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22 May 2008 15:29
22 MAY 2008
NORTHERN 2 VCT PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 APRIL 2008
Northern 2 VCT PLC presents its interim management statement for the quarter ended 30 April 2008. This constitutes the company's first interim management statement for the financial year ending 31 January 2009, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
The unaudited net asset value per ordinary share as at 30 April 2008 was 89.4p (31 January 2008 89.1p). The net value is stated before deducting the final dividend of 4.0p per share in respect of the year ended 31 January 2008, which was approved by shareholders at the annual general meeting on 22 May 2008 and will be paid to eligible shareholders on 6 June 2008. Shareholders whose shares were allotted between 29 January 2008 and 17 April 2008 in connection with the company's recent offer for subscription do not rank for this dividend.
The number of ordinary shares in issue at 30 April 2008 was 56,868,166. During the three months ended 30 April 2008 8,094,338 new ordinary shares were issued at a price of 95.0p per share in connection with the offer for subscription and 348,427 shares were re-purchased by the company for cancellation at a price of 80.2p per share.
Quoted investments are carried at bid price as at 30 April 2008. Unquoted investments are carried at fair value as at 30 April 2008 as determined by the directors.
During the three months ended 30 April 2008 the following significant investment transactions took place (all companies unquoted except where otherwise indicated):
New investments:
|
Name of company |
Business activity |
Amount invested £000 |
|
Tikit Group (AIM-quoted) |
IT solutions and support services |
525 |
|
Paladin Group |
Property management services |
407 |
|
Optilan Group |
Telecommunications systems integrator |
1,000 |
|
Axial Systems Holdings |
Distributed network management solutions |
1,000 |
Disposals:
|
Name of company |
Sales proceeds £000 |
Original cost £000 |
Carrying value at 31 January 2008 £000 |
|
TFB Group (trade sale) |
1,543 |
620 |
1,543 |
|
Arrow Industrial Group (trade sale) |
1,092 |
735 |
1,092 |
|
Inspicio (AIM-quoted) (recommended offer) |
225 |
100 |
223 |
The directors are not aware of any other events or transactions which have taken place between 30 April 2008 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
ENDS
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