Proposed .C. Share Offer

14 Sep 2005 15:39

Northern Venture Trust PLC14 September 2005 14 September 2005 Northern Venture Trust PLCProposed "C" share offer Northern Venture Trust PLC (the "Company"), which at 30 June 2005 had net assetsof approximately £33.8 million, is pleased to announce that it intends to seekfurther funds for investment by means of a "C" share offer. In the Company's last statement of interim results, which was announced on 10May 2005, the Chairman stated that the Company then had only about 10% of itsassets in liquid form and that the board intended to consider possiblemechanisms for raising additional funds over the following 12 months, bearing inmind the Chancellor's indication that the current 40% income tax relief on VCTinvestment may be available only until April 2006. In order to avoid anydilution of existing shareholders' interests in the future capital growth anddividend flow from the portfolio, it was envisaged that any significantfund-raising would be by means of a "C" share" issue with the new assetssegregated from the old for an appropriate period. In view of strong current market conditions, the Company is pleased to announcethat it will be proposing to launch by the end of October a "C" share offer toraise up to £30 million. It is anticipated that the "C" share funds will be keptsegregated from the existing funds whilst they are being invested and that theywill not be amalgamated with the existing funds before 2009. A circular will beissued to the Company's shareholders shortly containing further details of theproposed "C" share issue and seeking authority at an extraordinary generalmeeting of the Company to create and issue the "C" shares. ENDS This information is provided by RNS The company news service from the London Stock Exchange