Northern 3 VCT PLC Application Form - Clubfinance

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Pricing of the Offer TheOfferShareswillbeissuedatapricecalculatedonthebasisofaformulabasedonthelatestpublishedNAVdividedby 0.945toallowforissuecostsof5.5%oftheamountraisedundertheOffer,roundeduptothenearestwholepennyper OfferShare.Accordingly,thenetproceedsoftheOfferwillbeapproximately94.5%oftheamountsubscribed. OnthebasisofthelatestpublishedNAVoftheCompanyasat31December2011of95.5pperShare,andafterdeducting theinterimdividendof2.0ppersharedeclaredinrespectoftheyearending31March2012whichwaspaidon13January 2012,theInitialOfferPricewillbe99.0pperShare.BasedontheInitialOfferPrice,upto2,020,202OfferShareswillbe issued. TheactualissuepricemaybehigherorlowerthanthisandwillbedeterminedbythelatestpublishedNAVonthebusiness daypriortoallotmentoftheOfferShares.SettingtheissuepriceinaccordancewiththePricingFormulahasbeendesigned toavoidanydilutionoftheNAVattributabletoeachExistingSharewhentheOfferSharesareissued. TheapplicationofthisPricingFormulaavoidsthenecessitytoannouncetheissuepriceoftheOfferShareswhentheyare beingallottedduringtheperiodoftheOffershouldanewNAVbeannouncedorotherwisepublished. Commission Downing will be responsible for commissions payable to authorised financial advisers on successful applications bearing their stamp. Authorised financial advisers will be paid by Downing out of its capital raising fees an initial commission usually of 2.25% of the amount invested by their clients. Additionally, provided that the authorised financial adviser continuestoactfortheclientandtheclientcontinuestobethebeneficialowneroftheShares,theauthorisedfinancial advisers will usually be paid an annual trail commission of 0.25% of their clients' gross subscription for five years. Trail commissionwillbepaidannuallyinJuly(commencingJuly2013).Authorisedfinancialadvisersmayagreetowaivepartor alloftheirinitialcommission.Insuchcircumstances,anInvestor'sapplicationwillattractanadditionalallotmentofOffer SharesatnogreatercosttotheCompanyortheInvestorandthecommissionwaivedwillbeusedtosatisfythepurchase priceofsuchOfferShares. Northern 3 VCT PLC 7
PART II – Track record of the Company Northern3VCTPLCwasincorporatedin2001. ThefinancialperformanceoftheExistingSharesoverthelastfivefinancialperiodsissummarisedbelow. TheCompany–DividendsandTotalReturn Periodended 31December 31March 2011 1 2011 31March 2010 31March 2009 31March 2008 2 Dividendspershare Dividendsdeclaredinrespectoftheperiod 3 2.0p 4.5p 4.0p 4.0p 6.0p Cumulativedividendsdeclaredsinceinception 33.4p 31.4p 26.9p 22.9p 18.9p TotalReturnpershare Netassetvaluepluscumulativedividendspaid 126.9p 121.1p 115.1p 104.9p 115.2p 1. Unauditedfiguresforninemonthperiod. 2. Eighteenmonthperiod. 3. Dividendshavebeenlistedagainsttheperiodtowhichtheyrelate. Recent substantial investments by the Company In December 2011 NVM funds invested £3 million in Lineup Systems, of which Northern3VCTinvested£974,000.LineupSystemsdeliverscollaborativeadvertising booking, management, analytics and customer relationship management tools for multichannelmediacompanies.NVM'sinvestmentwillhelpfundthedevelopment ofnewmediaadvertisingproductsandsupportgrowthininternationalsaleswhilst maintaininghighstandardsofcustomerservice. KitwaveOne In June 2011 NVM funds committed £6 million to Tinglobal Holdings, of which Northern 3 VCT invested £988,000. Tinglobal specialises in the sale and refurbishment of midtohigh end second user IT equipment. NVM’s investment is fundingthemanagementbuyoutofthecompanyandprovidesthecapitaltoexpand theirproductandserviceofferingsglobally. InMarch2011NVMfundsinvested£7.5millioninKitwaveOne,ofwhichNorthern3 VCTinvested£1.0million.Kitwaveisalocalwholesaleroffastmovingconsumable goods to the convenience store sector. NVM’s investment is funding a growth strategytoacquirebusinesseswithsimilarproductrangesandcustomerbases. In March 2011 NVM funds invested £6 million in Control Risks Group Holdings, of whichNorthern3VCTinvested£746,000.ControlRisksisanindependentspecialist risk consultancy offering a range of services to enable its clients to succeed in complex or hostile business environments. NVM’s investment will provide the supporttodrivethestronggrowthofthebusinessininternationalmarkets. In December 2010 NVM funds invested £4 million in Cawood Scientific, of which Northern 3 VCT invested £825,000. Cawood is a provider of analytical laboratory testing services to landbased industries. NVM’s investment is funding the management buyout and providing capital for the independent growth of the company’sservicesacrosstheUKandEurope. Asat31December2011,theCompany’sventurecapitalportfoliocomprised45investmentswithanunauditedaggregate valueof£28.5million. Northern 3 VCT PLC 8
Page 1 and 2: Northern3VCT PLC Offer Document (in
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Page 5 and 6: Letter from the Chairman Northern3
Page 7 and 8: OnlyaverybriefsummaryoftheUKtaxposi
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Northern 3 VCT PLC Application Form - Clubfinance

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