Northern AIM VCT PLC – Interim Management Statement

20th February 2009

RNS Number : 6449N
Northern AIM VCT PLC
20 February 2009
 

20 FEBRUARY 2009


NORTHERN AIM VCT PLC


INTERIM MANAGEMENT STATEMENT

FOR THE QUARTER ENDED 31 JANUAR2009

Northern AIM VCT PLC presents its interim management statement for the quarter ended 31 January 2009.  This constitutes the company’s first interim management statement for the financial year ending 31 October 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 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 holdings in UK AIM-quoted and unquoted companies. 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 (NAV) per ordinary share as at 31 January 2009 was 30.3p (31 October 2008 32.8p).  The net asset value is stated before deducting the final dividend of 3.0p per share in respect of the financial year ended 31 October 2008, which will be paid on 6 March 2009 following approval by shareholders at the annual general meeting on 18 February 2009.


For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 January 2009 and unquoted investments are carried at fair value as at 31 January 2009 as determined by the directors.

The following table shows the movement in the company’s NAV and share price and the FTSE AIM index during the three months ended 31 January 2009:

 

 
31 January
31 October
Increase/(decrease)
 
2009
2008
during period
 
 
 
 
NAV per share
30.3p
32.8p
(7.6)%
Share price
27.5p
40.0p
(31.3)%
FTSE AIM All-share index
404.6
444.7
(9.0)%

During the three months ended 31 January 2009 the following significant investment transactions took place:


New investments:


None.


Disposals:


Name of company

Sales
proceeds
£000


Original cost

£000

Carrying value at
31 October 2008

£000

Stainton Metal Company (unquoted)

1,379

751

1,379

Zenith Hygiene Group (quoted on AIM)

37

320

33

The number of ordinary shares in issue at 31 January 2009 was 21,785,766.  During the quarter ended 31 January 2009 no shares were allotted or bought back for cancellation by the company.


The directors are not aware of any other events or transactions which have taken place between 31 October 2008 and the date of publication of this statement and which have had a material effect on the financial position of the company.



Enquiries:


Alastair Conn/Christopher Mellor, NVM Private Equity Limited – 0191 244 6000

Website:  www.nvm.co.uk

This information is provided by RNS
The company news service from the London Stock Exchange
 

END

 
 

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