Baronsmead Venture Trust PLC on Wednesday said it is close to raising the initial £20 million from a subscription offer of up to £40 million in its shares.

The London-based investment firm, focusing on early-stage UK companies, said this was based on the application forms received so far.

It said the pipeline for 2023 prospective investments is currently strong, meaning it has opted to utilise the over-allotment facility and accept application to raise up to an additional £5 million, under the same terms of the offers.

If fully subscribed, this would raise a total of £25 million for the company.

Baronsmead added a second allotment will take place on March 13 and will be based on its net asset value per share on February 28. In order for new shares to be issued, a completion application and associated funds must be received and cleared by March 6, it added.

Shares in Baronsmead were untraded at 55.00p each in London on Wednesday afternoon.

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