Northern 3 VCT PLC

Investor Area - Northern 3 VCT PLC

Northern 3 VCT PLC

Launch date

2001

Share price 89.50p
Share price total return over 10 years 442.1
Latest NAV per share

94.2p (31 March 2019)

NAV total return over 10 years 231.7
No of shares in issue 95,029,056
Dividend yield 6.7%

“Share price” is mid-market price as at 01 January 1970. “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 01 January 1970, 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 3 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 NTN.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 3 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)3.508 July 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
15 July 2016 (final) 3.50 17 May 2016
15 July 2016 (special) 5.00 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 charts 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 89.50p
Latest NAV per share 94.2p (31 March 2019)
No of shares in issue 95,029,056
Dividend yield 6.7%

 

 

1 yr 3 yrs 5 yrs 10 yrs
NAV total return 106.5 121.2 139.8 231.7
Share price total return 106.4 122.4 152.3 442.1

 

“Share price” is mid-market price as at 01 January 1970. “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 01 January 1970, 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 30 September 2018

Cost
£000
Valuation
£000
% of net assets
by value
Lineup Systems 974 2,910 3.4
No 1 Lounges 1,748 2,800 3.4
Agilitas IT Holdings 1,448 2,764 3.3
Sorted Holdings 1,822 2,672 3.2
MSQ Partners Group 1,478 2,546 3.0
Ideagen* 541 2,385 2.8
Closerstill Group 1,520 2,238 2.6
Entertainment Magpie Group 1,360 1,693 2.0
It’s All Good 1,131 1,566 1.8
Volumatic Holdings 1,251 1,543 1.8
Biological Preparations Group 1,915 1,535 1.8
Idox* 530 1,534 1.8
Medovate  1,432 1,432 1.7
Graza 1,378 1,375 1.6
Channel Mum 840 1,329 1.6
Total 19,365 30,322 35.8

*Quoted on AIM

Financial Calendar

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

May 2019 Final dividend and results for the year to 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 six months ending 30 September 2018 published

 

Directors

James Ferguson

James is chairman of Northern 3 VCT PLC and was chairman and managing director of Stewart Ivory Limited from 1989 until 2000. He is also chairman of Value and Income Trust plc, The Monks Investment Trust PLC, North American Income Trust plc and The Scottish Oriental Smaller Companies Trust plc, a non-executive director of Independent Investment Trust plc and a former deputy chairman of the Association of Investment Trust Companies.

Chris Fleetwood

Chris is managing partner of io solutions (e-business strategy advisers), chairman of Digital City Business Trading Limited, a non-executive director of NCFE Limited and a governor of Teeside University. He was formerly chairman of Darlington Building Society and group chief executive of Whessoe plc.

Tim Levett

Tim is executive chairman of NVM Private Equity, which he co-founded in 1988. He is non-executive director of Northern Venture Trust PLC and several unquoted companies.

John Waddell

John is chief executive of Archangel Informal Investment Limited, a Scottish-based syndicate of individual private equity investors, and was previously a director of Noble Grossart Limited.

Corporate Governance

Key Information Document

The N3VCT Key Information Document can be found here.