Northern Venture Tst Net Asset Value(s)
18 February 2020 - 2:00AM
UK Regulatory
TIDMNVT
17 FEBRUARY 2020
NORTHERN VENTURE TRUST PLC
UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2019
Northern Venture Trust PLC ("the Company") is a Venture Capital Trust
("VCT") launched in 1995 and advised by Mercia Fund Management Limited.
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 per ordinary share as at 31 December 2019
was 67.9 pence (30 September 2019 (audited) 68.9 pence). The net asset
value is stated after deducting the final dividend of 2.0 pence per
share in respect of the year ended 30 September 2019, which was paid to
eligible shareholders on 20 December 2019.
For the purposes of calculating the net asset value per share, quoted
investments are carried at bid price as at 31 December 2019 and unquoted
investments are carried at fair value as at 31 December 2019 as
determined by the directors.
New Investments:
During the three months ended 31 December 2019 one new venture capital
investment was completed.
Amount
invested
Name of company Business activity GBP000
----------------- ---------------------------- ---------
Online platform for private
Tutora Limited tutors 1,131
In addition to the new investment above GBP2,629,000 was invested in
five existing portfolio companies during the quarter.
Realisations:
Three realisations took place during the quarter; the entire holding in
the AIM quoted Brady PLC was divested following an agreed takeover bid,
resulting in sales proceeds of GBP100,000. A portion of the shares held
in the AIM quoted Ideagen PLC were sold following recent positive share
price movements, for proceeds of GBP117,000. Agilitas IT Holdings made a
further scheduled loan note repayment of GBP359,000.
The number of ordinary shares in issue at 31 December 2019 was
139,074,674. During the three months ended 31 December 2019 797,062
shares were allotted at an average price of 66.9 pence per share and
496,000 shares were re-purchased for cancellation at an average price of
63.6 pence per share.
Enquiries:
Simon John/James Bryce, NVM Private Equity LLP -- 0191 244 6000
Website: www.nvm.co.uk
Martin Glanfield, Chief Financial Officer, Mercia Asset Management PLC
-- 0330 223 1430
Website: www.mercia.co.uk
Neither the contents of the NVM Private Equity LLP or the Mercia Asset
Management PLC website, nor the contents of any website accessible from
hyperlinks on the NVM Private Equity LLP or Mercia Asset Management PLC
website (or any other website), are incorporated into, or forms part of,
this announcement.
(END) Dow Jones Newswires
February 17, 2020 10:00 ET (15:00 GMT)
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