4 JANUARY 2019
NORTHERN 2 VCT PLC
OFFER FOR SUBSCRIPTION
Northern 2 VCT PLC (the “Company”) announces that, in conjunction with Northern Venture Trust PLC and Northern 3 VCT PLC (together with the Company known as the “Northern VCTs”), it has published an offer document (the "Offer Document") dated 3 January 2019 in relation to offers of new ordinary shares for subscription in the 2018/19 tax year (“the Offers”). Each of the Offers seeks to raise up to £6.6 million in each of the Northern VCTs.
Each of the Northern VCTs’ shareholders will have priority application rights for any of the Offers, on a first come first served basis, for the period from when the Offers open at 8.00am on 7 January 2019 until close of business on 21 January 2019. The Offers will open to all applicants (if not already fully subscribed) at 8.00am on 22 January 2019.
There will be an “early bird” discount of 0.5% to Offer charges for valid applications received by 31 January 2019. The Offers will be available for the 2018/19 tax year only and will close on 5 April 2019, or earlier if fully subscribed or for any other reason at the discretion of the Company’s directors.
Pursuant to the Offers, NVM Private Equity LLP ("NVM"), the investment manager to the Northern VCTs, will, in respect of the services provided pursuant to the Offers, receive a fee of 2% of the gross proceeds of the Offers in respect of subscriptions received either direct or through a financial adviser; or 4% of the gross proceeds of the Offers for subscriptions received through an execution only platform or broker. Out of this fee, NVM will pay all up-front costs associated with the Offers, including initial commissions payable to intermediaries.
The above arrangements as they relate to each of the Northern VCTs constitute smaller related party transactions within Listing Rule 11.1.10R.
To obtain a copy of the Offer Document, private investors and financial advisers should call NVM Private Equity LLP on 0191 244 6000. A downloadable version of the Offer Document is available from the NVM website, www.nvm.co.uk .
A copy of the Offer Document is available, free of charge, from the Company’s registered office:
Time Central 32 Gallowgate Newcastle upon Tyne NE1 4SN
The Offer Document has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM .
Enquiries:
Simon John/James Bryce, NVM Private Equity LLP - 0191 244 6000 Website: www.nvm.co.uk
Neither the contents of the NVM Private Equity LLP website nor the contents of any website accessible from hyperlinks on the NVM Private Equity LLP website (or any other website) is incorporated into, or forms part of, this announcement.
