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25 Feb 2021 17:20
Net Asset Value(s)25 FEBRUARY 2021
NORTHERN 3 VCT PLC
UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2020
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 31 December 2020 was 97.5 pence (30 September 2020 (unaudited) 93.6 pence).
For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2020 and unquoted investments are carried at fair value as at 31 December 2020 as determined by the directors. The net asset value is stated before deducting the interim dividend of 2.0 pence per share in respect of the year ending 31 March 2021, which was paid to eligible shareholders on 29 January 2021.
New investments:
During the three months ended 31 December 2020 no new venture capital investments were completed.
A total of £2,123,000 was invested in eight existing portfolio companies during the quarter.
Realisations:
| Name of company | Sale proceeds | Original cost | Carrying value at 31 March 2020 |
| £000 | £000 | £000 | |
| Agilitas IT Holdings | 10,507 | 822 | 4,611 |
| Lending Works | 216 | 779 | - |
| It’s All Good | 3,028 | 1,131 | 1,686 |
| Collagen Solutions PLC | 252 | 271 | 39 |
The number of ordinary shares in issue at 31 December 2020 was 110,151,090. During the three months ended 31 December 2020 no shares were allotted and 294,000 shares were re-purchased for cancellation at an average price of 88.9 pence per share.
Enquiries:Simon John/James Bryce, NVM Private Equity LLP – 0191 244 6000Website: www.nvm.co.uk
Martin Glanfield, Chief Financial Officer, Mercia Asset Management PLC – 0330 223 1430Website: 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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