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Northern Venture Trust is an Investment Trust

To provide high long-term tax-free returns to investors through a combination of dividend yield and capital growth, by investing primarily in unquoted UK manufacturing and service businesses.

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Interim Results

20 May 2008 14:30

RNS Number : 8940U
Northern Venture Trust PLC
20 May 2008
 



20 MAY 2008

NORTHERN VENTURE TRUST PLC

UNAUDITED HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 MARCH 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 31 March 2007 in italics)

2008

2007

ORDINARY SHARES

Net assets

£31.8m

£33.2m

Net asset value per share

82.0p

85.9p

Return per share

Revenue

1.0p

1.1p

Capital

(0.7)p

5.1p

Total

0.3p

6.2p

Interim dividend per share

proposed in respect of the period

Revenue

1.0p

1.0p

Capital

2.0p

2.0p

Total

3.0p

3.0p

Cumulative return to 

shareholders since launch

Net asset value per share

82.0p

85.9p

Dividends paid per share*

71.0p

62.0p

Net asset value plus dividends

paid per share

153.0p

147.9p

Share price at end of period

63.0p

70.0p

*Excluding proposed interim dividend

2008

2007

C SHARES

Net assets

£19.1m

£19.2

Net asset value per share

92.6p

93.0

Return per share

Revenue

1.1p

1.1p

Capital

1.0p

(1.8)p

Total

2.1p

(0.7)p

Interim dividend per share

proposed in respect of the period

Revenue

1.0p

1.0p

Capital

Total

1.0p

1.0p

Cumulative return to 

shareholders since launch

Net asset value per share

92.6p

93.0p

Dividends paid per share*

3.0p

1.0p

Net asset value plus dividends

paid per share

95.6p

94.0p

Share price at end of period

82.5p

84.5p

*Excluding proposed interim dividend

For further information, please contact:

NVM Private Equity Limited

Christopher MellorDirector

Website: www.nvm.co.uk

0191 244 6000

Lansons Communications

Karen Mignon

020 7294 3685

NORTHERN VENTURE TRUST PLC

HALF-YEARLY MANAGEMENT REPORT TO SHAREHOLDERS

Results and dividend - ordinary shares

The net asset value (NAV) per ordinary share at 31 March 2008, after deducting the 6.0p dividend paid during the half year, was 82.0p, compared with 87.6p at 30 September 2007. The return per share for the period before dividends as shown in the income statement was 0.3p, reflecting a number of positive developments in the portfolio but also the need to take a cautious approach to investment valuations against the background of the credit crisis and worsening economic conditions.

The directors propose an unchanged interim dividend of 3.0p per ordinary share, again comprising 1.0p revenue and 2.0p capital distribution. As stated in last year's annual report, it is our intention to maintain the annual dividend at not less than 6.0p per ordinary share. The interim dividend will be paid on 27 June 2008 to shareholders on the register on 6 June 2008 and will take the total ordinary dividends paid by the company since launch to 74p per share.

Results and dividend - C shares

The net asset value per C share at 31 March 2008, after deducting the 1.0p dividend paid during the half year, was 92.6p, a slight increase from the 91.5p reported at 30 September 2007. The return per share for the period was 2.1p, a creditable result in the circumstances.

The directors propose an unchanged interim dividend of 1.0p per C share, which will be paid on 27 June 2008 to shareholders on the register on 6 June 2008.

Investments

During the six months to 31 March 2008 the company invested £1,000,000 each in Optilan Group, a Coventry-based telecommunications systems integration business, and Axial Systems Holdingsa supplier of distributed network management solutions based in Maidenhead. We also invested a further £450,000 in Paladin Group (formerly known as Touchstone Asset Management) to finance new acquisitions.

The half year saw strong exit activity in the ordinary share portfolio. The long-standing AIM-quoted investments in Computerland (UK) and Revenue Assurance Services were both sold following recommended offers, realising sale proceeds of £1.5 million and a gain over original cost of £0.8 million. KCS Global Holdings was sold to Sage Group plc for proceeds of £1.5 million and a realised gain of over £0.9 million, and Barony Universal Products was sold to a privately owned group for £1.4 million generating a gain of almost £1.3 million. Since 31 March 2008 TFB Group has been sold to the AIM-quoted Tikit Group plc for £2.1 million in cash and shares, and a bank-financed recapitalisation of CGI Group has enabled us to withdraw £1 million in cash from the investment whilst retaining a slightly enhanced equity stake.

A number of our investments have faced challenging conditions. As reported at the last year end, the investment in Nightingales Holdings, the mail order clothing retailer, had to be written off after a period of disappointing trading performance compounded by the impact of postal strikes, which eventually led to the appointment of administrators in October 2007. The investment had already been written down to nil value at 30 September 2007. We have also made full provision against the investment in Alaric Systems, which continues to trade behind expectations, at a cost in the half year of £1.1 million.

The C share portfolio is still in the initial investment phase but is developing satisfactorily and we would expect to see some exit opportunities in due course.

Shareholder issues

We announced six months ago that following a review of the company's policy in relation to the re-purchasing of ordinary shares, the board had decided that it would no longer seek to use its buy-back authority to maintain a fixed 10% discount to NAV. Instead we have allowed market supply and demand to set the share price, against the background of our policy of maintaining the annual ordinary dividend at not less than 6.0p per share. As expected this has initially led to a fall in the quoted market price, but it remains our belief that in the longer term we can stimulate secondary market interest in the shares by achieving strong tangible returns to shareholders and communicating the investment merits of VCTs to a wider audience. In the meantime we remain ready to use our buy-back authority where we consider it is in shareholders' interests to do so.

Board of directors

I am sorry to report that Clive Williams, who joined the board in 2005 and has made an important contribution to our business, has today retired as a director due to the pressure of his other personal commitments. I have indicated to my colleagues that, having served as chairman and a director since the company's formation in 1995, I intend to retire from both roles at the close of the annual general meeting in January 2009. The directors are delighted that John Hustler has agreed to take over the chair on my retirement. It is likely that we will seek to appoint an additional director to the board in due course.

VAT on management fees

The Government has recently announced that VCTs will be exempt from paying VAT on investment management fees with effect from 1 October 2008, following a European Court of Justice judgement against the Government in a case relating to VAT payable by investment trusts. HM Revenue & Customs have yet to confirm whether it will be possible to obtain a repayment of VAT paid on management fees prior to the new measure taking effect, a potentially significant sum for your company which is one of the longest established VCTs. In the meantime we look forward to an annual cost saving which is likely to be well in excess of £150,000.

VCT qualifying status

I am pleased to report that the company has continued to comply with the conditions laid down by HM Revenue & Customs for preserving its approved status as a VCT. Taking into account the funds raised in the C share issue in 2006, the company has already satisfied the requirement for 70% of its assets to be invested in qualifying holdings. We now have to ensure we maintain this position at a time when market conditions may restrict the flow of attractive new investment propositions. Your board keeps the company's qualifying status under close review with our managers and our VCT taxation advisers at PricewaterhouseCoopers LLP.

Companies Act 2006

In anticipation of forthcoming changes to company law brought about by the Companies Act 2006, the directors intend to convene an extraordinary general meeting at which a resolution will be proposed to alter that part of the company's articles of association which relates to directors' conflicts of interest. An explanatory letter giving notice of the meeting will be sent to shareholders shortly.

Outlook

Although the rate of new investment activity may slow down in the short term, our maturing portfolios should continue to produce realisation opportunities. Our investments cover a wide range of industry sectors and although their resilience is likely to be tested by the current economic difficulties, we believe that the company is well placed to make further progress in the future.

On behalf of the Board

Professor Sir Frederick Holliday

Chairman

The unaudited half-yearly financial statements for the six months ended 31 March 2008 are set out below.

INCOME STATEMENT

(unaudited) for the six months ended 31 March 2008

Ordinary shares

C shares

------------------------

--------------------------

Revenue 

£000 

Capital 

£000 

Total 

£000 

Revenue 

£000 

Capital 

£000 

Total 

£000 

Gain/(loss) on disposal

of investments 

339 

339 

(5)

(5)

Unrealised adjustments to fair

value of investments 

(399)

(399)

323 

323 

------ 

------ 

------ 

------ 

------ 

------ 

(60)

(60)

318 

318 

Income

737 

737 

466 

466 

Investment management fee

(99)

(296)

(395)

(56)

(166)

(222)

Other expenses

(98)

(98)

(85)

(85)

------- 

------ 

------ 

------ 

------ 

------ 

Return on ordinary activities

before tax

540 

(356)

184 

325 

152 

477 

Tax on return on ordinary activities

(139)

88 

(51)

(97)

50 

(47)

------ 

------ 

------ 

------ 

------ 

------ 

Return on ordinary activities

after tax 

401 

(268)

133 

228 

202 

430 

------ 

------ 

------ 

------ 

------ 

------ 

Return per share

1.0p

(0.7)p

0.3p

1.1p

1.0p

2.1p

Company

-------------------------

Revenue 

£000 

Capital 

£000 

Total 

£000 

Gain on disposal of investments

334 

334 

Unrealised adjustments to fair

value of investments 

(76)

(76)

------ 

------ 

------ 

258 

258 

Income

1,203 

1,203 

Investment management fee

(155)

(462)

(617)

Other expenses

(183)

(183)

------ 

------ 

------ 

Return on ordinary activities

before tax

865 

(204)

661 

Tax on return on ordinary activities

(236)

138 

(98)

------ 

------ 

------ 

Return on ordinary activities

after tax 

629 

(66)

563 

------ 

------ 

------ 

INCOME STATEMENT

(unaudited) for the six months ended 31 March 2007

Ordinary shares

C shares

-------------------------

--------------------------

Revenue 

£000 

Capital 

£000 

Total 

£000 

Revenue 

£000 

Capital 

£000 

Total 

£000 

Gain/(loss) on disposal

of investments 

310 

310 

(3)

(3)

Unrealised adjustments to fair

value of investments 

1,888 

1,888 

(267)

(267)

------ 

------ 

------ 

------ 

------ 

------ 

2,198 

2,198 

(270)

(270)

Income

684 

684 

469 

469 

Investment management fee

(97)

(292)

(389)

(58)

(172)

(230)

Other expenses

(92)

(92)

(87)

(87)

------ 

------ 

------ 

------ 

------ 

------ 

Return on ordinary activities

before tax

495 

1,906 

2,401 

324 

(442)

(118)

Tax on return on ordinary activities

(85)

81 

(4)

(97)

62 

(35)

------ 

------ 

------ 

------ 

------ 

------ 

Return on ordinary activities

after tax 

410 

1,987 

2,397 

227 

(380)

(153)

------ 

------ 

------ 

------ 

------ 

------ 

Return per share

1.1p

5.1p

6.2p

1.1p

(1.8)p

(0.7)p

Company

-------------------------------------------------

Revenue 

£000 

Capital 

£000 

Total 

£000 

Gain on disposal of investments

307 

307 

Unrealised adjustments to fair

value of investments 

1,621 

1,621 

------ 

------ 

------ 

1,928 

1,928 

Income

1,153 

1,153 

Investment management fee

(155)

(464)

(619)

Other expenses

(179)

(179)

------ 

------ 

------ 

Return on ordinary activities

before tax

819 

1,464 

2,283 

Tax on return on ordinary activities

(182)

143 

(39)

------ 

------ 

------ 

Return on ordinary activities

after tax 

637 

1,607 

2,244 

------ 

------ 

------ 

INCOME STATEMENT

(unaudited) for thyear 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)

Unrealised adjustments to 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)

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 on disposal of investments

1,090 

1,090 

Unrealised adjustments to fair

value of investments 

2,092 

2,092 

------ 

------ 

------ 

3,182 

3,182 

Income

2,509 

2,509 

Investment management fee

(309)

(927)

(1,236)

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

(unaudited) for the six months ended 31 March 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

133 

430 

563 

Dividends recognised in the period

(2,303)

(206)

(2,509)

Net proceeds of share issues

292 

- 

292 

------ 

------ 

------ 

Equity shareholders' funds at

31 March 2008

31,754 

19,107 

50,861 

------ 

------ 

------ 

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

(unaudited) for the six months ended 31 March 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

2,397 

(153)

2,244 

Dividends recognised in the period

(2,319)

(207)

(2,526)

Net proceeds of share issues

268 

- 

268 

Shares purchased for cancellation

(240)

(240)

------ 

------ 

------ 

Equity shareholders' funds at

31 March 2007

33,224 

19,211 

52,435 

------ 

------ 

------ 

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

(unaudited) for thyear 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 period

(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

(unaudited) as at 31 March 2008

Ordinary shares 

£000 

shares 

£000 

Company 

£000 

Fixed asset investments:

Venture capital investments

Unquoted

23,001 

8,616 

31,617 

Quoted

915 

1,136 

2,051 

------ 

------ 

------ 

Total venture capital investments

23,916 

9,752 

33,668 

Listed fixed-interest investments

8,401 

8,401 

------ 

------ 

------ 

Total fixed asset investments

23,916 

18,153 

42,069 

------ 

------ 

------ 

Current assets:

Debtors

1,217 

218 

1,435 

Cash at bank

6,828 

1,035 

7,863 

------ 

------ 

------ 

8,045 

1,253 

9,298 

Creditors (amounts falling due within one year)

(207)

(299)

(506)

------ 

------ 

------ 

Net current assets

7,838 

954 

8,792 

------ 

------ 

------ 

Net assets

31,754 

19,107 

50,861 

------ 

------ 

------ 

Capital and reserves:

Called-up equity share capital

9,686 

15,472 

25,158 

Share premium

9,301 

2,030 

11,331 

Capital redemption reserve

1,971 

28 

1,999 

Capital reserve - realised

4,588 

673 

5,261 

Capital reserve - unrealised

5,171 

573 

5,744 

Revenue reserve

1,037 

331 

1,368 

------ 

------ 

------ 

Total equity shareholders' funds

31,754 

19,107 

50,861 

------ 

------ 

------ 

Net asset value per share

82.0p

92.6p

BALANCE SHEET

(unaudited) as at 31 March 2007

Ordinary shares 

£000 

C shares 

£000 

Company 

£000 

Fixed asset investments:

Venture capital investments

Unquoted

24,633 

3,172 

27,805 

Quoted

3,639 

633 

4,272 

------ 

------ 

------ 

Total venture capital investments

28,272 

3,805 

32,077 

Listed fixed-interest investments

14,320 

14,320 

------ 

------ 

------ 

Total fixed asset investments

28,272 

18,125 

46,397 

------ 

------ 

------ 

Current assets:

Debtors

920 

340 

1,260 

Cash at bank

4,124 

833 

4,957 

------ 

------ 

------ 

5,044 

1,173 

6,217 

Creditors (amounts falling due within one year)

(92)

(87)

(179)

------ 

------ 

------ 

Net current assets

4,952 

1,086 

6,038 

------ 

------ 

------ 

Net assets

33,224 

19,211 

52,435 

------ 

------ 

------ 

Capital and reserves:

Called-up equity share capital

9,666 

15,500 

25,166 

Share premium

8,997 

2,030 

11,027 

Capital redemption reserve

1,854 

1,854 

Capital reserve - realised

5,084 

1,755 

6,839 

Capital reserve - unrealised

6,720 

(345)

6,375 

Revenue reserve

903 

271 

1,174 

------ 

------ 

------ 

Total equity shareholders' funds

33,224 

19,211 

52,435 

------ 

------ 

------ 

Net asset value per share

85.9p

93.0p

BALANCE SHEET

(unaudited) as at 30 September 2007

Ordinary shares 

£000 

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

(unaudited) for the six months ended 31 March 2008

Ordinary shares 

shares 

Company 

£000 

£000 

£000 

Net cash inflow/(outflow) from operating activities

(641)

424 

(217)

Taxation:

Corporation tax paid

Financial investment:

Purchase of investments

(1,160)

(2,300)

(3,460)

Sale/repayment of investments

4,632 

2,753 

7,385 

Net cash inflow from

financial investment

3,472 

453 

3,925 

Equity dividends paid

(2,303)

(206)

(2,509)

------ 

------ 

------ 

Net cash inflow before financing

528 

671 

1,199 

Financing:

Issue of shares

292 

292 

Share issue expenses

Purchase of ordinary shares for cancellation

Net cash inflow from financing

292 

292 

------ 

------ 

------ 

Increase in cash at bank

820 

671 

1,491 

------ 

------ 

------ 

Reconciliation of return before tax to

net cash flow from operating activities

Return on ordinary activities before tax

184 

477 

661 

(Gain)/loss on disposal of

investments held at fair value

(339)

5 

(334)

Unrealised adjustments to fair value

of investments

399 

(323)

76 

(Increase)/decrease in debtors

(867)

153 

(714)

Increase/(decrease) in creditors

(18)

112 

94 

------ 

------ 

------ 

Net cash inflow/(outflow) from operating activities

(641)

424 

(217)

------ 

------ 

------ 

Analysis of movement in net funds

1 October 

2007 

Cash flows 

31 March 

2008 

£000 

£000 

£000 

Cash at bank

6,372 

1,491 

7,863 

------ 

------ 

------ 

CASH FLOW STATEMENT

(unaudited) for the six months ended 31 March 2007

Ordinary shares 

C shares 

Company 

£000 

£000 

£000 

Net cash inflow from operating activities

245 

305 

550 

Taxation:

Corporation tax paid

(112)

(48)

(160)

Financial investment:

Purchase of investments

(859)

(3,774)

(4,633)

Sale/repayment of investments

2,618 

1,156 

3,774 

Net cash inflow/(outflow) from

financial investment

1,759 

(2,618)

(859)

Equity dividends paid

(2,319)

(207)

(2,526)

------ 

------ 

------ 

Net cash outflow before financing

(427)

(2,568)

(2,995)

Financing:

Issue of shares

273 

273 

Share issue expenses

(5)

(5)

Purchase of ordinary shares for cancellation

(240)

(240)

Net cash inflow from financing

28 

28 

------ 

------ 

------ 

Decrease in cash at bank

(399)

(2,568)

(2,967)

------ 

------ 

------ 

Reconciliation of return before tax to

net cash flow from operating activities

Return on ordinary activities before tax

2,401 

(118)

2,283 

(Gain)/loss on disposal of

investments held at fair value

(310)

(307)

Unrealised adjustments to fair value

of investments

(1,888)

267 

(1,621)

Decrease in debtors

12 

127 

139 

Increase in creditors

30 

26 

56 

------ 

------ 

------ 

Net cash inflow from operating activities

245 

305 

550 

------ 

------ 

------ 

Analysis of movement in net funds

1 October 

2006 

Cash flows 

31 March 

2007 

£000 

£000 

£000 

Cash at bank

7,924 

(2,967)

4,957 

------ 

------ 

------ 

CASH FLOW STATEMENT

(unaudited) for the year ended 30 September 2007

Ordinary shares 

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

held at fair value

(1,188)

98 

(1,090)

Unrealised adjustments to 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 31 March 2008

ORDINARY SHARES

Cost

£000

Valuation

£000

% of net assets

by valuation

CGI Group

2,325

4,453

14.0

Weldex (International) Offshore

200

2,990

9.4

TFB Group

773

2,090

6.6

DxS

1,105

1,560

4.9

Envirotec

812

1,447

4.6

Pivotal Laboratories Holdings

714

955

3.0

Arleigh International

375

861

2.7

Abermed

600

747

2.4

S&P Coil Products

480

709

2.2

John Laing Partnership

356

681

2.2

Interlube Systems

88

639

2.0

Direct Valeting

635

635

2.0

IG Doors

500

608

1.9

Liquidlogic

144

554

1.7

Paladin Group

291

417

1.3

------

------

------

Fifteen largest venture capital investments

9,398

19,346

60.9

Other venture capital investments

9,347

4,570

14.4

------

------

------

Total fixed asset investments

18,745

23,916

75.3

------

Net current assets

7,838

24.7

------

------

Net assets

31,754

100.0

------

------

C SHARES

Cost

£000

Valuation

£000

% of net assets

by valuation

Paladin Group

1,161

1,668

8.7

Product Support (Holdings)

800

1,132

5.9

Promanex Group Holdings

801

801

4.2

Astbury Marsden Holdings

800

800

4.2

Foreman Roberts Group

800

800

4.2

Promatic Group

797

797

4.2

Axial Systems Holdings

700

700

3.7

Optilan Group

700

700

3.7

Frontier Foods

542

542

2.8

Gentronix

406

406

2.1

IDOX*

298

357

1.8

Wear Inns

270

270

1.4

Maelor*

199

253

1.3

Brulines (Holdings)*

184

209

1.1

Shieldtech*

248

168

0.9

------

------

------

Fifteen largest venture capital investments

8,706

9,603

50.2

Other venture capital investments

347

149

0.8

------

------

------

Total venture capital investments

9,053

9,752

51.0

Listed fixed-interest investments

8,527

8,401

44.0

------

------

------

Total fixed asset investments

17,580

18,153

95.0

------

Net current assets

954

5.0

------

------

Net assets

19,107

100.0

------

------

*Quoted on AIM

The above summary of results for the six months ended 31 March 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. The figures for the year ended 30 September 2007 have been extracted from the financial statements for that year, which have been delivered to the Registrar of Companies; the independent auditors' report on those financial statements under Section 235 of the Companies Act 1985 was unqualified.

The directors confirm that to the best of their knowledge the half-yearly financial statements have been prepared in accordance with the Statement "Half-yearly financial reports" issued by the UK Accounting Standards Board and the half-yearly financial report includes a fair review of the information required by (a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year, and (b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual report that could do so.

The proposed interim ordinary share dividend of 3.0p per share for the year ending 30 September 2008 will be paid on 27 June 2008 to ordinary shareholders on the register at the close of business on 6 June 2008.

The proposed interim C share dividend of 1.0p per share for the year ending 30 September 2008 will be paid on 27 June 2008 to C shareholders on the register at the close of business on 6 June 2008.

A copy of the half-yearly financial report for the six months ended 31 March 2008 is expected to be posted to shareholders on 30 May 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

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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