Northern Venture Trust PLC.
Miscellaneous: issue of linked offer document
10 JANUARY 2013
NORTHERN VENTURE TRUST PLC
ISSUE OF LINKED OFFER DOCUMENT
Further to the announcement made on 21 November 2012, Northern Venture Trust PLC ("NVT") announces in conjunction with Northern 2 VCT PLC ("Northern 2") the issue of an offer document in respect of Offers of new ordinary shares for subscription in the 2012/13 and 2013/14 tax years ("the Offers"). The Offers seek to raise a total of up to £4,000,000 (before expenses) for each of NVT and Northern 2 by the issue of ordinary shares at an initial issue price ("Initial Offer Price") for NVT of 91.4p per share and for Northern 2 of 82.1p per share.
Under the terms of the Offers, the Initial Offer Price will be calculated using a formula based on the latest published net asset value of each of NVT and Northern 2 respectively adjusted for any dividends declared but not yet paid, divided by 0.965 to allow for issue costs of 3.5% of the amount raised under the Offers. The pricing of the Offers may be adjusted in accordance with a pricing formula which takes into account the latest published net asset values of NVT and Northern 2 respectively, together with the level of adviser charges, commission waived and a loyalty bonus applicable to existing shareholders in NVT, Northern 2 and Northern 3 VCT PLC. It is not expected that either NVT or Northern 2 will announce an updated net asset value during the period of the Offers but should this become necessary then the pricing of the Offers in respect of any new shares not already allotted will be adjusted accordingly.
The amounts being raised by each of NVT and Northern 2 fall within the Euros 5,000,000 limit specified by the Prospectus Regulation for share issues where a full prospectus is not required to be published, after taking account of shares offered for subscription within the previous 12 months.
The Offers opened on 10 January 2013 and will close no later than 5.00pm on 5 April 2013 for the 2012/13 tax year and 5.00pm on 15 April 2013 for the 2013/14 tax year, unless previously extended.
Copies of the offer document, including an application form, can be downloaded from the NVM Private Equity Limited website at http://www.nvm.co.uk/vctoffer, or can be requested by telephoning NVM Private Equity Limited on 0191 244 6000 or by emailing email@example.com.
Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Northern Venture Trust PLC via Thomson Reuters ONE