Puma Alpha VCT plc (PUAL), a venture capital trust listed on the London Stock Exchange, has announced the final allotment of 341,540 Ordinary Shares, formally closing its public offer for subscription. The offer was structured to raise up to £20 million, with an over-allotment facility of up to a further £10 million, as set out in a prospectus dated 9 December 2025. The closure of the offer brings the total shares issued under the offer to 1,913,509, and investors will be watching for admission to the LSE main market, expected on or around 6 November 2026.

Key Points

  • Puma Alpha VCT plc (PUAL) is a venture capital trust listed on the London Stock Exchange's main market for listed securities
  • A final allotment of 341,540 Ordinary Shares has been made, formally closing the offer for subscription
  • Offer prices ranged from £0.8797 to £0.9218 per share, based on a most recently announced unaudited NAV of 86.73p as at 31 August 2026; total shares in issue now stand at 35,240,669
  • Investors should watch for dealings expected to commence on or around 6 November 2026 and definitive title documents expected within 10 business days of allotment

Final Allotment Closes Puma Alpha VCT's £20 Million Offer for Subscription

Puma Alpha VCT plc has completed its offer for subscription of Ordinary Shares of £0.01 each, originally launched to raise up to £20 million, with an over-allotment facility providing capacity for a further £10 million. The announcement confirms that the final allotment of 341,540 Ordinary Shares has now been made, and the offer is closed to further applications. The offer was governed by a prospectus dated 9 December 2025, which also set out the allotment formula used to determine pricing for each tranche of shares issued throughout the fundraising period.

Allotment Prices Linked to Unaudited 86.73p Net Asset Value as at 31 August 2026

In accordance with the pricing formula contained within the prospectus, the Ordinary Shares in this final allotment were priced in a range of £0.8797 to £0.9218 per share. These prices were calculated by reference to the most recently announced net asset value per Ordinary Share, which stood at 86.73p on an unaudited basis as at 31 August 2026, published on 7 October 2026. The NAV-linked pricing mechanism is a common feature of VCT share offers and is designed to protect the interests of existing shareholders by preventing material dilution.

Total Shares in Issue Reach 35,240,669 Following Completion of the Offer

Following this final allotment, Puma Alpha VCT plc has issued a total of 1,913,509 Ordinary Shares under the offer, bringing the total number of Ordinary Shares in issue to 35,240,669. This figure also represents the total number of voting rights in the company and serves as the reference denominator for shareholders calculating whether they are required to notify interests under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. Application has been made for the newly allotted shares to be admitted to the LSE main market.

LSE Admission and Dispatch of Title Documents Expected Shortly After 4 November 2026

Dealings in the newly allotted Ordinary Shares are expected to commence on or around 6 November 2026, subject to formal admission to the London Stock Exchange's main market for listed securities. Definitive documents of title are expected to be despatched to shareholders within 10 business days of the allotment date. Investors may note that as a venture capital trust, Puma Alpha VCT operates within a regulatory framework that requires ongoing compliance with VCT qualification rules, which can influence both investment strategy and the composition of the share register.