28 October 2009

NORTHERN VENTURE TRUST PLC ("The Company")

C SHARE CONVERSION

The Company announces further details of the forthcoming conversion
of the Company's C shares of 75p each into ordinary shares of 25p
each and deferred shares of 25p each.

The C shares were issued by way of an offer for subscription launched
in November 2005 and the funds raised have been managed as a separate
pool of assets from those attributed to the ordinary shares.  In
accordance with the Company's articles of association, the C shares
will convert into ordinary shares at the close of business on 29
October 2009 (the 'Conversion Date').  It is expected that the C
shares will be removed from the Official List with effect from 8.00am
on 30 October 2009.

The number of new ordinary shares to be issued on conversion will  be
determined by reference to the respective net asset values per  share
attributable to the ordinary shares (80.3p) and the C shares  (74.8p)
(the 'Conversion Ratio')  as at 30  September 2009 (the  'Calculation
Date').  The  Conversion  Ratio is  0.9313893  and the  20,409,465  C
shares currently  in  issue will  be  converted into  19,009,157  new
ordinary shares  and  42,219,238  deferred shares  at  6.00pm  on  29
October 2009.   The  new  ordinary  shares will  be  allocated  to  C
shareholders registered in the register of members of the company  at
6.00pm on 29  October 2009  on the  basis of  0.9313893 new  ordinary
shares for every  C share held  prior to conversion,  subject to  the
total number  of new  ordinary shares  being 19,009,157;  allocations
will normally be rounded to the nearest whole number.

C shareholders registered in the  register of members of the  company
at 6.00pm on 29 October 2009 will also receive deferred shares, which
in accordance with the Company's articles of association will then be
acquired by the Company for a nominal amount (which will not be  paid
to shareholders); it  is expected  that this  will occur  immediately
following the next annual general  meeting of the Company subject  to
the passing  of  an  enabling  resolution  at  that  meeting.   Share
certificates will not be issued in respect of deferred shares and the
deferred shares will  not be  listed or  admitted to  trading on  any
market.

The new ordinary shares to be issued on conversion will rank pari
passu with the existing ordinary shares and application will be made
for the new ordinary shares to be admitted to the Official List and
to trading on the London Stock Exchange's market for listed
securities with effect from 8.00am on 30 October 2009.  CREST
accounts in respect of uncertificated holdings of the new ordinary
shares are expected to be credited on 30 October 2009 and share
certificates in respect of the new ordinary shares will be sent to
shareholders no later than 9 November 2009.


Enquiries:

Alastair Conn/Christopher Mellor, NVM  Private Equity Limited -  0191
244 6000
Website:  www.nvm.co.uk

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