{"success":true,"data":{"pressRelease":{"id":"145163","rtpr_id":"nGNE1Nz8xt-20260916","ticker":"NTHV","exchange":"LSE","all_tickers":["NTHV"],"title":"REG-Publication of an Offer Document","author":"Globe Newswire","published_at":"2026-09-16T12:30:00.078Z","article_body":"16 SEPTEMBER 2026\n\nNORTHERN VENTURE TRUST PLC\n\nPUBLICATION OF AN OFFER DOCUMENT\n\nNorthern Venture Trust PLC (“the Company”) announces that, in conjunction\nwith Northern 2 VCT PLC and Northern 3 VCT PLC (together with the Company\nknown as “the Northern VCTs”), it has published an offer document (“the\nOffer Document”) in relation to offers of new ordinary shares for\nsubscription in the 2026/27 tax year (“the Offers”). The Offers seek to\nraise £10 million for each of the Company, Northern 2 VCT PLC and Northern 3\nVCT PLC, £30 million in aggregate.\n\nThe Offers will open to applications at 8.00am on 30 September 2026 and\napplications for new shares in the Company will be dealt with on a\n“first-come, first-served” basis. In recognition of the loyalty of the\nNorthern VCT shareholders, existing shareholders on the register of members of\nany of the Northern VCTs as at 10 June 2026, along with their spouse or civil\npartner, whose applications for shares in any of the Northern VCTs are\naccepted, will benefit from a reduction of 0.5% in the offer costs applicable\nto their subscription. The Offers will remain open until 12 noon on 31 March\n2027, unless fully subscribed at an earlier date and subject to the\nDirectors’ right to close any of the Offers at any time. There will be a\nfirst allotment at the end of November 2026. To be allocated shares in the\nfirst allotment, funded valid applications must be received by 5.00pm on 23\nNovember 2026.\n\nPursuant to an offer agreement between Mercia Fund Management Limited\n(“Mercia”), the Northern VCTs’ investment adviser/manager and promoter,\nthe Northern VCTs and others, Mercia will, in respect of the services provided\nin connection to the Offers, receive up to a maximum of 5.5% (or 3.0% where no\ncommission is payable) of the aggregate amounts of the subscription monies as\nreceived by the Northern VCTs pursuant to the Offers (the “Promoter's\nFee”). Pursuant to the offer agreement, Mercia agrees that it will pay all\ncosts, charges, fees and expenses payable by the Northern VCTs or Mercia in\nconnection with, or incidental to, the Offers and the admission of the\nordinary shares of the Northern VCTs issued pursuant to the Offers.\n\nMercia, as the investment adviser of the Company, is a related party of the\nCompany under UK Listing Rule 11.5.3R, and the arrangements to pay the\nPromoter's Fee to Mercia (as they relate to each of the Northern VCTs)\nconstitutes a relevant related party transaction of the Company of an adequate\nsize under UK Listing Rule 11.5.4R for UK Listing Rule 8.2.1R(1) to (4) to\napply. The board of the Company believes that the transaction is fair and\nreasonable as far as the shareholders of the Company are concerned and have\nbeen provided with written confirmation of this by Howard Kennedy Corporate\nServices LLP as sponsor to the Company.\n\nThe Offer Document, describing the key features of the Offers will be sent to\nregistered shareholders in accordance with their communication preferences, as\nsoon as possible.\n\nA downloadable version of the Offer Document is available from:\nwww.mercia.co.uk/vct-share-offers/. Additionally, a copy is available free of\ncharge, from the Company’s registered office at Forward House, 17 High\nStreet, Henley-in-Arden B95 5AA or by calling Mercia on 0330 223 1430.\n\nEnquiries:\n\nSarah Williams / James Sly, Mercia Fund Management Limited - 0330 223 1430\n\nWebsite: www.mercia.co.uk/vcts\n\nNeither the contents of the Mercia Asset Management PLC website, nor the\ncontents of any website accessible from hyperlinks on the Mercia Asset\nManagement PLC website (or any other website), are incorporated into, or form\npart of, this announcement.","article_body_html":"","raw_payload":{"data":{"id":"nGNE1Nz8xt-20260916","title":"REG-Publication of an Offer Document","author":"Globe Newswire","ticker":"NTHV","created":"2026-09-16T12:30:00.078Z","tickers":["NTHV"],"exchange":"LSE","article_body":"16 SEPTEMBER 2026\n\nNORTHERN VENTURE TRUST PLC\n\nPUBLICATION OF AN OFFER DOCUMENT\n\nNorthern Venture Trust PLC (“the Company”) announces that, in conjunction\nwith Northern 2 VCT PLC and Northern 3 VCT PLC (together with the Company\nknown as “the Northern VCTs”), it has published an offer document (“the\nOffer Document”) in relation to offers of new ordinary shares for\nsubscription in the 2026/27 tax year (“the Offers”). The Offers seek to\nraise £10 million for each of the Company, Northern 2 VCT PLC and Northern 3\nVCT PLC, £30 million in aggregate.\n\nThe Offers will open to applications at 8.00am on 30 September 2026 and\napplications for new shares in the Company will be dealt with on a\n“first-come, first-served” basis. In recognition of the loyalty of the\nNorthern VCT shareholders, existing shareholders on the register of members of\nany of the Northern VCTs as at 10 June 2026, along with their spouse or civil\npartner, whose applications for shares in any of the Northern VCTs are\naccepted, will benefit from a reduction of 0.5% in the offer costs applicable\nto their subscription. The Offers will remain open until 12 noon on 31 March\n2027, unless fully subscribed at an earlier date and subject to the\nDirectors’ right to close any of the Offers at any time. There will be a\nfirst allotment at the end of November 2026. To be allocated shares in the\nfirst allotment, funded valid applications must be received by 5.00pm on 23\nNovember 2026.\n\nPursuant to an offer agreement between Mercia Fund Management Limited\n(“Mercia”), the Northern VCTs’ investment adviser/manager and promoter,\nthe Northern VCTs and others, Mercia will, in respect of the services provided\nin connection to the Offers, receive up to a maximum of 5.5% (or 3.0% where no\ncommission is payable) of the aggregate amounts of the subscription monies as\nreceived by the Northern VCTs pursuant to the Offers (the “Promoter's\nFee”). Pursuant to the offer agreement, Mercia agrees that it will pay all\ncosts, charges, fees and expenses payable by the Northern VCTs or Mercia in\nconnection with, or incidental to, the Offers and the admission of the\nordinary shares of the Northern VCTs issued pursuant to the Offers.\n\nMercia, as the investment adviser of the Company, is a related party of the\nCompany under UK Listing Rule 11.5.3R, and the arrangements to pay the\nPromoter's Fee to Mercia (as they relate to each of the Northern VCTs)\nconstitutes a relevant related party transaction of the Company of an adequate\nsize under UK Listing Rule 11.5.4R for UK Listing Rule 8.2.1R(1) to (4) to\napply. The board of the Company believes that the transaction is fair and\nreasonable as far as the shareholders of the Company are concerned and have\nbeen provided with written confirmation of this by Howard Kennedy Corporate\nServices LLP as sponsor to the Company.\n\nThe Offer Document, describing the key features of the Offers will be sent to\nregistered shareholders in accordance with their communication preferences, as\nsoon as possible.\n\nA downloadable version of the Offer Document is available from:\nwww.mercia.co.uk/vct-share-offers/. Additionally, a copy is available free of\ncharge, from the Company’s registered office at Forward House, 17 High\nStreet, Henley-in-Arden B95 5AA or by calling Mercia on 0330 223 1430.\n\nEnquiries:\n\nSarah Williams / James Sly, Mercia Fund Management Limited - 0330 223 1430\n\nWebsite: www.mercia.co.uk/vcts\n\nNeither the contents of the Mercia Asset Management PLC website, nor the\ncontents of any website accessible from hyperlinks on the Mercia Asset\nManagement PLC website (or any other website), are incorporated into, or form\npart of, this announcement."},"type":"article","timestamp":"2026-09-16T12:30:00.233080363Z","server_sent_at_ms":1789561800233},"received_at":"2026-09-16T12:30:00.351Z","source_url":null},"analysis":{"id":"134003","press_release_id":"145163","analysis_json":{"industry":{"label":"Capital Markets","sector":"Financials"},"redFlags":["Related-party transaction: promoter's fee of up to 5.5% of subscription monies payable to the manager's affiliate Mercia Fund Management","Directors retain the right to close any of the Offers at any time, so the final raise size is not guaranteed"],"eventType":"offering","narrative":"Northern Venture Trust PLC has published an offer document seeking £10 million of new subscriptions in the 2026/27 tax year, issued jointly with sister trusts Northern 2 VCT and Northern 3 VCT for £30 million in aggregate.\n\nThe offers open on 30 September 2026 and run until 12 noon on 31 March 2027 unless fully subscribed earlier, with a first allotment at the end of November 2026 for funded applications received by 23 November. Existing shareholders on the register as of 10 June 2026 receive a 0.5% reduction in offer costs.\n\nManager and promoter Mercia Fund Management will receive up to 5.5% of subscription monies, a related-party transaction under UK Listing Rule 11.5 that the board believes is fair and reasonable, with sponsor confirmation from Howard Kennedy Corporate Services.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Routine 2026/27 VCT fundraise of up to £10M for NTHV; the only angle worth noting is the related-party promoter fee capped at 5.5%."},"keyFigures":{"customDimensions":{"currency":"GBP","offer_open":"2026-09-30 08:00","offer_close":"2027-03-31 12:00","promoter_fee_max":"5.5%","loyalty_record_date":"2026-06-10","aggregate_offer_target":"£30 million","offer_target_per_trust":"£10 million","promoter_fee_no_commission":"3.0%","loyalty_offer_cost_discount":"0.5%","first_allotment_application_deadline":"2026-11-23 17:00"}},"namedEntities":{"people":[{"name":"Sarah Williams","role":"Enquiries contact, Mercia Fund Management Limited"},{"name":"James Sly","role":"Enquiries contact, Mercia Fund Management Limited"}],"products":["2026/27 VCT share offers"],"companies":[{"name":"Northern Venture Trust PLC","ticker":"NTHV","relationship":"filer / issuer of new ordinary shares"},{"name":"Northern 2 VCT PLC","relationship":"sister VCT co-issuer in the joint offer"},{"name":"Northern 3 VCT PLC","relationship":"sister VCT co-issuer in the joint offer"},{"name":"Mercia Fund Management Limited","relationship":"investment adviser/manager and promoter; related party receiving the promoter's fee"},{"name":"Mercia Asset Management PLC","relationship":"affiliate of the manager (website referenced)"},{"name":"Howard Kennedy Corporate Services LLP","relationship":"sponsor providing fairness confirmation"}],"dollarAmounts":[{"amount":"£10 million","context":"target raise for each of the three Northern VCTs"},{"amount":"£30 million","context":"aggregate target raise across the Northern VCTs"}]},"materialImpact":{"score":2,"reasoning":"Routine annual VCT subscription offer targeting £10M for NTHV (£30M aggregate across the three Northern VCTs); new shares are offered for subscription rather than a discounted placing, and there is no earnings or strategic content. The only notable element is the related-party promoter fee of up to 5.5% payable to the manager."},"tickerRelevance":{"others":[],"primary":"NTHV"},"globalImportance":12,"audienceRelevance":10,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small-cap UK-listed VCT","eventGravity":"routine annual fundraise / offer document publication","householdBrandBoost":0,"retailFavoriteBoost":0,"relatedPartyDisclosure":true}},"event_type":"offering","event_type_secondary":null,"sentiment":"neutral","material_impact_score":2,"narrative":"Northern Venture Trust PLC has published an offer document seeking £10 million of new subscriptions in the 2026/27 tax year, issued jointly with sister trusts Northern 2 VCT and Northern 3 VCT for £30 million in aggregate.\n\nThe offers open on 30 September 2026 and run until 12 noon on 31 March 2027 unless fully subscribed earlier, with a first allotment at the end of November 2026 for funded applications received by 23 November. Existing shareholders on the register as of 10 June 2026 receive a 0.5% reduction in offer costs.\n\nManager and promoter Mercia Fund Management will receive up to 5.5% of subscription monies, a related-party transaction under UK Listing Rule 11.5 that the board believes is fair and reasonable, with sponsor confirmation from Howard Kennedy Corporate Services.","key_figures":{"customDimensions":{"currency":"GBP","offer_open":"2026-09-30 08:00","offer_close":"2027-03-31 12:00","promoter_fee_max":"5.5%","loyalty_record_date":"2026-06-10","aggregate_offer_target":"£30 million","offer_target_per_trust":"£10 million","promoter_fee_no_commission":"3.0%","loyalty_offer_cost_discount":"0.5%","first_allotment_application_deadline":"2026-11-23 17:00"}},"named_entities":{"people":[{"name":"Sarah Williams","role":"Enquiries contact, Mercia Fund Management Limited"},{"name":"James Sly","role":"Enquiries contact, Mercia Fund Management Limited"}],"products":["2026/27 VCT share offers"],"companies":[{"name":"Northern Venture Trust PLC","ticker":"NTHV","relationship":"filer / issuer of new ordinary shares"},{"name":"Northern 2 VCT PLC","relationship":"sister VCT co-issuer in the joint offer"},{"name":"Northern 3 VCT PLC","relationship":"sister VCT co-issuer in the joint offer"},{"name":"Mercia Fund Management Limited","relationship":"investment adviser/manager and promoter; related party receiving the promoter's fee"},{"name":"Mercia Asset Management PLC","relationship":"affiliate of the manager (website referenced)"},{"name":"Howard Kennedy Corporate Services LLP","relationship":"sponsor providing fairness confirmation"}],"dollarAmounts":[{"amount":"£10 million","context":"target raise for each of the three Northern VCTs"},{"amount":"£30 million","context":"aggregate target raise across the Northern VCTs"}]},"model_name":"glm-5.3-flash","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-16T12:30:50.699Z","global_importance":12,"audience_relevance":10,"importance_components":{"tickerTier":"small-cap UK-listed VCT","eventGravity":"routine annual fundraise / offer document publication","householdBrandBoost":0,"retailFavoriteBoost":0,"relatedPartyDisclosure":true}},"durationMs":50343,"modelName":"glm-5.3-flash"}}