Northern Venture Tst Notice Of Gm
August 23 2017 - 10:00AM
UK Regulatory
TIDMNVT
23 AUGUST 2017
NORTHERN VENTURE TRUST PLC
SHAREHOLDER MEETING, SHARE ISSUE, CANCELLATION OF SHARE PREMIUM ACCOUNT
AND EXTENSION OF THE LIFE OF THE COMPANY
Northern Venture Trust PLC ("the Company") announces that a circular
("the Circular") has today been posted to shareholders giving notice of
a shareholder general meeting to be held on 20 September 2017 to
consider resolutions to facilitate a proposed share issue to raise up to
GBP20 million (before expenses), to seek approval for the cancellation
of the share premium account which will arise on the issue of new
ordinary shares in the proposed share issue and to amend the articles of
association to extend the life of the Company.
Share issue to raise up to GBP20 million
Further to the announcement made by the Company on 26 July 2017, the
Circular contains resolutions which, if passed, would provide
shareholder authority to facilitate the launch by the Company, subject
to the requisite regulatory approvals, of a joint prospectus offer by
the Company, Northern 2 VCT PLC and Northern 3 VCT PLC (together with
the Company known as "the Northern VCTs") of new ordinary shares for
subscription in the 2017/18 tax year ("the Offer"). It is envisaged
that the Offer will seek to raise up to GBP20 million for each of the
Northern VCTs.
Applications for the new shares in the Company will be dealt with on a
"first come first served" basis. However, applications from
shareholders on the Company's register of members as at the close of
business on 25 July 2017 will have priority for a period of twenty one
days from the date of publication of the prospectus. Thereafter,
applications received by the Company during the 21 day priority period
from shareholders on the registers of members of Northern 2 VCT PLC and
Northern 3 VCT PLC as at the close of business on 25 July 2017 will be
satisfied prior to the Offer becoming open to all applicants. The Offer
will remain open until 5 April 2018, unless fully subscribed at an
earlier date and subject to the directors' right to close the Offer at
any time.
The new shares in the Company will be issued at a premium to the most
recent net asset value per share published prior to the allotment date,
such that the net proceeds per new ordinary share, after deducting issue
costs, will be equivalent to the net asset value attributable to each
existing ordinary share. The issue price will be subject to adjustment
from time to time as appropriate to reflect dividend distributions and
changes in the published net asset value per share.
Further details of the Offer will be contained in the prospectus which
is expected to be issued by 30 September 2017.
Cancellation of share premium account
The Circular contains a resolution which, if passed, would provide
shareholder authority for the cancellation of the share premium account
arising on the issue of new ordinary shares, including those shares to
be issued in connection with the Offer. Subject to the approval of the
Court, this will create additional distributable reserves in order to
facilitate the buyback of the Company's own shares and/or the payment of
dividends.
Extension of the life of the Company
The articles of association presently require that a resolution for the
continuation of the Company be put to the annual general meeting of the
Company held in 2019 and, unless defeated, at five-yearly intervals
thereafter. The proposed amendment to the articles of association
requires the next continuation resolution to be considered at the annual
general meeting of the Company expected to be held in December 2023 and
every five years thereafter.
A more detailed explanation of the resolutions to be proposed at the
general meeting is contained in the Circular.
Copies of the Circular and the revised articles of association have been
submitted to the National Storage Mechanism and will shortly be
available for inspection at: www.morningstar.co.uk/uk/NSM and are also
available on the NVM Private Equity LLP website at
www.nvm.co.uk/nvt/meetings.
Enquiries:
Alastair Conn/Christopher Mellor, NVM Private Equity LLP - 0191 244 6000
Website: 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.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Northern Venture Trust PLC via Globenewswire
(END) Dow Jones Newswires
August 23, 2017 10:00 ET (14:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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