NVM reopens its 3rd VCT to new funds

Northern Venture Managers is to reopen Northern 3 VCT plc to allow up to a further £20m in funds to be raised. The additional capital will enable the trust, which has already raised over £20m since its launch in 2001, to take advantage 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 first share offer is open for subscription until 30 Septemebr. New ordinary shares will be issued initially at a price of 103 pence per share, with the offer price being reviewed periodically to reflect movements in the underlying net asset value of the trust. The NAV as at 30 June, 2004 was 97.2 pence per share.

It is the fund’s key objective to increase the asset base of Northern 3 VCT to over £30m, which will not only permit a broader spread of investments, but also enable the trust to make a more substantial investment in each company.