Northern 3 VCT PLC.
31 JULY 2008
NORTHERN 3 VCT PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 JUNE 2008
Northern 3 VCT PLC presents its interim management statement for the quarter ended 30 June 2008. This constitutes the company's first interim management statement for the financial year ending 31 March 2009, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3. This statement has been prepared solely to provide additional information in order to meet the requirements of the Disclosure and Transparency Rules and should not be relied on by shareholders, or any other party, for any other purpose.
The unaudited net asset value per ordinary share as at 30 June 2008 was 94.0p (31 March 2008 96.3p).
The number of ordinary shares in issue at 30 June 2008 was 29,228,263. During the quarter ended 30 June 2008 no new shares were issued and a total of 520,825 shares were re-purchased by the company for cancellation at an average price of 86.7p per share.
Quoted investments are carried at bid price as at 30 June 2008. Unquoted investments are carried at fair value as at 30 June 2008 as determined by the directors.
During the three months ended 30 June 2008 the following significant investment transactions took place (all companies unquoted except where otherwise indicated):
IS Pharma (AIM-quoted)
Supplier of specialist hospital medicines
Product Support (Holdings)
Product Support (Holdings) was acquired by Wincanton plc for cash in May 2008.
The Government announced in the 2008 Budget that, with effect from 1 October 2008, investment management fees paid by VCTs would be exempt from VAT. HM Revenue & Customs has subsequently accepted that under European Union VAT law this exemption should have applied from 1 January 1990 onwards, and has indicated that claims may be made for repayment of VAT previously paid by VCTs on management fees, subject to certain restrictive time limits.
Pending clarification of the basis and timing of dealing with VAT repayment claims relating to past periods, no benefit has yet been recognised in the company's accounts in respect of the potential recovery. The directors consider that the effect on net asset value per share is unlikely to be material. An update will be given in the company's half-yearly report for the six months ending 30 September 2008, which is expected to be published in November 2008.
The directors are not aware of any other events or transactions which have taken place between 31 March 2008 and the date of publication of this statement and which have had a material effect on the financial position of the company.
Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000
This information is provided by RNS