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16 SEPTEMBER 2011
NORTHERN AIM VCT PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 31 JULY 2011
Northern AIM VCT PLC (“the Company”) presents its interim management statement for the quarter ended 31 July 2011. This constitutes the Company’s second interim management statement for the financial year ending 31 October 2011, as required by the UK Listing Authority’s Disclosure Rules and Transparency Rules, Rule 4.3.
The Company was launched in 2000 with the objective of providing 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 July 2011 was 30.0p (30 April 2011 29.0p).
For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 July 2011 and unquoted investments are carried at fair value as at 31 July 2011 as determined by the directors.
During the quarter ended 31 July 2011 there were no significant investment acquisitions and the following holdings (AIM-quoted unless otherwise stated) were disposed of:
30 April 2011
|Britspace Group (unquoted)||373||–||–||–|
|Colliers International UK||332||29||23||(6)|
|Individual Restaurant Company||250||3||3||–|
|Pivot Entertainment Group||502||43||35||(8)|
The number of ordinary shares in issue at 31 July 2011 was 22,596,942. During the quarter ended 31 July 2011 no shares were allotted or bought back for cancellation by the Company.
On 16 August 2011 the Company published a circular to shareholders setting out a recommended proposal for a merger with Northern 3 VCT PLC by way of a scheme of reconstruction of the Company (“the Scheme”) and cancellation of the listing of the Company’s shares. At a general meeting of the Company held on 16 September 2011 a resolution was passed to approve the Scheme. Consequently it is envisaged that dealings in the Company’s shares will be suspended with effect from 7.30am on 26 September 2011 and that, subject to the passing of a resolution to be proposed at a second general meeting of the Company to be held at 12.30pm on 26 September 2011, the Company will be wound up and its assets and liabilities will be transferred to Northern 3 VCT PLC, in exchange for new ordinary shares in Northern 3 VCT PLC which will be issued direct to the Company’s shareholders. The listing of the Company’s shares is expected to be cancelled with effect from 7.30am on 27 September 2011.
On 16 August 2011 the board declared a special dividend of 3.0p per ordinary share which will, subject to the Scheme becoming effective, be paid on 7 October 2011 to shareholders on the register on 23 September 2011.
The directors are not aware of any other events or transactions which have taken place between 30 April 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.
NVM Private Equity
Alastair Conn/Christopher Mellor 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 AIM VCT PLC via Thomson Reuters ONE