Northern 3 Vct Regulatory News (NTN)

15 Jan 2010 10:28



15 JANUARY 2010

NORTHERN 3 VCT PLC

INTERIM MANAGEMENT STATEMENT

FOR THE QUARTER ENDED 31 DECEMBER 2009

Northern 3 VCT PLC presents its interim management statement for the three months ended 31 December 2009. This constitutes the company's second interim management statement for the financial year ending 31 March 2010, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3. This statement has been prepared solely to provide additional information in order to meet the requirements of the Disclosure and Transparency Rules and should not be relied on by shareholders, or any other party, for any other purpose.

The unaudited net asset value per ordinary share as at 31 December 2009 was 91.0p (30 September 2009 90.5p. The net asset value is stated before deducting the interim dividend of 2.0p per share in respect of the year ending 31 March 2010, which was declared on 4 November 2009 and will be paid to eligible shareholders on 15 January 2010.

The number of ordinary shares in issue at 31 December 2009 was 28,880,287. During the three months ended 31 December 2009 no new ordinary shares were issued and 60,000 shares were re-purchased by the company for cancellation at a price of 76.9p per share. On 20 November 2009 the company announced that it would with effect from 25 November 2009 implement a policy of re-purchasing its shares in the market at a 15% discount to net asset value.

For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2009 and unquoted investments are carried at fair value as at 31 December 2009 as determined by the directors.

During the three months ended 31 December 2009 the following significant investment transactions took place:

New investments:

None.

Disposals:

At a general meeting of shareholders held on 12 January 2010, resolutions were passed which have the effect of (i) amending the articles of association by postponing the date on which shareholders have an opportunity to vote that the company should continue as a VCT to the first annual general meeting of the Company on or after 1 July 2015, (ii) authorising the company to purchase ordinary shares from shareholders in connection with a proposed enhanced share buyback offer, (iii) authorising the directors to allot up to 20,000,000 new ordinary shares for cash and (iv) amending the articles of association by removing provisions formerly contained in the memorandum of association and introducing a new article specifying the limited liability of members.

On 15 January 2010 the company issued 77,667 new ordinary shares at a price of 88.5p per share pursuant to the company's dividend investment scheme.

The directors are not aware of any other events or transactions which have taken place between 30 September 2009 and the date of publication of this statement and which have had a material effect on the financial position of the company.

Enquiries:

Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000

Website: www.nvm.co.uk