Announcements

Northern 3 VCT PLC.

26 JULY 2013

NORTHERN 3 VCT PLC

INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 JUNE 2013

Northern 3 VCT PLC presents its interim management statement for the three months ended 30 June 2013.  This constitutes the company's first interim management statement for the financial year ending 31 March 2014, 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 2013 was 105.8p (31 March 2013 (audited) 104.6p).  The net asset value is stated before deducting the final dividend of 3.5p per share in respect of the year ended 31 March 2013, which was approved by shareholders at the annual general meeting on 17 July 2013 and was paid to eligible shareholders on 26 July 2013.

For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 30 June 2013 and unquoted investments are carried at fair value as at 30 June 2013 as determined by the directors.

Net assets at 30 June 2013 comprised the following:

    Cost
£000
Valuation
£000
% of net
assets by
  valuation
Venture capital investments:                                  
Kerridge Commercial Systems 1,663 4,794 9.4
Volumatic 2,096 3,618 7.1
Advanced Computer Software Group* 1,035 3,347 6.6
IDOX* 600 1,906 3.7
Tinglobal Holdings 1,988 1,903 3.7
Wear Inns 1,406 1,821 3.6
Silverwing 1,272 1,431 2.8
Control Risks Group Holdings 746 1,315 2.6
Intuitive 1,293 1,293 2.5
Kitwave One 1,000 997 2.0
Cawood Scientific 825 995 2.0
Haystack Dryers 992 992 2.0
Lineup Systems 974 974 1.9
Kirton Group 892 892 1.7
Cleveland Biotech (Holdings) 862 862 1.7
------------ ------------ ------------
Fifteen largest venture capital investments 17,644 27,140 53.3
Other venture capital investments 12,083 9,687 19.0
------------ ------------ ------------
Total venture capital investments 29,727 36,827 72.3
Listed equity investments 5,217 5,672 11.1
Listed fixed-interest investments 3,004 3,035 6.0
------------ ------------ ------------
Total fixed asset investments 37,948 45,534 89.4
------------
Net current assets 5,416 10.6
------------ ------------
Net assets 50,950 100.0
------------ ------------

*Quoted on AIM

The number of ordinary shares in issue at 30 June 2013 was 48,178,262.  During the three months ended 30 June 2013 no new shares were allotted and 140,000 shares were re-purchased by the company for cancellation at a price of 94.1p per share.  On 26 July 2013 110,299 new ordinary shares were allotted at a price of 101.1p per share pursuant to the company's dividend investment scheme.

During the three months ended 30 June 2013 the following significant venture capital investment transactions took place:

New investments:


Name of company                          

Business activity                                     
Amount
    invested
£000
Cleveland Biotech (Holdings) Biological products for waste treatment 862
Kirton Group Specialist seating and furniture 892

Realisations:

Carrying
value at
Sales Original 31 March
Name of company                                                   proceeds           cost          2013
£000 £000 £000
IG Doors (sale to Hörmann Group) 1,316 355 910

On 31 May 2013 the company announced its intention to raise up to £20 million through a joint prospectus offer with Northern Venture Trust PLC and Northern 2 VCT PLC of new ordinary shares for subscription in the 2013/14 and 2014/15 tax years.  It is expected that the prospectus will be published on or around 31 July 2013.

On 10 July 2013 the company completed a new venture capital investment of £1,294,000 in Buoyant Holdings, a manufacturer of upholstered furniture.

The directors are not aware of any other events or transactions which have taken place between 31 March 2013 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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