Decision

That approval is given for five tranches of share allotments are scheduled from July to November 2026, with each of the Northern Partner Funds subscribing £1million. All shares are ordinary shares with full voting, dividend, and capital distribution rights, and no redemption rights to fund working capital needs, including recruitment and operational setup, ahead of FCA authorisation and the company’s launch as a trading entity.

Reasons for the decision

The share issuance and subscription process for Northern LGPS Limited is a carefully structured multi-stage procedure designed to ensure legal compliance, transparency and operational readiness.  Each step is supported by formal documentation and regulatory filings, providing a robust framework for capitalising the company ahead of its FCA-regulated launch. The capital raised is intended to fund working capital needs, including recruitment and operational setup, ahead of FCA authorisation and the company’s launch as a trading entity.

Further share issues (the “Regulatory Capital Allotment”) may occur later to meet ongoing FCA capital requirements, and this will be subject to separate agreements.