Northern Venture Managers (NVM) new venture capital trust issue, the Northern Aim VCT, is now over ...
Northern Venture Managers (NVM) new venture capital trust issue, the Northern Aim VCT, is now over three-quarters subscribed in advance of the scheduled closing date on 19 December.
NVM is also planning to bring the Northern 2 VCT, the £24 million generalist VCT launched by NVM in 1999, back to the market in mid-January 2001 with a new share issue aimed at doubling the size of the trust.
NVM is aiming to raise £20 million with the issue of the new Northern Aim VCT, and is optimistic that it will reach that target in the few remaining days.
On Thursday last week the total raised stood between £15.5m and £16m.
NVM director, Norman Yarrow, who will manage the Northern Aim VCT, said: "We are delighted with the response we have received from investors, at a time when there is strong competition in the VCT new issue market.
"We are expecting the usual last-minute rush as the issue gets near to closing, so our advice to intending investors is to get their applications to us as soon as possible to avoid disappointment."
The VCT invests in new Aim issues, but also later stage venture capital deals and pre-floatation issues and has a generalist mandate.
Yarrow said that between half and a third of the VCT will be invested in profitable businesses.
NVM plans to reopen the Northern 2 VCT because of what it claims are a burgeoning number of opportunities in the venture capital arena and to boost the size of deals that NVM can make. The aim is to increase the size of the Northern 2 VCT to around £50m.
Yarrow said: "Our venture capital deal flow this year has been at record levels, especially since the opening of our Reading office in July.
"We have a number of new investments currently in the pipeline and are looking forward to a very busy year in 2001."
IFAs interested in the current issue or the future re-opening of the Northern 2 VCT can contact NVM on 0800 085 2601.
The venture and development capital investment trust sector has produced an average share price return over the past three years of 140.6%. Over the year the figure is 53.9% and over three months the average return has been 0.6%
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