RCS - Mercia Asset Mgt PLC - Mercia's Northern VCTs raise £60.0million

Mercia Asset ManagementAnnouncement

13/03/2024 07:00

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RNS Number : 5837G  Mercia Asset Management PLC  13 March 2024

 

 Reach  13 March 2024

 

Mercia Asset Management PLC

 

("Mercia", the "Group" or the "Company")

 

Mercia's Northern VCTs raise £60.0million

 

Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused
specialist asset manager with c.£1.5billion of assets under management
("AuM"), is pleased to note that the three Northern Venture Capital Trusts
("Northern VCTs"), which form part of Mercia's third-party funds under
Management ("FuM"), have successfully completed their fund raise totalling
£60.0million in new capital, through share offers launched in September
2023.

 

The Northern VCTs comprise Northern Venture Trust PLC, Northern 2 VCT PLC and
Northern 3 VCT PLC. Following an initial allotment in January 2024, they each
expect to allot the remaining new shares on or around 4 April 2024.

 

Mark Payton, Chief Executive Officer of Mercia, commented: "I am delighted
that the Northern VCTs have achieved a significant fundraise in the context of
a more challenging fundraising environment. The successful £60.0million
fundraise underscores the trust Mercia has built in managing the Northern
VCTs, which remain a vital source of investment for SMEs navigating the
current economic climate."

 

-Ends-

 

For further information, please contact:

 

 Mercia Asset Management PLC                          +44 (0)330 223 1430

 Mark Payton, Chief Executive Officer

 Martin Glanfield, Chief Financial Officer

 www.mercia.co.uk (http://www.mercia.co.uk/)

 Canaccord Genuity Limited (NOMAD and Joint Broker)   +44 (0)20 7523 8000
 Simon Bridges, Emma Gabriel

 Singer Capital Markets (Joint Broker)                +44 (0)20 7496 3000
 Harry Gooden, James Moat

 FTI Consulting                                       +44 (0)20 3727 1051
 Tom Blackwell, Jenny Boyd
 mercia@fticonsulting.com

 

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, university
partnerships and extensive personal networks, providing it with access to
high-quality deal flow.

 

Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".

 

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