Announcements

Northern 3 VCT PLC.

26 JULY 2012

NORTHERN 3 VCT PLC

INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 JUNE 2012

Northern 3 VCT PLC presents its interim management statement for the three months ended 30 June 2012.  This constitutes the company's first interim management statement for the financial year ending 31 March 2013, 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 99.0p (31 March 2012 (audited) 96.7p).  The net asset value is stated before deducting the final dividend of 3.0p per share in respect of the year ended 31 March 2012, which was approved by shareholders at the annual general meeting on 5 July 2012 and was paid to eligible shareholders on 13 July 2012.

The number of ordinary shares in issue at 30 June 2012 was 49,145,591.  During the three months ended 30 June 2012 no new ordinary shares were issued and 258,661 shares were re-purchased by the company for cancellation at a cost of 82.19p per share.

For the purposes 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:

New investments:


Name of company                     

Business activity                                  
Amount
    invested
£000
Advanced Computer Software Group (AIM quoted)* Provider of software and IT services 272
Volumatic (formerly Evolve Investments)* Manufacturer of intelligent cash handling equipment 101
Wear Inns* Operator of managed public houses 567

*Additional investment in existing portfolio company

Realisations:

Carrying
value at
SalesOriginal31 March
Name of company                                      proceedscost2012
            £000            £000            £000
Closerstill Holdings - sale to Phoenix
Equity Partners

2,215

743

2,038
IG Doors - loan stock redemption 361 333 358
DxS - deferred sales proceeds received 97 - -
Prologic (AIM quoted) - sale to
ESWC Acquisitions

146

97

128

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 Rules and Transparency Rules and should not be relied on by shareholders, or any other party, for any other purpose.

Enquiries:
Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000

Website:  www.nvm.co.uk

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.




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Source: Northern 3 VCT PLC via Thomson Reuters ONE

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