Northern Venture Trust PLC

Investor Area - Northern Venture Trust PLC

Northern Venture Trust PLC

Launch date

1995

Share price 67.00p
Share price total return (10 years) 419.2
Latest NAV per share

70.4p (31 March 2019)

NAV total return over 10 years 273.8
No of shares in issue 140,073,110
Dividend yield 6%

“Share price” is mid-market price as at 21 May 6231. “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 6231, 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 Venture Trust 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 NVT.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 Venture Trust 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

Northern Venture Trust PLC shareholder communications

The following information has been sent to shareholders

Reports and Shareholder Circulars

Dividends (including DRIS)

Dividends are usually paid twice a year. An interim in June for the six months to 31 March, and a final in December for the year to 30 September.

Next payment date Dividend
per share (p)
Announcement
date
27 June 2019 (interim) 2.00 16 May 2019
Previous payments
21 December 2018 (final) 2.00 12 November 2018
29 June 2018 (interim) 2.00 17 May 2018
22 December 2017 (final) 3.00 14 November 2017
30 June 2017 (second interim) 3.00 23 May 2017

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 67.00p
Latest NAV per share 70.4p (31 March 2019)
No of shares in issue 140,073,110
Dividend yield 6%

 

1 yr 3 yrs 5 yrs 10 yrs
NAV total return 105.6 123.5 142.2 273.8
Share price total return 105.8 122.5 149.2 419.2

“Share price” is mid-market price as at 21 May 6231. “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 6231, 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 portfolio investments by value as at 30 September 2018

  Cost
£000
Valuation
£000
% of net assets
by value
No 1 Lounges 2,006 3,202 3.4
Sorted Holdings 2,166 3,178 3.4
Agilitas IT Holdings 1,662 3,172 3.4
MSQ Partners Group 1,695 2,928 3.1
Lineup Systems 974 2,910 3.1
Closerstill Group 1,747 2,598 2.7
Entertainment Magpie Group 1,610 2,004 2.1
Biological Preparations Group 2,366 1,906 2.0
Volumatic Holdings 1,250 1,684 1.8
Weldex (International) Offshore Holdings 3,262 1,670 1.8
It’s All Good 1,205 1,661 1.8
Medovate  1,593 1,593 1.7
Graza 1,581 1,581 1.7
Intuitive Holding 1,674 1,500 1.6
Currentbody.com 1,413 1,413 1.5
Total 26,204 33,000 35.1

Financial Calendar

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

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

Directors

Simon Constantine

Simon is chairman of Northern Venture Trust PLC. He has extensive business management experience at board level, particularly in the healthcare and life sciences sectors, and co-led the management buy-in and subsequent trade sale of Life Sciences International plc. Simon has served as a non-executive director of a number of venture capital and private equity-backed businesses and is currently chairman of Capstone Foster Care Limited and a non-executive director of Bioquell PLC. He was appointed to the board in 2012.

Nigel Beer

Nigel is a non-executive director of Northern Venture Trust PLC and was formerly London Head of Corporate Finance at KPMG. He has over 20 years’ experience of private equity and corporate transactions and investments. Currently he acts as a consultant and non-executive director to various companies including Community Health Partnerships Limited, which invests in health sector infrastructure. Nigel was appointed to the board in 2009.

Richard Green

Richard is non-executive director of Northern Venture Trust PLC. He joined Kleinwort Benson Development Capital in 1988 and was a founder in 2001 of the spin-out business which became August Equity LLP, where he was managing partner until 2009 and then chairman until his retirement in April 2014. Richard’s sector experience includes healthcare, technology, media, engineering and manufacturing. He is a past chairman of the British Private Equity & Venture Capital Association and is currently a non-executive director of AIM-quoted Qannas Investments Limited, a member of the Advisory Board of Finance For Business North East and a member of the Advisory Committee of the European Investment Bank Growth Finance Initiative. Richard was appointed to the board on 5 November 2014.

Tim Levett

Tim is a non-executive director of Northern Venture Trust PLC and an executive chairman of NVM Private Equity, which he co-founded in 1988. He is also a non-executive director of Northern 3 VCT PLC and several unquoted companies and is a member of the AIC’s VCT Forum and the British Private Equity & Venture Capital Association’s Venture Capital Committee. Tim was appointed to the board in 2013.

David Mayes

David is a non-executive director of Northern Venture Trust PLC. He is an experienced investment professional and investor with a long-standing involvement in financial markets. David previously managed an emerging markets investment team for Credit Suisse Securities (Europe) Limited.  He is currently a trustee director of a major pension fund and a member of its investment committee, and is a non-executive director of an EIS-backed pub company and the Salvation Army International Trustee Company.  David was appointed to the board on 5 November 2014.

Hugh Younger

Hugh is a non-executive director of Northern Venture Trust PLC and the Senior Partner at Murray Beith Murray, a leading firm of solicitors based in Edinburgh. He has more than 25 years experience of private client work and brings a perspective on matters relating to wealth management and asset protection. Hugh was appointed to the board in 2009.

Corporate Governance

Key Information Document

The Key Information Document for NVT can be found here.