Northern 2 VCT PLC Statement Re Offer For Subscription
12 Enero 2023 - 3:00AM
UK Regulatory
TIDMNTV
12 January 2023
NORTHERN 2 VCT PLC
OFFER FOR SUBSCRIPTION
Northern 2 VCT PLC ("the Company") announces that, in
conjunction with Northern Venture Trust PLC and Northern 3 VCT PLC
(together with the Company known as the "Northern VCTs"), it has
published an offer document (the "Offer Document") in relation to
offers of new ordinary shares for subscription in the 2022/23 tax
year ("the Offers"). The separate Offers seek to raise a total of
GBP6 million for each of the Company, Northern Venture Trust PLC
and Northern 3 VCT PLC (with a total fundraise of up to GBP18
million).
Applications for the new shares in the Company will be dealt
with on a "first-come, first-served" basis. However, in recognition
of the loyal shareholder following that the Northern VCTs enjoy,
applications that are accepted under the Offers from existing
shareholders for shares in the Company will benefit from a
reduction of 0.5% in the offer costs applicable to their
subscription, compared to the costs for new shareholders, provided
they (or their spouse or civil partner) were on the register of
members of any of the Northern VCTs as at close of business on 22
November 2022. The Offers will remain open until 12 noon on 31
March 2023, unless fully subscribed at an earlier date and subject
to the directors' right to close the Offers at any time.
Mercia Fund Management Limited ("Mercia"), the Northern VCTs'
investment manager and promoter, will, in respect of the services
provided pursuant to the Offers, receive a fee of 2.5% of the gross
proceeds of the Offers in respect of subscriptions received either
direct or through a financial adviser; or 4.5% of the gross
proceeds of the Offers for subscriptions received through an
execution only platform or broker, in each case discounted by 0.5%
for existing Northern VCT shareholders (or their spouse or civil
partner), as noted above. Out of this fee, Mercia will pay all
up-front costs associated with the Offers, including initial
commissions payable to intermediaries.
The above arrangements, as they relate to each of the Northern
VCTs, constitute smaller related party transactions within Listing
Rule 11.1.10R.
The Offer Document, describing the key features of the Offers
will be sent to registered shareholders, in accordance with their
communication preferences, as soon as possible.
A downloadable version of the Offer Document is available from:
www.mercia.co.uk/vcts
Enquiries:
Sarah Williams / James Sly, Mercia Fund Management Limited -
0330 223 1430
Website:
https://www.globenewswire.com/Tracker?data=y90_RooMWYcfQq4XZCMjZqbNpinX0w21AmrXDTU4_zStDnUiTyjiTquTxsYpfuVwwQZgXxUtLwrSc6sXEFsGS-j8lr6pIrtsz1958g5AzS0=
www.mercia.co.uk/vcts
The contents of the Mercia Asset Management PLC website and the
contents of any website accessible from hyperlinks on the Mercia
Asset Management PLC website (or any other website) are not
incorporated into, nor form part of, this announcement.
(END) Dow Jones Newswires
January 12, 2023 04:00 ET (09:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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