Northern Venture Trust PLC.
Interim Management Statement
23 JULY 2012
NORTHERN VENTURE TRUST PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 JUNE 2012
Northern Venture Trust PLC presents its interim management statement for the quarter ended 30 June 2012. This constitutes the company's second interim management statement for the financial year ending 30 September 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 30 June 2012 was 87.7p (31 March 2012 (unaudited) 89.4p). The net asset value per share is stated after deducting the interim dividend of 3.0p per share in respect of the year ending 30 September 2012, which was paid on 29 June 2012.
The number of ordinary shares in issue at 30 June 2012 was 71,658,647. On 29 June 2012 300,259 new ordinary shares were issued at a price of 86.4p pursuant to the company's dividend investment scheme. No shares were re-purchased for cancellation during the quarter.
For the purpose of calculating the net asset value per share, quoted investments are carried at bid price as at 30 June 2012 and unquoted investments are carried at fair value as at 30 June 2012 as determined by the directors.
During the three months ended 30 June 2012 the following significant investment transactions took place:
Name of company
|Project Counter Limited (formerly Evolve Investments Limited)*||Manufacturer of intelligent cash handling equipment||100|
|Wear Inns Limited*||Operator of managed public houses||661|
*Additional investment in existing portfolio company
|Name of company||proceeds||cost||2012|
|Closerstill Holdings Limited - sale to Phoenix Equity Partners|
|IG Doors - loan stock redemption||222||193||222|
|DxS Limited - deferred sales proceeds||201||-||-|
The directors are not aware of any other events or transactions which have taken place between 31 March 2012 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 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 owner of this announcement warrants that:
(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