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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:
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Mercia Asset Management PLC Mark Payton, Chief Executive Officer Martin Glanfield, Chief Financial Officer |
+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, Emma Gabriel |
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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, Jenny Boyd |
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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, 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".