Conversion of Securities

28 October 2009 NORTHERN VENTURE TRUST PLC ("The Company") C SHARE CONVERSION The Company announces further details of the forthcoming conversion of the Company's C shares of 75p each into ordinary shares of 25p each and deferred shares of 25p each. The C shares were issued by way of an offer for subscription launched in November 2005 and the funds raised have been managed as a separate pool of assets from those attributed to the ordinary shares. In accordance with the Company's articles of association, the C shares will convert into ordinary shares at the close of business on 29 October 2009 (the 'Conversion Date'). It is expected that the C shares will be removed from the Official List with effect from 8.00am on 30 October 2009. The number of new ordinary shares to be issued on conversion will be determined by reference to the respective net asset values per share attributable to the ordinary shares (80.3p) and the C shares (74.8p) (the 'Conversion Ratio') as at 30 September 2009 (the 'Calculation Date'). The Conversion Ratio is 0.9313893 and the 20,409,465 C shares currently in issue will be converted into 19,009,157 new ordinary shares and 42,219,238 deferred shares at 6.00pm on 29 October 2009. The new ordinary shares will be allocated to C shareholders registered in the register of members of the company at 6.00pm on 29 October 2009 on the basis of 0.9313893 new ordinary shares for every C share held prior to conversion, subject to the total number of new ordinary shares being 19,009,157; allocations will normally be rounded to the nearest whole number. C shareholders registered in the register of members of the company at 6.00pm on 29 October 2009 will also receive deferred shares, which in accordance with the Company's articles of association will then be acquired by the Company for a nominal amount (which will not be paid to shareholders); it is expected that this will occur immediately following the next annual general meeting of the Company subject to the passing of an enabling resolution at that meeting. Share certificates will not be issued in respect of deferred shares and the deferred shares will not be listed or admitted to trading on any market. The new ordinary shares to be issued on conversion will rank pari passu with the existing ordinary shares and application will be made for the new ordinary shares to be admitted to the Official List and to trading on the London Stock Exchange's market for listed securities with effect from 8.00am on 30 October 2009. CREST accounts in respect of uncertificated holdings of the new ordinary shares are expected to be credited on 30 October 2009 and share certificates in respect of the new ordinary shares will be sent to shareholders no later than 9 November 2009. Enquiries: Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000 Website: www.nvm.co.uk ---END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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