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28 JULY 2011
NORTHERN 3 VCT PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 JUNE 2011
Northern 3 VCT PLC presents its interim management statement for the three months ended 30 June 2011. This constitutes the company’s first interim management statement for the financial year ending 31 March 2012, 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 94.4p (31 March 2011 (audited) 92.2p). The net asset value is stated before deducting the second interim dividend of 2.5p per share in respect of the year ended 31 March 2011, which was paid to eligible shareholders on 15 July 2011.
The number of ordinary shares in issue at 30 June 2011 was 40,434,802. During the three months ended 30 June 2011 no new ordinary shares were issued and 140,000 shares were re-purchased by the company for cancellation at a cost of 78.25p per share.
For the purposes 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||152|
*Additional investment in existing portfolio company
|Name of company||proceeds||cost||2011|
| Andor Technology plc (quoted on AIM)
– part disposal
|Britspace Group Limited||–||794||–|
On 3 June 2011 the boards of Northern 3 VCT PLC and Northern AIM VCT PLC announced that they had commenced discussions with a view to a possible merger of the two companies. Any merger would be subject to approval by the shareholders of both companies. Subject to further consideration, it was envisaged that the merger would be effected by means of a scheme of reconstruction under Section 110 of the Insolvency Act 1986 by transferring the assets and liabilities of Northern AIM VCT PLC to Northern 3 VCT PLC in consideration for new Northern 3 VCT PLC ordinary shares, which would be issued to Northern AIM VCT PLC shareholders on the basis of the respective net asset values. A further announcement is expected to be made in due course.
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 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.
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(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 3 VCT PLC via Thomson Reuters ONE