Top-up share offers by Northern VCTs .
Northern Venture Trust PLC, Northern 2 VCT PLC and Northern 3 VCT PLC have announced that they intend to launch linked top-up offers of new ordinary shares for subscription in the 2018/19 tax year. It is envisaged that the Offer will seek to raise up to £6.6 million (equivalent to €7.4 million at current exchange rates) for each of the Northern VCTs, a total fund-raising of up to £19.8 million.
It is expected that the Offers will open on or around 7 January 2019 and will remain open until 5 April 2019, unless fully subscribed at an earlier date and subject to the directors’ right to close any Offer at any time. It is expected that all new shares will be allotted between 1 April 2019 and 5 April 2019. Further details of the Offer will be contained in the offer document which is expected to be published on or around 7 January 2019 (the “Offer Document”).
Applications for the new shares in the Company will be dealt with on a “first come first served” basis with a minimum subscription of £6,000 in total and £2,000 in each of the Northern VCTs. However, shareholders on the register of members for any of the Northern VCTs as at the close of business on 14 November 2018 will have priority application rights for a period of fourteen days from the date of publication of the Offer Document.
Copies of the Stock Exchange announcements made by each of the Northern VCTs on 23 November 2019 in respect of the share offers can be found at:
Simon John/James Bryce, NVM Private Equity LLP – 0191 244 6000