Northern Venture Trust PLC.
Interim Management Statement
27 JULY 2011
NORTHERN VENTURE TRUST PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 JUNE 2011
Northern Venture Trust PLC presents its interim management statement for the quarter ended 30 June 2011. This constitutes the company's second interim management statement for the financial year ending 30 September 2011, 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 2011 was 86.6p (31 March 2011 (unaudited) 88.6p). The net asset value per share is stated after deducting the interim dividend of 3.0p per share in respect of the year ending 30 September 2011, which was paid on 24 June 2011.
The number of ordinary shares in issue at 30 June 2011 was 71,278,380. On 6 April 2011 1,198,719 new ordinary shares were issued at a price of 87.0p through a public offer for subscription, and on 24 June 2011 319,942 new ordinary shares were issued at a price of 85.6p in connection with the company's dividend investment scheme. No shares were re-purchased for cancellation during the quarter.
For the purpose of calculating the net asset value per share, quoted investments are carried at bid price as at 30 June 2011 and unquoted investments are carried at fair value as at 30 June 2011 as determined by the directors.
During the three months ended 30 June 2011 the following significant investment transactions took place:
Name of company
|Tinglobal Holdings Limited||Supplier of refurbished mid-range computer equipment||988|
|Paladin Group Limited*||Integrated commercial and residential property services||257|
*Additional investment in existing portfolio company
|Name of company||proceeds||cost||2011|
|Closerstill Holdings Limited - loan stock redemption|
| Individual Restaurant Company plc|
(quoted on AIM)
The directors are not aware of any other events or transactions which have taken place between 31 March 2011 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 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 owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Northern Venture Trust PLC via Thomson Reuters ONE