- Northern 2 VCT is seeking shareholder approval for a tender offer, a share issue to raise up to £15m and an extension to the life of the company.

The company is seeking approval for a tender offer to purchase up to 10% of the issued share capital at a discount of 3% to the net asset value on 30 September, adjusted for any declared but unpaid dividends.

It is expected that the tender offer will be made in early November and that it will close on 6 January.

The directors also propose an issue of new ordinary shares to raise up to £15m before expenses with investors allowed to apply for shares in either or both of the 2011-12 and the 2012-13 tax years.

It is anticipated that the share issue will remain open until 5 April in respect of the 2011-12 tax year and until late April for the 2012-13 tax year.

An 'early bird' incentive of additional shares equivalent in value to 2% of the issue price will be given to those who apply before 6 February.

The articles of association presently require that a resolution for the continuation of the company be put to the annual general meeting in 2013 and, unless defeated, at five-yearly intervals thereafter.

The proposed amendment to the articles of association requires the continuation resolution to be considered at the annual general meeting of the company expected to be held in July 2017 and every five years thereafter.

At 2:19pm: [LON:NTV] Northern 2 VCT PLC share price was +1p at 66.5p

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