NVM plans further VCT fundraising

Northern Venture Managers (NVM) has announced plans to raise up to £20m through a new series of share offers by Northern 3 VCT, one of its generalist venture capital trusts. Brewin Dolphin Tax Solutions will promote the offers. The additional capital will enable the trust, which has already raised over £20m since its launch in 2001, to take advantage of NVM's strong flow of new investment opportunities. Investors will be eligible for the new 40% up-front income tax relief, announced in the 2004 Budget, on their subscriptions. The proposed fund-raising was approved by Northern 3 VCT's shareholders at an extraordinary general meeting on 8 July and the first share offer is open for subscription until 30 September. New ordinary shares will be issued initially at a price of 103p per share, with the offer price being reviewed periodically to reflect movements in the underlying net asset value of the trust. The NAV at 30 June 2004 was 97.2p per share.

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