TIDMNVT
12 NOVEMBER 2018
NORTHERN VENTURE TRUST PLC
ANNUAL FINANCIAL REPORT FOR THE YEARED 30 SEPTEMBER 2018
Northern Venture Trust PLC is a Venture Capital Trust (VCT) whose
investment adviser is NVM Private Equity LLP. The trust was one of the
first VCTs launched on the London Stock Exchange in 1995. It invests
mainly in UK unquoted companies and aims to provide high long-term
tax-free returns to shareholders through a combination of dividend yield
and capital growth.
Financial highlights (comparative figures as at 30 September 2017):
2018 2017
-------- --------
Net assets GBP93.9m GBP76.3m
Net asset value per share 70.8p 72.6p
Return per share after tax:
Revenue 1.0p 1.8p
Capital 2.3p 1.9p
Total 3.3p 3.7p
Dividend per share for the year:
First interim dividend 2.0p 3.0p
Second interim (special) dividend - 5.0p
Proposed final dividend 2.0p 3.0p
Total 4.0p 11.0p
Cumulative return to shareholders since
launch:
Net asset value per share 70.8p 72.6p
Dividends paid per share* 164.5p 159.5p
Net asset value plus dividends paid 235.3p 232.1p
per share
Mid-market share price at end of year 66.00p 71.00p
Tax-free dividend yield (based on the
net asset value per share at the start
of the year):
Excluding special dividend 5.5% 7.5%
Including special dividend N/A 13.8%
*Excluding proposed final dividend not yet paid
For further information, please contact:
NVM Private Equity LLP
Simon John/James Bryce 0191 244 6000
Website: www.nvm.co.uk
HIGHLIGHTS
-- Return per share for the year of 3.3p per share representing 4.5% of
opening NAV
-- NAV per share at year-end of 70.8 pence (2017: 72.6 pence) after paying
dividends of 5.0 pence
-- Successful public share offer raising GBP20 million
-- GBP10.8 million of proceeds from realisations, representing a gain of
GBP4.9 million (2017: GBP1.6 million)
-- 12 new and seven follow-on investments in innovative earlier stage
companies added to the portfolio
CHAIRMAN'S STATEMENT
Overview
I am pleased to report on another busy year for our company starting
with a successful GBP20 million public share offer launched last autumn.
The investment rate has been strong throughout the year with a total of
12 new venture capital investments being added to the portfolio. The
number of completed realisations increased in the second half of the
year generating a good level of gains and supporting the return for the
year. Building a portfolio of high growth companies where we expect
some of them to deliver significant capital gains over time comes at the
expense of lower levels of income in the short term and less
predictability over the timing of realisations. Both maintaining the
current net asset value per share and paying a regular dividend are
priorities for your board. Our aim over the medium term is to pay a
sustainable tax-free yield on opening net assets of not less than 5% per
annum. The new investment environment will lead to greater volatility
in the timing and quantum of returns and we hope to augment the target
yield from time to time by additional payments where investment gains
permit.
Results and dividend
In the year ended 30 September 2018 the company achieved a return on
ordinary activities of GBP4,281,000 (2017: GBP3,675,000) or 3.3 pence
per share (2017: 3.7 pence), representing a total return of 4.5% on the
opening net asset value (NAV) per share. The NAV per share at 30
September 2018, after deducting dividends paid during the year of 5.0
pence, was 70.8 pence compared with 72.6 pence as at 30 September 2017.
The cumulative return to shareholders was increased to 235.3 (2017:
232.1) pence per share which marks the thirteenth consecutive year of
growth. Investment income was lower than in the prior year at GBP2.5
million (2017: GBP3.0 million), however adjusting for non-repeating
items, investment income was broadly consistent year on year.
The board has proposed a final dividend of 2.0 pence per share, bringing
the total dividend for the year to 4.0 pence. A 4.0 pence dividend
represents a tax free yield of 5.5% on the opening net asset value per
share of 72.6 pence. The final dividend, if approved, will be paid on
21 December 2018 to shareholders on the register on 23 November 2018.
Investment portfolio
During the past year, 12 new VCT-qualifying investments were made at a
total cost of GBP11.0 million. These have all been in innovative
earlier stage companies requiring capital for the development of new
products and markets, as required by the current VCT rules. Many of
these earlier stage businesses will require further capital in order for
them to fully realise their growth potential and we continue to channel
a proportion of our investment activity into follow-on funding rounds.
A total of GBP1.3m was invested across seven existing portfolio
companies during the year and we expect both the quantum and proportion
of follow-on investment activity to increase in the coming years.
Future funding requirements are typically anticipated at the point of
initial investment and for most of our follow-on investments over the
past year, we have sought to broaden the shareholder base of our
investee companies by introducing other venture capital investors in
parallel with our own additional commitments.
Our investment adviser, NVM has continued to build its early stage
investment capability having hired four investment professionals during
the year and two sector specialists whose roles encompass value-adding
activities for portfolio companies. The investment team now works from
an expanded network of five regional offices. NVM has developed a
strong pipeline of investment opportunities and there were several
potential investments in process at the year end.
The proceeds from venture capital investments realised in the year
amounted to GBP10.8 million, generating a gain of GBP4.9m over the 30
September 2017 carrying values. Over 60% by value of our venture
capital portfolio at the year-end comprises investments in more mature
businesses acquired under previous VCT rules. These investments
continue to provide diversity to the overall investment portfolio and
will determine the liquidity available from realisations in the short to
medium term whilst the earlier stage portfolio develops.
Share offers and liquidity
We launched a full prospectus offer of new ordinary shares in September
2017, which was fully subscribed within approximately three weeks,
raising gross proceeds of GBP20 million. In addition to the public
offer, 1,913,530 shares were issued during the year via our dividend
investment scheme for overall consideration of GBP1.3 million. Around
20% of shares in issue during the year were registered to participate in
the dividend investment scheme as at the relevant dividend payment
dates.
Your directors have reviewed the liquidity dynamics of the company over
the coming years in light of the strong pipeline of investment
opportunities that NVM has developed as well as the opportunities to
support existing companies with additional growth capital and have
proposed a further non-prospectus top-up share offer to launch early in
the new year to raise up to GBP6.6m.
In proposing the top-up offer, we have weighed up the potential drag on
overall returns caused by holding significant levels of liquidity
against the benefit of securing sufficient funding to support our
expanding portfolio. Whilst interest rates prevailing in the UK have
started to rise this year, they remain low by comparison to historical
levels. We therefore continue to hold a portion of our liquid funds in
readily realisable quoted investment funds, with a view to generating a
higher return than by holding all liquid resources in cash deposits
alone. Whilst this may give rise to some short-term volatility in the
capital valuation of the investments, we expect the capital value will
at least be protected in the longer term.
Share buy-backs
We have maintained our policy of being willing to buy back the company's
shares in the market, when necessary in order to maintain liquidity, at
a 5% discount to NAV. During the year ended 30 September 2018 a total
of 1,339,428 shares were repurchased by the company for cancellation,
representing 1.3% of the opening issued share capital.
VCT qualifying status
The company has maintained its approved venture capital trust status
with HM Revenue & Customs. The company's compliance with the VCT
qualifying conditions is closely monitored by the board, who receive
regular reports from NVM and from our VCT taxation advisers, Philip Hare
& Associates LLP.
VCT legislation and regulation
Updates to the VCT rules announced by the Government in the Autumn
Budget in November 2017 have now been confirmed by the enactment of the
Finance Act 2018. The changes were made in response to the Government's
Patient Capital Review in 2017, which was conducted with the aim of
considering the availability of long-term finance for growing
businesses. The principle intention of the most recent changes is to
ensure that VCT investment is appropriately targeted to earlier stage
businesses seeking funding for internal growth and development. The
detailed changes, which are being introduced on a phased basis, also
require VCTs to invest newly raised funds within a shorter timeframe and
to maintain a higher overall proportion of investments in qualifying
holdings; this is likely to lead to smaller and more frequent share
offers in future. Further details of the current regulations can be
found on page 5 of the annual report.
The VCT scheme rules have been subject to regular legislative changes
and whilst there were no further amendments announced by the Chancellor
in his recent Autumn Budget statement, it is possible that further
changes will be made in the future. We will continue to work closely
with our investment adviser to maintain compliance with the scheme rules
at all times.
Company secretary
Chris Mellor retired as company secretary of Northern Venture Trust on
31 March 2018, having held that position since the company's formation
in 1995. On behalf of the directors I would like to thank him for his
dedication, wise advice and support during his period in office. We
welcome James Bryce, NVM's head of legal and compliance, as Mr Mellor's
successor.
Annual general meeting
The 2018 annual general meeting will take place in London on Friday 14
December 2018. Details of the formal business of the meeting are set
out in a separate circular which is being sent to shareholders with the
annual report. We look forward to meeting shareholders on that
occasion.
Outlook
The political and economic environment has remained uncertain over the
past year and little clarity has been obtained as to the eventual result
of the ongoing negotiations between Britain and the rest of the EU. The
investment rate is encouraging and our investment adviser continues to
identify attractive opportunities to invest in growing businesses, many
of which are developing disruptive technologies or services. We remain
committed to expanding the portfolio of innovative earlier stage
companies and believe that the potential returns from these investments
in the medium to long term are attractive. In the mean time we take
confidence in the overall diversity of the portfolio and in the
company's and NVM's ability to deal with change.
Simon Constantine
Chairman
Extracts from the audited financial statements for the year ended 30
September 2018 are set out below.
INCOME STATEMENT
for the year ended 30 September 2018
Year ended 30 September Year ended 30 September
2018 2017
Revenue Capital Total Revenue Capital Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Gain on disposal of
investments - 4,997 4,997 - 1,651 1,651
Movements in fair value
of investments - (1,039) (1,039) - 1,072 1,072
---------- ---------- ---------- ---------- ---------- ----------
- 3,958 3,958 - 2,723 2,723
Income 2,491 - 2,491 2,989 - 2,989
Investment management fee (427) (1,281) (1,708) (407) (1,222) (1,629)
Other expenses (449) (11) (460) (408) - (408)
---------- ---------- ---------- ---------- ---------- ----------
Return on ordinary activities
before tax 1,615 2,666 4,281 2,174 1,501 3,675
Tax on return on ordinary
activities (257) 257 - (373) 373 -
---------- ---------- ---------- ---------- ---------- ----------
Return on ordinary activities
after tax 1,358 2,923 4,281 1,801 1,874 3,675
---------- ---------- ---------- ---------- ---------- ----------
Return per share 1.0p 2.3p 3.3p 1.8p 1.9p 3.7p
BALANCE SHEET
as at 30 September 2018
30 September 2018 30 September 2017
GBP000 GBP000
Fixed asset investments 69,318 65,699
---------- ----------
Current assets:
Debtors 141 661
Cash and deposits 24,557 9,981
---------- ----------
24,698 10,642
Creditors (amounts falling due
within one year) (106) (81)
---------- ----------
Net current assets 24,592 10,561
---------- ----------
Net assets 93,910 76,260
---------- ----------
Capital and reserves
Called-up equity share capital 33,142 26,256
Share premium 817 6,941
Capital redemption reserve 879 544
Capital reserve 51,617 34,150
Revaluation reserve 6,346 5,972
Revenue reserve 1,109 2,397
---------- ----------
Total equity shareholders' funds 93,910 76,260
---------- ----------
Net asset value per share 70.8p 72.6p
STATEMENT OF CHANGES IN EQUITY
for the year ended 30 September 2018
---------------Non-distributable Distributable
reserves--------------- reserves Total
Called-up Capital
share Share redemption Revaluation Capital Revenue
capital premium reserve reserve reserve reserve
GBP 000 GBP 000 GBP 000 GBP 000 GBP 000 GBP 000 GBP 000
At 1 October 2017 26,256 6,941 544 5,972 34,150 2,397 76,260
Return on ordinary
activities after
tax - - - 374 2,549 1,358 4,281
Net proceeds of share
issues 7,221 13,647 - - - - 20,868
Dividends paid - - - - (3,966) (2,646) (6,612)
Shares purchased
for cancellation (335 ) - 335 - (887 ) - (887 )
Cancellation of the
share premium reserve - (19,771 ) - - 19,771 - -
---------- ---------- ---------- ---------- ---------- ---------- ----------
At 30 September 2018 33,142 817 879 6,346 51,617 1,109 93,910
---------- ---------- ---------- ---------- ---------- ---------- ----------
STATEMENT OF CHANGES IN EQUITY
for the year ended 30 September 2017
---------------Non-distributable Distributable
reserves--------------- reserves Total
Called-up Capital
share Share redemption Revaluation Capital Revenue
capital premium reserve reserve reserve reserve
GBP 000 GBP 000 GBP 000 GBP 000 GBP 000 GBP 000 GBP 000
At 1 October 2016 24,110 2,599 544 7,360 40,514 2,073 77,200
Return on ordinary
activities
after tax - - - (1,388) 3,262 1,801 3,675
Net proceeds of share
issues 2,146 4,342 - - - - 6,488
Shares purchased
for cancellation - - - - - - -
Dividends paid - - - - (9,626) (1,477) (11,103)
---------- ---------- ---------- ---------- ---------- ---------- ----------
At 30 September 2017 26,256 6,941 544 5,972 34,150 2,397 76,260
---------- ---------- ---------- ---------- ---------- ---------- ----------
STATEMENT OF CASH FLOWS
for the year ended 30 September 2018
Year ended Year ended
30 September 2018 30 September 2017
GBP 000 GBP 000
Cash flows from operating
activities:
Return on ordinary activities before
tax 4,281 3,675
Gain on disposal of investments (4,997) (1,651)
Movement in fair value of investments 1,039 (1,072)
Decrease/(increase) in debtors 520 (292)
Increase/(decrease) in creditors 25 (866)
---------- ----------
Net cash inflow/(outflow) from
operating activities 868 (206)
---------- ----------
Cash flows from investing
activities:
Purchase of investments (14,257) (6,458)
Sale/repayment of investments 14,596 17,054
---------- ----------
Net cash inflow from investing
activities 339 10,596
---------- ----------
Cash flows from financing
activities:
Issue of ordinary shares 21,317 6,592
Share issue expenses (449) (104)
Purchase of ordinary shares for
cancellation (887) -
Equity dividends paid (6,612) (11,103)
---------- ----------
Net cash inflow/(outflow) from
financing activities 13,369 (4,615)
---------- ----------
Increase in cash and cash equivalents 14,576 5,775
Cash and cash equivalents at beginning
of year 9,981 4,206
---------- ----------
Cash and cash equivalents at end of
year 24,557 9,981
---------- ----------
INVESTMENT PORTFOLIO SUMMARY
as at 30 September 2018
Cost Valuation % of net assets
Company GBP000 GBP000 by valuation
Fifteen largest venture capital
investments:
No 1 Lounges 2,006 3,202 3.4
Sorted Holdings 2,166 3,178 3.4
Agilitas IT Holdings 1,662 3,172 3.4
MSQ Partners Group 1,695 2,928 3.1
Lineup Systems 974 2,910 3.1
Closerstill Group 1,747 2,598 2.7
Entertainment Magpie Group 1,610 2,004 2.1
Biological Preparations Group 2,366 1,906 2.0
Volumatic Holdings 1,250 1,684 1.8
Weldex (International) Offshore
Holdings 3,262 1,670 1.8
It's All Good 1,205 1,661 1.8
Medovate 1,593 1,593 1.7
Graza 1,581 1,581 1.7
Intuitive Holding 1,674 1,500 1.6
Currentbody.com 1,413 1,413 1.5
---------- ---------- -------
26,204 33,000 35.1
Other venture capital investments:
Customs Connect Group 1,406 1,406 1.5
Channel Mum 859 1,361 1.4
Soda Software Labs 1,308 1,308 1.4
Intelling Group 1,222 1,222 1.3
Volo Commerce 1,173 1,173 1.2
Idox* 238 1,108 1.2
Clarilis 1,092 1,092 1.2
Primal Food 1,063 1,063 1.1
Grip-UK 1,059 1,059 1.1
Knowledgemotion 1,048 1,048 1.1
Buoyant Upholstery 1,173 1,007 1.1
Rockar 999 999 1.1
SHE Software Group 995 995 1.1
Ridge Pharma 969 969 1.1
AVID Technology Group 964 964 1.0
Haystack Dryers 1,661 960 1.0
Axial Systems Holdings 1,004 859 0.9
Other investments each valued at
less than GBP750,000 10,039 7,648 8.2
---------- ---------- -------
Total venture capital investments 54,476 59,241 63.1
Listed equity investment funds 6,112 7,744 8.2
Listed interest-bearing investment
funds 2,382 2,333 2.5
---------- ---------- -------
Total fixed asset investments 62,970 69,318 73.8
----------
Net current assets 24,592 26.2
---------- -------
Net assets 93,910 100.0
---------- -------
*Quoted on AIM
**Listed on London Stock Exchange
BUSINESS RISKS
The board carries out a regular and robust review of the risk
environment in which the company operates. The principal risks and
uncertainties identified by the board which might affect the company's
business model and future performance, and the steps taken with a view
to their mitigation, are as follows:
Investment and liquidity risk: investment in smaller and unquoted
companies, such as those in which the company invests, involves a higher
degree of risk than investment in larger listed companies because they
generally have limited product lines, markets and financial resources
and may be more dependent on key individuals. The securities of smaller
companies in which the company invests are typically unlisted, making
them illiquid, and this may cause difficulties in valuing and disposing
of the securities. The company may invest in businesses whose shares
are quoted on AIM - the fact that a share is quoted on AIM does not mean
that it can be readily traded and the spread between the buying and
selling prices of such shares may be wide. Mitigation: the directors
aim to limit the risk attaching to the portfolio as a whole by careful
selection, close monitoring and timely realisation of investments, by
carrying out rigorous due diligence procedures and maintaining a wide
spread of holdings in terms of financing stage and industry sector. The
board reviews the investment portfolio with the investment adviser on a
regular basis.
Financial risk: most of the company's investments involve a medium to
long-term commitment and many are relatively illiquid. Mitigation: the
directors consider that it is inappropriate to finance the company's
activities through borrowing except on an occasional short-term basis.
Accordingly they seek to maintain a proportion of the company's assets
in cash or cash equivalents in order to be in a position to pursue new
unquoted investment opportunities and make follow-on investments in
existing portfolio companies. The company has very little direct
exposure to foreign currency risk and does not enter into derivative
transactions.
Economic risk: events such as economic recession or general fluctuation
in stock markets, exchange rates and interest rates may affect the
valuation of investee companies and their ability to access adequate
financial resources, as well as affecting the company's own share price
and discount to net asset value. Mitigation: the company invests in a
diversified portfolio of investments spanning various industry sectors,
and maintains sufficient cash reserves to be able to provide additional
funding to investee companies where appropriate.
Stock market risk: some of the company's investments are quoted on the
London Stock Exchange or AIM and will be subject to market fluctuations
upwards and downwards. External factors such as terrorist activity can
negatively impact stock markets worldwide. In times of adverse
sentiment there may be very little, if any, market demand for shares in
smaller companies quoted on AIM. Mitigation: the company's quoted
investments are actively managed by specialist advisers, including NVM
in the case of AIM-quoted investments, and the board keeps the portfolio
and the actions taken under ongoing review.
Credit risk: the company holds a number of financial instruments and
cash deposits and is dependent on the counterparties discharging their
commitment. Mitigation: the directors review the creditworthiness of
the counterparties to these instruments and cash deposits and seek to
ensure there is no undue concentration of credit risk with any one
party.
Legislative and regulatory risk: in order to maintain its approval as a
VCT, the company is required to comply with current VCT legislation in
the UK, which reflects the European Commission's State-aid rules.
Changes to the UK legislation or the State-aid rules in the future could
have an adverse effect on the company's ability to achieve satisfactory
investment returns whilst retaining its VCT approval. Mitigation: the
board and the investment adviser monitor political developments and
where appropriate seek to make representations either directly or
through relevant trade bodies.
Internal control risk: the company's assets could be at risk in the
absence of an appropriate internal control regime. Mitigation: the
board regularly reviews the system of internal controls, both financial
and non-financial, operated by the company and the investment adviser.
These include controls designed to ensure that the company's assets are
safeguarded and that proper accounting records are maintained.
VCT qualifying status risk: while it is the intention of the directors
that the company will be managed so as to continue to qualify as a VCT,
there can be no guarantee that this status will be maintained. A
failure to continue meeting the qualifying requirements could result in
the loss of VCT tax relief, the company losing its exemption from
corporation tax on capital gains, to shareholders being liable to pay
income tax on dividends received from the company and, in certain
circumstances, to shareholders being required to repay the initial
income tax relief on their investment. Mitigation: the investment
adviser keeps the company's VCT qualifying status under continual review
and its reports are reviewed by the board on a quarterly basis. The
board has also retained Philip Hare & Associates LLP to undertake an
independent VCT status monitoring role.
DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the annual report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for
each financial year. Under that law the directors have elected to
prepare the financial statements in accordance with UK Accounting
Standards including FRS 102 "The Financial Reporting Standard applicable
in the UK and Republic of Ireland".
Under company law the directors must not approve the financial
statements unless they are satisfied that they give a true and fair view
of the state of affairs of the company and of the profit or loss of the
company for the year.
In preparing the financial statements, the directors are required to (i)
select suitable accounting policies and then apply them consistently;
(ii) make judgements and estimates that are reasonable and prudent;
(iii) state whether applicable UK Accounting Standards have been
followed, subject to any material departures disclosed and explained in
the financial statements; (iv) assess the company's ability to continue
as a going concern, disclosing, as applicable, matters related to going
concern; and (v) prepare the financial statements on the going concern
basis unless they either intend to liquidate the company or to cease
operations, or have no realistic alternative but to do so.
The directors are responsible for keeping adequate accounting records
that are sufficient to show and explain the company's transactions and
disclose with reasonable accuracy at any time the financial position of
the company and enable them to ensure that its financial statements
comply with the Companies Act 2006. They are responsible for such
internal control as they determine is necessary to enable the
preparation of financial statements that are free from material
misstatement, whether due to fraud or error, and have general
responsibility for taking such steps as are reasonably open to them to
safeguard the assets of the company and to prevent and detect fraud and
other irregularities.
Under applicable law and regulations, the directors are also responsible
for preparing a directors' report, strategic report, directors'
remuneration report and corporate governance statement that comply with
that law and those regulations.
The directors are responsible for the maintenance and integrity of the
corporate and financial information included on the company's website.
Legislation in the UK governing the preparation and dissemination of
financial statements may differ from legislation in other jurisdictions.
The directors have confirmed that to the best of their knowledge (i)
taken as a whole the financial statements, prepared in accordance with
the applicable accounting standards, give a true and fair view of the
assets, liabilities, financial position and profit of the company; and
(ii) the directors' report and strategic report include a fair review of
the development and performance of the business and the position of the
company, together with a description of the principal risks and
uncertainties that they face.
The directors consider that the annual report and financial statements,
taken as a whole, is fair, balanced and understandable and provides the
information necessary for shareholders to assess the company's position
and performance, business model and strategy.
The directors of the company at the date of this announcement were Mr S
J Constantine (Chairman), Mr N J Beer, Mr R J Green, Mr T R Levett, Mr D
A Mayes and Mr H P Younger.
OTHER MATTERS
The above summary of results for the year ended 30 September 2018 does
not constitute statutory financial statements within the meaning of
Section 435 of the Companies Act 2006 and has not been delivered to the
Registrar of Companies. Statutory financial statements will be filed
with the Registrar of Companies in due course; the independent auditor's
report on those financial statements under Section 495 of the Companies
Act 2006 is unqualified, does not include any reference to matters to
which the auditor drew attention by way of emphasis without qualifying
the report and does not contain a statement under Section 498(2) or (3)
of the Companies Act 2006.
The calculation of the revenue and capital return per share is based on
the return on ordinary activities after tax for the year and on
130,205,209 (2017 100,330,704) ordinary shares, being the weighted
average number of shares in issue during the year.
The calculation of the net asset value per share is based on the net
assets at 30 September 2018 divided by the 132,567,448 (30 September
2017 105,026,156) ordinary shares in issue at that date.
The proposed final dividend of 2.0 pence per share for the year ended 30
September 2018 will, if approved by shareholders, be paid on 21 December
2018 to shareholders on the register at the close of business on 23
November 2018.
The full annual report including financial statements for the year ended
30 September 2018 is expected to be posted to shareholders on 16
November 2018 and will be available to the public at the registered
office of the company at Time Central, 32 Gallowgate, Newcastle upon
Tyne NE1 4SN and on the NVM Private Equity LLP 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.
(END) Dow Jones Newswires
November 12, 2018 07:30 ET (12:30 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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