Northern 3 VCT PLC.
Interim Management Statement
17 JULY 2014
NORTHERN 3 VCT PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 JUNE 2014
Northern 3 VCT PLC presents its interim management statement for the three months ended 30 June 2014. This constitutes the company's first interim management statement for the financial year ending 31 March 2015, 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 2014 was 109.6p (31 March 2014 (audited) 108.9p). The net asset value is stated before deducting the final dividend of 3.5p per share in respect of the year ended 31 March 2014, which was approved by shareholders at the annual general meeting on 16 July 2014 and will be paid to eligible shareholders on 25 July 2014.
For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 30 June 2014 and unquoted investments are carried at fair value as at 30 June 2014 as determined by the directors.
The number of ordinary shares in issue at 30 June 2014 was 66,353,194. During the three months ended 30 June 2014 1,003,316 new shares were allotted at an average price of 109.2p per share through a public offer for subscription, and 150,000 shares were re-purchased by the company for cancellation at a price of 98.0p per share.
During the three months ended 30 June 2014 the following significant venture capital investment transactions took place:
Name of company
|Accumuli (AIM-quoted)||IT security and risk management services||490|
|Hayward Tyler (AIM-quoted)||Specialist motors and pumps for the energy sector||515|
|Arnlea Holdings||Asset management systems for the oil and gas sector||1,138|
|Agilitas Holdings||Inventory management services||1,448|
|Fresh Approach (UK) Holdings||Event co-ordination and management services||1,286|
|Name of company||proceeds||cost||2014|
|Pilat Media Global (AIM-quoted) - agreed bid||1,569||641||1,528|
|Tinglobal Holdings - loan stock redemption||1,498||1,498||1,498|
On 16 July 2014 the company completed a new venture capital investment of £1,477,000 in MSQ Partners, a marketing communications agency.
As previously reported, on 28 May 2014 the company entered into a new management agreement appointed NVM Private Equity Limited as its Alternative Investment Fund Manager for the purposes of the Alternative Investment Fund Managers Regulations 2013, on the same financial terms as previously.
The directors are not aware of any other events or transactions which have taken place between 31 March 2014 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.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Northern 3 VCT PLC via Globenewswire