Northern AIM VCT PLC – Interim Management Statement

28th February 2008


RNS Number:9618O
Northern AIM VCT PLC
28 February 2008

28 FEBRUARY 2008

NORTHERN AIM VCT PLC

INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 31 JANUARY 2008

Northern AIM VCT PLC presents its interim management statement for the quarter
ended 31 January 2008. This constitutes the company’s first interim management
statement for the financial year ending 31 October 2008, as required by the UK
Listing Authority’s Disclosure and Transparency 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 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 2008 was
58.4p (31 October 2007 (audited) 64.0p). The net asset value is stated before
deducting the proposed final dividend of 3.0p per share in respect of the
financial year ended 31 October 2007, which will be paid on 7 March 2008
following approval by shareholders at the annual general meeting on 27 February
2008. The following table shows the movement in the company’s NAV and share
price and the FTSE AIM index during the quarter ended 31 January 2008:

31 January 31 October Increase/(decrease)
2008 2007 during quarter

NAV per share 58.4p 64.0p (8.8)%
Share price 43.5p 52.0p (16.4)%
FTSE AIM All-share index 969.6 1150.3 (15.7)%

The number of ordinary shares in issue at 31 January 2008 was 21,746,189.
During the quarter ended 31 January 2008 no shares were allotted or bought back
for cancellation by the company. The company announced on 21 December 2007 that
the directors had decided to cease buying back shares at a fixed discount to NAV
and would give a greater priority to the payment of dividends, with an objective
of declaring an annual dividend of not less than 3.0p per share in future,
subject to the availability of distributable profits.

The summarised balance sheet of the company as at 31 January 2008 is as follows:

31 January 2008 31 October 2007
(unaudited) (audited)
#000 #000

Fixed asset investments:
Quoted on AIM 6,332 7,491
Unquoted 4,945 5,560
—— ——
11,277 13,051
Net current assets 1,422 863
—— ——
Net assets 12,699 13,914
—— ——
Represented by:
Equity shareholders’ funds 12,699 13,914
—— ——

Quoted investments are carried at bid price as at 31 January 2008. The board
carries out a formal revaluation of unquoted investments half-yearly as at 30
April and 31 October and accordingly unquoted investments are carried at fair
value as determined by the directors as at 31 October 2007, with subsequent
additions at cost.

During the three months ended 31 January 2008 the following significant
investment transactions took place:

New investments:

None.

Disposals:

Sales Original Carrying value at
Name of company proceeds cost 31 October 2007
#000 #000 #000
Develop Training (unquoted) 614 424 614

Develop Training is a provider of training services primarily to the utility and
infrastructure sectors, and was sold to a secondary management buyout vehicle in
November 2007.

The directors are not aware of any other events or transactions which have taken
place between 31 January 2008 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.

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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