Northern VCT: top-up offer details posted

[yorkshirelad1]

As subject; see http://www.nvm.co.uk/vctoffer/

[Kidman]

I received my doucmentation in the post today. Although I don't expect to be applying, I was pleased to read in the covering letter:
"NVM and the VCT boards are very appreciative of the loyalty of our existing investors and in recognition of this it is intended that each of the Northern VCT's shareholders will have priority application rights for any of the offers, ..."

It is refreshing to feel valued after Baronsmead's 'open to all' policy on their recent offer.

[scotia]

After a brief consideration, I posted off an application to be picked up on the first collection (7am) this morning. I don't think there will be the same rush this year as there was in previous years. But I may be wrong. Is anyone travelling to Newcastle to ensure their application is pushed through the Northern letter box by 8am on Monday?

[Justdave]

Do we know if sending applications by post using the nvm form is better (more likely to be accepted) than the wealthclub’s online form?

[james188]

I have taken the train to Newcastle in the past, but see no need this year. You can apply online through Wealth Club already (held until Monday when the offers open) and it is the cheapest option I know to boot. It really is not very difficult.

[scotia]

I have received by post notification of the receipt of my proposed Northern 2 VCT purchase - with the statement that at the time my application was received, there was room in all 3 of the Northern VCTs.
However this notification was not entirely straightforward - it was sent to my wife (who had not applied) rather than to myself (who had). I guessed what had happened - the application form had requested the shareholder references of my (and my spouse's) current holdings. I held Northern 3, while my wife held Northern 2 and Northern Venture - and I entered them all. So they took (my wife's) shareholder reference, rather than the Investor Name. I emailed Northern, and got a quick response - new letters have been put in the post with the correction.

[Vulgaris]

Appears to be selling swiftly (though not quite the 1-2 days we've sometimes seen for small offerings in the past). Bestinvest are showing 14.3/19.8 m (c. 75%) filled https://www.bestinvest.co.uk/research/v ... t-launches

[Indig0]

I have taken the train to Newcastle in the past, but see no need this year. You can apply online through Wealth Club already (held until Monday when the offers open) and it is the cheapest option I know to boot. It really is not very difficult.

Is the general consensus that Wealth Club is cheaper than Cavendish Online? I thought that the "trail commission refund" amounts from Cavendish made it a better option than the three year "annual rebate" offer from Wealth Club, even though Cavendish does have an initial £35 fee?

https://www.cavendishonline.co.uk/investments/other-products/vcts/

[oxmatt]

Is the general consensus that Wealth Club is cheaper than Cavendish Online? I thought that the "trail commission refund" amounts from Cavendish made it a better option than the three year "annual rebate" offer from Wealth Club, even though Cavendish does have an initial £35 fee?

https://www.cavendishonline.co.uk/investments/other-products/vcts/

Agree this probably works out slightly better but would take a couple of years to claw back the initial £35 (assuming a £6000 investment) - especially if the trail rebate is taxable (is that still up in the air?). I have noticed that Wealth Club seems to be mentioning "Cheaper than going direct" rather than making any representations about being the cheapest available these days.

[BusyBumbleBee]

And so: "NVT announces that its offer of new ordinary shares to raise a total of up to £6.6 million is now fully subscribed and no further applications will be accepted." from https://www.investegate.co.uk/northern- ... st%20Alert

The other two in the stable haven't bolted yet and are still open

[Vulgaris]

All 3 full & closed now.

Acceptance notes indicating likely no. of shares came through this morning.

[scotia]

All 3 full & closed now.
Acceptance notes indicating likely no. of shares came through this morning.

I have also received my acceptance note for Northern 2, dated the 11th, and my cheque has been cashed.
So they have sold all available shares, and collected the cash. Does this mean that they will go ahead and issue shares now, rather than the "Shares expected to be allotted on 04 April 2019"?

[james188]

They will still wait until the start of April to allot new shares. That will give them maximum breathing space to satisfy the requirement to invest at least 30% of funds raised within 12 months following the end of the accounting period in which the VCT issued the shares. Yet a further hurdle to jump.

[BusyBumbleBee]

They will still wait until the start of April to allot new shares. That will give them maximum breathing space to satisfy the requirement to invest at least 30% of funds raised within 12 months following the end of the accounting period in which the VCT issued the shares. Yet a further hurdle to jump.

NTV year end is 30th September so that works for that one BUT NVT is 30th September so it doesn't work for that one. .

[james188]

Yes; it will be halfway through NVT's accounting year (as distinct from the start of the accounting year for the other two). However, because the three always co-invest, there is not much that NVT could do with the cash before April. I can also see that there are administrative reasons for allotting the shares for all three at the same time and I am happy with that, provided that the shares are allotted in this tax year, which is what Northern have said they will do.