Announcement of Share Offers by Northern Venture Trust PLC
Northern Venture Trust PLC, known as "the Company," has exciting news for investors. In collaboration with Northern 2 VCT PLC and Northern 3 VCT PLC—collectively referred to as "the Northern VCTs"—the Company has released a prospectus pertaining to new ordinary shares that will be available for subscription during the upcoming tax year. The target for the share offers is substantial, aiming to raise £14 million each for the Company and Northern 3 VCT PLC, alongside £7 million for Northern 2 VCT PLC. There are also over-allotment facilities, potentially allowing an additional £6 million for the Company and Northern 3 VCT PLC, and £3 million for Northern 2 VCT PLC.
Details of the Share Offers
The window for applications will start at 8:00 am on a specified date and will operate on a "first-come, first-served" basis. This approach is particularly advantageous for existing shareholders—in recognition of their loyalty, those who are on the register by a set date will receive a reduction in offer costs when their applications are accepted. The offers will remain available until midday on a closing date, unless fully subscribed sooner. The first allotment of shares is scheduled for a later date, and to qualify, funded applications must be submitted by a specific cutoff time.
Investment Management and Fees
Mercia Fund Management Limited, which acts as the investment adviser and manager for the Northern VCTs, will receive a performance fee for their services associated with the share offers. This includes a tiered fee structure depending on the total amount of subscription money received. Moreover, Mercia has committed to cover all costs related to the Offers, ensuring that the process runs smoothly for all stakeholders involved.
Assessment of Related Party Transactions
According to UK Listing Rules, the investment adviser, Mercia, is considered a related party. The Company acknowledges that the arrangement regarding the payment of fees involves an important related party transaction. Affirmatively, the board is confident the transaction serves the shareholders' best interests and has received written confirmation of its fairness from a reputable corporate services provider.
How to Access the Prospectus
The detailed prospectus related to these share offers can be downloaded from a designated website. Additionally, it is available at no cost from the Company’s official headquarters, or shareholders can reach out by phone for more personalized assistance. Following industry regulations, the prospectus has also been submitted to the National Storage Mechanism, allowing for public inspections.
Investor Resources and Information
To ensure that all registered shareholders are well-informed, an investment brochure outlining the key features of the offers has been distributed according to their communication preferences. For convenience, this brochure can also be found online.
Contact Information
For any queries regarding the share offers or the prospectus, investors are encouraged to contact Sarah Williams or James Sly from Mercia Fund Management Limited. They can be reached at a specified support number. Furthermore, more information can be found through the Company’s official website, ensuring all interested individuals can stay updated.
Frequently Asked Questions
What is the purpose of the prospectus published by Northern Venture Trust PLC?
The prospectus outlines the share offers aimed at raising funds for the Company and the Northern VCTs.
How much money is the Company looking to raise through these offers?
Northern Venture Trust PLC aims to raise £14 million, alongside specific amounts for its partner Northern VCTs.
When will the share offers be available to investors?
The offers will open for applications on a specified date at 8:00 am and will remain available until a particular closing time.
Who can take advantage of the offers?
Existing shareholders on the register by a certain date will be able to enjoy reduced offer costs on their applications.
How can investors access the full prospectus?
The prospectus can be downloaded online, or requested free of charge from the Company's registered office.
