LONDON - Northern Venture Trust PLC, alongside its associated entities Northern 2 VCT PLC and Northern 3 VCT PLC, collectively known as the Northern VCTs, have announced the publication of a prospectus for new ordinary shares. The subscription offers aim to raise £36 million for the 2024/25 tax year, with the proceeds intended for each entity detailed as £15 million for both Northern Venture Trust PLC and Northern 2 VCT PLC, and £6 million for Northern 3 VCT PLC.
The offers are scheduled to open on January 14, 2025, at 8:00 am and will be conducted on a first-come, first-served basis. They are set to remain open until 12 noon on March 31, 2025, or until the subscription is fully met, at the discretion of the Directors.
Incentives for existing shareholders of any of the Northern VCTs, recorded as of September 20, 2024, include a 0.5% reduction in offer costs for themselves and their spouses or civil partners. Mercia Fund Management Limited, the investment manager and adviser to the Northern VCTs, will handle the offer and, in return, will receive a fee based on the gross proceeds. The fee structure is 2.5% for direct subscriptions or those through a financial adviser, and 5% for those through execution-only platforms or brokers, subject to discounts for existing shareholders.
The agreement with Mercia includes covering all upfront costs associated with the offers, including commissions to intermediaries. For subscriptions via execution-only platforms or brokers, Mercia will receive a trail commission of 0.2% per annum for five years.
The board of Northern Venture Trust PLC has endorsed the fee arrangements with Mercia, considering them fair and reasonable for shareholders. This assessment has been confirmed by Howard Kennedy Corporate Services LLP as the company's sponsor.
The prospectus is available for download from the Mercia website and can also be obtained from the registered office of Northern Venture Trust PLC. It has also been submitted to the National Storage Mechanism for public inspection. An investment brochure detailing the offer's key features will be distributed to registered shareholders and is also available online.
This news is based on a press release statement.
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