Northern 3 VCT PLC.
Interim Management Statement
26 JULY 2013
NORTHERN 3 VCT PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 JUNE 2013
Northern 3 VCT PLC presents its interim management statement for the three months ended 30 June 2013. This constitutes the company's first interim management statement for the financial year ending 31 March 2014, 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 30 June 2013 was 105.8p (31 March 2013 (audited) 104.6p). The net asset value is stated before deducting the final dividend of 3.5p per share in respect of the year ended 31 March 2013, which was approved by shareholders at the annual general meeting on 17 July 2013 and was paid to eligible shareholders on 26 July 2013.
For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 30 June 2013 and unquoted investments are carried at fair value as at 30 June 2013 as determined by the directors.
Net assets at 30 June 2013 comprised the following:
| % of net|
|Venture capital investments:|
|Kerridge Commercial Systems||1,663||4,794||9.4|
|Advanced Computer Software Group*||1,035||3,347||6.6|
|Control Risks Group Holdings||746||1,315||2.6|
|Cleveland Biotech (Holdings)||862||862||1.7|
|Fifteen largest venture capital investments||17,644||27,140||53.3|
|Other venture capital investments||12,083||9,687||19.0|
|Total venture capital investments||29,727||36,827||72.3|
|Listed equity investments||5,217||5,672||11.1|
|Listed fixed-interest investments||3,004||3,035||6.0|
|Total fixed asset investments||37,948||45,534||89.4|
|Net current assets||5,416||10.6|
*Quoted on AIM
The number of ordinary shares in issue at 30 June 2013 was 48,178,262. During the three months ended 30 June 2013 no new shares were allotted and 140,000 shares were re-purchased by the company for cancellation at a price of 94.1p per share. On 26 July 2013 110,299 new ordinary shares were allotted at a price of 101.1p per share pursuant to the company's dividend investment scheme.
During the three months ended 30 June 2013 the following significant venture capital investment transactions took place:
Name of company
|Cleveland Biotech (Holdings)||Biological products for waste treatment||862|
|Kirton Group||Specialist seating and furniture||892|
|Name of company||proceeds||cost||2013|
|IG Doors (sale to Hörmann Group)||1,316||355||910|
On 31 May 2013 the company announced its intention to raise up to £20 million through a joint prospectus offer with Northern Venture Trust PLC and Northern 2 VCT PLC of new ordinary shares for subscription in the 2013/14 and 2014/15 tax years. It is expected that the prospectus will be published on or around 31 July 2013.
On 10 July 2013 the company completed a new venture capital investment of £1,294,000 in Buoyant Holdings, a manufacturer of upholstered furniture.
The directors are not aware of any other events or transactions which have taken place between 31 March 2013 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 3 VCT PLC via Thomson Reuters ONE