Northern Venture Trust PLC.
Interim Management Statement
18 JULY 2014
NORTHERN VENTURE TRUST PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 JUNE 2014
Northern Venture Trust PLC presents its interim management statement for the three months ended 30 June 2014. This constitutes the company's second interim management statement for the financial year ending 30 September 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 2014 was 87.7p. The corresponding figure at 31 March 2014, stated before deducting the interim dividend of 3.0p per share in respect of the year ending 30 September 2014 paid to eligible shareholders on 2 June 2014, was 89.1p.
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 95,331,480. During the three months ended 30 June 2014 1,244,495 new shares were allotted at an average price of 89.4p through a public offer for subscription, 511,770 new shares were issued at a price of 84.8p per share pursuant to the company's dividend investment scheme and 175,000 shares were re-purchased by the company for cancellation at a price of 77.5p per share.
During the three months ended 30 June 2014 the following significant venture capital investment transactions took place:
Name of company
|Arnlea Holdings||Asset management systems for the oil and gas sector||1,305|
|Agilitas Holdings (Acal Enterprise Solutions)||Inventory management services||1,662|
|Fresh Approach (UK) Holdings||Event co-ordination and management services||1,475|
|Name of company||proceeds||cost||2013|
|Tinglobal Holdings - loan stock redemption||1,498||1,498||1,498|
On 16 July 2014 the company completed a new venture capital investment of £1,695,000 in MSQ Partners, a marketing communications agency.
The company was registered by the Financial Conduct Authority as a small registered UK Alternative Investment Fund Manager for the purposes of the Alternative Investment Fund Managers Regulations 2013 with effect from 1 July 2014.
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 Venture Trust PLC via Globenewswire