Northern 2 VCT PLC.
20 NOVEMBER 2009
NORTHERN 2 VCT PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 31 OCTOBER 2009
Northern 2 VCT PLC presents its interim management statement for the
three months ended 31 October 2009. This constitutes the company's
second interim management statement for the financial year ending 31
January 2010, as required by the UK Listing Authority's Disclosure
and Transparency Rule 4.3.
The unaudited net asset value per ordinary share as at 31 October
2009 was 78.6p (31 July 2009 77.1p). The net asset value is stated
before deducting the interim dividend of 2.0p per share in respect of
the year ending 31 January 2010, which was declared on 22 September
2009 and will be paid to eligible shareholders on 4 December 2009.
The number of ordinary shares in issue at 31 October 2009 was
56,961,608. During the three months ended 31 October 2009 no new
ordinary shares were issued and 75,000 ordinary shares were
re-purchased by the company for cancellation at a price of 56.5p per
For the purposes of calculating the net asset value per share, quoted
investments are carried at bid price as at 31 October 2009 and
unquoted investments are carried at fair value as at 31 October 2009
as determined by the directors.
During the three months ended 31 October 2009 the following
significant investment transactions took place (companies unquoted
except where otherwise indicated):
Name of company Business activity Amount
Connaught plc (listed on London Integrated services provider 119
Stock Exchange) (acquired in to the social housing,
exchange for holding in public sector and compliance
Fountains plc) markets.
Sales Original 31 July
Name of company proceeds cost 2009
GBP000 GBP000 GBP000
DxS Limited (trade sale for cash) 4,455 685 4,395
Fountains plc (acquired by 119 166 113
Connaught plc in share-for-share
John Fredericks Plastics Limited 149 961 -
(trade sale for cash)
In November 2009 the company sold its investment in Abermed Limited
for cash proceeds of GBP1,241,000 (original cost GBP725,000, carrying
value at 31 July 2009 GBP1,059,000).
The directors are not aware of any other events or transactions which
have taken place between 31 July 2009 and the date of publication of
this statement and which have had a material effect on the financial
position of the company.
Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191
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This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
(END) Dow Jones Newswires
November 20, 2009 06:11 ET (11:11 GMT)