Northern 3 VCT PLC Application Form - Clubfinance
Northern 3 VCT PLC Application Form - Clubfinance
Northern 3 VCT PLC Application Form - Clubfinance
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
ThefullinvestmentpolicyfortheCompanycanbefoundinitsannualreportfortheyearended31March2011,whichis<br />
availableontheNVMwebsite(www.nvm.co.uk)oronrequestfromNVMbytelephoning01912446000.<br />
<br />
<br />
Share buyback policy<br />
<br />
TheCompanywishestoensurethatthereisliquidityinitsSharesand,accordingly,theCompanypursuesanactivediscount<br />
management policy. The Company will endeavour to buy back those Shares which its Shareholders wish to sell, at a<br />
discountof15%tothelatestpublishedNAV,subjecttoapplicablelegislationgoverningtheCompany,marketconditionsat<br />
thetimeandtheCompanyhavingbothfundsanddistributablereservesavailableforthepurpose.Shareswhicharebought<br />
backmaybecancelledorheldintreasuryandlatersoldinthemarket.ThebuybackpolicyoftheCompanyaimstosupport<br />
thesharepricebylimitingthediscounttoNAVatwhichitsSharestrade.Themakingandtimingofanysharebuybackswill<br />
remainattheabsolutediscretionoftheBoard.<br />
<br />
<br />
Directors<br />
<br />
ProfilesoftheDirectorscanbefoundintheCompany'sannualreportfortheyearended31March2011,whichisavailable<br />
ontheNVMwebsite(www.nvm.co.uk)oronrequestfromNVMbytelephoning01912446000.<br />
<br />
<br />
Costs<br />
<br />
Offer Costs<br />
TheCompanyhasagreedtopayDowninganinitialfeeof5.5%ofthemoniesraised,togetherwithanannualcommissionof<br />
0.25%ofthemoniesraisedforaperiodoffiveyears.Outofthesefees,Downingwillberesponsibleforpayingallthecosts<br />
oftheOffer.<br />
<br />
Management and Administration Costs<br />
NVM is the Manager of the Company's venture capital investments and receives an annual management fee, payable<br />
quarterly in advance, at the rate of 2.06% of net assets, calculated at halfyearly intervals. An additional performance<br />
relatedfeemaybecomepayableifpredeterminedperformancetargetsareachieved.NVMalsoprovidessecretarialand<br />
administration services to the Company for an annual fee currently of £48,000 per annum (rising annually with the<br />
movementintheUKIndexofRetailPrices).<br />
<br />
TheAnnualRunningCostsoftheCompanyarecappedat3.5%ofitsNetAssets,anyexcessbeingbornebytheManagerby<br />
wayofareductionofitsfees.<br />
<br />
TheCompanyhasestablishedamanagementperformanceincentiveschemeunderwhichNVM'sexecutivesarerequiredto<br />
investpersonally(andonthesametermsastheCompanyandotherfundsmanagedbyNVM)intheordinarysharecapital<br />
ofinvesteecompaniesinwhichtheCompanyinvests.TheDirectorsreviewtheoperationoftheschemeannually.<br />
<br />
<br />
Other information<br />
<br />
The Offer and Minimum and Maximum Subscription<br />
Applicantsareencouragedtosubmittheir<strong>Application</strong><strong>Form</strong>searlyinordertobeconfidentthattheirapplicationswillbe<br />
successful,asOfferShareswillgenerallybeallottedona“firstcome–firstserved”basis,subjecttotheabsolutediscretion<br />
oftheBoardoftheCompany.<br />
<br />
Sharecertificates(whereapplicable)andcertificatestoenableaclaimforincometaxrelieftobemadeinrespectofOffer<br />
Shares will be posted to Shareholders within 30 days of each allotment. No notification will be made to successful<br />
applicants prior to despatch of definitive share certificates. Prior to despatch of definitive share certificates (where<br />
applicable),transfers(ifany)willbecertifiedagainsttheregister.<br />
<strong>Northern</strong> 3 <strong>VCT</strong> <strong>PLC</strong> 6
Change language