Northern 3 VCT PLC.
Interim Management Statement
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:
Name of company
|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
|Name of company||proceeds||cost||2012|
| Closerstill Holdings - sale to Phoenix|
|IG Doors - loan stock redemption||361||333||358|
|DxS - deferred sales proceeds received||97||-||-|
| Prologic (AIM quoted) - sale to|
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.
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.
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(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Northern 3 VCT PLC via Thomson Reuters ONE