Northern 3 VCT plc Statement Regarding Intention To Fund Raise
November 30 2021 - 9:00AM
UK Regulatory
TIDMNTN
30 NOVEMBER 2021
NORTHERN 3 VCT PLC
PROPOSED JOINT OFFER FOR SUBSCRIPTION
Northern 3 VCT PLC (the "Company") announces (further to the
announcement made on 19 July 2021) that subject to obtaining the
requisite regulatory approvals, it intends, in conjunction with
Northern Venture Trust PLC and Northern 2 VCT PLC (together with
the Company known as the "Northern VCTs") to launch a joint
prospectus offer of new ordinary shares for subscription in the
2021/22 tax year ("the Offer"). It is envisaged that the Offer will
seek to raise up to GBP17 million for the Company (with a total
fund-raising of up to GBP40 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 which the Northern VCTs enjoy,
existing shareholders on the register of any of the Northern VCTs
at 29 November 2021 whose applications for shares in the Company
are accepted will benefit from a reduction of 0.5% in the offer
charges compared to the charges for new shareholders.
The Offer will remain open until 31 March 2022, unless fully
subscribed at an earlier date and subject to the directors' right
to close the Offer at any time.
The new shares will be issued at a premium to the latest
published net asset value per share prior to the relevant allotment
date to allow for issue costs and to avoid any dilution in the net
asset value attributable to each existing share when the new shares
are issued. The issue price applicable to each allotment will be
subject to adjustment as appropriate to reflect dividend
distributions and changes in the published net asset value per
share since the publication of the prospectus.
Further details of the Offer will be contained in the prospectus
which is expected to be published on or around 10 January 2022.
Enquiries:
Simon John/James Bryce, NVM Private Equity LLP - 0191 244
6000
Website: www.nvm.co.uk
Martin Glanfield, Chief Financial Officer Mercia Asset
Management PLC - 0330 223 1430
Website: www.mercia.co.uk
Neither the contents of the NVM Private Equity LLP or the Mercia
Asset Management PLC website, nor the contents of any website
accessible from hyperlinks on the NVM Private Equity LLP or Mercia
Asset Management PLC website (or any other website), is
incorporated into, or forms part of, this announcement.
(END) Dow Jones Newswires
November 30, 2021 09:00 ET (14:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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