Northern 2 VCT PLC

Investor Area - Northern 2 VCT PLC

Northern 2 VCT PLC

Launch date

1999

Share price 61.50p
Share price total return over 10 years 384.5
Latest NAV per share

64.7p (31 March 2019)

NAV total return over 10 years 221
No of shares in issue 140,303,141
Dividend yield 9.8%

“Share price” is mid-market price as at 21 May 7880. “Dividend yield” is based on dividends paid and proposed in respect of latest full financial year, excluding special dividends, expressed as a percentage of share price. Total return statistics are for periods to 21 May 7880, return shown is on £100 invested, based on mid to mid share price/latest published NAV, assuming net income re-invested (source: Morningstar). In accordance with AIC methodology, figures shown over 5 years are based on NAVs excluding current period revenue; and figures shown for 5 years and under are based on NAVs including current period revenue.

 

Northern 2 VCT PLC is a Venture Capital Trust established under the legislation introduced in the Finance Act 1995. The fund is a member of the Association of Investment Companies.

The London Stock Exchange code is NTV.L

If you would like to receive a copy of the latest annual and half-yearly reports, by post, please contact us. If you would like to download reports in PDF format, please click here.

Marketing of shares to retail investors

We confirm that the shares of Northern 2 VCT are currently ‘excluded securities’ in accordance with guidance issued by the Financial Conduct Authority and can therefore be recommended to retail investors by financial advisers.

Registered office:

Time Central, 32 Gallowgate, Newcastle upon Tyne NE1 4SN

Advisers:

Registrars

Equiniti Limited

Stockbroker

Panmure Gordon (UK) Limited

Auditors

KPMG LLP

An investment in a Venture Capital Trust (“VCT”) carries a higher risk than many other forms of investment. In addition, the value of an investment in a VCT may go down as well as up and investors may not get back the full amount invested, even after taking into account the tax reliefs. VCTs usually trade at a discount to their net asset value. It may be difficult to exit VCTs and they should be considered as long-term investments. The past performance of the Company is not a reliable indicator of its future performance.

NVM does not offer investment or tax advice or make recommendations regarding investments and investors will not be treated as clients of NVM.

Shareholder Communications

The following information has been sent to shareholders

Reports & Shareholder Circulars

Annual and half-yearly reports

Shareholder circulars

Dividends (including DRIS)

Dividends are usually paid twice a year. An interim in January for the six months to 30 September; and a final in July for the year to 31 March.

20 July 2018 (final)3.5017 May 2018

Next payment date Dividend
per share (p)
Announcement
date
19 July 2019 (final) 2.00 16 May 2019
Previous payments
25 January 2019 (interim) 2.00 12 November 2018
26 January 2018 (interim) 2.00 14 November 2017
21 July 2017 (final) 3.50 12 June 2017
21 July 2017 (special) 5.00 12 June 2017
27 January 2017 (interim) 2.00 14 November 2016
22 July 2016 (final) 3.50 17 May 2016

Dividend investment scheme

All of our Northern VCTs offer dividend investment schemes, which enable shareholders to have their dividends automatically re-invested in new shares rather than being paid in cash. There are no dealing costs and the amount re-invested is eligible for up-front income tax relief at the rate currently applicable to new VCT subscriptions.

You may join the scheme or amend your current participation in the scheme by completing and returning a scheme mandate form.  If you need further information about the scheme, please contact Wendy Arkle on 0191 244 6024 or email wendy.arkle@nvm.co.uk.

Completed mandate forms must be returned to Equinti Limited at the address provided on the mandate form so that they are received no later than ten business days before a dividend payment date in order to participate in or withdraw from the dividend investment scheme in respect of that dividend payment.

Dividend payment methods

You may arrange to have dividends paid directly to your bank account by completing a dividend mandate form.

The following chart show the dividends (including proposed final dividends) declared in respect of each of the past five financial years on a cumulative basis since inception.

Fund Performance

Launch date 1995
Share price 61.50p
Latest NAV per share 64.7p (31 March 2019)
No of shares in issue 140,303,141
Dividend yield 9.8%

 

 

1 yr 3 yrs 5 yrs 10 yrs
NAV total return 105.5 120.1 139.2 221
Share price total return 105.9 119.9 145.9 384.5

“Share price” is mid-market price as at 21 May 7880. “Dividend yield” is based on dividends paid and proposed in respect of latest full financial year, excluding special dividends, expressed as a percentage of share price. Total return statistics are for periods to 21 May 7880, return shown is on £100 invested, based on mid to mid share price/latest published NAV, assuming net income re-invested (source: Morningstar). In accordance with AIC methodology, figures shown over 5 years are based on NAVs excluding current period revenue; and figures shown for 5 years and under are based on NAVs including current period revenue.

Past performance is not a guide to the future and you should be aware that share values and income from them may go down as well as up and that you may not get back the amount you originally invested. Potential investors are strongly urged to seek independent professional advice before considering investment in a VCT. Investments made in smaller companies or specialist sectors such as technology related stocks can be more volatile than investments in developed markets and more established companies and above average price movements can be expected. Exposure to a single country market also increases potential volatility. Investments should be viewed as for the medium to long term. Existing tax levels, bases and reliefs may change and the value of reliefs depends on personal circumstances. Investments made by VCTs will normally be in companies whose securities are not publicly traded or fully marketable and may therefore be difficult to realise, as may the shares in the VCT. In the event of a VCT losing its HM Revenue & Customs approval, it is likely that its shares will become illiquid. Government Stamp Duty of 0.5% is payable on all investment trust shares purchased. The value of investment trust shares purchased will immediately be reduced by the difference between buying and selling prices (market maker’s spread). Performance figures do not include market maker’s spread which can be substantial in these trusts. NVM Private Equity Limited is authorised and regulated by the Financial Conduct Authority.

NVM provides investment management and secretarial services to its client funds in accordance with agreements in place between NVM and each client fund. The fees charged by NVM are set out in the annual reports and accounts of the respective client funds which can be downloaded from the relevant pages on this website see: http://www.nvm.co.uk/investor-area/funds for further information.

Top 15 Investments

Top 15 investments by value as at 31 March 2018

Cost £000 Valuation £000 % of net assets by value
No 1 Lounges 1,977 3,362 3.9
Lineup Systems 974 2,910 3.3
Entertainment Magpie Group 1,503 2,886 3.3
Agilitas IT Holdings 1,638 2,565 2.9
Sorted Holdings 1,625 2,535 2.9
MSQ Partners Group 1,672 2,516 2.9
Love Saving Group 1,124 2,309 2.7
Closerstill Group 1,683 2,198 2.5
Buoyant Upholstery 1,057 2,179 2.5
Wear Inns 1,868 2,113 2.4
Biological Preparations Group 2,166 1,790 2.1
Graza 1,523 1,523 1.7
It’s All Good 1,145 1,458 1.7
Medovate 1,450 1,450 1.7
Volumatic Holdings 1,251 1,443 1.7
Total 22,656 33,237 38.8

Financial Calendar

The financial calendar for the year ending 30 September 2018 is as follows:

January 2019 Interim dividend paid
May 2019 Final dividend and results for year ending 31 March 2018 announced
June 2019 Annual report and financial statements published
July 2019 Annual general meeting; final dividend paid
November 2019 Half-yearly financial report for the six months ending 30 September 2017 published

Directors

David Gravells

David is chairman of Northern 2 VCT PLC and an experienced entrepreneur with a wide experience of private equity-financed businesses.

Alastair Conn

Alastair is a non-executive director of Northern 2 VCT PLC and financial director of NVM Private Equity Limited. He qualified as a chartered accountant with Price Waterhouse and was co-founder of NVM in 1988.

Cecilia McAnulty

Cecilia is a non-executive director of Northern 2 VCT PLC and a member of the Institute of Chartered Accountants of Scotland. She has extensive business management experience at board level, particularly in the financial services sector. Cecilia is an investment professional with over 20 years experience of equity and debt investing, including listed and private, distressed debt, special equity situations and credit and equity derivatives. She was formerly a partner and portfolio manager with Centaurus Capital, a London based hedge fund, Head of Structured Finance at Royal Bank of Scotland and a director of Barclays Capital.

Frank Neale

Frank is a non-executive director of Northern 2 VCT PLC. He is a partner in IRRfc, a private equity portfolio management business and a past vice-chairman of the British Private Equity and Venture Capital Association.

Simon Devonshire 

Simon is a non-executive director of Northern 2 VCT PLC. He has extensive business experience in corporate leadership, financial governance, strategy, communications and sales and marketing. He has a portfolio of business interests including being an entrepreneur in residence at the Department for Business, Energy and Industrial Strategy and a non-executive director of the Student Loans Company.  He previously managed the business division of O2 UK for five years and was the founder and a director of Wayra Europe, a world-leading start-up accelerator programme financed by Telefónica. He was awarded an OBE by Her Majesty the Queen for services to enterprise, enterprise promotion and humanitarian issues, in the 2016 New Year’s Honours List.

Corporate Governance

Key Information Document

The N2VCT Key Information Document can be found here.