Northern Venture Trust Regulatory News (NVT)

17 Feb 2020 15:00

17 FEBRUARY 2020

NORTHERN VENTURE TRUST PLC

UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2019

Northern Venture Trust PLC (“the Company”) is a Venture Capital Trust (“VCT”) launched in 1995 and advised by Mercia Fund Management Limited. The Company’s objective is to provide high long-term tax-free returns to investors through a combination of dividend yield and capital growth, by investing in a portfolio of investments mainly comprising unquoted venture capital holdings. In order to maintain approval by HM Revenue & Customs as a VCT, the Company is required to comply on a continuing basis with the provisions of Section 274 of the Income Tax Act 2007.

The unaudited net asset value per ordinary share as at 31 December 2019 was 67.9 pence (30 September 2019 (audited) 68.9 pence). The net asset value is stated after deducting the final dividend of 2.0 pence per share in respect of the year ended 30 September 2019, which was paid to eligible shareholders on 20 December 2019.

For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2019 and unquoted investments are carried at fair value as at 31 December 2019 as determined by the directors.

New Investments:

During the three months ended 31 December 2019 one new venture capital investment was completed.

In addition to the new investment above £2,629,000 was invested in five existing portfolio companies during the quarter.

Realisations:

Three realisations took place during the quarter; the entire holding in the AIM quoted Brady PLC was divested following an agreed takeover bid, resulting in sales proceeds of £100,000. A portion of the shares held in the AIM quoted Ideagen PLC were sold following recent positive share price movements, for proceeds of £117,000. Agilitas IT Holdings made a further scheduled loan note repayment of £359,000.

The number of ordinary shares in issue at 31 December 2019 was 139,074,674. During the three months ended 31 December 2019 797,062 shares were allotted at an average price of 66.9 pence per share and 496,000 shares were re-purchased for cancellation at an average price of 63.6 pence per share.

Enquiries:Simon John/James Bryce, NVM Private Equity LLP – 0191 244 6000Website: www.nvm.co.uk

Martin Glanfield, Chief Financial Officer, Mercia Asset Management PLC – 0330 223 1430Website: www.mercia.co.uk

Neither the contents of the NVM Private Equity LLP or the Mercia Asset Management PLC website, nor the contents of any website accessible from hyperlinks on the NVM Private Equity LLP or Mercia Asset Management PLC website (or any other website), are incorporated into, or forms part of, this announcement.