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20 Jul 2021 16:00
Net Asset Value20 JULY 2021
NORTHERN 3 VCT PLC
UNAUDITED NET ASSET VALUE AS AT 30 JUNE 2021
Northern 3 VCT PLC (“the Company”) is a Venture Capital Trust (“VCT”) launched in 2001 and managed 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 30 June 2021 was 109.1 pence (31 March 2021 (audited) 107.0 pence).
For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 30 June 2021 and unquoted investments are carried at fair value as at 30 June 2021 as determined by the directors. The net asset value is stated before deducting the second interim (special) dividend of 4.5 pence per share and the proposed final dividend of 2.5 pence per share in respect of the year ended 31 March 2021, which will, subject to approval by shareholders at the annual general meeting on 19 August 2021, be paid to eligible shareholders on 27 August 2021.
New investments:
During the three months ended 30 June 2021 one new venture capital investment was completed.
| Name of company | Business activity | Amount invested £000 |
| Naitive Technologies Limited | Artificial intelligence enabled medical diagnostics | 721 |
In addition to the new investment above, a total of £1,565,000 was invested in five existing portfolio companies during the quarter.
Realisations:
| Name of company | Sale proceeds | Original cost | Carrying value at 31 March 2021 |
| £000 | £000 | £000 | |
| musicMagpie (partial realisation) | 7,947 | 1,159 | 7,947 |
| Soda Software Labs | 1,249 | 1,464 | 1,537 |
| Avid Technology | 357 | 1,670 | 411 |
The number of ordinary shares in issue at 30 June 2021 was 109,840,118. During the three months ended 30 June 2021 no shares were allotted and no shares were purchased for cancellation during the period.
Enquiries:
Simon John/James Bryce, NVM Private Equity LLP – 0191 244 6000
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.
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