Northern Venture Trust PLC.
28 JULY 2010
NORTHERN VENTURE TRUST PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 JUNE 2010
Northern Venture Trust PLC presents its interim management statement for the
quarter ended 30 June 2010. This constitutes the company's second interim
management statement for the financial year ending 30 September 2010, as
required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
This statement has been prepared solely to provide additional information in
order to meet the requirements of the Disclosure and Transparency Rules and
should not be relied on by shareholders, or any other party, for any other
The unaudited net asset value per ordinary share as at 30 June 2010 was 82.9p
(31 March 2010 (unaudited) 78.9p).
The number of ordinary shares in issue at 30 June 2010 was 59,139,418. During
the three months ended 30 June 2010, no new shares were issued and 200,000
shares were re-purchased for cancellation at a price of 67.0p.
For the purpose of calculating the net asset value per share, quoted investments
are carried at bid price as at 30 June 2010 and unquoted investments are carried
at fair value as at 30 June 2010 as determined by the directors.
During the three months ended 30 June 2010 the company completed a new
investment of ÂGBP995,000 in Evolve Investments Limited, a new company formed to
acquire underperforming and undercapitalised businesses.
As announced on 23 June 2010, the company achieved a partial exit from its
investment in Weldex (International) Offshore, which was acquired by a new
holding company controlled by private equity funds managed by Dunedin Capital
Partners. Northern Venture Trust received total sale proceeds of ÂGBP6.9 million,
of which ÂGBP3.7 million was paid in cash at completion and ÂGBP3.2 million in the
form of unsecured loan notes in the new holding company, in which Northern
Venture Trust also holds a 5% equity stake.
The directors are not aware of any other events or transactions which have taken
place between 31 March 2010 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 244 6000
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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 Venture Trust PLC via Thomson Reuters ONE
(END) Dow Jones Newswires
July 28, 2010 06:17 ET (10:17 GMT)