Statement re Shareholder Meeting, Proposed Tend...

23 SEPTEMBER 2011

NORTHERN 2 VCT PLC

SHAREHOLDER MEETING, proposed tender offer, SHARE ISSUE AND EXTENSION OF THE
LIFE OF THE COMPANY

Northern 2 VCT PLC ("the Company") announces that a circular has today been
posted to shareholders giving notice of a shareholder general meeting to be held
on 20 October 2011 to consider resolutions to facilitate a proposed tender offer
and a proposed share issue to raise up to £15 million (before expenses) and to
amend the articles of association to extend the life of the company.

Tender offer at a 3% discount to net asset value

The  directors propose  that, subject  to obtaining  shareholder approval at the
October 2011 general meeting, a tender offer will then be made to purchase up to
10% of  the then issued share  capital of the Company  at a price representing a
discount of 3% to the unaudited net asset value ("NAV") as at 30 September 2011
adjusted  for any declared but unpaid dividends.  It is expected that the tender
offer  will be made in early November  2011 and that the tender offer will close
on  6 January 2012, with cash payments  being made to participating shareholders
in early January 2012.  The tender offer will give all shareholders the right to
tender  up to 10% of  their ordinary shares  held as at  4 November 2011 and the
opportunity  to tender more than their entitlement subject to the take up of the
offer by other shareholders.

Shareholders  who subscribed for  ordinary shares on  or after 6 April 2006 must
hold  such shares for five years  from the date of issue  in order to retain the
initial   income   tax   relief  granted  in  respect  of  their  subscription.
Shareholders  who successfully tender any ordinary shares which were allotted to
them  on or  after 6 January  2007 would therefore  lose the  initial income tax
relief granted in respect of their subscription.

Share issue to raise up to £15 million

The  directors propose  that, subject  to obtaining  shareholder approval at the
October  2011 general meeting, there will be an  issue of new ordinary shares to
raise  up to £15  million (before expenses).   It is expected  that a prospectus
will be issued in November 2011.

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 2011/12 and the 2012/13 tax
years.  It is anticipated that the share issue will remain open until 5 April
2012 in respect of the 2011/12 tax year and until late April 2012 in respect of
the 2012/13 tax year, subject to the directors' right to close the share issue
at any time.

To  encourage early applications an "early  bird" incentive of additional shares
equivalent  in value to  2% of the issue  price will be  given to applicants who
apply  before  6 February  2012 and  satisfy  the  Company  that  they, or their
spouses,  are shareholders of  the Company or  of Northern Venture  Trust PLC or
Northern 3 VCT PLC.

The  new shares will  be issued at  a premium to  the then last published NAV to
allow  for  issue  costs  (which  will  include  the  cost  of the  "early bird"
incentive)  of 5.5% of the amount  raised and to avoid  any material dilution in
the NAV attributable to each existing share when the new shares are issued.

Extension of the life of the Company

The articles of association presently require that a resolution for the
continuation of the Company be put to the annual general meeting of the Company
held in 2013 and, unless defeated, at five-yearly intervals thereafter.  The
proposed amendment to the articles of association requires the continuation
resolution to be considered at the annual general meeting of the Company
expected to be held in July 2017 and every five years thereafter.

A copy of the circular has been submitted to the National Storage Mechanism and
will shortly be available for inspection at www.Hemscott.com/nsm.do and is also
available on the NVM Private Equity website at www.nvm.co.uk/n2vctgm2011

Enquiries:

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






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Source: Northern 2 VCT PLC via Thomson Reuters ONE

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