Northern 3 VCT launches £10 million share offer for 2026/27

Northern 3 VCT PLC has unveiled an offer for new ordinary shares, aiming to raise £10 million for the 2026/27 tax year, as per a press release. This offering is part of a collective fundraising initiative with Northern Venture Trust PLC and Northern 2 VCT PLC, collectively referred to as the Northern VCTs, with a shared goal of £30 million across all three trusts.

Applications for the shares will become available at 8:00 a.m. on September 30, 2026, and will be allocated on a first-come, first-served basis. The application window will remain open until 12:00 p.m. on March 31, 2027, but may close earlier if fully subscribed or otherwise closed by the board. Existing shareholders, along with their spouse or civil partner, who are registered as part of any Northern VCT as of June 10, 2026, will benefit from a 0.5% reduction in offer costs for their subscription.

The first allocation of shares is set for late November 2026, with applications for these shares to be submitted by 5:00 p.m. on November 23, 2026, to be considered for the initial distribution. Mercia Fund Management Limited, acting as the investment adviser, manager, and promoter for the Northern VCTs, will receive up to 5.5% of the total subscription funds, or 3.0% if no commission is involved, for the services it provides.

Mercia will also cover all expenses related to the issuance of ordinary shares. The board is confident that this transaction is fair and reasonable for shareholders, a determination confirmed by Howard Kennedy Corporate Services LLP, which serves as a sponsor of the transaction. This arrangement is classified as a related party transaction under UK Listing Rule 11.5.4R.

The offer document can be obtained from the company's registered office at Forward House, 17 High Street, Henley-in-Arden B95 5AA.