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13 Feb 2009 12:03
13 FEBRUARY 2009
NORTHERN VENTURE TRUST PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 31 DECEMBER 2008
Northern Venture Trust PLC presents its interim management statement for the quarter ended 31 December 2008. This constitutes the company's first interim management statement for the financial year ending 30 September 2009, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3. This statement has been prepared solely to provide additional information in order to meet the requirements of the Disclosure and Transparency Rules and should not be relied on by shareholders, or any other party, for any other purpose.
Conditions in the UK economy and stock market have continued to worsen during the quarter. This has been reflected in the performance of our portfolio companies. The directors have maintained a realistic approach to the valuation of the portfolio.
The unaudited net asset values per ordinary share and C share, and the number of shares in issue, as at 31 December 2008 were as follows:
|
Net asset value per share |
Number of shares in issue |
|
|
Ordinary shares of 25p |
70.8p |
39,133,216 |
|
C shares of 75p |
75.8p |
20,612,249 |
The net asset value per ordinary share is stated before deducting the final ordinary share dividend of 1.5p per share for the year ended 30 September 2008, which was declared on 14 November 2008 and paid on 23 January 2009. The net asset value per C share is stated before deducting the final C share dividend of 1.0p per share for the year ended 30 September 2008, which was declared on 14 November 2008 and paid on 23 January 2009.
On 10 October 2008 271,427 new ordinary shares were allotted at a price of 77.4p per share in connection with the company's dividend investment scheme. No ordinary or C shares were purchased for cancellation during the quarter.
Quoted investments are carried at bid price as at 31 December 2008. Unquoted investments are carried at fair value as determined by the directors as at 31 December 2008.
During the three months ended 31 December 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 |
|
Name of company |
Business activity |
Amount invested £000 |
|
Ordinary share pool: |
||
|
Ingleby (1804) Limited |
Acquisition of computer software and information technology businesses |
298 |
|
C share pool: |
||
|
Ingleby (1804) Limited |
Acquisition of computer software and information technology businesses |
696 |
Disposals (from ordinary share pool):
|
Name of company |
Sales proceeds £000 |
Original cost £000 |
Carrying value at30 September 2008 £000 |
|
Stainton Metal Company Limited |
493 |
250 |
490 |
The company's shareholding in Stainton Metal Company Limited, a street lighting column manufacturer was sold to Valmont Industries Inc for initial proceeds of £0.5 million.
The company has a contingent liability of £99,000 for the ordinary share pool and £398,000 for the C share pool relating to a bank guarantee given in respect of an investee company.
The directors are not aware of any events or transactions which have taken place between 31 December 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
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