Net Asset Value

9 FEBRUARY 2024

NORTHERN 3 VCT PLC

UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2023

Northern 3 VCT PLC (“the Company”) is a Venture Capital Trust (“VCT”) launched in 2001 and managed by Mercia Fund Management Limited. The Company’s objective is to provide 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 unquoted venture capital holdings. In order to maintain approval by HM Revenue & Customs as a VCT, the Company 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 per ordinary share as at 31 December 2023 was 91.7 pence (30 September 2023 (unaudited) 90.0 pence).

The net asset value is stated before deducting the interim dividend of 2.0 pence per share in respect of the year ending 31 March 2024, which was paid to eligible shareholders on 17 January 2024.

For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2023 and unquoted investments are carried at fair value as at 31 December 2023 as determined by the directors.

New Investments:
During the three months ended 31 December 2023 two new venture capital investments were completed.

Name of company Business activity Amount
invested
£000
Wobble Genomics Limited

Development of processes to extract, sequence and identify long-read RNA circulating in blood		 1,053
iOpt Limited Remote performance monitoring of property assets for social housing sector 1,038
     

In addition to the new investments above £2,071,000 was invested in four existing portfolio companies during the quarter.

Realisations:
During the three months ended 31 December 2023 two venture capital investments were realised.


Name of company		 Sale proceeds
£000		 Original cost
£000		 Carrying value at 30 September 2023
£000
Haystack Dryers Limited 214 1,284 187
Medovate Limited 81 1,591 81

The number of ordinary shares in issue at 31 December 2023 was 137,725,406. During the three months ended 31 December 2023 9,681,062 shares were allotted at prices between 91.84 pence per share and 96.81 pence per share and 902,693 shares were re-purchased for cancellation at a price of 85.50 pence per share.

Enquiries:

James Sly, Mercia Asset Management PLC – 0330 223 1430

Website:        www.mercia.co.uk/vcts

The contents of the Mercia Asset Management PLC website and the contents of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website), are not incorporated into, nor forms part of, this announcement.


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