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14 FEBRUARY 2011
NORTHERN 3 VCT PLC
LAUNCH OF LINKED TOP-UP OFFER
Northern 3 VCT PLC ("Northern 3") announces that it intends, in conjunction with
Northern 2 VCT PLC ("Northern 2"), to launch a linked top-up offer of new
ordinary shares for subscription for the 2010/11 tax year ("the Offer"). It is
envisaged that the Offer will seek to raise a total of up to approximately ÂGBP3.15
million, and that subscriptions will be allocated in a fixed ratio of 33.3% to
Northern 2 and 66.7% to Northern 3, so that the approximate amounts to be raised
by the two VCTs will be ÂGBP1.05 million and ÂGBP2.10 million respectively.
The offer price per new ordinary share will in each case be based on the latest
published net asset value per ordinary share, 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. It is not expected that Northern 2 or
Northern 3 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.
It is expected that the Offer will open on or around 23 February 2011 and will
close at 5.00pm on 5 April 2011, or earlier if fully subscribed. Shares will be
allotted on or before 5 April 2011. Copies of the offer document, including an
application form, will be available to be downloaded from the NVM Private Equity
Limited website at www.nvm.co.uk/n2n3offer from the date on which the Offer
opens, or can be requested by telephoning NVM Private Equity Limited on
0191 244 6000.
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
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. 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
(END) Dow Jones Newswires
February 14, 2011 12:39 ET (17:39 GMT)