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Northern 3 VCT launches top-up share offer as Northern 2 VCT share issue sells out early

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Following the full subscription of the GBP15 million Northern 2 VCT PLC public share issue, which closed on 14 February 2012 some seven weeks before the end of the current tax year, Northern 3 VCT PLC has launched a GBP2 million top-up offer of new ordinary shares for subscription in the 2011/12 tax year.

Northern 3 VCT, which like Northern 2 VCT is managed by NVM Private Equity, has an objective of paying annual dividends of at least 5 pence per share, representing a tax-free yield of 7.2% per annum based on the offer price of 99 pence less 30% income tax relief.  Since its launch in 2001, Northern 3 VCT has generated a total return (latest net asset value plus cumulative dividends) of 126.9p before taking account of tax reliefs obtained by investors.
 
Investors in the Northern 3 VCT top-up issue will gain immediate exposure to a portfolio of 45 existing private equity investments  across a wide range of business sectors – many of which are trading successfully and generating capital growth and income for NVM’s funds.  The NVM investment team believes future growth prospects are good despite the present difficult conditions in the UK economy and financial markets.
 
Tim Levett (pictured), NVM Chairman, says: “There is a growing recognition that well-run generalist VCTs provide investors with significant tax-free dividends.  The market is identifying the funds that achieve both high total return and dividend yield.  Our fund raising experience this year and last, when our main share offers sold out by mid-February in both years, is that investors are seeking high yields and a genuine investment story.”
 
The Northern 3 VCT top-up offer opened on 21 February 2012 and will close at 5.00pm on 5 April 2012, or earlier if fully subscribed.

 

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