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14 September 2005
Northern Venture Trust PLC
Proposed ‘C’ share offer
Northern Venture Trust PLC (the ‘Company’), which at 30 June 2005 had net assets
of approximately #33.8 million, is pleased to announce that it intends to seek
further funds for investment by means of a ‘C’ share offer.
In the Company’s last statement of interim results, which was announced on 10
May 2005, the Chairman stated that the Company then had only about 10% of its
assets in liquid form and that the board intended to consider possible
mechanisms for raising additional funds over the following 12 months, bearing in
mind the Chancellor’s indication that the current 40% income tax relief on VCT
investment may be available only until April 2006. In order to avoid any
dilution of existing shareholders’ interests in the future capital growth and
dividend flow from the portfolio, it was envisaged that any significant
fund-raising would be by means of a ‘C’ share’ issue with the new assets
segregated from the old for an appropriate period.
In view of strong current market conditions, the Company is pleased to announce
that it will be proposing to launch by the end of October a ‘C’ share offer to
raise up to #30 million. It is anticipated that the ‘C’ share funds will be kept
segregated from the existing funds whilst they are being invested and that they
will not be amalgamated with the existing funds before 2009. A circular will be
issued to the Company’s shareholders shortly containing further details of the
proposed ‘C’ share issue and seeking authority at an extraordinary general
meeting of the Company to create and issue the ‘C’ shares.
This information is provided by RNS
The company news service from the London Stock Exchange