Northern 3 VCT PLC Application Form - Clubfinance
Northern 3 VCT PLC Application Form - Clubfinance
Northern 3 VCT PLC Application Form - Clubfinance
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Track Record of the Manager<br />
NVMmanagesthreegeneralist<strong>VCT</strong>sand<strong>Northern</strong>InvestorsCompany,ageneralistprivateequityinvestmenttrust.The<br />
respectiveunauditedreturnsofthesecompaniestoinvestorswhosubscribedatlaunchareasfollows:<br />
<br />
TrackRecordofNVM’sGeneralist<strong>VCT</strong>Funds<br />
<br />
<br />
Taxyearof<br />
launch<br />
Net<br />
cost 1 <br />
Latest<br />
NAVdate<br />
Totalreturn<br />
todate 2 <br />
<br />
Increase<br />
overnetcost(%)<br />
<br />
<strong>Northern</strong>VentureTrust<strong>PLC</strong> 1995/96 80p 31December2011 185.3p +131.6%<br />
<br />
<strong>Northern</strong>2<strong>VCT</strong><strong>PLC</strong> 1998/99 80p 31December2011 136.3p +70.4%<br />
<br />
<strong>Northern</strong>3<strong>VCT</strong><strong>PLC</strong> 2001/02 80p 31December2011 126.9p +58.6%<br />
<br />
1 Netcostistheinitialofferpriceof100ppersharelesstheincometaxreliefavailabletoinvestorsineachofthe<strong>VCT</strong>s.<br />
2 Totalreturniscumulativedividendspaid(includingthetaxcreditswherereclaimable)plusthemostrecentlyannouncedunaudited<br />
netassetvalueforeach<strong>VCT</strong>inpencepershare.<br />
(Source:announcementsmadebytherelevant<strong>VCT</strong>throughanRIS)<br />
TrackRecordofNVM’sGeneralistInvestmentTrust<br />
Yearofflotation Netassetvalue<br />
atflotation 1 <br />
Cumulative<br />
returntodate 2 <br />
<br />
Increaseover<br />
netassetvalueat<br />
flotation(%)<br />
<br />
<strong>Northern</strong>InvestorsCompany<strong>PLC</strong> 1990 61.6p 395.2p +541.6%<br />
<br />
1 Adjustedtoreflect4for1divisionofordinarysharesin2005.<br />
2 Cumulativedividendspaidsinceflotation,adjustedfor4for1divisionofordinarysharesin2005,plusunauditednetassetvalueasat<br />
31December2011.<br />
(Source:announcementsmadeby<strong>Northern</strong>InvestorsCompanythroughanRIS)<br />
<br />
PleasenotethatthepastperformanceoftheManagerandofthefundsitmanagesmaynotberepeatedandisnota<br />
guidetothefutureperformanceoftheCompanyandnoprojectionisimpliedorshouldbeinferred.<br />
<br />
Deal Flow<br />
TheBoardconsidersstrongdealflowtobeofvitalimportancetothefutureperformanceoftheCompany.TheManager’s<br />
credentialsareasfollows:<br />
Since 1 January 2005, funds managed by NVM have invested approximately £140 million in <strong>VCT</strong>qualifying<br />
companies.<br />
<br />
NVMhasaregionalnetworkof11executivesbasedinmajorbusinesscentresacrosstheUK.<br />
<br />
<br />
Investment policy<br />
<br />
The net proceeds of the Offer will be invested by the Company in accordance with its stated investment policy. The<br />
Company'sobjectiveistoprovidehighlongtermtaxfreereturnstoitsShareholdersthroughacombinationofdividend<br />
yieldandcapitalgrowth.<br />
<br />
The Company is a Venture Capital Trust approved by HM Revenue & Customs and the Directors intend to conduct the<br />
affairsoftheCompanysothattheconditionsforapprovalasa<strong>VCT</strong>willcontinuetobesatisfied.TheDirectorsintendthat<br />
the longterm disposition of the Company's assets will be approximately 80% in a portfolio of mainly <strong>VCT</strong>qualifying<br />
unquoted and AIM investments and 20% in other investments (including but not restricted to listed fixedinterest<br />
securities),toprovideareserveofliquiditywhichwillmaximisetheCompany'sflexibilityastothetimingofinvestment<br />
acquisitionsanddisposals,dividendpaymentsandsharebuybacks.<br />
<br />
Thetargetsizerangeforindividual<strong>VCT</strong>qualifyinginvestmentsisfromapproximately£250,000to£1millionwithinanytax<br />
year,withanoverallmaximumof£3million.<br />
<br />
TheDirectorsconsiderthattheabilitytoinvestjointlywithotherfundsmanagedbytheManagerisdesirablebecauseitwill<br />
enabletheCompanytoparticipateinlargerinvestmentsthanthosewhichitcouldundertakeusingonlyitsownresources.<br />
IthasbeenagreedthatwhereajointinvestmentopportunityarisesbetweentheCompanyandotherfundsmanagedby<br />
NVM, an investment allocation will be offered to each party pro rata to their respective net assets at the time of<br />
investment.Anycostsassociatedwithanysuchinvestmentwillbebornebytherelevantpartyproratatoitsrespective<br />
investment.<br />
<strong>Northern</strong> 3 <strong>VCT</strong> <strong>PLC</strong> 5
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