Northern Venture Trust PLC.
Net Asset Value(s)
24 JULY 2017
NORTHERN VENTURE TRUST PLC
UNAUDITED NET ASSET VALUE AS AT 30 JUNE 2017
Northern Venture Trust PLC ("the Company") is a Venture Capital Trust ("VCT") launched in 1995 and advised by NVM Private Equity LLP. 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. In order to maintain approval by HM Revenue & Customs as a VCT, the Company 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 2017 was 70.8 pence (31 March 2017 (unaudited) 79.1 pence). The net asset value is stated after deducting the first and second interim dividends totalling 8.0 pence per share in respect of the year ending 30 September 2017, which were paid to eligible shareholders on 30 June 2017.
For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 30 June 2017 and unquoted investments are carried at fair value as at 30 June 2017 as determined by the directors.
During the three months ended 30 June 2017 the following venture capital portfolio transactions took place:
Name of company
|Velocity Composites (AIM quoted)||Supplier of advanced composite material kits to the aerospace industry||103|
Subsequent to 30 June 2017 the Company has completed new investments of £1,048,000 in Knowledgemotion, an aggregator and distributor of educational video materials, and £519,000 in Contego Fraud Solutions, a developer of identity verification software and solutions.
|Sale||Original||Carrying value at|
|Name of company||proceeds||Cost||31 March 2017|
|Optilan Group - sale of company||2,196||1,000||2,196|
|Kirton - loan stock repayment||859||859||215|
|Gear4music (Holdings) plc (AIM quoted) - market sale||250||50||192|
The number of ordinary shares in issue at 30 June 2017 was 105,026,156. During the three months ended 30 June 2017 5,409,557 new shares were issued at an average price of 79.4 pence per share pursuant to a top-up share offer and 2,406,904 new shares were issued at a price of 71.1 pence per share pursuant to the Company's dividend investment scheme. No shares were re-purchased for cancellation during the period.
Alastair Conn/Christopher Mellor, NVM Private Equity LLP - 0191 244 6000
Website: www.nvm.co.ukNeither the contents of the NVM Private Equity LLP website nor the contents of any website accessible from hyperlinks on the NVM Private Equity LLP 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