Northern Venture Managers (NVM), the specialist mid-market venture capital fund manager, is to launc...
Northern Venture Managers (NVM), the specialist mid-market venture capital fund manager, is to launch the Northern 3 VCT to be sponsored by Brewin Dolphin Securities.
The trust is to launch on 25 September 2001 and aims to raise £25m. It will be a generalist VCT, aiming to provide a combination of income yield and long-term capital growth from companies throughout the UK, according to Alastair Conn, managing director at NVM.
The portfolio will consist mainly of investments in smaller, unlisted UK companies, including new issues on Aim, across a spread of industry sectors and financing stages. The trust will co-invest with the other venture capital funds managed by NVM in venture capital deals of up to £5m.
There are 25 million shares available for subscription at an issue price of 100p. The minimum investment is £3,000 and the maximum investment is £100,000 per tax year. The closing date for investment for the 2001/2002 tax year is 5 April 2002 and the closing date for investments for the following tax year is 11 April 2002, or earlier if the fund is fully subscribed.
There is an annual charge of 1.5% for year one, 2% for year two and 2.5% for year three and onwards. Commission is available at 3% and investors will be able to have their shares allotted in either or both of the 2001/2002 and 2002/2003 tax years.
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