NVM VCTs raise £38.2 million

RNS Number : 7696I

Mercia Asset Management PLC

03 April 2020

 

RNS
For immediate release 3 April 2020

Mercia Asset Management PLC

("Mercia")

NVM VCTs raise £38.2million, increasing Mercia's AUM to c.£740million

Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager, is pleased to note that the three Northern Venture Capital Trusts ("NVM VCTs") which form part of Mercia's assets under management ("AUM"), following the acquisition of the NVM VCT fund management contracts in December 2019, have raised a total of £38.2million in new capital through the share offers launched in January 2020.

The NVM VCTs comprise Northern Venture Trust PLC, Northern 2 VCT PLC and Northern 3 VCT PLC. 

Mark Payton , Chief Executive Officerof Mercia, commented:

"We are pleased by the successful fund raising of £38.2million, despite the challenging market environment, reflecting continuing confidence in the reputation and track record of the NVM VCT portfolios and the investment team managing them. This now takes Mercia's total AUM to c.£740million and we continue to be well positioned as an important source of capital for regional SMEs, as they look to navigate the current economic conditions."

Ends

For further information, please contact:

Mercia Asset Management PLC Mark Payton, Chief Executive Officer Martin Glanfield, Chief Financial Officer www.mercia.co.uk	[phone]
Canaccord Genuity Limited (NOMAD and Joint Broker)	[phone]
Simon Bridges, Richard Andrews
N+1 Singer (Joint Broker)
Harry Gooden, James Moat	[phone]
FTI Consulting	[phone]
Tom Blackwell, Louisa Feltes, Antonia Powell
[e-mail]

About Mercia Asset Management PLC

Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital: the Group's 'Complete Connected Capital'. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.

The Group has a strong UK regional footprint through its eight offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£740million of assets under management and, since its IPO in December 2014, has invested over £90million across its direct investment portfolio.

Mercia Asset Management PLC is quoted on AIM with the epic "MERC".

 

END

 

 

IOEEAFLDELEEEFA