Northern 3 VCT PLC.
Miscellaneous - Offer for subscription
21 FEBRUARY 2012
NORTHERN 3 VCT PLC
TOP-UP SHARE OFFER
Northern 3 VCT PLC ("the Company") is pleased to announce the launch of a top-up offer of new ordinary shares of 5p each for subscription for the 2011/12 tax year ("the Offer"). The Offer seeks to raise a total of up to £2,000,000 (before expenses) by the issue of up to approximately 2,020,000 ordinary shares at a price of 99.0p per share.
The amount being raised falls within the Euros 5,000,000 limit specified by the Prospectus Rules for share issues where a full prospectus is not published, after taking account of shares offered for subscription within the previous 12 months.
Under the terms of the Offer, shares will be issued at a price ("the Offer Price") calculated on the basis of a formula based on the latest published net asset value, adjusted for any dividends declared but not yet paid, divided by 0.945 to allow for issue costs of 5.5% of the amount raised under the Offer. On the basis of the latest published net asset value of the Company as at 31 December 2011 of 95.5p per share, and after deducting the interim dividend of 2.0p per share declared in respect of the year ending 31 March 2012 which was paid on 13 January 2012, the initial Offer Price will be 99.0p per share. It is not expected that the Company will announce an updated net asset value during the period of the Offer but should this become necessary then the Offer Price in respect of any new shares not already allotted will be adjusted accordingly.
The Offer opened on 21 February 2012 and will close at 5.00pm on 5 April 2012, or earlier if fully subscribed. All Ordinary shares issued under the Offer will be allotted on or before 5 April 2012.
Based on the success of the Offer, and subject to compliance with the Prospectus Rules, the Company may make a further top-up offer on or after 23 March 2012 to raise up to a further £1,600,000 in the 2011/12 tax year.
Copies of the offer document, including an application form, can be downloaded from the NVM Private Equity Limited website at www.nvm.co.uk/n3offer, or can be requested by telephoning NVM Private Equity Limited on 0191 244 6000 or by emailing firstname.lastname@example.org.
Christopher Mellor/Alastair Conn, NVM Private Equity Limited - 0191 244 6000
Neither the contents of the NVM Private Equity Limited website nor the contents of any website accessible from hyperlinks on the NVM Private Equity Limited website (or any other website) is incorporated into, or forms part of, this announcement.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Northern 3 VCT PLC via Thomson Reuters ONE