Northern 2 Vct Regulatory News (NTV)

5 Jun 2007 07:30

Northern 2 VCT PLC05 June 2007 5 JUNE 2007 NORTHERN 2 VCT PLC INTERIM MANAGEMENT STATEMENTFOR THE QUARTER ENDED 30 APRIL 2007 Northern 2 VCT PLC presents its interim management statement for the quarterended 30 April 2007. This constitutes the company's first interim managementstatement for the financial year ending 31 January 2008, as required by the UKListing Authority's Disclosure and Transparency Rule 4.3. The unaudited net asset value per ordinary share as at 30 April 2007 was 90.2p(31 January 2007 88.9p). The net asset value is stated before deducting thefinal dividend of 4.5p per share in respect of the year ended 31 January 2007,which was approved by shareholders at the annual general meeting on 17 May 2007and will be paid on 8 June 2007. The number of ordinary shares in issue at 30 April 2007 was 47,851,696. Duringthe three months ended 30 April 2007 no shares were issued and a total of422,316 shares were re-purchased by the company for cancellation at an averageprice of 78.9p per share. Net assets at 30 April 2007 comprised the following: % of £000 net assetsUnquoted investments at fair value as determined by the directors 29,202 67.6Quoted investments at bid price 3,166 7.3 ------------ -----------Total venture capital investments 32,368 74.9Listed fixed-interest investments 7,163 16.6 ------------ -----------Total fixed asset investments 39,531 91.5Net current assets 3,652 8.5 ------------ -----------Net assets 43,183 100.0 ------------ ----------- The ten largest investments by valuation at 30 April 2007 were as follows: % of £000 net assets Longhirst Group 2,208 5.1John Laing Partnership 1,943 4.5Envirotec 1,903 4.4Crantock Bakery 1,802 4.2IG Doors 1,300 3.0TFB Group 1,201 2.8DMN 1,145 2.7Arrow Industrial Group 1,134 2.6KCS Global Holdings 1,037 2.4Liquidlogic 1,014 2.3 ------------ -----------Top ten investments 14,687 34.0Other investments 17,681 40.9 ------------ -----------Total venture capital investments 32,368 74.9 ------------ ----------- Quoted investments are carried at bid price as at 30 April 2007. Unquotedinvestments are carried at fair value as at 30 April 2007 as determined by thedirectors. During the three months ended 30 April 2007 the following significant investmenttransactions took place (all companies unquoted except where otherwiseindicated): New investments: AmountName of company Business activity invested £000Gentronix Drug development support services 173Promanex Group Holdings Engineering and maintenance services 1,000Vastox (AIM)* Drug discovery 220 Disposals: Carrying Sales Original value atName of company proceeds cost 31 January 2007 £000 £000 £000Arrow Therapeutics 325 298 325Computer Software Group (AIM) 1,832 442 1,400Daniolabs* 220 145 244PM Group (AIM) 257 175 197 \* The holding in Vastox was acquired in a share-for-share exchange on theacquisition of Daniolabs by Vastox Enquiries: Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000 Website: www.nvm.co.uk This information is provided by RNS The company news service from the London Stock Exchange