Albion Development VCT PLC
Conversion of 'D' Shares into Ordinary Shares

Albion Development VCT PLC announces the conversion of its 'D' shares into Ordinary shares as follows:

In accordance with the Articles of Association, on 31 March 2015, the Company's 'D' shares converted to Ordinary shares on the basis of the net assets attributable to the Ordinary shares and the 'D' shares as disclosed in the audited accounts for the year to 31 December 2014. The conversion was made in accordance with the conversion mechanism set out in the Articles of Association of the Company adopted by special resolution passed on 28 October 2009. Each 'D' shareholder received 0.4975 bonus shares (in total 3,178,128 bonus 'D' shares issued) to reflect the differential between the net asset value of the Ordinary shares and the 'D' shares as at 31 December 2014 and, after equalising the net asset values, the 'D' shares were redesignated as Ordinary shares. Accordingly, a former 'D' shareholder will hold 1.4975 new Ordinary shares for each 'D' share previously held. 

Prior to the conversion on 31 March 2015, Albion Development VCT PLC's issued share capital consisted of 43,814,804 Ordinary shares and 6,388,197 'D' shares, both with a nominal value of 1 penny each.  Albion Development VCT PLC held 4,306,700 Ordinary shares in Treasury.

Following the conversion of 9,566,325 'D' shares into Ordinary shares, Albion Development VCT PLC's capital consists of 53,381,129 Ordinary shares with a nominal value of 1 penny each.  Albion Development VCT PLC holds 4,306,700 Ordinary shares in Treasury.

Therefore the total number of voting rights in Albion Development VCT PLC is 49,074,429 which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Albion Development VCT PLC under the FCA's Disclosure and Transparency Rules.

The Ordinary shares rank pari passu in all respects. New Ordinary shares arising from the conversion representing fractional entitlements were not issued to 'D' shareholders but will be aggregated and sold in the market for the benefit of the Company.  Application has been made for the new Ordinary shares to be admitted to the Official List and to trading on the London Stock Exchange's Main Market for listed securities and it is expected that dealings will commence, at the earliest, on 8 April 2015. 

Following conversion of the D ordinary shares, the listing of the 'D' shares will be cancelled. The new Ordinary share certificates will be despatched to former 'D' shareholders by 30 April 2015. 

31 March 2015

For further information please contact:

Company Secretary
Albion Ventures LLP
T: 0207 601 1850