Northern 2 VCT announces £7 million share offer as part of wider fundraise

LONDON - Northern 2 VCT PLC announced Wednesday the publication of a prospectus for new ordinary share offers seeking to raise £7 million, with an over-allotment facility to raise an additional £3 million.

The fundraising is part of a larger initiative alongside Northern Venture Trust PLC and Northern 3 VCT PLC, collectively known as the Northern VCTs, which together aim to raise up to £45 million if all over-allotment facilities are utilized.

The offers will open for applications on September 24, 2025, and will remain available until noon on March 31, 2026, unless fully subscribed earlier. Applications will be processed on a first-come, first-served basis, with the first share allotment scheduled for November 25, 2025.

Existing shareholders of any Northern VCT as of June 16, 2025, along with their spouses or civil partners, will receive a 0.5% reduction in offer costs for their subscriptions.

Mercia Fund Management Limited, the investment adviser and promoter for the Northern VCTs, will receive up to 5.5% of subscription monies as a promoter’s fee, reduced to 3.0% where no commission is payable. Mercia will also receive an annual commission of 0.4% for five years on applicable subscriptions.

As the investment manager and a related party to the company under UK Listing Rules, Mercia’s fee arrangement has been confirmed as fair and reasonable by Howard Kennedy Corporate Services LLP, the company’s sponsor.

The prospectus is available on Mercia’s website and has been submitted to the National Storage Mechanism in accordance with UK Listing Rules. The company stated that an investment brochure describing key features of the offers has been distributed to registered shareholders based on their communication preferences.

This article is based on a press release statement from Northern 2 VCT PLC.

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