Northern Venture Tst Net Asset Value(s)
July 24 2017 - 6:00AM
UK Regulatory
TIDMNVT
24 JULY 2017
NORTHERN VENTURE TRUST PLC
UNAUDITED NET ASSET VALUE AS AT 30 JUNE 2017
Northern Venture Trust PLC ("the Company") is a Venture Capital Trust
("VCT") launched in 1995 and advised by NVM Private Equity LLP. 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 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 30 June 2017 was
70.8 pence (31 March 2017 (unaudited) 79.1 pence). The net asset value
is stated after deducting the first and second interim dividends
totalling 8.0 pence per share in respect of the year ending 30 September
2017, which were paid to eligible shareholders on 30 June 2017.
For the purposes of calculating the net asset value per share, quoted
investments are carried at bid price as at 30 June 2017 and unquoted
investments are carried at fair value as at 30 June 2017 as determined
by the directors.
During the three months ended 30 June 2017 the following venture capital
portfolio transactions took place:
New investments:
Amount
invested
Name of company Business activity GBP000
Velocity
Composites (AIM Supplier of advanced composite material kits to the
quoted) aerospace industry 103
Subsequent to 30 June 2017 the Company has completed new investments of
GBP1,048,000 in Knowledgemotion, an aggregator and distributor of
educational video materials, and GBP519,000 in Contego Fraud Solutions,
a developer of identity verification software and solutions.
Realisations:
Sale Original Carrying value at
Name of company proceeds Cost 31 March 2017
GBP000 GBP000 GBP000
Optilan Group - sale of company 2,196 1,000 2,196
Kirton - loan stock repayment 859 859 215
Gear4music (Holdings) plc (AIM quoted)
- market sale 250 50 192
The number of ordinary shares in issue at 30 June 2017 was 105,026,156.
During the three months ended 30 June 2017 5,409,557 new shares were
issued at an average price of 79.4 pence per share pursuant to a top-up
share offer and 2,406,904 new shares were issued at a price of 71.1
pence per share pursuant to the Company's dividend investment scheme.
No shares were re-purchased for cancellation during the period.
Enquiries:
Alastair Conn/Christopher Mellor, NVM Private Equity LLP - 0191 244 6000
Website: www.nvm.co.uk
Neither the contents of the NVM Private Equity LLP website nor the
contents of any website accessible from hyperlinks on the NVM Private
Equity LLP website (or any other website) is incorporated into, or forms
part of, this announcement.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Northern Venture Trust PLC via Globenewswire
(END) Dow Jones Newswires
July 24, 2017 07:00 ET (11:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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