30 NOVEMBER 2021
NORTHERN 2 VCT PLC
PROPOSED JOINT OFFER FOR SUBSCRIPTION
Northern 2 VCT PLC (the “Company”) announces (further to the announcement made on 19 July 2021) that subject to obtaining the requisite regulatory approvals, it intends, in conjunction with Northern Venture Trust PLC and Northern 3 VCT PLC (together with the Company known as the “Northern VCTs”) to launch a joint prospectus offer of new ordinary shares for subscription in the 2021/22 tax year (“the Offer”). It is envisaged that the Offer will seek to raise up to £17 million for the Company (with a total fund-raising of up to £40 million).
Applications for the new shares in the Company will be dealt with on a “first come first served” basis. However, in recognition of the loyal shareholder following which the Northern VCTs enjoy, existing shareholders on the register of any of the Northern VCTs at 29 November 2021 whose applications for shares in the Company are accepted will benefit from a reduction of 0.5% in the offer charges compared to the charges for new shareholders.
The Offer will remain open until 31 March 2022, unless fully subscribed at an earlier date and subject to the directors’ right to close the Offer at any time.
The new shares will be issued at a premium to the latest published net asset value per share prior to the relevant allotment date to allow for issue costs and to avoid any dilution in the net asset value attributable to each existing share when the new shares are issued. The issue price applicable to each allotment will be subject to adjustment as appropriate to reflect dividend distributions and changes in the published net asset value per share since the publication of the prospectus.
Further details of the Offer will be contained in the prospectus which is expected to be published on or around 10 January 2022.
Simon John/James Bryce, NVM Private Equity LLP – 0191 244 6000
Martin Glanfield, Chief Financial Officer Mercia Asset Management PLC – 0330 223 1430
Neither the contents of the NVM Private Equity LLP or the Mercia Asset Management PLC website, nor the contents of any website accessible from hyperlinks on the NVM Private Equity LLP or Mercia Asset Management PLC website (or any other website), is incorporated into, or forms part of, this announcement.