Northern 3 VCT PLC Unveils Prospectus for New Share Offers

Northern 3 VCT PLC Announces New Share Offer Prospectus

Northern 3 VCT PLC, alongside Northern Venture Trust PLC and Northern 2 VCT PLC, has officially launched a prospectus detailing offers for new ordinary shares aimed at subscription for the upcoming tax year. This initiative, capturing the attention of investors, targets a total fundraising goal of £36 million - with allocations set at £6 million for Northern 3 VCT PLC and £15 million each for its sister companies.

Key Details of the Share Offers

Those interested in participating will find themselves able to apply from 8:00 am onwards on January 14, signifying the start of a competitive application process. It is pertinent to note that applications will be evaluated on a “first-come, first-served” basis, creating an active atmosphere for potential investors. As a gesture of gratitude towards previously loyal shareholders, those already registered with any of the Northern VCTs by September 20, 2024, along with their spouses or civil partners, will receive a 0.5% discount on their subscription costs.

Timeline for Applications

The offers are slated to close at 12 noon on March 31, but in a potentially favorable twist, they may close sooner should the subscriptions reach their target limits ahead of the deadline. Additionally, the directors reserve the right to adjust this timeline at their discretion, ensuring optimal management of the fundraising initiative.

Investment Management and Related Fees

Mercia Fund Management Limited, the esteemed investment manager for the Northern VCTs, has been appointed to oversee the offers and will receive a fee based on the total gross proceeds from the subscriptions. Specifically, a charge of 2.5% will be applied to subscriptions made directly or via financial advisers; whereas, a higher fee of 5% will be levied for those opting for execution-only platforms. A discounted rate will apply for existing shareholders as previously mentioned.

Disclosure of Related Party Transactions

In adherence to UK Listing Rules, these financial arrangements with Mercia constitute a related party transaction that has been deemed fair by the company's board, ensuring shareholder interests remain secured. The confirmation of this arrangement has been validated by Howard Kennedy Corporate Services LLP, acting as a sponsor to the Company – reinforcing a sense of trust in the management of funds.

Availability of the Prospectus

For those interested in examining the detailed prospectus, it can be downloaded from the designated platform. Furthermore, a physical copy of the prospectus can also be requested from the company’s registered office, or by contacting Mercia directly through the provided phone number.

Digital and Printed Resources

In light of effective communication strategies, an investment brochure elaborating on the essential features of the offers will be dispatched to registered shareholders. This brochure aims to provide clarity and serve as a guiding document while assisting shareholders in making informed decisions regarding their investments.

Ongoing Communication and Inquiries

Shareholders and potential investors who may have inquiries regarding the prospects are encouraged to reach out to Sarah Williams or James Sly at Mercia Fund Management Limited. Their dedicated team stands ready to assist with any questions to facilitate understanding of the offer and related investment processes.

Frequently Asked Questions

What is the main goal of the new share offers?

The primary aim is to raise £36 million to support the investment strategies of Northern 3 VCT PLC and its associated companies during the 2024/25 tax year.

When will the offers open and close for applications?

Applications will open on January 14 at 8:00 am and will remain available until March 31 at 12 noon or until fully subscribed.

Who is managing the investment for these offers?

Mercia Fund Management Limited will manage the investment offers, receiving fees based on the proceeds from subscriptions.

Are there discounts available for existing shareholders?

Yes, existing shareholders can enjoy a 0.5% discount on the subscription costs for these offers, provided their applications are accepted.

How can one access the downloaded prospectus?

The prospectus is available for download at the company’s designated URL or by contacting the registered office for a physical copy.

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