Net Asset Value(s)

11 Feb 2022 07:00

Net Asset Value(s)

11 February 2022

 

NORTHERN VENTURE TRUST PLC

 

UNAUDITED NET ASSET VALUE AS AT 31 December 2021

 

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 2021 was 74.4 pence (30 September 2021 audited 74.1 pence). The net asset value is stated before deducting the final dividend of 2.0 pence per share which was paid to eligible shareholders on 14 January 2022.

 

For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2021 and unquoted investments are carried at fair value as at 31 December 2021 as determined by the directors.

 

New Investments:

During the three months ended 31 December 2021 six new venture capital investments were completed.

 

Name of company	Business activity	Amount invested £000
Forensic Analytics	Call data communications analytics software for police forces	964
Pimberley	Product Information Management Software	1,008
Project Glow Topco (t/a Currentbody.com)	Online retailer for home-use beauty devices	1,686
Broker Insights	Platform connecting insurers & brokers in the commercial insurance sector	1,395
Intechnica Group	Technology consultancy, cyber security and website load management	1,701
Synthesized	Data product enterprise software	510

In addition to the new investments above £859,000 was invested in four existing portfolio companies during the quarter. The £1,686,000 investment in Project Glow Topco was funded using a portion of the £5,935,000 disposal proceeds received from the Currentbody.com realisation outlined below.

 

Realisations:

During the three months ended 31 December 2021 four venture capital investments were realised.

 

Name of company	Sale proceeds	Original cost	Carrying value at 30 September 2021
	£000	£000	£000
Intelling Group	3,505	1,222	3,505
Currentbody.com	5,935*	2,050	5,846
Life’s Great Group (t/a Mojo Mortgages)	2,480	1,592	2,466
Vectura Group	1,074	599	1,071

*Includes payment of £305,000 of accrued interest from loan notes

 

The number of ordinary shares in issue at 31 December 2021 was 160,510,722. During the three months ended 31 December 2021 no shares were allotted and 559,581 shares were purchased for cancellation.

 

Enquiries:

James Sly / Graham Venables, Mercia Fund Management Ltd

Martin Glanfield, Chief Financial Officer, Mercia Asset Management PLC

Phone: 0330 223 1430

Website: www.mercia.co.uk

 

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