Northern 3 VCT PLC.
13 FEBRUARY 2009
NORTHERN 3 VCT PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 31 DECEMBER 2008
Northern 3 VCT PLC presents its interim management statement for the three months ended 31 December 2008. This constitutes the company's second 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.
Conditions in the UK economy and stock market have continued to worsen during the quarter. This has been reflected in the performance of our portfolio companies. The directors have maintained a realistic approach to the valuation of the portfolio.
The unaudited net asset value per ordinary share as at 31 December 2008 was 80.3p (30 September 2008 86.1p). The net asset value is stated before deducting the interim dividend of 2.0p per share in respect of the year ending 31 March 2009, which was declared on 5 November 2008 and was paid to eligible shareholders on 16 January 2009.
The number of ordinary shares in issue at 31 December 2008 was 28,854,122. During the three months ended 31 December 2008 no new ordinary shares were issued and no shares were re-purchased by the company for cancellation.
For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2008 and unquoted investments are carried at fair value as at 31 December 2008 as determined by the directors.
During the three months ended 31 December 2008 the following significant investment transactions took place (all companies unquoted except where otherwise indicated):
Manufacture of modular buildings
Ingleby (1804) Limited
Acquisition of computer software and information technology businesses
*Additional investment in existing portfolio company
There were no significant realisations in the three months ended 31 December 2008.
The company has a contingent liability of £497,000 in respect of a bank guarantee given in respect of an investee company.
The directors are not aware of any other events or transactions which have taken place between 31 December 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