Northern 3 VCT plc Statement Re Offer For Subscription
04 January 2019 - 10:30PM
UK Regulatory
TIDMNTN
4 JANUARY 2019
NORTHERN 3 VCT PLC
OFFER FOR SUBSCRIPTION
Northern 3 VCT PLC (the "Company") announces that, in conjunction with
Northern Venture Trust PLC and Northern 2 VCT PLC (together with the
Company known as the "Northern VCTs"), it has published an offer
document (the "Offer Document") dated 3 January 2019 in relation to
offers of new ordinary shares for subscription in the 2018/19 tax year
("the Offers"). Each of the Offers seeks to raise up to GBP6.6 million
in each of the Northern VCTs.
Each of the Northern VCTs' shareholders will have priority application
rights for any of the Offers, on a first come first served basis, for
the period from when the Offers open at 8.00am on 7 January 2019 until
close of business on 21 January 2019. The Offers will open to all
applicants (if not already fully subscribed) at 8.00am on 22 January
2019.
There will be an "early bird" discount of 0.5% to Offer charges for
valid applications received by 31 January 2019. The Offers will be
available for the 2018/19 tax year only and will close on 5 April 2019,
or earlier if fully subscribed or for any other reason at the discretion
of the Company's directors.
Pursuant to the Offers, NVM Private Equity LLP ("NVM"), the investment
manager to the Northern VCTs, will, in respect of the services provided
pursuant to the Offers, receive a fee of 2% of the gross proceeds of the
Offers in respect of subscriptions received either direct or through a
financial adviser; or 4% of the gross proceeds of the Offers for
subscriptions received through an execution only platform or broker.
Out of this fee, NVM will pay all up-front costs associated with the
Offers, including initial commissions payable to intermediaries.
The above arrangements as they relate to each of the Northern VCTs
constitute smaller related party transactions within Listing Rule
11.1.10R.
To obtain a copy of the Offer Document, private investors and financial
advisers should call NVM Private Equity LLP on 0191 244 6000. A
downloadable version of the Offer Document is available from the NVM
website,
https://www.globenewswire.com/Tracker?data=flZzwh-ArgmMCEHk-A2tyULDfqdvOZeYP5PIvXozCPjh83tbvBd1jl8MFNJ0hUCZK629_qrwv2ut8P3Bu2iDig==
www.nvm.co.uk.
A copy of the Offer Document is available, free of charge, from the
Company's registered office:
Time Central
32 Gallowgate
Newcastle upon Tyne
NE1 4SN
The Offer Document has been submitted to the National Storage Mechanism
and will shortly be available for inspection at
https://www.globenewswire.com/Tracker?data=flZzwh-ArgmMCEHk-A2tyRWemMDFVpbbkVpHT37WXSs-UPHapCaLdSF7jIcZs4Z3DO7jqUI1Zg2QkF93q0TDTsJmkMYxg108RMkt9DG9SKRz2sZj_vNohcBpgMmaO4Fn
www.morningstar.co.uk/uk/NSM.
Enquiries:
Simon John/James Bryce, NVM Private Equity LLP - 0191 244 6000
Website:
https://www.globenewswire.com/Tracker?data=flZzwh-ArgmMCEHk-A2tyaZ69oDJthGBJr4M2Gyi83I4Kr-kcjC9pHHW679ySPIQuetNPXTMHMnETpgN-jt7uQ==
www.nvm.co.uk
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.
(END) Dow Jones Newswires
January 04, 2019 06:30 ET (11:30 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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