Mercia Asset Management PLC Performance fee entitlement (1894H)
02 December 2020 - 6:00PM
UK Regulatory
TIDMMERC
RNS Number : 1894H
Mercia Asset Management PLC
02 December 2020
RNS 2 December 2020
Mercia Asset Management PLC
("Mercia", the "Group" or the "Company")
Performance fee entitlement
Mercia Asset Management PLC (AIM: MERC), the proactive,
regionally focused specialist asset manager with c.GBP872million of
assets under management, is pleased to note that Northern Venture
Trust PLC ("NVT") has released its preliminary results for the year
ended 30 September 2020.
As a consequence of NVT's strong recovery in its net asset value
per share, arising in part from a very recent successful sale of
one of its investments, Mercia, as investment adviser to NVT, is
now entitled to receive a performance fee of GBP284,000. This
revenue will be included in Mercia's full year consolidated
financial statements for the year ending 31 March 2021.
Mark Payton, Chief Executive Officer of Mercia, commented:
"It is very encouraging to see the recovery in net asset value
per share of Northern Venture Trust PLC, as well as similar
recoveries in net asset value per share for both Northern 2 VCT PLC
and Northern 3 VCT PLC. This recovery in asset prices is consistent
with what we are seeing in our own direct investment
portfolio."
-Ends-
For further information, please contact:
Mercia Asset Management PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer +44 (0)330 223
www.mercia.co.uk 1430
Canaccord Genuity Limited (NOMAD and Joint +44 (0)20 7523
Broker) 8000
Simon Bridges, Emma Gabriel, Richard Andrews
N+1 Singer (Joint Broker)
+44 (0)20 7496
Harry Gooden, James Moat 3000
+44 (0)20 3727
FTI Consulting 1051
Tom Blackwell, Louisa Feltes, Shiv Talwar
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 balance
sheet, venture, private equity and debt 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, 19 university partnerships and extensive personal
networks, providing it with access to high-quality deal flow.
Mercia currently has c.GBP872million of assets under management
and, since its IPO in December 2014, has invested over
GBP106million into its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the EPIC
"MERC".
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END
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