Northern 2 VCT PLC.
21 NOVEMBER 2008
NORTHERN 2 VCT PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 31 OCTOBER 2008
Northern 2 VCT PLC presents its interim management statement for the three months ended 31 October 2008. This constitutes the company's second interim management statement for the financial year ending 31 January 2009, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
The unaudited net asset value per ordinary share as at 31 October 2008 was 76.7p (31 July 2008 83.3p). The net asset value is stated before deducting the interim dividend of 2.0p per share in respect of the year ending 31 January 2009, which was declared on 19 September 2008 and will be paid to eligible shareholders on 5 December 2008.
The number of ordinary shares in issue at 31 October 2008 was 56,703,730. During the three months ended 31 October 2008 no new ordinary shares were issued and no shares were re-purchased by the company for cancellation.
For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 October 2008 and unquoted investments are carried at fair value as at 31 October 2008 as determined by the directors.
During the three months ended 31 October 2008 the following significant investment transactions took place (all companies unquoted except where otherwise indicated):
Advanced Computer Software (AIM-quoted)
Provision of specialised software and services to the healthcare market
Business-to-business exhibitions and events
Manufacture of modular buildings
*Additional investment in existing portfolio company
There were no significant realisations in the three months ended 31 October 2008.
On 18 November 2008 the company sold its investment in Stainton Metal Company Limited for £1.8 million in cash. The original cost of the investment was £1.0 million and its carrying value at 31 October 2008 was £1.8 million. The company may become entitled to receive additional proceeds depending on the trading performance of Stainton Metal Company Limited in the financial year ending 30 September 2009.
The directors are not aware of any other events or transactions which have taken place between 31 October 2008 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
This information is provided by RNS