Pembroke VCT plc (PEMB), a venture capital trust managed by Pembroke Investment Managers LLP, has allotted 1,492,167 B Ordinary Shares of 1p each on 12 November 2026 as part of its ongoing Offer for Subscription targeting up to £40 million, with an over-allotment facility of a further £20 million. The allotment prices were calculated by reference to an unaudited net asset value of 105.1p per B Ordinary Share as at 30 September 2026, with shares issued at prices ranging from 105.10p to 110.63p. Following this allotment, the total number of B Ordinary Shares in issue stands at 294,097,479. Investors in the VCT sector will be watching the progress of the broader fundraise and the forthcoming admission to trading on the London Stock Exchange.

Key Points

  • Pembroke VCT plc (PEMB) — a venture capital trust listed on the London Stock Exchange's main market
  • 1,492,167 B Ordinary Shares allotted on 12 November 2026 under an Offer for Subscription of up to £40 million plus a £20 million over-allotment facility
  • Shares issued at prices ranging from 105.10p to 110.63p, based on an unaudited NAV of 105.1p per share as at 30 September 2026; total shares in issue now 294,097,479
  • Investors should watch for admission to the Official List and commencement of dealings, expected on or around 19 November 2026

Allotment Priced Against 30 September 2026 NAV of 105.1p Per B Ordinary Share

The 1,492,167 B Ordinary Shares allotted on 12 November 2026 were priced in accordance with the terms and conditions of Pembroke VCT's Offer for Subscription, with the unaudited net asset value of 105.1p per B Ordinary Share as at 30 September 2026 serving as the reference point. The offer prices at which shares were issued and allotted ranged from 105.10p to 110.63p per B Ordinary Share, reflecting the pricing band applicable to different investors within the offer period. The total amount raised from this specific allotment tranche was not disclosed in the announcement.

Total B Ordinary Shares in Issue Rises to 294,097,479 Following This Allotment

Following the allotment, Pembroke VCT's total number of B Ordinary Shares in issue has increased to 294,097,479, which also represents the total number of voting rights in the Company. The announcement confirms this figure should be used by shareholders as the denominator when calculating whether they are required to notify an interest, or a change of interest, under the FCA's Disclosure Guidance and Transparency Rules. The Company is raising funds under an offer structure allowing up to £40 million, with an over-allotment facility of up to a further £20 million available should demand warrant it.

London Stock Exchange Admission and CREST Crediting Expected Around 19 November 2026

Pembroke VCT has confirmed it will apply for the newly allotted B Ordinary Shares to be admitted to the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange's main market for listed securities. Dealings are expected to commence on or around 19 November 2026. CREST accounts are expected to be credited as soon as practicable following allotment, while definitive documents of title are expected to be dispatched within ten business days of allotment, providing investors with clarity on the settlement timeline for this tranche of shares.

Pembroke VCT Managed by Pembroke Investment Managers LLP Under an Active Fundraising Programme

Pembroke VCT plc is managed by Pembroke Investment Managers LLP, with Andrew Wolfson and Chris Lewis listed as management contacts in the announcement. The Company operates as a venture capital trust, a structure that invests in qualifying early-stage and growth companies under UK tax legislation, making the success of its fundraising activity closely tied to investor appetite for VCT tax reliefs. The scale of the current offer — up to £60 million including the over-allotment facility — indicates an active capital-raising programme, though the total amount raised to date under the full offer was not disclosed in this announcement.