Blackfinch Spring VCT Allots 170,617 New Shares at Up to 92.81p in Latest Offer for Subscription Tranche

Details of the 25 June 2026 Share Allotment by Blackfinch Spring VCT

Blackfinch Spring VCT plc confirmed in its announcement dated 26 June 2026 that 170,617 Ordinary Shares of £0.01 each were allotted on 25 June 2026 pursuant to the Company's current Offer for Subscription. The allotment forms part of a broader fundraising effort that, under the terms of the prospectus published on 11 September 2025, is targeting up to £20 million in new capital, with an over-allotment facility providing scope to raise a further £20 million if investor Demand warrants it.

The announcement confirms that the subscription prices at which the Ordinary Shares were allotted ranged from 89.03p to 92.81p per Ordinary Share, consistent with the offer price mechanism set out in the prospectus. The range of prices reflects the rolling nature of the offer, under which subscription prices can vary between allotment tranches according to the structure detailed in the prospectus documentation. The company did not disclose the precise breakdown of how many shares were allotted at each price point within that range.

Total Shares in Issue and the New Voting Rights Denominator

Following the completion of this allotment, the total number of Ordinary Shares in issue stands at 86,853,347. This figure includes two Ordinary Shares that were originally issued as subscriber shares. As is standard practice for listed companies, the announcement makes clear that this total — 86,853,347 — represents the total number of voting rights in the Company and should be used by shareholders as the denominator when calculating whether they are required to notify the Company and the FCA of an interest, or a change in interest, in the Company's shares.

This denominator is relevant under the FCA's Disclosure Guidance and Transparency Rules (DTR 5), which require shareholders whose holdings reach or cross certain thresholds — including 3%, 4%, 5%, and subsequent 1% increments — to make appropriate notifications. Any shareholder who was close to a notification threshold prior to this allotment should review their position in light of the revised share count to determine whether a filing obligation has arisen or been extinguished as a result of the dilution effect of the new shares being brought to market.

Admission to Trading and Expected Timeline for New Shareholders

The announcement states that an application for the newly allotted Ordinary Shares to be admitted to trading on the London Stock Exchange's main market for listed securities will be made shortly. Dealings in the new shares are expected to commence on or around 29 June 2026, giving a relatively short window between allotment and the point at which shares can be freely traded. Investors who subscribed under this Tranche of the Offer should note this anticipated commencement date when planning any subsequent portfolio decisions.

In terms of the practical mechanics of settlement, CREST accounts are expected to be credited as soon as practicable following the allotment date of 25 June 2026. For those investors who hold their shares in certificated rather than dematerialised form, the announcement states that definitive documents of title — physical share certificates — are expected to be dispatched within ten Business days of the allotment. The company did not disclose a precise date for CREST crediting beyond the "as soon as practicable" indication.

The Structure of the Blackfinch Spring VCT Offer for Subscription

The current Offer for Subscription underpinning this allotment was established pursuant to a prospectus dated 11 September 2025. The Offer is seeking to raise up to £20 million through the issue of new Ordinary Shares, with an over-allotment facility permitting the Company to issue a further £20 million of Ordinary Shares beyond the initial target should investor appetite prove sufficient. VCT offers of this structure are commonly used by venture capital trusts to raise new funds from retail and sophisticated investors on a rolling basis over the duration of the Offer Period.

The allotment of 170,617 shares announced on 26 June 2026 represents one tranche in what is likely to be an ongoing series of allotments as subscriptions are processed under the Offer. The rolling nature of the price — which ranged between 89.03p and 92.81p in this instance — is a common feature of VCT offers, where the subscription price is typically linked to the most recently calculated net asset value per share, adjusted by costs or a premium as set out in the prospectus. Prospective investors considering the Offer should refer to the full prospectus for details of how the subscription price is determined for any given allotment.

What the Allotment Price Range Indicates About the Offer Mechanics

The disclosure that shares in this allotment were priced between 89.03p and 92.81p per Ordinary Share is notable, as it reflects the price variability built into the Offer's structure. In many VCT offers, the subscription price is set periodically — for example monthly or quarterly — based on the prevailing net asset value, meaning different subscribers who applied at different points in the offer period may pay slightly different prices per share. The specific methodology underpinning this range is set out in the prospectus dated 11 September 2025, and the announcement confirms that the prices applied were in accordance with the Offer Price mechanism therein.

Investors may be watching whether subsequent allotments see the subscription price move higher or lower, as this can provide an indirect indication of how the underlying portfolio's net asset value is performing between formal valuation announcements. However, analysts and investors should be cautious about drawing firm conclusions from offer price movements alone, as adjustments may also reflect changes in offer costs, timing of valuations, or other structural factors rather than being a direct proxy for portfolio performance.

Blackfinch Spring VCT's Investment Focus and Mandate

Blackfinch Spring VCT plc is a venture capital trust focused on providing qualifying investors with exposure to early-stage and growth-oriented UK businesses, in a structure that allows eligible investors to benefit from the tax reliefs available under the VCT legislation, subject to HM Revenue &Amp; Customs rules and individual circumstances. The Company's investment manager is Blackfinch Investments Limited, which is based in Gloucester and can be contacted on 01452 717070, as noted in the announcement.

The Company Secretary function is performed by The City Partnership (UK) Limited, a specialist provider of company secretarial services to investment companies. As a listed VCT on the London Stock Exchange's main market, Blackfinch Spring VCT is subject to the full suite of UK listing obligations, including the requirement to make timely disclosures of share allotments such as the one published on 26 June 2026. The Company's LEI is confirmed in the announcement as 254900F3ZHVS78UV6D89.

Implications for Existing Shareholders Following the New Share Issuance

The allotment of 170,617 new shares increases the total share count to 86,853,347, which represents a modest incremental dilution for existing shareholders compared to the position prior to this tranche. As is standard in open-ended and semi-open VCT fundraisings, new share issuances are a routine feature of the vehicle's ongoing operation, enabling the fund to deploy additional capital into qualifying investments over time. Existing shareholders should review the terms of the Offer prospectus to understand the full extent of the maximum dilution that could arise if the Offer and its over-allotment facility are fully subscribed.

The immediate share price impact of this allotment was not clear from available public information at the time of writing, as VCT shares traded on the London Stock Exchange's main market can trade at varying discounts or premiums to net asset value. Investors may be watching subsequent net asset value announcements and any quarterly or interim portfolio updates from Blackfinch Investments Limited for a clearer picture of how the fund's underlying value is developing as new capital is deployed.

Regulatory Context: FCA Disclosure Obligations and the Updated Denominator

As required under UK financial markets regulation, the announcement includes the updated total voting rights figure of 86,853,347, which must be published whenever there is a change in the total number of voting rights and shares in issue. This obligation arises under the FCA's Disclosure Guidance and Transparency Rules and is designed to ensure that shareholders have access to the information they need to determine whether a major shareholding notification obligation has been triggered by movements in their proportionate holding.

For context, the DTR 5 notification regime requires a shareholder to disclose to both the Company and the FCA whenever their percentage holding of voting rights crosses above or below a series of defined thresholds. With the total voting rights figure now set at 86,853,347 following the 25 June 2026 allotment, any shareholder who is monitoring their position relative to these thresholds should recalculate their percentage on the basis of this updated denominator. The Company has fulfilled its obligation by publishing this figure in its announcement of 26 June 2026.

Progress Towards the Offer's Fundraising Target

The Offer for Subscription, as set out in the prospectus of 11 September 2025, has a primary target of raising up to £20 million in new Equity, with an over-allotment facility for up to a further £20 million. The announcement does not disclose the cumulative total raised under the Offer to date, nor does it indicate how many shares remain available for allotment under the primary or over-allotment portions of the fundraising. The company did not disclose this figure in the announcement.

Investors considering subscribing to the Offer, or existing shareholders wishing to understand the pace of the fundraising, may wish to monitor subsequent allotment announcements, which are published on a rolling basis as subscriptions are processed. The total number of shares in issue — currently 86,853,347 — provides one reference point from which the overall scale of the fundraising can be assessed over time, when compared with the share count at the Offer's inception as detailed in the prospectus documentation.

Where to Find Further Information on Blackfinch Spring VCT

Investors and prospective subscribers seeking further information about Blackfinch Spring VCT plc and the ongoing Offer for Subscription are directed to contact Blackfinch Investments Limited, the Company's investment manager, on 01452 717070. Company secretarial and administrative enquiries may be directed to The City Partnership (UK) Limited at [email protected], as confirmed in the announcement. The full prospectus dated 11 September 2025 remains the primary document governing the terms and conditions of the Offer.

All investors in VCTs should be aware that the value of investments and the income from them can go down as well as up, and that the tax reliefs associated with VCT investment are subject to eligibility criteria and may change. Nothing in this article constitutes financial advice, and investors should seek independent professional advice tailored to their personal circumstances before making any investment decision in connection with Blackfinch Spring VCT plc or any other vehicle.