Bringing you live news and features since 2006 

Northern 2 VCT announces new share issue to raise up to GBP15 million

RELATED TOPICS​

NVM Private Equity has announced that Northern 2 VCT PLC will be launching a Public Offer of new Ordinary Shares in early November 2011, with a target of raising up to GBP15 million (before expenses).

 
Tim Levett, NVM Chairman, says: “NVM is one of the top performing VCT fund managers over the past five years, a period in which market conditions have been difficult. The investment team has successfully added six new growing UK businesses to our portfolio over the past twelve months, investing a total of nearly GBP30 million.  In August we announced the successful sale of our investment in Promanex Group, generating total cash returns of GBP13.7 million over a four year period from an original investment of GBP8.4 million. NVM’s track record of delivering profitable exits against a challenging economic background gives us confidence in Northern 2 VCT’s ability to meet its objective of paying an annual tax-free dividend of at least 5.5 pence per Share – a figure which has already been achieved in each of the past seven years.” 
 
In order to provide Shareholders with the opportunity to realise value, Northern 2 VCT also intends to launch a tender offer in November 2011. The company will offer to buy back 10% of its issued share capital; Shareholders can tender as many shares as they wish and will be entitled to have at least 10% of their shareholding repurchased by the company. Shares will be purchased at a price representing a 3% discount to the unaudited Net Asset Value (NAV) as at 30 September 2011.   
 
The new share issue will be promoted by VCT marketing specialists Downing Corporate Finance, who have been working with NVM in this role since 1999.
 
To reward loyalty and encourage early applications an “early bird” incentive equivalent to 2% of the issue price will be available for all existing NVM VCT Shareholders. 

Latest News

News came last night from the US that the SEC has approved CBOE’s proposal to list and trade VanEck’s spot..
Irish domiciled funds surpassed EUR4.3 trillion AuM (Assets under Management) at end-March 2024, a 15 per cent increase in net..
European white label ETF platform, HANetf, has announced its total assets under management (AUM) has now exceeded USD4.31 billion...
New research from European ETF provider Tabula Investment Management shows investors are expecting improvements in ESG from the gold mining..

Related Articles

Timothy Rotolo, Range Funds
In 2023, Timothy Rotolo launched his business, Range Fund Holdings, the parent company for Range Indices and Range ETFs, followed...
Dan Miller, IQ-EQ
With just over a week to go till T+1 settlement begins in North America, Canada and Mexico, time is of...
Emily Spurling, Nasdaq
Last October’s ETF Express US Awards 2023 found Nasdaq winning Best Index Provider – ESG ETFs and Best Index Provider...
Vinit Srivistava, MerQube
Index provider, MerQube, launched in 2019, with the aim of providing a “technology-driven answer to the most complex, rules-based investment...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by