Statement re proposed share issue

31 MAY 2013

NORTHERN 2 VCT PLC

PROPOSED SHARE ISSUE

Northern 2 VCT PLC ("N2VCT") announces that subject to obtaining the requisite regulatory and shareholder approvals, the latter of which will be sought at the annual general meeting to be held on 19 July 2013, it intends, in conjunction with Northern Venture Trust PLC ("NVT") and Northern 3 VCT PLC ("N3VCT"), to launch a joint prospectus offer of new ordinary shares for subscription in the 2013/14 and 2014/15 tax years ("the Offer").  It is envisaged that the Offer will seek to raise a total of £15 million in N2VCT, £15 million in NVT and £20 million in N3VCT.

Applications for the new shares will be considered on a first come first served basis subject to the directors' discretion.  Investors will be permitted to make applications for shares in either or both of the 2013/14 and the 2014/15 tax years and to invest in any or all of the three funds.  It is anticipated that the Offer will remain open until 5 April 2014 in respect of the 2013/14 tax year and until late April 2014 in respect of the 2014/15 tax year, unless fully subscribed at an earlier date and subject to the directors' right to close the Offer at any time.

The new shares will be issued at a premium to the latest published net asset value per share prior to the relevant allotment date to allow for issue costs and to avoid any dilution in the net asset value attributable to each existing share when the new shares are issued.  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 in July 2013.

 

Enquiries:

Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000
Website:  www.nvm.co.uk

Neither the contents of the NVM Private Equity Limited website nor the contents of any website accessible from hyperlinks on the NVM Private Equity Limited website (or any other website) is incorporated into, or forms part of, this announcement.

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Source: Northern 2 VCT PLC via Thomson Reuters ONE

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