DJ Northern Venture Tst Statement re New share buyback policy, shareholder meeting, proposed tender offer and proposed share issue

3rd August 2010


4 AUGUST 2010



The Company announces a new share buyback policy, and announces the intention to
write to shareholders in September 2010 to give notice of a shareholder general
meeting to be held in October 2010 to consider resolutions to facilitate a
proposed tender offer and a proposed share issue to raise up to ÂGBP15 million
(before expenses) and to adopt proposed new articles of association.

Share buyback policy - normal market purchases at a 15% discount to net asset
value per share (NAV)

The Company announces a new buyback policy, which will be effective as from 11
August 2010, whereby the Company will endeavour to buy back its shares in the
market at a discount of 15% to the latest published NAV, subject to the
conditions mentioned below and to market conditions.

The timing of any buyback will be at the discretion of the Company. The
conditions of any buyback effected under this policy are that the Company has
the necessary shareholder authority and the acquisition meets the price and
other conditions of that authority, the Company has sufficient distributable
reserves at the relevant time, the Company will continue to qualify as a VCT
following the acquisition and, in relation to the acquisition, the Company will
comply with the Listing Rules (in particular in relation to the price payable
and to times the Company is prohibited from buying its own shares) and other
applicable laws and regulations, and the Company has sufficient cash to settle
the transaction relative to its projected cash requirements.

The Directors were given authority at the January 2010 AGM to acquire in the
market up to 5,958,941 shares (10% of the then issued shares) and 450,000 shares
have to date been purchased in the market under this authority. The remaining
authority continues until the next AGM or 31 March 2011 if earlier. The
authority specifies that the maximum price which can be paid for an ordinary
share is 105% of the average market value for the ordinary shares of the Company
for the five business days before the purchase.

The most recently published NAV is 82.9p per share, as at 30 June 2010. The
average mid-market price for the Company's ordinary shares for the five business
days prior to 4 August 2010 was 69.4p.

Tender offer at a 3% discount to NAV

The Directors propose that, subject to obtaining shareholder approval at the
October 2010 general meeting, a tender offer will then be made to purchase up to
10% of the then issued share capital of the Company at a price representing a
discount of 3% to the audited NAV as at 30 September 2010 adjusted for any
declared but unpaid dividends. It is expected that the tender offer will be
made in early November 2010 and that the tender offer will close on
30 December 2010, with cash payments being made to participating shareholders in
early January 2011. The tender offer will give all shareholders the right to
tender up to 10% of their ordinary shares held as at 5 November 2010 and the
opportunity to tender more than their entitlement subject to the take up of the
offer by other shareholders.

Shareholders who subscribed for ordinary shares on or after 6 April 2006 must
hold such shares for five years from the date of issue in order to retain the
initial income tax relief granted in respect of their subscription.
Shareholders who successfully tender any ordinary shares which were allotted to
them on or after 6 April 2006 (other than ordinary shares issued in October
2009 on the conversion of the C shares) would therefore lose the initial income
tax relief granted in respect of their subscription.

Share issue to raise up to ÂGBP15 million - 30% income tax relief available on

The Directors propose that, subject to obtaining shareholder approval at the
October 2010 general meeting, there should be an issue of ordinary shares to
raise up to ÂGBP15 million (before expenses). They expect that a prospectus will
be issued in November 2010.

Applications for the new shares will be considered on a first come first served
basis subject to the Directors' discretion. Investors will be permitted to make
applications for shares in either or both of the 2010/11 and the 2011/12 tax
years. It is anticipated that the share issue will remain open until 5 April
2011 in respect of the 2010/11 tax year and until late April 2011 in respect of
the 2011/12 tax year, subject to the Directors' right to close the share issue
at any time.

To encourage early applications an "early bird" incentive equivalent to 2% of
the issue price will be given to applicants who apply before 31 January 2011 and
satisfy the Company that they, or their spouses, are shareholders of the Company
or of Northern 2 VCT PLC, Northern 3 VCT PLC or Northern AIM VCT PLC.

The new shares will be issued at a premium to the then last published NAV to
allow for issue costs (which will include the cost of the "early bird"
incentive) of 5.5% of the amount raised and to avoid any material dilution in
the NAV attributable to each existing share when the new shares are issued.


Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000


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Source: Northern Venture Trust PLC via Thomson Reuters ONE

(END) Dow Jones Newswires

August 04, 2010 10:59 ET (14:59 GMT)