Northern Venture Trust PLC.
Net Asset Value(s)
19 FEBRUARY 2018
NORTHERN VENTURE TRUST PLC
UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 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 31 December 2017 was 70.1 pence (30 September 2017 (audited) 72.6 pence). The net asset value is stated after deducting the final dividend of 3.0 pence per share in respect of the year ended 30 September 2017, which was approved by shareholders at the annual general meeting on 19 December 2017 and was paid to eligible shareholders on 22 December 2017.
For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2017 and unquoted investments are carried at fair value as at 31 December 2017 as determined by the directors.
During the three months ended 31 December 2017 the following new venture capital investments were completed:
Name of company
|Soda Software Labs Limited||Data and text analysis software for identity verification and fraud detection||1,308|
|Angle plc (AIM-quoted)||Rare cell diagnostic products for treatment of cancer||131|
|Medovate Limited||Development and commercialisation of innovative medical technologies||1,593|
The number of ordinary shares in issue at 31 December 2017 was 132,935,462. During the three months ended 31 December 2017 26,967,190 new shares were allotted at an average price of 74.1 pence per share pursuant to a public offer for subscription, 1,117,116 new shares were allotted at a price of 69.6 pence per share pursuant to the Company's dividend investment scheme and 175,000 shares were re-purchased for cancellation at a price of 66.2 pence per share.
Alastair Conn/Christopher Mellor, NVM Private Equity LLP - 0191 244 6000
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Source: Northern Venture Trust PLC via Globenewswire