Last checked at 
10 Jan 2022 12:45
Publication of Prospectus10 JANUARY 2022
NORTHERN 2 VCT PLC
OFFER FOR SUBSCRIPTION
Northern 2 VCT PLC (“the Company”) announces that in conjunction with Northern Venture Trust PLC and Northern 3 VCT PLC (together with the Company known as “the Northern VCTs”), it has published a Prospectus in relation to offers of new ordinary shares for subscription in the 2021/22 tax year ("the Offers"). The Offers seek to raise a total of £17 million for the Company, £6 million for Northern Venture Trust PLC and £17 million for Northern 3 VCT PLC (with a total fund-raising of up to £40 million).
Applications for the new shares in the Company will be dealt with on a “first come first served” basis. However, in recognition of the loyal shareholder following which the Northern VCTs enjoy, investors who are existing shareholders whose applications for shares in the Company are accepted will benefit from a reduction of 0.5% in the offer costs applicable to their subscription compared to the costs for new shareholders, provided they (or their spouse or civil partner) were on the register of any of the Northern VCTs at 29 November 2021. The Offers will remain open until 12 noon on 31 March 2022, unless fully subscribed at an earlier date and subject to the directors' right to close the Offers at any time.
Pursuant to the Offers, Mercia Fund Management Limited, the Northern VCTs’ investment manager and promoter, will, in respect of the services provided pursuant to the Offers, receive an amount equal to 4.5% (or 2.5% where no commission is payable) of the aggregate amounts of the subscription monies as received by the Northern VCTs pursuant to the Offers together with an annual commission of 0.2% for five years of the gross funds subscribed under the Offers in respect of which trail commission is payable. These arrangements, as they relate to the Company and Northern 3 VCT PLC, constitute smaller related party transactions under Listing Rule 11.1.10R.
An investment brochure describing the key features of the Offers and an application form will be posted to registered shareholders as soon as possible and are also available from www.mercia.co.uk/vcts.
A downloadable version of the Prospectus is available from: www.mercia.co.uk/vcts.
A copy of the Prospectus is available, free of charge, from the Company's registered office at Forward House, 17 High Street, Henley-in-Arden B95 5AA or by calling Mercia Asset Management on 0330 223 1431.
In accordance with the Listing Rules, the Prospectus has been submitted to the National Storage Mechanism and will shortly be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Enquiries:
Graham Venables/James Sly, Mercia Fund Management Limited – 0330 223 1430 Website: www.mercia.co.uk
Martin Glanfield, Chief Financial Officer, Mercia Asset Management PLC – 0330 223 1430 Website: www.mercia.co.uk
Neither the contents of the Mercia Asset Management PLC website, nor the contents of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website), are incorporated into, or form part of, this announcement.