TIDMNVT
8 July 2020
NORTHERN VENTURE TRUST PLC
UNAUDITED HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHSED 31 MARCH
2020
Northern Venture Trust PLC is a Venture Capital Trust (VCT) whose
investment adviser is Mercia Fund Management Limited. The trust was one
of the first VCTs launched on the London Stock Exchange in 1995. It
invests mainly in unquoted venture capital holdings 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 31 March 2019 and 30
September 2019)
Six months Six months
ended ended Year ended
31 March 31 March 30 September
2020 2019 2019
---------- ---------- --------------
Net assets GBP80.2m GBP92.0m GBP95.7m
Net asset value per share 58.2p 70.4p 68.9p
Return per share:
Revenue (0.1)p 0.7p 0.8p
Capital (8.6)p 0.8p 1.3p
Total (8.7)p 1.5p 2.1p
Dividend per share declared in
respect of the period
Interim dividend 1.5p 2.0p 2.0p
Final dividend -- -- 2.0p
Total 1.5p 2.0p 4.0p
Cumulative return to shareholders
since launch:
Net asset value per share
Dividends paid per share* 58.2p 70.4p 68.9p
Net asset value plus dividends 170.5p 166.5p 168.5p
paid per share 228.7p 236.9p 237.4p
Mid-market share price at end of
period 53.00p 64.50p 64.50p
Tax-free dividend yield (based
on the net asset per share)** 5.0% 5.7% 5.6%
*Excluding interim dividend not yet paid.
**The annualised dividend yield is calculated by dividing the dividends
in respect of the 12 month period ended on each reference date by the
net asset value per share at the start of the period.
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
HALF-YEARLY MANAGEMENT REPORT FOR THE SIX MONTHSED 31 MARCH 2020
The past six months have been another extremely busy period for the
company, with four new investments completed, a change in investment
advisor announced in December 2019 and a successful share offer launched
in January 2020. The latter part of the period was dominated by news of
the evolving Coronavirus pandemic (COVID-19) which started to have a
significant effect on the movement of people in the UK. Our share offer
closed to new applications in February, raising GBP12.5 million and your
company remains well capitalised to support its growing portfolio and to
pursue further investment opportunities.
Results and dividend
The unaudited net asset value (NAV) per share at 31 March 2020 was 58.2p,
compared with the audited figure of 68.9p at 30 September 2019. The
total return per share before dividends for the six months ended 31
March 2020 as shown in the income statement was minus 8.7p (six months
ended 31 March 2019: positive return of 1.5p), equivalent to 12.6% of
the NAV at the start of the period. The negative total return was
driven by an unrealised reduction in the valuation of the investment
portfolio related largely to COVID-19. Investment income of GBP0.4
million was lower than in the corresponding period last year (six months
to 31 March 2019: GBP1.5 million) due to a combination of prior sales of
investments and some investee companies deferring interest payments to
preserve cash, but also the benefit in the prior year of a one-off
receipt of interest arrears following an investment disposal.
We announced an NAV of 54.6p per share at 24 March prior to issuing
shares under the offer. Whilst this was after lockdown had been
announced, it was before the detailed guidance on certain government
support initiatives had been released, most notably details of the
Coronavirus Job Retention Scheme on 26 March. Together with more up to
date trading information from investee companies as at 31 March 2020,
this enabled us to reconsider the prospects of a number of companies in
the portfolio and hence the NAV increased by 3.6p or 6.6% as at the
balance sheet date.
In 2018 we revised our dividend policy in the light of the new rules for
investment introduced in 2015 and 2017, which we expected to result in
more volatile returns. We introduced a target dividend yield of 5% of
opening NAV, which has been exceeded in each of the last two years. A
negative return in any period clearly puts considerable pressure on the
payment of a dividend. However we are aware of the importance to our
shareholders of regular distributions and remain confident in the long
term prospects of our portfolio. We have therefore decided to pay an
interim dividend for the year ending 30 September 2020 of 1.5p and hope
to continue to smooth out the returns of the underlying portfolio to our
shareholders in this way.
Investment advisor update
As announced previously, the Company consented to the novation of its
existing investment advisory agreement with NVM Private Equity LLP (NVM)
to Mercia Fund Management Limited (Mercia) which became effective on 23
December 2019. After careful consideration and extensive due diligence,
your directors concluded that the change in advisory arrangements is a
positive development for the Company and that it comes at the right time
in the continuing evolution of the VCT sector. The NVM VCT team, led by
partners Tim Levett and Charlie Winward, transferred to Mercia and now
constitute the new VCT division within the wider Mercia group. We
believe that the combination of NVM's long established record as a
successful investor and Mercia's venture credentials has the potential
to create one of the leading regionally based UK venture fund management
groups. No material changes have been made to the terms of the
investment advisory agreement.
Venture capital investment activity
Four new VCT-qualifying holdings were acquired during the period, for
total consideration of GBP2.5 million. These have all been in
innovative earlier stage companies, developing a variety of disruptive
products and services and requiring capital to scale up. Most of the
earlier stage businesses we are backing will require further capital to
realise their growth potential fully and we will continue to channel a
significant proportion of our investment capital into our existing
portfolio. We supported nine of our existing portfolio companies with
growth capital of GBP3.5 million in aggregate during the period.
Inevitably in a portfolio of this type there will be some early losses
of which we incurred one during the year with the sale of Primal Food
for a nominal sum. We also exited AIM listed Nasstar which was taken
private as a result of an agreed takeover and Summit Therapeutics which
had announced its intention to de-list from AIM.
Venture capital portfolio update
Following the first reports of COVID-19 in Asia, the initial effects in
the UK principally impacted businesses with complex supply chains or
overseas customers in certain territories. As the spread of the virus
has led to a global pandemic, the effect on the UK economy has become
much more pronounced and measures taken to tackle COVID-19 have had a
material impact on almost every business. The evolving situation has
presented our portfolio company management teams with considerable
challenges that are likely to persist for some time to come. Our
investment adviser has always taken a hands-on approach to portfolio
management and typically provides an investment executive to the board
of each unquoted portfolio company. Mercia has been working extremely
closely with all our investee management teams to support them with the
numerous challenges faced.
The Company benefits from holding a diversified portfolio of investments,
with no particular concentration to any one end-market sector. As is to
be expected with a diverse generalist portfolio, the current situation
has had varying effects on individual investments. When wide reaching
restrictions on the movement of people were announced by the UK
Government in March, some portfolio businesses faced the prospect of an
immediate and significant drop in revenues. By contrast, some of our
companies observed the early signs of an uptick in activity,
particularly those that are involved in ecommerce. In all cases Mercia
has been working closely with investees either to preserve cash until
the immediate disruption subsides or to source additional working
capital to support an increase in trading.
The worldwide impact of COVID-19 on the financial markets has been
extreme and caused a great deal of volatility. Although the vast
majority of our portfolio is represented by unquoted investments,
investors look to the quoted markets as a benchmark and the valuation
metrics for many of the sectors in which we invest reduced during the
first quarter of 2019. We continue to follow the International Private
Equity and Venture Capital Valuation (IPEV) guidelines, being the
industry accepted best practice, when determining the fair value of our
unquoted investments. As usual, the directors have undertaken a full
valuation exercise of the entire portfolio as at 31 March 2020.
Share offer and liquidity
Having considered the progress achieved to date and the likely further
capital required to enable our investee companies to flourish, we
announced in October 2019 our intention to launch a share offer in the
2019-20 tax year, which opened in January 2020. I am delighted to say
that strong demand was again experienced and we closed the offer to new
applications in February 2020. I would again like to thank shareholders,
existing and new, for their ongoing support. The gross proceeds raised
of GBP12.5 million were allotted on 3 April 2020 and are in addition to
the cash held at 31 March 2020 of GBP14.5 million. The cash and liquid
resources available to the Company put us in a strong position to
continue to support our growing portfolio and to add to it selectively
as market conditions permit.
Our dividend investment scheme, which enables shareholders to re-invest
their dividends in new ordinary shares free of dealing costs and with
the benefit of the tax reliefs available on new VCT share subscriptions,
continues to operate.
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 six months ended 31 March 2020 a total
of 1,708,000 shares were repurchased by the company for cancellation,
representing around 1.2% of the opening ordinary share capital.
VCT legislation and qualifying status
The VCT scheme rules have been subject to regular legislative changes in
recent years and whilst there were no further amendments announced by
the Chancellor in the recent Spring Budget statement, it is possible
that further changes will be made in the future. We will continue to
work closely with Mercia to maintain compliance with the scheme rules at
all times.
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 and we receive
regular reports from Mercia and from our VCT taxation advisers, Philip
Hare & Associates LLP.
Outlook
The political and economic environment has been uncertain over the past
few years. The clear result of the General Election held in December
2019 removed some of that uncertainty, only for it to be reinstated and
increased considerably by the emergence of the COVID-19 global pandemic
during the first quarter of the year. Many financial indices have
staged a significant recovery from the lows experienced in March 2020,
however making a definitive prediction about the future path of the
economy in the current environment is not possible. We remain committed
to supporting our investee companies through what are unprecedented
challenges and have confidence in the overall diversity of the
portfolio.
On behalf of the Board
Simon Constantine
Chairman
Extracts from the unaudited half-yearly financial statements for the six
months ended 31 March 2020 are set out below.
INCOME STATEMENT
(unaudited) for the six months ended 31 March 2020
Six months ended 31 March Six months ended 31 March
2020 2019
Revenue Capital Total Revenue Capital Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Gain on disposal of
investments - 209 209 - 511 511
Movements in fair value of
investments - (11,541) (11,541) - 1,148 1,148
---------- ---------- ---------- ---------- ---------- ----------
- (11,332) (11,332) - 1,659 1,659
Income 419 - 419 1,489 - 1,489
Investment management fee (244) (731) (975) (222) (667) (889)
Other expenses (247) - (247) (250) - (250)
---------- ---------- ---------- ---------- ---------- ----------
Return on ordinary activities
before tax (72) (12,063) (12,135) 1,017 992 2,009
Tax on return on ordinary
activities - - - (143) 143 -
---------- ---------- ---------- ---------- ---------- ----------
Return on ordinary activities
after tax (72) (12,063) (12,135) 874 1,135 2,009
---------- ---------- ---------- ---------- ---------- ----------
Return per share (0.1)p (8.6)p (8.7)p 0.7p 0.8p 1.5p
Year ended 30 September
2019
Revenue Capital Total
GBP000 GBP000 GBP000
Gain on disposal of investments - 1,244 1,244
Movements in fair value of
investments - 1,673 1,673
---------- ---------- ----------
- 2,917 2,917
Income 2,166 - 2,166
Investment management fee (445) (1,334) (1,779)
Other expenses (456) - (456)
---------- ---------- ----------
Return on ordinary activities
before tax 1,265 1,583 2,848
Tax on return on ordinary
activities (168) 168 -
---------- ---------- ----------
Return on ordinary activities
after tax 1,097 1,751 2,848
---------- ---------- ----------
Return per share 0.8p 1.3p 2.1p
BALANCE SHEET
(unaudited) as at 31 March 2020
31 March 2020 31 March 2019 30 September 2019
GBP000 GBP000 GBP000
Fixed assets:
Investments 65,837 71,183 72,409
---------- ---------- ----------
Current assets:
Debtors 23 229 1,182
Cash and cash equivalents 14,478 27,245 22,160
---------- ---------- ----------
14,501 27,474 23,342
Creditors (amounts falling
due within one year) (110) (6,697) (93)
---------- ---------- ----------
Net current assets 14,391 20,777 23,249
---------- ---------- ----------
Net assets 80,228 91,960 95,658
---------- ---------- ----------
Capital and reserves:
Called-up equity share
capital 34,466 32,641 34,693
Share premium 5,904 1,133 5,584
Capital redemption reserve 2,532 1,576 2,106
Capital reserve 42,046 49,028 46,820
Revaluation reserve (5,461) 5,599 4,948
Revenue reserve 741 1,983 1,507
---------- ---------- ----------
Total equity shareholders'
funds 80,228 91,960 95,658
---------- ---------- ----------
Net asset value per share 58.2p 70.4p 68.9p
STATEMENT OF CHANGES IN EQUITY
(unaudited) for the six months ended 31 March 2020
---------------Non-distributable Distributable
reserves--------------- reserves Total
Called Capital
up share Share redemption Revaluation Capital Revenue
capital premium reserve reserve* reserve reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 October 2019 34,693 5,584 2,106 4,948 46,820 1,507 95,658
Return on ordinary
activities
after tax - - - (10,409) (1,654) (72) (12,135)
Dividends paid - - - - (2,082) (694) (2,776)
Net proceeds of share
issues 199 320 - - - - 519
Shares purchased (1,038) -
for cancellation (426) - 426 - (1,038)
---------- ---------- ---------- ---------- ---------- ---------- ----------
At 31 March 2020 34,466 5,904 2,532 (5,461) 42,046 741 80,228
---------- ---------- ---------- ---------- ---------- ---------- ----------
STATEMENT OF CHANGES IN EQUITY
(unaudited) for the six months ended 31 March 2019
---------------Non-distributable Distributable
reserves--------------- reserves Total
Called Capital
up share Share redemption Revaluation Capital Revenue
capital premium reserve reserve* reserve reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 October 2018 33,142 817 879 6,346 51,617 1,109 93,910
Return on ordinary
activities
after tax - - - (747) 1,882 874 2,009
Dividends paid - - - - (2,651) - (2,651)
Net proceeds of share
issues 196 316 - - - - 512
Shares purchased
for cancellation (697) - 697 - (1,820) - (1,820)
---------- ---------- ---------- ---------- ---------- ---------- ----------
At 31 March 2019 32,641 1,133 1,576 5,599 49,028 1,983 91,960
---------- ---------- ---------- ---------- ---------- ---------- ----------
STATEMENT OF CHANGES IN EQUITY
for the year ended 30 September 2019
---------------Non-distributable Distributable
reserves--------------- reserves Total
Called Capital
up share Share redemption Revaluation Capital Revenue
capital premium reserve reserve* reserve reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 October 2018 33,142 817 879 6,346 51,617 1,109 93,910
Return on ordinary
activities
after tax - - - (1,398) 3,149 1,097 2,848
Dividends paid - - - - (4,749) (699) (5,448)
Net proceeds of share
issues 2,778 4,767 - - - - 7,545
Shares purchased
for cancellation (1,227) - 1,227 - (3,197) - (3,197)
---------- ---------- ---------- ---------- ---------- ---------- ----------
At 30 September 2019 34,693 5,584 2,106 4,948 46,820 1,507 95,658
---------- ---------- ---------- ---------- ---------- ---------- ----------
*The revaluation reserve is generally non-distributable other than that
part of the reserve relating to gains/losses on readily realisable
quoted investments, which is distributable.
STATEMENT OF CASH FLOWS
(unaudited) for the six months ended 31 March 2020
Six months Six months
ended ended Year ended
31 March 2020 31 March 2019 30 September 2019
GBP000 GBP000 GBP000
Cash flows from
operating
activities:
Return on ordinary
activities before
tax (12,135) 2,009 2,848
Adjustments for:
Gain on disposal of
investments (209) (511) (1,244)
Movement in fair
value of
investments 11,541 (1,148) (1,673)
Decrease/(increase)
in debtors 1,159 (89) (1,041)
Increase/(decrease)
in creditors 16 (3) (13)
---------- ---------- ----------
Net cash
inflow/(outflow)
from operating
activities 372 258 (1,123)
---------- ---------- ----------
Cash flows from
investing
activities:
Purchase of
investments (6,500) (12,963) (18,705)
Sale/repayment of
investments 1,741 12,757 18,531
---------- ---------- ----------
Net cash outflow
from investing
activities (4,759) (206) (174)
---------- ---------- ----------
Cash flows from
financing
activities:
Issue of ordinary
shares 533 540 7,692
Share issue expenses (15) (26) (147)
Share subscriptions
held pending
allotment - 6,593 -
Purchase of ordinary
shares for
cancellation (1,038) (1,820) (3,197)
Equity dividends
paid (2,775) (2,651) (5,448)
---------- ---------- ----------
Net cash
(outflow)/inflow
from financing
activities (3,295) 2,636 (1,100)
---------- ---------- ----------
Net
(decrease)/increase
in cash and cash
equivalents (7,682) 2,688 (2,397)
Cash and cash
equivalents at
beginning of
period 22,160 24,557 24,557
---------- ---------- ----------
Cash and cash
equivalents at end
of period 14,478 27,245 22,160
---------- ---------- ----------
INVESTMENT PORTFOLIO SUMMARY
as at 31 March 2020
% of net
Cost Valuation assets
GBP000 GBP000 by valuation
Fifteen largest venture capital
investments:
Agilitas IT Holdings 943 5,292 6.6%
Lineup Systems 975 4,137 5.2%
Currentbody.com 1,944 3,337 4.2%
Sorted Holdings 3,022 3,292 4.1%
Entertainment Magpie Group 1,611 3,057 3.8%
SHE Software Group 2,412 2,988 3.7%
Volumatic Holdings 905 1,899 2.4%
It's All Good 1,205 1,791 2.2%
Biological Preparations Group 2,366 1,759 2.2%
GRIP-UK (t.a. Climbing Hangar) 2,118 1,672 2.1%
Knowledgemotion 1,903 1,669 2.1%
Weldex (International) Offshore
Holdings 3,262 1,638 2.0%
Medovate 1,593 1,593 2.0%
Soda Software Labs (t.a. Hello
Soda) 1,472 1,366 1.7%
Clarilis 1,092 1,301 1.6%
------------ ------------ ------------
26,823 36,791 45.9%
Other venture capital investments 35,374 21,281 26.5%
------------ ------------ ------------
Total venture capital investments 62,197 58,072 72.4%
Listed equity investments 9,099 7,765 9.7%
------------ ------------ ------------
Total fixed asset investments 71,296 65,837 82.1%
------------
Cash and cash equivalents 14,478 18.0%
Debtors less creditors (87) (0.1)%
------------ ------------
Net assets 80,228 100.0%
------------ ------------
RISK MANAGEMENT
The board carries out a regular and robust assessment 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,
within the rules of the VCT scheme. The board reviews the investment
portfolio with the 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 to 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. The level of economic risk has been
elevated by the COVID-19 pandemic which is widely predicted to cause a
global recession after the balance sheet date. 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 it is appropriate
and in the interests of the company to do so. The adviser typically
provides an investment executive to actively support the board of each
unquoted investee company. At all times, and particularly during
periods of heightened economic uncertainty, the investment executives
share best practice from across the portfolio with investee management
teams in order to mitigate economic risk.
Brexit risk: the implementation of the decision for the UK to withdraw
from the European Union (EU) is a process which involves significant
uncertainty. The impact on the future business environment in the UK is
therefore difficult to predict. Mitigation: whilst we do not expect
that Brexit will have a significant impact on the operations of Northern
Venture Trust PLC itself, the board and the adviser follow Brexit
developments closely with a view to identifying changes which might
affect the company's investment portfolio. The adviser works closely
with investee companies in order to plan for a range of possible
outcomes.
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 or
global health crises, such as the COVID-19 pandemic, 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 Mercia in the case of the
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 advisers 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 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.
OTHER MATTERS
The unaudited half-yearly financial statements for the six months ended
31 March 2020 do not constitute statutory financial statements within
the meaning of Section 434 of the Companies Act 2006, have not been
reviewed or audited by the company's independent auditor and have not
been delivered to the Registrar of Companies. The comparative figures
for the year ended 30 September 2019 have been extracted from the
audited financial statements for that year, which have been delivered to
the Registrar of Companies. The auditor's report on those financial
statements (i) was unqualified, (ii) did not include any reference to
matters to which the auditor drew attention by way of emphasis without
qualifying the report and (iii) did not contain a statement under
Section 498 (2) or (3) of the Companies Act 2006. The half-yearly
financial statements have been prepared on the basis of the accounting
policies set out in the annual financial statements for the year ended
30 September 2019.
Each of the directors confirms that to the best of their knowledge the
half-yearly financial statements have been prepared in accordance with
the Statement "Half-yearly financial reports" issued by the UK
Accounting Standards Board and the half-yearly financial report includes
a fair review of the information required by (a) DTR 4.2.7R of the
Disclosure Rules and Transparency Rules, being an indication of
important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial
statements, and a description of the principal risks and uncertainties
for the remaining six months of the year, and (b) DTR 4.2.8R of the
Disclosure Rules and Transparency Rules, being related party
transactions that have taken place in the first six months of the
current financial year and that have materially affected the financial
position or performance of the entity during that period, and any
changes in the related party transactions described in the last annual
report that could do so.
The directors of the company at the date of this statement 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.
The calculation of return per share is based on the return on ordinary
activities after tax for the six months ended 31 March 2020 and on
138,819,494 (2019: 131,929,348) ordinary shares, being the weighted
average number of shares in issue during the period.
The calculation of the net asset value per share is based on the net
assets at 31 March 2020 divided by the 137,862,512 (2019: 130,562,141)
ordinary shares in issue at that date.
The interim dividend of 1.5p per share for the year ending 30 September
2020 will be paid on 28 August 2020 to shareholders on the register at
the close of business on 7 August 2020.
A copy of the half-yearly financial report for the six months ended 31
March 2020 is expected to be posted to shareholders on or around 31 July
2020 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 company's website.
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
July 08, 2020 11:25 ET (15:25 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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