Northern Venture Tst Statement Re Offer For Subscription
12 Enero 2023 - 3:00AM
UK Regulatory
TIDMNVT
12 January 2023
NORTHERN VENTURE TRUST PLC
OFFER FOR SUBSCRIPTION
Northern Venture Trust PLC ("the Company") announces that, in
conjunction with Northern 2 VCT 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 2 VCT 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 for shares in the Company that are accepted under the
Offers from existing shareholders 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 adviser 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=vytoxTqBUkjEQJvaLnYpcDt8ubI61fIuRV7JTT3cTgRsx_1S_npmH2GccNUtkm87O8dkM9xwgFta2ksXMBFiL1KbqRGNOW0n8-eAlXfEQKE=
www.mercia.co.uk/vcts
Neither the contents of the Mercia Asset Management PLC website,
nor the contents of any website accessible from hyperlinks on the
Mercia Asset Management PLC website (or any other website), are
incorporated into, or 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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