Northern 3 VCT PLC.
Interim Management Statement
12 FEBRUARY 2014
NORTHERN 3 VCT PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 31 DECEMBER 2013
Northern 3 VCT PLC presents its interim management statement for the three months ended 31 December 2013. This constitutes the company's second 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 31 December 2013 was 109.2p (30 September 2013 104.5p). The net asset value is stated before deducting the interim dividend of 2.0p per share declared in respect of the year ending 31 March 2014, which was paid to eligible shareholders on 10 January 2014.
For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2013 and unquoted investments are carried at fair value as at 31 December 2013 as determined by the directors.
The number of ordinary shares in issue at 31 December 2013 was 65,586,803. During the three months ended 31 December 2013 17,741,242 new shares were allotted at an average price of 106.5p through a public offer for subscription. 50,000 shares were re-purchased by the company for cancellation at a price of 93.0p per share during the quarter.
During the three months ended 31 December 2013 the following significant investment transactions took place:
Name of company
|Eckoh*||Multi-channel customer service and secure payment solutions||528|
|Eco Animal Health Group*||Pharmaceutical products for global animal health market||497|
|Mantis Deposition Holdings**||Deposition components and systems for thin film coating||395|
|Netcall*||Customer engagement and resource management solutions||546|
* Quoted on AIM
**Additional investment in existing portfolio company
|Name of company||proceeds||Cost||2013|
|Kerridge Commercial Systems (part redemption of loan stock)||127||127||127|
On 10 January 2014 the company completed the sale of its holding in Denara Holdings (the holding company of e-know.net) to Nasstar plc for proceeds of £799,000, comprising cash of £598,000 and new shares in Nasstar valued at £201,000. For the purposes of calculating the net asset value as at 31 December 2013 the directors have valued the investment in Denara Holdings at the sale price.
The directors are not aware of any other events or transactions which have taken place between 30 September 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.
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.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Northern 3 VCT PLC via Globenewswire