Northern 3 VCT PLC.
Net Asset Value(s)
19 FEBRUARY 2018
NORTHERN 3 VCT PLC
UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2017
Northern 3 VCT PLC ("the Company") is a Venture Capital Trust ("VCT") launched in 2001 and managed by NVM Private Equity LLP. 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. In order to maintain approval by HM Revenue & Customs as a VCT, the Company 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 2017 was 96.6 pence (30 September 2017 98.0 pence). The net asset value is stated before deducting the interim dividend of 2.0 pence per share in respect of the year ending 31 March 2018, which was paid to eligible shareholders on 26 January 2018.
For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2017 and unquoted investments are carried at fair value as at 31 December 2017 as determined by the directors.
During the three months ended 31 December 2017 the following new venture capital investments were completed:
Name of company
|Soda Software Labs Limited||Data and text analysis software for identity verification and fraud detection||1,301|
|Angle plc (AIM-quoted)||Rare cell diagnostic products for treatment of cancer||131|
|Medovate Limited||Development and commercialisation of innovative medical technologies||1,432|
The number of ordinary shares in issue at 31 December 2017 was 89,474,188. During the three months ended 31 December 2017 19,961,042 new shares were allotted at an average price of 100.2 pence per share pursuant to a public offer for subscription and 530,000 shares were re-purchased for cancellation at a price of 93.1 pence per share.
Alastair Conn/Christopher Mellor, NVM Private Equity LLP - 0191 244 6000
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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