Northern 2 VCT PLC.
Interim Management Statement
25 JANUARY 2012
NORTHERN 2 VCT PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 31 DECEMBER 2011
Northern 2 VCT PLC presents its interim management statement for the three months ended 31 December 2011. This constitutes the company's second interim management statement for the financial year ending 31 March 2012, as required by the UK Listing Authority's Disclosure Rules and Transparency Rules, Rule 4.3.
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. The company is a venture capital trust approved by HM Revenue & Customs and 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 2011 was 79.4p (30 September 2011 78.5p). The net asset value is stated before deducting the interim dividend of 2.0p per share declared in respect of the year ending 31 March 2012, which was paid to eligible shareholders on 6 January 2012.
For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2011 and unquoted investments are carried at fair value as at 31 December 2011 as determined by the directors.
The number of ordinary shares in issue at 31 December 2011 was 60,324,098. During the three months ended 31 December 2011 2,855,756 new ordinary shares were issued at a price of 81.0p per share pursuant to the company's public offer for subscription for the 2011/12 tax year and no shares were re-purchased by the company for cancellation.
On 6 January 2012 142,805 new ordinary shares were issued at a price of 76.5p per share pursuant to the company's dividend investment scheme. On 9 January 2012 5,746,834 ordinary shares were re-purchased for cancellation at a price of 74.2p pursuant to the tender offer set out in a circular to shareholders dated 7 November 2011. On 11 January 2012 1,768,901 new ordinary shares were issued at a price of 81.0p pursuant to the company's public offer for subscription for the 2011/12 tax year. The number of ordinary shares in issue at the date of this announcement is therefore 56,488,970.
During the three months ended 31 December 2011 the following significant investment transactions took place:
Name of company
|Lineup Systems Limited||Advertising media solutions and services||974|
|Mantis Deposition Holdings Limited*||Deposition systems for thin film coating||124|
*Additional investment in existing portfolio company
The directors are not aware of any other events or transactions which have taken place between 30 September 2011 and the date of publication of this statement and which have had a material effect on the financial position of the company.
This statement has been prepared solely to provide additional information in order to meet the requirements of the Disclosure Rules and Transparency Rules and should not be relied on by shareholders, or any other party, for any other purpose.
Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000
Neither the contents of the NVM Private Equity Limited website nor the contents of any website accessible from hyperlinks on the NVM Private Equity Limited website (or any other website) is incorporated into, or forms part of, this announcement.
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(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Northern 2 VCT PLC via Thomson Reuters ONE