Northern VCTs Launch New Investment Opportunity for Shareholders
Introduction to the Northern 3 VCT PLC
Northern 3 VCT PLC is making headlines as it announces a new opportunity for investors. This update highlights the publication of a prospectus, allowing investors to participate in exciting new offers of ordinary shares for the 2025/26 tax year.
Details of the Investment Offers
In collaboration with Northern Venture Trust PLC and Northern 2 VCT PLC, collectively known as the Northern VCTs, the company seeks to raise substantial funding through these offers. The goal is to secure a total of £14 million for both Northern 3 VCT PLC and Northern Venture Trust PLC, while Northern 2 VCT PLC aims for £7 million. Additionally, there are provisions for over-allotment facilities, which could raise an additional £6 million for the former two companies and £3 million for the latter.
Application Process and Shareholder Benefits
The application process for these shares will commence at 8:00 AM on a specified date. The offers will be accepted on a first-come, first-served basis. Existing shareholders as of a specific date will receive a 0.5% discount on offer costs if their applications are accepted. This move is a token of appreciation for their loyalty, enhancing the attractiveness of the investment opportunity.
Key Dates and Allotment Information
Investors can note that the offers are expected to remain open until noon on a specified date, unless oversubscribed sooner. The first allotment of shares will occur shortly after a designated date, with detailed instructions on application submissions provided to ensure potential investors do not miss out.
Role and Compensation of the Investment Manager
Mercia Fund Management Limited plays a crucial role as the investment adviser and promoter for the Northern VCTs. According to the arrangements, Mercia will receive a promoter's fee of up to 5.5% of the total subscription amounts received, with an annual commission applicable for five years based on the gross funds subscribed. This financial structure emphasizes the company's commitment to managing its investments efficiently while keeping its shareholders in mind.
Fairness and Compliance Considerations
As the investment manager, Mercia is recognized as a related party under the UK's Listing Rules. The board asserts that the arrangements made are fair and reasonable for shareholders, backed by written confirmation from a corporate services firm acting on behalf of the Company. This step is essential for maintaining transparency and compliance with financial regulations.
Accessing the Prospectus and Investment Brochure
For those eager to learn more about the offers, a downloadable version of the prospectus is readily available. This document contains detailed information and is essential for potential applicants looking to participate in this investment opportunity.
Contact Information and Support
Potential investors or interested parties can easily reach out for inquiries regarding these offers. The dedicated customer support team at Mercia Fund Management Limited is available to assist with any questions. A website that houses more information about the investment offerings is also accessible to enhance shareholders' knowledge.
Frequently Asked Questions
What is the purpose of the prospectus published by Northern 3 VCT PLC?
The prospectus outlines the offers of new ordinary shares for subscription, aiming to raise funds for the company's upcoming fiscal year.
Who can benefit from the offers provided by the Northern VCTs?
Existing shareholders of the Northern VCTs as of a specified date, alongside their spouses or civil partners, can take advantage of the reduced offer costs.
How will the application process work for interested investors?
Applications can be submitted starting from a specific time and will be processed on a first-come, first-served basis until a closing date, provided shares remain available.
What role does Mercia Fund Management Limited play?
Mercia acts as the investment adviser and promoter for the Northern VCTs, entitled to receive a fee based on the funding raised through the offers.
Where can I find more information about the investment opportunities?
The prospectus, along with an investment brochure, can be accessed via the company's website and by contacting their support team directly.
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