Mercia's Northern VCTs raise £40.0million
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RNS |
10 March 2022 |
Mercia Asset Management PLC
("Mercia", the "Group" or the "Company")
Mercia's Northern VCTs raise £40.0million
Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.£948million of assets under management ("AuM"), is pleased to note that the three Northern Venture Capital Trusts ("Northern VCTs"), which form part of Mercia's AuM, have raised a total of £40.0million in new capital through share offers launched in January 2022.
The Northern VCTs comprise Northern Venture Trust PLC, Northern 2 VCT PLC and Northern 3 VCT PLC. They each expect to allot new shares in respect of their successful fund raise on or around 4 April 2022.
Mark Payton, Chief Executive Officer of Mercia, commented :
"We are pleased by the Northern VCT's successful fund raise of £40.0million and grateful for the continued support of Northern VCT shareholders, in what is a competitive VCT fund raising environment. This reflects continued confidence in the reputation and track record of the three Northern VCT venture portfolios, together with those members of Mercia's investment team who manage them. The Northern VCTs continue to be well positioned as an important source of capital for regional SMEs, as these businesses navigate the current economic climate."
-Ends-
For further information, please contact:
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Mercia Asset Management PLC Mark Payton, Chief Executive Officer Martin Glanfield, Chief Financial Officer
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+44 (0)330 223 1430
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Canaccord Genuity Limited (NOMAD and Joint Broker) |
+44 (0)20 7523 8000 |
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Simon Bridges, Andrew Potts |
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Singer Capital Markets (Joint Broker) |
+44 (0)20 7496 3000 |
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Harry Gooden, James Moat |
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FTI Consulting |
+44 (0)20 3727 1051 |
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Tom Blackwell, Louisa Feltes, Immy Ransom |
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mercia@fticonsulting.com |
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About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of venture, private equity, debt and proprietary capital: the Group's 'Complete Connected Capital'. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.
The Group has a strong UK footprint through its regional offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£948million of assets under management and, since its IPO in December 2014, has invested c.£116million gross into its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".
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