Northern 2 Vct Regulatory News (NTV)

19 Nov 2007 14:57

Northern 2 VCT PLC19 November 2007 19 NOVEMBER 2007 NORTHERN 2 VCT PLC INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 31 OCTOBER 2007 Northern 2 VCT PLC presents its interim management statement for the quarterended 31 October 2007. This constitutes the company's second 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 31 October 2007 was 91.1p(31 July 2007 90.1p). The net asset value is stated before deducting theinterim dividend of 2.0p per share in respect of the year ending 31 January2008, which was declared on 21 September 2007 and will be paid on 7 December2007. The number of ordinary shares in issue at 31 October 2007 was 47,405,172.During the three months ended 31 October 2007 no shares were issued and a totalof 373,295 shares were re-purchased by the company for cancellation at anaverage price of 81.1p per share. Net assets at 31 October 2007 comprised the following: % of £000 net assetsUnquoted investments at fair value as determined by the directors 31,149 72.1Quoted investments at bid price 2,924 6.8 ------ -----Total venture capital investments 34,073 78.9Listed fixed-interest investments 5,074 11.7 ------ -----Total fixed asset investments 39,147 90.6Net current assets 4,040 9.4 ------ -----Net assets 43,187 100.0 ------ ----- The ten largest investments by valuation at 31 October 2007 were as follows: % of £000 net assetsEnvirotec 2,197 5.1Crantock Bakery 1,902 4.4John Laing Partnership 1,419 3.3TFB Group 1,316 3.0Longhirst Venues 1,296 3.0IG Doors 1,261 2.9Arrow Industrial Group 1,169 2.7Develop Training 1,163 2.7DMN 1,145 2.7Paladin Group (formerly Touchstone Asset Management) 1,144 2.7 ------ -----Top ten investments 14,012 32.5Other investments 20,061 46.4 ------ -----Total venture capital investments 34,073 78.9 ------ ----- Quoted investments are carried at bid price as at 31 October 2007. Unquotedinvestments are carried at fair value as at 31 October 2007 as determined by thedirectors. During the three months ended 31 October 2007 the following significantinvestment transactions took place (all companies unquoted except whereotherwise indicated): New investments: AmountName of company Business activity invested £000Promatic Group Manufacturer/distributor of clay target launch 800 equipment Disposals: Carrying Sales Original value atName of company proceeds cost 31 July 2007 £000 £000 £000Ithaca Holdings (trade sale) 1,477 493 1,524KCS Global Holdings (trade sale) 1,865 702 1,515Nightingales Holdings (in administration) Nil 1,191 Nil Ithaca Holdings, the business-to-business media services and exhibitionscontractor, was sold to the business information division of United BusinessMedia Plc in September 2007. KCS Global Holdings, which provides HR and payrollsoftware and outsourcing services, was sold to The Sage Group plc in October2007. Nightingales Holdings, the mail order retailer of women's clothing, wentinto administration in October 2007 following a period of poor trading which wasexacerbated by the effects of industrial action in the postal service. Subsequent to 31 October 2007 the company has sold its holding in BaronyUniversal Products to a trade purchaser for £893,000, its carrying value at 31October 2007. The carrying value of the investment at 31 July 2007 was£751,000. On 18 October 2007 the company announced proposals to launch a public offer ofup to 16 million new ordinary shares to raise up to approximately £15 million(before expenses) and to postpone the next resolution for continuation of thecompany from 2011 to 2013. The enabling resolutions were passed by shareholdersat an extraordinary general meeting on 12 November 2007. It is expected that aprospectus in connection with the proposed share offer will be published by theend of November 2007. END 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