Core Viewpoint - Northern 2 VCT PLC has decided to utilize its over-allotment facility to raise an additional £3.0 million due to strong demand for its shares in the ongoing subscription offers [1]. Group 1 - The Company, along with Northern Venture Trust PLC and Northern 3 VCT PLC, published a prospectus on 17 September 2025 for new ordinary shares for the 2025/26 tax year [1]. - The Offers will remain open until 12 noon on 31 March 2026, unless fully subscribed earlier, with the Directors having the right to close the Offers at any time [2]. - Existing shareholders as of 16 June 2025 will receive a 0.5% reduction in offer costs for their subscriptions [2]. Group 2 - The first allotment of shares is scheduled for 25 November 2025, with applications needing to be received by close of business on 19 November 2025 to qualify [2]. - A downloadable version of the Prospectus is available on the Mercia website, and physical copies can be obtained from the Company's registered office or by calling Mercia [3].

Core Insights - The Beauty Tech Group (TBTG) has successfully completed its Initial Public Offering (IPO) on the London Stock Exchange, marking a significant milestone for the company [1] - TBTG operates in the rapidly growing global at-home beauty devices market, with revenues increasing from less than £1 million in 2018 to £101 million for the year ended 31 December 2024 [2] - The IPO values TBTG at approximately £300 million, representing an uplift from the company's previous valuation [3] Company Performance - As of 30 June 2025, the company's holding in TBTG was valued at £6.7 million, accounting for 4.7% of its net asset value [4] - Following the IPO, the company realized £2.4 million of its investment, with the holding now valued at approximately £5.6 million, equivalent to 3.9% of net asset value [4] - The IPO price reflects an uplift of approximately 0.5 pence per share compared to the last published net asset value as of 30 June 2025 [4] Future Outlook - The proceeds from the IPO will provide TBTG with additional capital to accelerate its growth strategy [5] - The Board expresses optimism regarding TBTG's continued success as a listed company [5] - The impact of the IPO on the company's unaudited net asset value per share will be included in the next NAV announcement [5]

Group 1 - The annual report and financial statements of Northern 2 VCT PLC for the year ended 31 March 2025 have been submitted to the National Storage Mechanism [1] - A circular to shareholders, including the notice of the 2025 Annual General Meeting scheduled for 6 August 2025, has also been released [1] - Copies of the Annual Report and the Circular are available on the Company's website [2]

Core Viewpoint - Northern 2 VCT PLC reported a significant increase in returns and net asset value per share for the year ended 31 March 2025, despite a challenging macroeconomic environment [3][30]. Financial Highlights - Net assets increased to £128.1 million from £119.5 million year-on-year [1]. - Net asset value per share rose to 58.3 pence from 57.3 pence [1]. - Total return per share was 3.8 pence, up from 1.4 pence, representing a 6.6% return on the opening NAV per share [3]. - Cumulative dividends paid per share reached 142.0 pence, up from 139.1 pence [1]. Investment Activity - The company invested £14.6 million in 17 early-stage businesses, including six new investments [3]. - Proceeds from divestments totaled £11.0 million from six companies [3]. - The investment portfolio remains diversified, with significant allocations in software & AI, consumer, and health & life sciences sectors [12]. Dividend Information - An interim dividend of 1.7 pence was declared, with a proposed final dividend of 1.3 pence, maintaining a total of 3.0 pence per share for the year [10]. - The total dividend yield for the year was 5.2% of the opening NAV [10]. Market Environment - The UK government change in July 2024 and subsequent budget announcements included an extension of the VCT scheme by 10 years, providing stability for the sector [4]. - Despite economic challenges, including inflation and interest rate fluctuations, the company maintained strong investment activity [5][30]. Share Offer and Liquidity - A share offer raised £15 million, which was oversubscribed, indicating strong investor confidence [7]. - The company plans to raise up to £10 million of new capital in the 2025/26 tax year [18]. Portfolio Valuation - The company experienced an aggregate increase in portfolio valuations of £5.3 million, with notable uplifts from Pure Pet Food and Project Glow TopCo [14]. - The company also faced necessary reductions in valuations for two portfolio companies due to funding decisions and trading performance [14]. Governance and Management - The company is set to undergo board changes, with the current Chair stepping down and a new Chair being appointed [22]. - The company continues to comply with VCT legislation and has retained independent advisors for monitoring [23][24].

Core Viewpoint - Northern 2 VCT PLC intends to launch a joint prospectus offer of new ordinary shares for subscription in the 2025/26 tax year, aiming to raise up to £7 million, with a potential additional £3 million through an over-allotment facility, contributing to a total fundraising goal of up to £50 million across the Northern VCTs [1][2]. Group 1 - The Offer is subject to obtaining the necessary shareholder and regulatory approvals [1]. - The prospectus detailing the Offer is expected to be published in the second half of September 2025 [2]. - The fundraising initiative is in collaboration with Northern Venture Trust PLC and Northern 3 VCT PLC, collectively referred to as the "Northern VCTs" [1].

Core Points - Northern 2 VCT PLC has announced the acquisition of new ordinary shares by a PDMR, Cecilia McAnulty, under the Company's Dividend Investment Scheme [1][2][3] - Cecilia McAnulty acquired 2,340 ordinary shares at a purchase price of £0.5550 per share, totaling £1,297.20 [2][3] - This transaction is in compliance with the Market Abuse Regulations [2] Group 1 - The transaction date is 22 January 2025 [2][3] - The total current shareholding of Cecilia McAnulty after the acquisition is 164,608 shares [2] - The shares acquired are ordinary shares with a nominal value of 5 pence each [3] Group 2 - The transaction took place on the XLON exchange [3] - The identification code for the ordinary shares is GB0005356430 [3] - This is the initial notification regarding the acquisition by Cecilia McAnulty [3]

Core Points - Northern 2 VCT PLC has opened its offer for subscription for new ordinary shares in the 2024/25 tax year [1] - The offer is available on a first-come, first-served basis, with existing shareholders receiving a 0.5% reduction in offer costs [2] - The subscription period will remain open until 31 March 2025, unless fully subscribed earlier [2] Group 1 - The investment brochure detailing the key features of the Offers has been distributed to registered shareholders and is available online [3] - A downloadable version of the prospectus is accessible from the company's website [3] - Shareholders can also obtain a free copy of the prospectus from the company's registered office or by contacting Mercia [3] Group 2 - Enquiries regarding the Offers can be directed to Mercia Fund Management Limited [4] - The company's website provides additional information related to the Offers [4]