Key Takeaways
- • Baronsmead Venture Trust and Baronsmead Second Venture Trust have published a prospectus for new share offers seeking to raise up to £20 million, with an option to extend by a further £15 million (up to £35 million in total).
- • The offers are structured for the 2026/27 tax year, with potential extension into 2027/28, and allocate new shares on a first-come, first-served basis.
- • Early subscription cost discounts apply: existing shareholders receive a 0.75% discount on their Offer Costs and new investors receive a 0.5% discount, according to the trusts' materials.
- • Gresham House Asset Management, the trusts' manager, will receive a fee tied to accepted application amounts and will cover all offer and prospectus costs from that fee.
- • The offer agreement is classified as a related party transaction under UK listing rules, and the board has deemed it fair and reasonable.
Summary
Baronsmead Venture Trust and Baronsmead Second Venture Trust have published a prospectus for new offers for subscription, according to a Tipranks report carried by The Globe and Mail. The trusts are seeking to raise up to £20 million, with the option to extend by a further £15 million, for a maximum of £35 million. The offers are structured for the 2026/27 tax year, with potential extension into 2027/28.
New shares will be allocated on a first-come, first-served basis. Both existing shareholders and new investors are eligible for early subscription cost discounts. Publisher materials for the trusts put the discounts at 0.75% of Offer Costs for existing shareholders and 0.5% for new investors.
The fundraising rests on an offer agreement under which Gresham House Asset Management receives a fee linked to accepted application amounts. Out of that fee, the manager covers all costs associated with the offer and prospectus preparation. Because the arrangement is a related party transaction under UK listing rules, the board has deemed it fair and reasonable.
The trusts are UK-listed venture capital trusts that provide tax-efficient exposure to a diversified portfolio of growth companies. They target retail investors seeking VCT tax benefits and support smaller, high-potential UK businesses. The raise is intended to expand the capital base for further venture investments while reducing investor entry costs.
New shares will be allocated on a first-come, first-served basis. Both existing shareholders and new investors are eligible for early subscription cost discounts. Publisher materials for the trusts put the discounts at 0.75% of Offer Costs for existing shareholders and 0.5% for new investors.
The fundraising rests on an offer agreement under which Gresham House Asset Management receives a fee linked to accepted application amounts. Out of that fee, the manager covers all costs associated with the offer and prospectus preparation. Because the arrangement is a related party transaction under UK listing rules, the board has deemed it fair and reasonable.
The trusts are UK-listed venture capital trusts that provide tax-efficient exposure to a diversified portfolio of growth companies. They target retail investors seeking VCT tax benefits and support smaller, high-potential UK businesses. The raise is intended to expand the capital base for further venture investments while reducing investor entry costs.
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