Northern 3 Vct Regulatory News (NTN)

18 Mar 2022 07:00

18 MARCH 2022

NORTHERN 3 VCT PLC

UNAUDITED NET ASSET VALUE AS AT 17 MARCH 2022

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 17 March 2022 was 99.1 pence (31 December 2021 (unaudited) 106.1 pence, which included a two pence per share dividend that was paid on 28 January 2022). The reduction in unaudited net asset value per share was predominantly due to a reduction in the valuations of the Company's quoted portfolio due to recent volatility in the markets.

For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 17 March 2022 and unquoted investments are carried at fair value as at 17 March 2022 as determined by the directors.

It is intended that the NAV as at 17 March will be used for the purposes of pricing the allotment of ordinary shares under the Company’s offer for subscription. This allotment is expected to occur on 1 April 2022.

The number of ordinary shares in issue at 17 March 2022 was 109,607,737.

Enquiries:

Graham Venables/James Sly, Mercia Fund Management Limited – 0330 223 1430 Website: www.mercia.co.uk

The contents of the Mercia Asset Management PLC website, nor the contents of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website), are not incorporated into, or form part of, this announcement.