Northern 2 VCT PLC Statement Regarding Top Up Offer
November 23 2018 - 9:30AM
UK Regulatory
TIDMNTV
23 NOVEMBER 2018
NORTHERN 2 VCT PLC
PROPOSED TOP-UP OFFER FOR SUBSCRIPTION
Northern 2 VCT PLC (the "Company") announces that subject to obtaining
the requisite shareholder approvals (which will be sought at the general
meeting to be held on 20 December 2018) it intends, in conjunction with
Northern Venture Trust PLC and Northern 3 VCT PLC (together with the
Company, known as the "Northern VCTs"), to launch a top-up offer of new
ordinary shares for subscription in the 2018/19 tax year ("the Offer").
It is envisaged that the Offer will seek to raise up to GBP6.6 million
(equivalent to EUR7.4 million at current exchange rates) for each of the
Northern VCTs, a total fund-raising of up to GBP19.8 million.
It is expected that the Offers will open on or around 7 January 2019 and
will remain open until 5 April 2019, unless fully subscribed at an
earlier date and subject to the directors' right to close any Offer at
any time. It is expected that all new shares will be allotted between 1
April 2019 and 5 April 2019. Further details of the Offer will be
contained in the offer document which is expected to be published on or
around 7January 2019 (the "Offer Document").
Applications for the new shares in the Company will be dealt with on a
"first come first served" basis with a minimum subscription of GBP6,000
in total and GBP2,000 in each of the Northern VCTs. However,
shareholders on the register of members for any of the Northern VCTs as
at the close of business on 14 November 2018 will have priority
application rights for a period of fourteen days from the date of
publication of the Offer Document.
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 minimise any dilution in the net asset value
attributable to each existing share when the new shares are issued. A
discount to the issue price will be available to all applicants
(including existing shareholders) whose applications are received by the
Company by the date falling 4 weeks after the opening of the Offer
(expected to be 4 February 2019). 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 Offer Document.
Enquiries:
Simon John/James Bryce, NVM Private Equity LLP - 0191 244 6000
Website:
https://www.globenewswire.com/Tracker?data=OEyZS4t4gp8Lg0nj2IB9hdUZ4QpshWapw3DqStVX73PWiXZZNf6lmMo36HenoWwWSzT1bm7_wBZBlZczglbevQ==
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
November 23, 2018 10:30 ET (15:30 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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