BNS Baronsmead 4

 
TIDMBNS 
 
24 February 2010 
 
                              Joint Announcement 
 
                 Baronsmead VCT 3 plc and Baronsmead VCT 4 plc 
 
                               ("the Companies") 
 
     Joint Offer for Subscription to raise up to GBP16 million in aggregate 
 
                   by way of an issue of New Ordinary Shares 
 
                              ("the Joint Offer") 
 
                    Net Asset Values and Joint Offer Update 
 
Net Asset Values 
 
The Boards of the Companies announce that the net asset values of their 
Ordinary shares as at 19 February 2010 were as follows: 
 
  * Baronsmead VCT 3 plc - 96.75p per share 
 
  * Baronsmead VCT 4 plc - 90.12p per share 
 
Extension to deadline for First Allotment 
 
The Prospectus for the Joint Offer dated 18 January 2010 states that investors 
whose subscription forms are received by noon on Friday 26 February 2010 (the 
"First Allotment") will receive an additional allocation of 1 per cent of the 
amount of their application by way of additional shares. 
 
Following advice received from the Receiving Agent to the Joint Offer, The City 
Partnership (UK) Limited, the deadline for applications to be included in the 
First Allotment (and thereby receive the additional allocation as noted above) 
has been extended from noon to 5.00 pm on Friday 26 February 2010. Accordingly, 
the directors of the Companies will meet on Monday 1 March 2010 to allot shares 
with respect to successful applications received by 5.00 pm on Friday 26 
February 2010. 
 
Offer Price per New Ordinary Share for the First Allotment 
 
Based on the net asset values as at 19 February 2010, Offer Prices of New 
Ordinary Shares to be allotted as a result of subscriptions received by Friday 
26 February 2010 are as follows: 
 
  * Baronsmead VCT 3 plc - 102.50p per New Ordinary Share 
 
  * Baronsmead VCT 4 plc - 95.50p per New Ordinary Share 
 
The Offer Price at which the New Ordinary Shares will be allotted in each 
Company has been calculated separately on the basis of the following formula 
(the "Pricing Formula"): 
 
"Latest published net asset value of an existing Ordinary Share (NAV) divided 
by 0.945 (to allow for issue costs of 5.5 per cent.) rounded up to the nearest 
0.5p per share." 
 
As a result, the Offer Prices have been calculated as follows: 
 
      Offer Prices of New Ordinary Shares to be Allotted on 1 March 2010 
 
                                    Baronsmead VCT 3 plc  Baronsmead VCT 4 plc 
 
                                       (pence per New        (pence per New 
                                       Ordinary Share)       Ordinary Share) 
 
Latest published NAV                        96.75                 90.12 
 
Latest published NAV divided by            102.38                 95.37 
0.945 
 
Offer Price (Rounded up to nearest         102.50                 95.50 
0.5p) 
 
Allotment Procedure 
 
The amount of an investor's subscription will be split into two equal monetary 
amounts, for example an investment of GBP20,000 will be split so that GBP10,000 
will be invested in each Company. The following worked example shows how the 
number of New Ordinary Shares that would be allotted to an investor who 
subscribes GBP20,000 in the Joint Offer in time for the First Allotment is 
calculated. In the example below the allotment includes the 1 per cent extra 
allocation, but ignores any additional New Ordinary Shares that may be allotted 
if an authorised financial adviser has waived some or all of the introductory 
commission that would otherwise be due to them and requested that this waived 
commission be reinvested in additional shares for the benefit of their client. 
 
      Worked Example of a subscription of GBP20,000 in the First Allotment 
 
                                    Baronsmead VCT 3 plc  Baronsmead VCT 4 plc 
 
Amount allocated                           GBP10,000               GBP10,000 
 
Amount including additional                GBP10,100               GBP10,100 
allocation 
 
Offer Price                                102.50                 95.50 
 
Number of New Ordinary Shares*              9,853                10,575 
 
*Rounded down to the nearest whole share 
 
Expected Timetable for the First Allotment 
 
Share and tax certificates are due to be sent to investors within ten business 
days of the allotment of shares; i.e. by 12 March 2010. Authorised financial 
advisers to whom introductory commission is payable should expect to receive 
payment by 12 March 2010 together with a statement showing how the commission 
due to them has been calculated. If investors or advisers have any questions 
about the allotment of New Ordinary Shares or the payment of introductory 
commission they should contact The City Partnership (UK) Limited on 0131 243 
7210 (no investment advice can be given). 
 
Dealings in New Ordinary Shares will commence three business days after 
allotment. 
 
Future Availability of the Joint Offer 
 
Provided the Joint Offer is not fully subscribed beforehand the subscription 
lists with respect to the second allotment will close at 5.00 pm on Thursday 25 
March 2010. 
 
Copies of the Prospectus and the Supplementary Prospectus are available for 
inspection during normal business hours at the Document Viewing Facility, The 
Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 
5NS and may be obtained, free of charge, by collection from: 
 
  * Baronsmead VCT 3 plc website: www.baronsmeadvcts.co.uk/vct3 
 
  * Baronsmead VCT 4 plc website: www.baronsmeadvcts.co.uk/vct4 
 
  * ISIS EP LLP, 100 Wood Street, London, EC2V 7AN, Telephone: 020 7506 5600 
 
  * Execution Noble & Company Limited, The Old Truman Brewery, 91 Brick Lane, 
    London E1 6QL, Telephone: 020 7456 9191 
 
  * RAM Capital Partners, 74 Chancery Lane, London WC2A 1AD, Telephone: 020 
    3006 7530 
 
For further information please contact: 
 
Michael Probin, ISIS EP LLP, 0207 506 5796 
 
Lenny Norstrand, RAM Capital Partners LLP, 0203 006 7530 
 
Robin Smeaton, The City Partnership (UK) Limited, 0131 243 7210 
 
Barry Lawson, Secretary to the Companies, 0207 506 5652 
 
 
 
END 
 

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