Last checked at 2 Dec 2020 07:00
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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.£872million 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 £284,000. 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 www.mercia.co.uk
| +44 (0)330 223 1430
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Canaccord Genuity Limited (NOMAD and Joint Broker) | +44 (0)20 7523 8000 |
Simon Bridges, Emma Gabriel, Richard Andrews | |
N+1 Singer (Joint Broker) | |
Harry Gooden, James Moat
| +44 (0)20 7496 3000 |
FTI Consulting
| +44 (0)20 3727 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.£872million of assets under management and, since its IPO in December 2014, has invested over £106million into its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".