BSC VCT Existing Investors

BSC VCT Dividend Reinvestment Scheme (DRIS)

Terms and conditions

To view a copy of the terms and conditions for the British Smaller Companies VCT plc Dividend Reinvestment Scheme (DRIS) click here.

• BSC DRIS Mandate form - click here

British Smaller Companies VCT plc DRIS History:

Date	No. issued	Price £	Value £
16-Aug-05	27,625	0.7600	20,995
10-Jan-06	32,582	0.7725	25,170
11-Feb-09	67,445	0.8911	60,100
13-Aug-09	138,413	0.7857	108,751
07-Jan-10	105,771	0.8417	89,027
28-Sep-10	166,512	0.8564	142,601
07-Jan-11	106,086	0.9196	97,557
22-Aug-11	210,533	0.9405	198,006
22-Aug-11	1,067,408	0.9405	1,003,897
	1,922,375	Totals	1,746,104

Dividend reinvestment enables Shareholders to increase their total holding and grow capital in the Company without incurring dealing costs, issue costs or stamp duty.  Subject to individual circumstances, these Shares should qualify for income tax relief (currently 30%) that is applicable to subscriptions for new shares in Venture Capital Trusts.

The number of New Ordinary Shares issued is calculated by dividing the aggregate value of the dividends paid by the greater of the most recently announced financial year end or half yearly net asset value, adjusted for the relevant dividend in question, less 5%.  An example is set out below based on the last dividend paid:

Pence per share
Net Asset Value @ 31 March 2011 (financial year end)	120.0
Adjusted for dividend in question (18p special and 3p year-end)	(21.0)
	99.0
Less 5%	(4.95)
Issue Price	94.05
Less 30% tax relief	(28.22)
Price after tax relief	65.83

For investors buying in the secondary market, the share price as at 22 August 2011 (the date that the dividend was paid) was 90.0 pence per share and shares purchased in the secondary market do not qualify for any tax relief.

It was pleasing to see that there was significant use of the scheme by a number of investors who chose to re-invest their 21p dividend. In total £1.2 million (16%) of investors chose to reinvest the dividend. Any re-investment can be eligible for income tax relief which meant that investors should* be able to claim £60,000 of income tax relief on the re-investment.

* Subject to individual circumstances