Northern 3 VCT PLC.
Proposed joint offer for subscription
26 JULY 2017
NORTHERN 3 VCT PLC
PROPOSED JOINT OFFER FOR SUBSCRIPTION
Northern 3 VCT PLC (the "Company") announces that subject to obtaining the requisite regulatory and shareholder approvals, the latter of which will be sought at a general meeting which is expected to be held in September 2017, it intends, in conjunction with Northern Venture Trust PLC and Northern 2 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 2017/18 tax year ("the Offer"). It is envisaged that the Offer will seek to raise up to £20 million for each of the Northern VCTs, ie a total fund-raising of up to £60 million. Further details of the Offer will be contained in the prospectus which is expected to be published in September 2017.
Applications for the new shares in the Company will be dealt with on a "first come first served" basis. However, shareholders on the Company's register of members as at the close of business on 25 July 2017 will have priority application rights for a period of twenty one days from the date of publication of the prospectus. Thereafter, applications received by the Company during that period from shareholders on the registers of members of Northern Venture Trust PLC and Northern 2 VCT PLC as at the close of business on 25 July 2017 will be satisfied prior to the Offer becoming open to all applicants. The Offer will remain open until 5 April 2018, 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.
Alastair Conn/Christopher Mellor, NVM Private Equity LLP - 0191 244 6000
Neither the contents of the NVM Private Equity LLP website nor the contents of any website accessible from hyperlinks on the NVM Private Equity LLP website (or any other website) is incorporated into, or forms part of, this announcement.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Northern 3 VCT PLC via Globenewswire