- Northern 3 VCT has unveiled a new share buyback policy.

The firm also plans to write to shareholders next month about a meeting in January to consider a proposed tender offer, a share issue to raise up to £13.5m and a new dividend reinvestment plan.

Under the new buyback policy, which will be effective from 25 November, the company will endeavour to buy back its shares in the market at a discount of 15% to the latest published NAV.

The directors were given authority at the annual general meeting in July to acquire up to 2,893,903 shares (10% of the then issued shares) and 84,509 shares were subsequently purchased in the market on 3 July.

Story provided by Business Financial Newswire