We are delighted to announce that the Northern VCTs’ 2020 Offer has been launched today and applications for shares in Northern Venture Trust PLC, Northern 2 VCT PLC and Northern 3 VCT PLC are now being received.
The Companies are seeking to raise up to £40.0 million, with £13.3 million available for subscription in each of the three Northern VCTs.
The 2020 offering will build on the Northern VCTs’ successful track record, taking into account the strong investment pipeline, while providing scale-up funding and follow-on investment for smaller UK businesses with growth potential.
This latest Offer will be the first led by Mercia Fund Management Limited (Mercia) as the VCTs’ new manager following the acquisition announced last month.
The newly united teams believe that this change in manager will be of significant potential benefit to shareholders. The combined networks and in-depth regional experience will result in even stronger deal flow and greater sector and operational expertise with which the teams will be able to grow the value of the VCT portfolios, directly for the benefit of the VCT shareholders.
The Offers have been designed for Investors seeking a long-term tax-free return through a combination of dividend yield and capital growth, with the added benefit of VCT Tax Reliefs.
The Offers will remain open until 1 April 2020, unless fully subscribed at an earlier date and subject to the directors’ right to close the Offers at any time.
NVM’s Chair, Tim Levett said – “In speaking to key advisers and analysts in the VCT and EIS sector, there is a recognition that the combination of the existing range of funds and regional presence in Mercia and the track record of the Northern VCTs will provide a complete capital package to the regions and create value for the shareholders. This is the first fund raising as part of Mercia and I am optimistic that new and existing shareholders will wish to participate.”
To apply please carefully read the full prospectus which is available immediately from the NVM website and related application form. If you need any further information, please call Northern VCTs’ investor helpline on 0191 244 6024, however please note that neither NVM nor Mercia can provide investment or tax advice.