LONDON - Northern 3 VCT PLC, in collaboration with Northern Venture Trust PLC and Northern 2 VCT PLC, collectively known as the Northern VCTs, has published a prospectus concerning new share subscription offers for the 2024/25 tax year. The combined offers aim to raise £36 million, with the individual goals set at £6 million for Northern 3 VCT PLC and £15 million each for Northern Venture Trust PLC and Northern 2 VCT PLC.
Applications for the offers will commence at 8:00am on January 14, 2025, and will be processed on a first-come, first-served basis. A loyalty incentive is being extended to existing shareholders registered as of September 20, 2024, and their spouses or civil partners, offering them a 0.5% reduction in offer costs on accepted applications.
The offers are scheduled to close at 12 noon on March 31, 2025, but may conclude sooner if fully subscribed or at the directors' discretion. Mercia Fund Management Limited, the investment manager and promoter for the Northern VCTs, will receive a fee for its services related to the offers. This fee is 2.5% of the gross proceeds from subscriptions via direct applications or financial advisers, and 5% from those through execution-only platforms or brokers, subject to certain discounts and commissions.
The fee arrangement with Mercia is considered a related party transaction under UK Listing Rules, given Mercia's role as the investment manager. The board of Northern 3 VCT PLC, with confirmation from Howard Kennedy Corporate Services LLP as sponsor, has deemed the transaction fair and reasonable for the company's shareholders.
The prospectus is available for download from the Mercia website and at the registered office of Northern 3 VCT PLC. It has also been submitted to the National Storage Mechanism for public inspection. An investment brochure detailing the offers' key features will be distributed to registered shareholders and is also accessible online.
This article is based on a press release statement from Northern 3 VCT PLC.
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