure.com

BSC Dividend Re-Investment Scheme (DRIS)

The BSC DRIS provides investors a tax efficient way of building up their shareholding as an alternative to receiving dividends in cash.

  • Tax free dividends are re-invested in new shares at a 5% discount to the most recent Net Asset Value
  • Newly acquired shares attract 30% income tax relief

Terms and Conditions and Mandate Form

The charts below show the returns received by investors over the last 3 and 5 years to 30 June 2017 based on an initial investment of £10,000. In each case the first bar shows the return of an investor receiving cash dividends and the second bar an investor choosing to re-invest their dividends under the terms of the DRIS, thereby receiving additional shares, additional dividends on those shares and the associated tax reliefs.

BSC Portfolio Summary

As at 30 June 2017

BSC Key Investments as at 30 June 2017

Company  Current Cost £000 Valuation £000  % of Net Assets
ACC Aviation 2,068 5,340 6.4%
Intelligent Office 2,934 4,634 5.5%
Mangar Health 2,460 4,187 5.0%
DisplayPlan     130 2,893 3.5%
Springboard Research 2,558 2,835 3.4%
Business Collaborator 2,010 2,716 3.2%
GTK     901 2,530 3.0%
Gill Marine 2,500 2,253 2.7%
Leengate 1,401 2,238 2.7%
Matillion 2,100 2,100 2.5%
KeTech 2,000 2,019 2.4%
Deep Secure 1,000 1,738 2.1%
Sipsynergy     1,770 1,635 2.0%
Biz2Mobile 1,500 1,500 1.8%
Wakefield Acoustics 1,080 1,471 1.8%
Traveltek 1,470 1,470 1.8%
Macro Art 863 1,412 1.7%
Total above £1m
28,745 42,971 51.5%
Total Portfolio 40,265 54,254 64.8%

British Smaller Companies VCT PLC (BSC) £4.25m Top-up Offer – Now Closed

On 10 February 2017 British Smaller Companies VCT plc (the “Company”) launched an Offer for Subscription (the “Offer”) to raise up to £4.25 million.

The Board is pleased to announce that the Offer has now been fully subscribed from existing shareholders, and as a consequence, the Offer is now closed to new subscriptions.  As the Offer was oversubscribed successful applications are being selected by way of a ballot and it is expected that the results of this will be communicated to shareholders by 13 March 2017.

The allotment of new ordinary shares is expected to take place on 29 March 2017 and dealings in these new shares are expected to commence on or around 12 April 2017.

assets/images/content/tracey_parker.jpg

For more information please contact:

Tracey Nice, Investor Relations Support Manager

T  0113 261 6478     E  tracey.nice@yfmep.com

BSC Reporting Calendar

2017
March 31

Year End

June 1

June

Year End Results – Report And Accounts Distributed 23 June 2017

June 30

First Quarter End

July 31

July/August

AGM – First Quarter Results

September 30

Half Year End

November 1

November

Half Year Statements

December 31

Third Quarter End

2018
February 1

February

Third Quarter Results

BSC Directors

Helen Sinclair – Chairman (appointed 1 March 2008)

Helen has an MA in Economics from the University of Cambridge and an MBA from INSEAD Business School. After working in investment banking Helen spent nearly 8 years at 3i plc focusing on MBOs and growth capital investments. She later co-founded Matrix Private Equity (now Mobeus) in early 2000 raising Mobeus Income & Growth 2 VCT plc (formerly Matrix e-Ventures VCT plc). She subsequently became managing director of Matrix Private Equity before moving to take on a portfolio of non-executive director roles in 2005. She is currently a non-executive director of The Income & Growth VCT plc, Mobeus Income & Growth 4 VCT plc, Gresham House Strategic plc, Downing One VCT plc and Future Thinking.

Rupert Cook (appointed 1 August 2017)

Rupert specialises in corporate and business development, with twenty five years’ experience of technology, including fifteen years in corporate finance and investment. He has led multiple fund-raisings, acquisitions and sales of IT businesses as well as having co-founded and built up his own IT Services business through to sale to a UK plc.  Earlier in his career, he was a senior manager at Cap Gemini plc, Director of Advisory Services at Interregnum plc and Head of Technology M&A at goetzpartners corporate finance. Rupert is the founder of Red Penguin Ventures, and was previously a partner at Realise Capital Partners, both of which are firms which advise and have investments in a range of technology businesses.

Edward Buchan (appointed 22 September 2010)

Edward is a Fellow of the Institute of Chartered Accountants in England and Wales, starting his career with Deloitte before moving to Hill Samuel Bank Limited where he became Head of Corporate Finance and a member of the Bank Executive Committee. He subsequently joined Close Brothers Corporate Finance Limited and then West LB Panmure, specialising in the transport and logistics industry sectors. He is currently a senior adviser in corporate finance at Edmond De Rothschild Securities and is a non-executive director of Wallem Group Limited, an international ship management and shipping services company based in Hong Kong.

BSC Advisers

Investment Adviser

YFM Private Equity Limited
5th Floor, Valiant Building,
14 South Parade
Leeds LS1 5QS

Bankers

Santander UK plc
44 Merrion Street
Leeds
LS2 8JQ

Registrars

Link Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Tel: 0371 664 0324
www.linkassetservices.com

VCT Status Adviser

Philip Hare & Associates LLP
Suite C, First Floor
4-6 Staple Inn
Holborn
London WC1V 7QH
www.philiphareassociates.tax

Solicitors

Howard Kennedy LLP
No.1 London Bridge
London SE1 9BG
www.howardkennedy.com

Fixed Interest Securities Adviser

Brewin Dolphin Securities Limited
34 Lisbon Street
Leeds LS1 4LX
www.brewin.co.uk

Independent Auditor

BDO LLP
55 Baker Street
London W1U 7EU
www.bdo.co.uk

Company Secretary

The City Partnership (UK) Limited
110 George Street
Edinburgh EH2 4LH
www.city.uk.com

Stockbrokers

Panmure Gordon (UK) Limited
One New Change
London
EC4M 9AF
www.panmure.com

Chris Lloyd 020 7886 2716 chris.lloyd@panmure.com

Paul Nolan
020 7886 2717 paul.nolan@panmure.com

BSC Corporate Governance

Please find below links to the terms of reference for the Committees of the Board of British Smaller Companies VCT plc:
British Smaller Companies VCT plc – Nominations and Remuneration Committee Terms of Reference
British Smaller Companies VCT plc – Audit Committee Terms of Reference May 2017
British Smaller Companies VCT plc – Investment Committee Terms of Reference

Registered Office of British Smaller Companies VCT plc

5th Floor Valiant Building
14 South Parade
Leeds
LS1 5QS

Registered No: 03134749


Corporate Governance
A full section on corporate governance is available in the latest BSC Annual Report > BSC Accounts and Updates section

British Smaller Companies VCT plc is registered with the Financial Conduct Authority as a small registered UK AIFM, No. 659170.

BSC Risks

Potential investors are strongly urged to seek independent professional advice when considering an investment in British Smaller Companies VCT plc (BSC or the Company).

Although the significant tax benefits available to investors in Venture Capital Trusts (VCTs) balance the risk of the investment, there are a number of risk factors of which investors should be aware.

As with most investment products, prospective investors should be aware that the value of ordinary shares in a VCT, and the income from them, may go down as well as up and an investor may not get back the amount originally invested. The price at which the ordinary shares are traded may not reflect the net asset value of the Company. Subscribing for shares in a Venture Capital Trust should be considered as a long-term investment.

Investing in Venture Capital Trusts carries particular risks. The principal risks factors are:

Past performance of the Company and/or investments managed or advised by the Fund Adviser should not be regarded as an indication of future performance.

Levels and bases of, and relief from, taxation are subject to change. Such changes could be retrospective. Any change of governmental, economic, fiscal, monetary or political policy could materially affect, directly or indirectly, the operation of the Company and/or its ability to achieve or maintain final VCT status.

Investors must follow certain simple steps to receive the income tax relief. It is possible for investors to lose their tax reliefs by not taking these steps. For example, if an Investor disposes of his/her ordinary shares within five years of acquisition, HM Revenue & Customs may claw back any income tax relief obtained on subscription. Investors are, therefore, advised to take their own independent financial advice on the tax aspects of their investment.

There can be no assurance that British Smaller Companies VCT plc will meet its objectives or that suitable investment opportunities will be identified.

Whilst it is the intention of the Directors of British Smaller Companies VCT plc that the Company will be managed so as to maintain its qualification as a VCT, there can be no guarantee that such status will be maintained. A failure to meet the qualifying requirements could result in British Smaller Companies VCT plc losing the tax reliefs previously or prospectively obtained, resulting in adverse tax consequences for investors, including a requirement to repay the 30% income tax relief.

Investments made by Venture Capital Trusts will be in companies whose shares are not readily marketable and, therefore, may be difficult to realise. The fact that a share is traded on AIM or PLUS-quoted (formerly OFEX) or any other stock market does not guarantee its liquidity. The spread between the buying and selling price of such companies’ shares may be wide.

Whilst run as a Venture Capital Trust, British Smaller Companies VCT plc must invest the proceeds of the Offers in companies which satisfy certain qualifying tests including having gross assets of not more than £7 million immediately prior to investment and £8 million immediately thereafter.  Individually, such companies generally have a higher risk profile than larger companies.

The performance of British Smaller Companies VCT plc may be difficult to assess due to the frequency of its net asset valuations. Prospective investors should be aware that the net asset value of the company will only be audited on an annual basis and, accordingly, the ordinary shares will frequently trade at a discount to net asset value. The unaudited net asset values will be reported at quarterly intervals and will include the audited full-year net asset value and the unaudited interim net asset values.

Although the shares of a Venture Capital Trust are traded on the London Stock Exchange’s market for listed securities, there is only a very limited secondary market for shares in a Venture Capital Trust  and, consequently, investors may find it difficult to realise their investment in British Smaller Companies VCT plc.

The content of this website is not an offer or invitation to apply for shares in British Smaller Companies VCT plc. Any application made for shares should be made solely on the basis of the duly approved offer document as may be issued from time to time by British Smaller Companies VCT plc and which can be accessed on this website.

Investors are strongly urged to seek independent professional advice when considering an investment in a Venture Capital Trust. You should be aware that share values and income from them can go down as well as up and you may not get back the full amount you invested. Past performance of British Smaller Companies VCT plc or any fund advised or managed by YFM is not a guide or a guarantee of the future performance of British Small Companies VCT plc. A Venture Capital Trusts shares, though listed, are likely to be difficult to realise. Prospective investors should regard an investment in a Venture Capital Trust as a long-term investment. The value of tax reliefs available depends on personal circumstances and is subject to shareholders retaining their shares for a five-year period.

The content of this website has been approved as a financial promotion under section 21 of the Financial Services and Markets Act 2000 by YFM Private Equity Limited, which is the investment adviser to British Smaller Companies VCT plc. YFM Private Equity Limited is authorised and regulated by the Financial Conduct Authority (FRN: 122120) and ultimately owned by YFM Equity Partners LLP.

Past performance of any fund advised or managed by YFM Equity Partners or any of its subsidiary companies is no guide to future performance of  British Smaller Companies VCT plc. The value of investments may go down as well as up and you may not get back the full amount invested.