Northern 3 VCT PLC.
Statement re Possible Merger
3 JUNE 2011
NORTHERN 3 VCT PLC
STATEMENT RE POSSIBLE MERGER
The boards of Northern 3 VCT PLC ("Northern 3") and Northern AIM VCT PLC ("Northern AIM") announce that they have commenced discussions with a view to a possible merger of the two companies. Any merger would be subject to approval by the shareholders of both companies. Subject to further consideration, it is envisaged that the merger would be effected by means of a scheme of reconstruction under Section 110 of the Insolvency Act 1986 by transferring the assets and liabilities of Northern AIM to Northern 3 in consideration for new Northern 3 ordinary shares, which would be issued to Northern AIM shareholders on the basis of the respective net asset values. A merger on this basis will be outside the provisions of The City Code on Takeovers and Mergers.
A further announcement will be made in due course.
Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000
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Source: Northern 3 VCT PLC via Thomson Reuters ONE