Northern 2 VCT PLC Net Asset Value(s)
24 July 2017 - 9:00PM
UK Regulatory
TIDMNTV
24 JULY 2017
NORTHERN 2 VCT PLC
UNAUDITED NET ASSET VALUE AS AT 30 JUNE 2017
Northern 2 VCT PLC ("the Company") is a Venture Capital Trust ("VCT")
launched in 1999 and managed by NVM Private Equity LLP. The Company's
objective is to provide high long-term tax-free returns to investors
through a combination of dividend yield and capital growth, by investing
in a portfolio of investments mainly comprising unquoted venture capital
holdings. In order to maintain approval by HM Revenue & Customs as a
VCT, the Company is required to comply on a continuing basis with the
provisions of Section 274 of the Income Tax Act 2007.
The unaudited net asset value (NAV) per ordinary share as at 30 June
2017 was 76.4 pence (31 March 2017 (audited) 76.6 pence). The NAV is
stated before deducting the second interim and final dividends totalling
8.5 pence per share in respect of the year ended 31 March 2017, which
were paid to eligible shareholders on 21 July 2017.
For the purposes of calculating the NAV per share, quoted investments
are carried at bid price as at 30 June 2017 and unquoted investments are
carried at fair value as at 30 June 2017 as determined by the directors.
During the three months ended 30 June 2017 the following venture capital
portfolio transactions took place:
New investments:
Amount
invested
Name of company Business activity GBP000
Velocity
Composites (AIM Supplier of advanced composite material kits to the
quoted) aerospace industry 97
Subsequent to 30 June 2017 the Company has completed new investments of
GBP1,048,000 in Knowledgemotion, an aggregator and distributor of
educational video materials, and GBP489,000 in Contego Fraud Solutions,
a developer of identity verification software and solutions.
Realisations:
Sale Original Carrying value at
Name of company proceeds cost 31 March 2017
GBP000 GBP000 GBP000
Optilan Group - sale of company 2,196 1,000 2,196
Kirton - loan stock repayment 774 774 774
Gear4music (Holdings) plc (AIM quoted)
- market sale 234 47 179
The number of ordinary shares in issue at 30 June 2017 was 99,131,060.
During the three months ended 30 June 2017 5,570,393 new shares were
allotted at an average price of 77.1 pence per share pursuant to a
top-up share offer. No shares were re-purchased for cancellation during
the period.
On 21 July 2017 2,269,295 new shares were allotted at a price of 68.1
pence per share pursuant to the Company's dividend investment scheme.
Enquiries:
Alastair Conn/Christopher Mellor, NVM Private Equity LLP - 0191 244 6000
Website: www.nvm.co.uk
Neither the contents of the NVM Private Equity LLP website nor the
contents of any website accessible from hyperlinks on the NVM Private
Equity LLP website (or any other website) is incorporated into, or forms
part of, this announcement.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Northern 2 VCT PLC via Globenewswire
http://www.nvm.co.uk/investorarea/northern_2_vct_plc.php
(END) Dow Jones Newswires
July 24, 2017 07:00 ET (11:00 GMT)
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