Last checked at 
14 Nov 2008 12:06
14 NOVEMBER 2008
NORTHERN VENTURE TRUST PLC
RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2008
Northern Venture Trust PLC is a Venture Capital Trust (VCT) managed by NVM Private Equity Limited. The trust was one of the first VCTs launched on the London Stock Exchange in 1995. It invests mainly in unquoted venture capital holdings and aims to provide high long-term tax-free returns to shareholders through a combination of dividend yield and capital growth.
Financial highlights:
(comparative figures as at 30 September 2007 in italics)
| 2008 | 2007 | |
| ORDINARY SHARES | ||
| Net assets | £31.1m | £33.6m |
| Net asset value per share | 80.1p | 87.6p |
| Return per share | ||
| Revenue | 2.3p | 2.4p |
| Capital | (0.9)p | 8.4p |
| Total | 1.4p | 10.8p |
| Dividend per share declared | ||
| in respect of the year | ||
| Revenue | 2.0p | 2.0p |
| Capital | 5.5p | 7.0p |
| Total | 7.5p | 9.0p |
| Cumulative return to | ||
| shareholders since launch | ||
| Net asset value per share | 80.1p | 87.6p |
| Dividends paid per share* | 74.0p | 65.0p |
| Net asset value plus dividends | ||
| paid per share | 154.1p | 152.6p |
| Share price at end of year | 63.0p | 76.0p |
| C SHARES | ||
| Net assets | £17.5m | £18.9m |
| Net asset value per share | 84.7p | 91.5p |
| Return per share | ||
| Revenue | 2.3p | 2.3p |
| Capital | (7.1)p | (3.5)p |
| Total | (4.8)p | (1.2)p |
| Dividend per share declared | ||
| in respect of the year | ||
| Revenue | 2.0p | 2.0p |
| Capital | 2.0p | - |
| Total | 4.0p | 2.0p |
| Cumulative return to | ||
| shareholders since launch | ||
| Net asset value per share | 84.7p | 91.5p |
| Dividends paid per share* | 4.0p | 2.0p |
| Net asset value plus dividends | ||
| paid per share | 88.7p | 93.5p |
| Share price at end of year | 79.5p | 83.0p |
*Excluding second interim and proposed final dividend
For further information, please contact:
| NVM Private Equity Limited Alastair Conn/Christopher Mellor Website: www.nvm.co.uk | 0191 244 6000 |
| Lansons Communications Karen Mignon | 020 7294 3685 |
CHAIRMAN'S STATEMENT
Recent developments in the global financial markets have cast a shadow over companies large and small. This has inevitably had an effect on your company's results for the past year, and the outlook for the immediate future is subject to greater uncertainty than at any time in our corporate lifetime.
Results and dividend - ordinary shares
The net asset value per ordinary share at 30 September 2008 was 80.1p, compared with 87.6p a year earlier. Dividends of 9.0p per share were paid and charged to reserves during the year. The return per share for the year as shown in the income statement fell to 1.4p (2007 10.8p). This was still a positive result but the unfavourable comparison with the previous year illustrates the very difficult market conditions in which the company has had to operate.
A year ago we reviewed our ordinary share dividend policy with a view to establishing a target level of maintainable dividend yield as a basis for attracting secondary market purchasers. As a result of this review we stated that our objective was to maintain an annual dividend of at least 6.0p per ordinary share. In fulfilment of this, two interim dividends totalling 6.0p per share have already been paid in respect of the year ended 30 September 2008. Despite the adverse conditions currently prevailing, which have caused a marked slowdown in investment realisation activity, we propose to pay a final dividend of 1.5p, making a total of 7.5p for the year compared with 9.0p last year. The final dividend will, subject to approval by shareholders, be paid on 23 January 2009 to shareholders on the register on 19 December 2008. This will take the cumulative ordinary dividends paid by the company since launch to 78.5p per share.
Results and dividend - C shares
The net asset value per C share at 30 September 2008, after deducting dividends of 2.0p paid during the year, was 84.7p, down from 91.5p a year ago. The return per share for the year was minus 4.8p compared with minus 1.2p last year. This reflects the relative immaturity of the C share portfolio.
The directors propose a final dividend of 1.0p per C share (last year 1.0p), which when added to the first and second interim dividends already paid, makes a total in respect of the year of 4.0p (last year 2.0p). The final dividend will, subject to approval by shareholders, be paid on 23 January 2009 to shareholders on the register on 19 December 2008.
Investment portfolio
The Business Review in the annual report gives details of movements in the investment portfolio during the year. In the ordinary share fund, additions to venture capital investments during the year amounted to £6.0 million and sales proceeds were £11.8 million. Significant realisations during the year included Barony Universal Products, KCS Global Holdings and TFB Group, and CGI Group was re-structured so as to release cash to shareholders. The C share fund completed new investments totalling £3.0 million and achieved a satisfactory exit from Product Support (Holdings). We have as ever taken a conservative approach to the valuation of unquoted investments, against a background this year of falling price-earnings ratios in the quoted markets and pressure on profitability at an individual company level. With the clearing banks intent on reducing their exposure wherever possible, it is likely that some of our investments will need additional financial support and our strong balance sheet will enable us to respond positively in those cases where the long-term prospects can be demonstrated.
Shareholder issues
Twelve months ago we announced, after a careful review, that the company would cease its practice of buying back ordinary shares for cancellation at a fixed 10% discount to net asset value. It was felt that in the long term there was a danger of a gradual diminution of the company's capital base, which could increase the ratio of annual running costs to assets and reduce the diversity of the investment portfolio. We also wished to encourage demand from secondary purchasers, believing that it was in the interests of both the company and its shareholders that there should be a more active market in the company's shares as investors came to appreciate the benefits of a sustainable flow of tax-free dividend income. It was acknowledged that in the short term the change in buy-back policy would lead to a fall in the quoted market price, and over the past year the discount to net asset value has indeed widened. However there has undoubtedly been an increase in secondary market trading in the shares and we remain of the view that a more active market, supported by a consistent dividend policy, is the right way forward.
It was also announced last year that the directors had appointed Landsbanki Securities (formerly Teather & Greenwood) as brokers to the company, on the basis that they would also act as market-makers in the company's ordinary and C shares. This arrangement has generally worked well, but during the past two months Landsbanki Securities has been affected by the financial difficulties of its Icelandic parent and in October 2008 was obliged to cease its market-making activities. As a result there was only one remaining market-maker in the company's ordinary and C shares, and the quoted share prices fell substantially.
Following a further review of broking and market-making arrangements, the directors have decided to appoint Teathers, a new firm established by former Landsbanki Securities personnel, as brokers to the company. We expect that this will facilitate the resumption of an orderly market in the company's shares and we regret any irritation or concern which has been caused to shareholders by the recent uncertainty.
The directors are considering the possibility of launching a small "top-up" issue of new ordinary shares in the first quarter of 2009 in response to enquiries from shareholders wishing to make a further investment in the company. An announcement concerning this will be made in due course.
Conversion of C shares
I would like to remind shareholders that the C shares issued by the company in the 2005/06 tax year are due, in accordance with the articles of association, to be converted into new ordinary shares no later than 30 October 2009. The number of new ordinary shares to be issued on conversion will be determined by reference to the respective net asset values per share attributable to the ordinary shares and the C shares at the calculation date, which is expected to be 30 September 2009.
VAT on management fees
The Government announced in the 2008 Budget that, with effect from 1 October 2008, investment management fees paid by VCTs would be exempt from VAT. The resulting saving in the financial year ending 30 September 2009 is estimated at approximately £100,000 for the ordinary share fund and £60,000 for the C share fund.
HM Revenue & Customs has accepted that under European Union VAT law the exemption of management fees from VAT should have applied from 1 January 1990 onwards, and has indicated that claims may be made for repayment of VAT previously paid by VCTs, subject to certain restrictive time limits. At this stage the directors are reasonably certain that the amount of past VAT recoverable by the company will be at least £371,000 for the ordinary share pool and £100,000 for the C share pool, and these amounts have been recognised in the accounts as a separate credit in the income statement.
VCT qualifying status
The directors are satisfied that the qualifying conditions laid down by HM Revenue & Customs for VCT approval have continued to be met by the company and we believe that this will continue to be the case.
Board of directors
As I indicated in my half-yearly statement, I will be retiring as chairman and as a director at the close of the annual general meeting on 14 January 2009. It has been a great privilege to serve our company and I would like to thank shareholders, my board colleagues and our managers for their support and encouragement over the past 13 years. I am delighted that John Hustler has accepted the board's invitation to take over the chair and I am sure that the company's future is in good hands.
Clive Williams retired from the board in May 2008 due to the pressure of his other personal commitments and I thank him for his contribution to our business. It is likely that an additional director will be appointed during the next few months.
Prospects
The outlook for the UK economy in the short to medium term is poor and recovery is likely to be slow. This is bound to be reflected in the performance of our investments over the next 12 months. The portfolio remains well diversified and our managers will continue to monitor each company closely, with a view to putting us in the best possible position to benefit when the eventual upturn comes. Opportunities will undoubtedly arise for further cautious investment.
Professor Sir Frederick Holliday
Chairman
The audited results for the year ended 30 September 2008 are set out below.
INCOME STATEMENT
for the year ended 30 September 2008
| Ordinary shares | C shares | |||||
| --------------------------- | ---------------------------- | |||||
| Revenue £000 | Capital £000 | Total £000 | Revenue £000 | Capital £000 | Total £000 | |
| Gain/(loss) on disposal of investments | - | (110) | (110) | - | 566 | 566 |
| Movements in fair value of investments | - | (56) | (56) | - | (1,870) | (1,870) |
| ------ | ------ | ------ | ------ | ------ | ------ | |
| - | (166) | (166) | - | (1,304) | (1,304) | |
| Income | 1,477 | - | 1,477 | 912 | - | 912 |
| Investment management fee | (186) | (556) | (742) | (107) | (322) | (429) |
| Recoverable VAT | 93 | 278 | 371 | 25 | 75 | 100 |
| Other expenses | (199) | - | (199) | (177) | - | (177) |
| ------ | ------ | ------ | ------ | ------ | ------ | |
| Return on ordinary activities | ||||||
| before tax | 1,185 | (444) | 741 | 653 | (1,551) | (898) |
| Tax on return on ordinary activities | (270) | 82 | (188) | (169) | 73 | (96) |
| ------ | ------ | ------ | ------ | ------ | ------ | |
| Return on ordinary activities | ||||||
| after tax | 915 | (362) | 553 | 484 | (1,478) | (994) |
| ------ | ------ | ------ | ------ | ------ | ------ | |
| Return per share | 2.3p | (0.9)p | 1.4p | 2.3p | (7.1)p | (4.8)p |
| Company | ||||||
| --------------------------- | ||||||
| Revenue £000 | Capital £000 | Total £000 | ||||
| Gain/(loss) on disposal of investments | - | 456 | 456 | |||
| Movements in fair value of investments | - | (1,926) | (1,926) | |||
| ------ | ------ | ------ | ||||
| - | (1,470) | (1,470) | ||||
| Income | 2,389 | - | 2,389 | |||
| Investment management fee | (293) | (878) | (1,171) | |||
| Recoverable VAT | 118 | 353 | 471 | |||
| Other expenses | (376) | - | (376) | |||
| ------ | ------ | ------ | ||||
| Return on ordinary activities | ||||||
| before tax | 1,838 | (1,995) | (157) | |||
| Tax on return on ordinary activities | (439) | 155 | (284) | |||
| ------ | ------ | ------ | ||||
| Return on ordinary activities | ||||||
| after tax | 1,399 | (1,840) | (441) | |||
| ------ | ------ | ------ | ||||
INCOME STATEMENT
for the year ended 30 September 2007
| Ordinary shares | C shares | |||||
| --------------------------- | --------------------------- | |||||
| Revenue £000 | Capital £000 | Total £000 | Revenue £000 | Capital £000 | Total £000 | |
| Gain/(loss) on disposal of investments | - | 1,188 | 1,188 | - | (98) | (98) |
| Movements in fair value of investments | - | 2,474 | 2,474 | - | (382) | (382) |
| ------ | ------ | ------ | ------ | ------ | ------ | |
| - | 3,662 | 3,662 | - | (480) | (480) | |
| Income | 1,535 | - | 1,535 | 974 | - | 974 |
| Investment management fee | (195) | (585) | (780) | (114) | (342) | (456) |
| Recoverable VAT | - | - | - | - | - | - |
| Other expenses | (176) | - | (176) | (166) | - | (166) |
| ------ | ------ | ------ | ------ | ------ | ------ | |
| Return on ordinary activities | ||||||
| before tax | 1,164 | 3,077 | 4,241 | 694 | (822) | (128) |
| Tax on return on ordinary activities | (251) | 178 | (73) | (222) | 108 | (114) |
| ------ | ------ | ------ | ------ | ------ | ------ | |
| Return on ordinary activities | ||||||
| after tax | 913 | 3,255 | 4,168 | 472 | (714) | (242) |
| ------ | ------ | ------ | ------ | ------ | ------ | |
| Return per share | 2.4p | 8.4p | 10.8p | 2.3p | (3.5)p | (1.2)p |
| Company | ||||||
| ---------------------------- | ||||||
| Revenue £000 | Capital £000 | Total £000 | ||||
| Gain/(loss) on disposal of investments | - | 1,090 | 1,090 | |||
| Movements in fair value of investments | - | 2,092 | 2,092 | |||
| ------ | ------ | ------ | ||||
| - | 3,182 | 3,182 | ||||
| Income | 2,509 | - | 2,509 | |||
| Investment management fee | (309) | (927) | (1,236) | |||
| Recoverable VAT | - | - | - | |||
| Other expenses | (342) | - | (342) | |||
| ------ | ------ | ------ | ||||
| Return on ordinary activities | ||||||
| before tax | 1,858 | 2,255 | 4,113 | |||
| Tax on return on ordinary activities | (473) | 286 | (187) | |||
| ------ | ------ | ------ | ||||
| Return on ordinary activities | ||||||
| after tax | 1,385 | 2,541 | 3,926 | |||
| ------ | ------ | ------ | ||||
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the year ended 30 September 2008
| Ordinary shares | C shares | Company | |
| £000 | £000 | £000 | |
| Equity shareholders' funds at | |||
| 1 October 2007 | 33,632 | 18,883 | 52,515 |
| Return on ordinary activities after tax | 553 | (994) | (441) |
| Dividends recognised in the year | (3,465) | (413) | (3,878) |
| Net proceeds of share issues | 463 | - | 463 |
| Shares purchased for cancellation | (65) | (15) | (80) |
| ------ | ------ | ------ | |
| Equity shareholders' funds at | |||
| 30 September 2008 | 31,118 | 17,461 | 48,579 |
| ------ | ------ | ------ |
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the year ended 30 September 2007
| Ordinary shares | C shares | Company | |
| £000 | £000 | £000 | |
| Equity shareholders' funds at | |||
| 1 October 2006 | 33,118 | 19,571 | 52,689 |
| Return on ordinary activities after tax | 4,168 | (242) | 3,926 |
| Dividends recognised in the year | (3,477) | (414) | (3,891) |
| Net proceeds of share issues | 417 | - | 417 |
| Shares purchased for cancellation | (594) | (32) | (626) |
| ------ | ------ | ------ | |
| Equity shareholders' funds at | |||
| 30 September 2007 | 33,632 | 18,883 | 52,515 |
| ------ | ------ | ------ |
BALANCE SHEET
as at 30 September 2008
| Ordinary shares £000 | C shares £000 | Company £000 | |
| Fixed asset investments: | |||
| Venture capital investments | |||
| Unquoted | 19,956 | 6,643 | 26,599 |
| Quoted | 1,567 | 1,158 | 2,725 |
| ------ | ------ | ------ | |
| Total venture capital investments | 21,523 | 7,801 | 29,324 |
| Listed fixed-interest investments | - | 8,535 | 8,535 |
| ------ | ------ | ------ | |
| Total fixed asset investments | 21,523 | 16,336 | 37,859 |
| ------ | ------ | ------ | |
| Current assets: | |||
| Debtors | 787 | 166 | 953 |
| Cash at bank | 9,098 | 1,100 | 10,198 |
| ------ | ------ | ------ | |
| 9,885 | 1,266 | 11,151 | |
| Creditors (amounts falling due within one year) | (290) | (141) | (431) |
| ------ | ------ | ------ | |
| Net current assets | 9,595 | 1,125 | 10,720 |
| ------ | ------ | ------ | |
| Net assets | 31,118 | 17,461 | 48,579 |
| ------ | ------ | ------ | |
| Capital and reserves: | |||
| Called-up equity share capital | 9,715 | 15,459 | 25,174 |
| Share premium | 9,418 | 2,030 | 11,448 |
| Capital redemption reserve | 1,996 | 41 | 2,037 |
| Capital reserve - realised | 7,152 | 860 | 8,012 |
| Capital reserve - unrealised | 1,673 | (1,309) | 364 |
| Revenue reserve | 1,164 | 380 | 1,544 |
| ------ | ------ | ------ | |
| Total equity shareholders' funds | 31,118 | 17,461 | 48,579 |
| ------ | ------ | --------- | |
| Net asset value per share | 80.1p | 84.7p |
BALANCE SHEET
as at 30 September 2007
| Ordinary shares £000 | C shares £000 | Company £000 | |
| Fixed asset investments: | |||
| Venture capital investments | |||
| Unquoted | 24,996 | 6,054 | 31,050 |
| Quoted | 2,452 | 1,389 | 3,841 |
| ------ | ------ | ------ | |
| Total venture capital investments | 27,448 | 7,443 | 34,891 |
| Listed fixed-interest investments | - | 10,845 | 10,845 |
| ------ | ------ | ------ | |
| Total fixed asset investments | 27,448 | 18,288 | 45,736 |
| ------ | ------ | ------ | |
| Current assets: | |||
| Debtors | 350 | 371 | 721 |
| Cash at bank | 6,008 | 364 | 6,372 |
| ------ | ------ | ------ | |
| 6,358 | 735 | 7,093 | |
| Creditors (amounts falling due within one year) | (174) | (140) | (314) |
| ------ | ------ | ------ | |
| Net current assets | 6,184 | 595 | 6,779 |
| ------ | ------ | ------ | |
| Net assets | 33,632 | 18,883 | 52,515 |
| ------ | ------ | ------ | |
| Capital and reserves: | |||
| Called-up equity share capital | 9,596 | 15,472 | 25,068 |
| Share premium | 9,099 | 2,030 | 11,129 |
| Capital redemption reserve | 1,971 | 28 | 1,999 |
| Capital reserve - realised | 4,174 | 1,513 | 5,687 |
| Capital reserve - unrealised | 7,772 | (469) | 7,303 |
| Revenue reserve | 1,020 | 309 | 1,329 |
| ------ | ------ | ------ | |
| Total equity shareholders' funds | 33,632 | 18,883 | 52,515 |
| ------ | ------ | ------ | |
| Net asset value per share | 87.6p | 91.5p |
CASH FLOW STATEMENT
for the year ended 30 September 2008
| Ordinary shares | C shares | Company | |
| £000 | £000 | £000 | |
| Net cash inflow from operating activities | 471 | 613 | 1,084 |
| Taxation: | |||
| Corporation tax paid | (73) | (97) | (170) |
| Financial investment: | |||
| Purchase of investments | (6,036) | (3,937) | (9,973) |
| Sale/repayment of investments | 11,795 | 4,585 | 16,380 |
| Net cash inflow from | |||
| financial investment | 5,759 | 648 | 6,407 |
| Equity dividends paid | (3,465) | (413) | (3,878) |
| ------ | ------ | ------ | |
| Net cash inflow before financing | 2,692 | 751 | 3,443 |
| Financing: | |||
| Issue of shares | 464 | - | 464 |
| Share issue expenses | (1) | - | (1) |
| Purchase of ordinary shares for cancellation | (65) | (15) | (80) |
| Net cash inflow/(outflow) from financing | 398 | (15) | 383 |
| ------ | ------ | ------ | |
| Increase in cash at bank | 3,090 | 736 | 3,826 |
| ------ | ------ | ------ | |
| Reconciliation of return before tax to | |||
| net cash flow from operating activities | |||
| Return on ordinary activities before tax | 741 | (898) | (157) |
| (Gain)/loss on disposal of investments | 110 | (566) | (456) |
| Movements in fair value of investments | 56 | 1,870 | 1,926 |
| (Increase)/decrease in debtors | (437) | 205 | (232) |
| Increase in creditors | 1 | 2 | 3 |
| ------ | ------ | ------ | |
| Net cash inflow from operating activities | 471 | 613 | 1,084 |
| ------ | ------ | ------ | |
| Analysis of movement in net funds | |||
| 1 October 2007 | Cash flows | 30 September 2008 | |
| £000 | £000 | £000 | |
| Cash at bank | 6,372 | 3,826 | 10,198 |
| ------ | ------ | ------ |
CASH FLOW STATEMENT
for the year ended 30 September 2007
| Ordinary shares | C shares | Company | |
| £000 | £000 | £000 | |
| Net cash inflow from operating activities | 689 | 448 | 1,137 |
| Taxation: | |||
| Corporation tax paid | (112) | (48) | (160) |
| Financial investment: | |||
| Purchase of investments | (1,828) | (11,544) | (13,372) |
| Sale/repayment of investments | 6,390 | 8,553 | 14,943 |
| Net cash inflow/(outflow) from | |||
| financial investment | 4,562 | (2,991) | 1,571 |
| Equity dividends paid | (3,477) | (414) | (3,891) |
| ------ | ------ | ------ | |
| Net cash inflow/(outflow) before financing | 1,662 | (3,005) | (1,343) |
| Financing: | |||
| Issue of shares | 429 | - | 429 |
| Share issue expenses | (12) | - | (12) |
| Purchase of ordinary shares for cancellation | (594) | (32) | (626) |
| Net cash outflow from financing | (177) | (32) | (209) |
| ------ | ------ | ------ | |
| Increase/(decrease) in cash at bank | 1,485 | (3,037) | (1,552) |
| ------ | ------ | ------ | |
| Reconciliation of return before tax to | |||
| net cash flow from operating activities | |||
| Return on ordinary activities before tax | 4,241 | (128) | 4,113 |
| (Gain)/loss on disposal of investments | (1,188) | 98 | (1,090) |
| Movements in fair value of investments | (2,474) | 382 | (2,092) |
| Decrease in debtors | 67 | 96 | 163 |
| Increase in creditors | 43 | - | 43 |
| ------ | ------ | ------ | |
| Net cash inflow from operating activities | 689 | 448 | 1,137 |
| ------ | ------ | ------ | |
| Analysis of movement in net funds | |||
| 1 October 2006 | Cash flows | 30 September 2007 | |
| £000 | £000 | £000 | |
| Cash at bank | 7,924 | (1,552) | 6,372 |
| ------ | ------ | ------ | |
INVESTMENT PORTFOLIO SUMMARY
as at 30 September 2008
| Cost £000 | Valuation £000 | % of net assets by valuation | |
| ORDINARY SHARES | |||
| Weldex (International) Offshore | 205 | 3,832 | 12.3 |
| CGI Group Holdings | 3,449 | 3,449 | 11.1 |
| Envirotec | 812 | 1,754 | 5.6 |
| DxS | 1,105 | 1,670 | 5.4 |
| Pivotal Laboratories Holdings | 714 | 1,195 | 3.9 |
| Arleigh International | 375 | 846 | 2.7 |
| Abermed | 600 | 804 | 2.6 |
| S&P Coil Products | 480 | 756 | 2.4 |
| Tikit Group* | 752 | 681 | 2.2 |
| Direct Valeting | 591 | 591 | 1.9 |
| Interlube Systems | 88 | 542 | 1.7 |
| Stainton Metal Company | 250 | 490 | 1.6 |
| Paladin Group | 291 | 384 | 1.2 |
| Liquidlogic | 94 | 382 | 1.2 |
| e-know.net | 360 | 360 | 1.2 |
| ------ | ------ | ------ | |
| Fifteen largest venture capital investments | 10,166 | 17,736 | 57.0 |
| Other venture capital investments | 9,684 | 3,787 | 12.2 |
| ------ | ------ | ------ | |
| Total fixed asset investments | 19,850 | 21,523 | 69.2 |
| ------ | |||
| Net current assets | 9,595 | 30.8 | |
| ------ | ------ | ||
| Net assets | 31,118 | 100.0 | |
| ------ | ------ | ||
| C SHARES | |||
| Paladin Group | 1,161 | 1,527 | 8.8 |
| Promatic Group | 797 | 797 | 4.6 |
| Axial Systems Holdings | 700 | 700 | 4.0 |
| CloserStill Holdings | 700 | 700 | 4.0 |
| Optilan Group | 700 | 700 | 4.0 |
| Frontier Foods | 542 | 542 | 3.1 |
| Gentronix | 406 | 406 | 2.3 |
| Promanex Group Holdings | 801 | 401 | 2.3 |
| Astbury Marsden Holdings | 800 | 400 | 2.3 |
| IDOX* | 298 | 397 | 2.3 |
| Wear Inns | 270 | 270 | 1.6 |
| IS Pharma* | 276 | 250 | 1.4 |
| Brulines (Holdings)* | 184 | 216 | 1.2 |
| Foreman Roberts Group | 800 | 200 | 1.1 |
| Advanced Computer Software* | 229 | 189 | 1.1 |
| ------ | ------ | ----- | |
| Fifteen largest venture capital investments | 8,664 | 7,695 | 44.1 |
| Other venture capital investments | 446 | 106 | 0.6 |
| ------ | ------ | ----- | |
| Total venture capital investments | 9,110 | 7,801 | 44.7 |
| Listed fixed-interest investments | 8,917 | 8,535 | 48.9 |
| ------ | ------ | ----- | |
| Total fixed asset investments | 18,027 | 16,336 | 93.6 |
| ------ | |||
| Net current assets | 1,125 | 6.4 | |
| ------ | ----- | ||
| Net assets | 17,461 | 100.0 | |
| ------ | ----- | ||
| *Quoted on AIM |
The above summary of results for the year ended 30 September 2008 does not constitute statutory financial statements within the meaning of Section 240 of the Companies Act 1985 and has not been delivered to the Registrar of Companies. Statutory financial statements will be filed with the Registrar of Companies in due course; the independent auditors' report on those financial statements under Section 235 of the Companies Act 1985 is unqualified and does not contain a statement under Section 237(2) or (3) of the Companies Act 1985.
The proposed final ordinary share dividend of 1.5p per share for the year ended 30 September 2008 will, if approved by shareholders, be paid on 23 January 2009 to shareholders on the register at the close of business on 19 December 2008.
The proposed final C share dividend of 1.0p per share for the year ended 30 September 2008 will, if approved by shareholders, be paid on 23 January 2009 to shareholders on the register at the close of business on 19 December 2008.
The full annual report including financial statements for the year ended 30 September 2008 is expected to be posted to shareholders on 5 December 2008 and will be available to the public at the registered office of the company at Northumberland House, Princess Square, Newcastle upon Tyne NE1 8ER and on the NVM Private Equity Limited website, www.nvm.co.uk.
ENDS