Northern 2 VCT PLC

Investor area

Launch date	1999
Share price	53.50p
Share price total return over 10 years	170.8
Latest NAV per share	57.7p (31 December 2025)
NAV total return over 10 years	171.5
No of shares in issue	254,789,831
Dividend yield	6.4%

“Share price” is mid-market price as at 13 March 2026. “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 13 March 2026, 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.

Introduction

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 view the ‘Reports and Shareholder Circulars’ section below.

Publication of Prospectus by the Northern VCTs

Increase in offers for subscription and publication of a Supplemental Prospectus by the Northern VCTs

Mercia is delighted to announce the publication of the Northern VCTs’ Supplemental Prospectus in relation to offers of new ordinary shares for subscription in the 2025/26 tax year, increasing the overall size of the offers to £80m. The offers seek to raise a total of £30million for each of Northern VCT PLC and Northern 3 VCT PLC and £20million for Northern 2 VCT PLC (inclusive of already-utilised over-allotment facilities).

The offers have now re-opened to applications.

Applications for new shares in the Northern VCTs will be dealt with on a ‘first-come, first-served’ basis.

In recognition of the loyalty of the Northern VCT shareholders, existing shareholders on the register of member of any of the Northern VCTs, as at 16 June 2025, along with their spouse or civil partner, whose applications for shares in any of the Northern VCTs are accepted will benefit from a reduction of 0.5% in the offer costs application to their subscription.

Northern VCTs' Share Offers

Northern 2 VCT PLC Interim Results announcements

The Northern 2 VCT PLC is pleased to publish its half-yearly management report for the six months ended 30 September 2025.

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

Forward House, 17 High Street, Henley-in-Arden B95 5AA

Advisers

Registrars	The City Partnership (UK) Limited
Stockbroker	Panmure Gordon (UK) Limited
Auditors	Johnston Carmichael LLP

Notes

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.

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

More information

Recent Announcements

See all fund announcements

The following information has been sent to shareholders

Half-yearly financial report – 6 months ended 30 September 2025
Shareholder circular and notice of Annual General Meeting – 27 June 2025
Annual report and financial statements – year ended 31 March 2025
Newsletter – November 2024
Half-yearly financial report – 6 months ended 30 September 2024
Shareholder circular and notice of Annual General Meeting – 28 June 2024
Annual report and financial statements – year ended 31 March 2024
Half-yearly financial report – 6 months ended 30 September 2023
Newsletter – September 2023
Shareholder circular and notice of Annual General Meeting – 26 June 2023
Shareholder circular and notice of General Meeting – 26 June 2023
Annual report and financial statements – year ended 31 March 2023
Newsletter – 23 December 2022
Interim report – 6 months ended 30 September 2022
Half-yearly financial report – year ended 30 September 2021
Shareholder circular and notice of annual general meeting – 30 July 2021
Annual Financial Report – 30 July 2021
Shareholder circular and notice of annual general meeting – 27 July 2020
Annual Financial Report – 8 July 2020
Covid-19 Managers Update – 27 March 2020
Newsletter – 3 January 2020
Proposed change in management arrangements – 4 December 2019
Shareholder circular and notice of general meeting – 4 December 2019
Half-yearly financial report – year ended 30 September 2019
Annual report and financial statements – year ended 31 March 2019
Half-yearly financial report – year ended 30 September 2018
Shareholder circular and notice of general meeting – 27 November 2018
Shareholder circular and notice of general meeting – 15 June 2018
Annual report and financial statements – year ended 31 March 2018
Half-yearly financial report – year ended 30 September 2017
Shareholder circular and notice of general meeting – 23 August 2017
Annual report and financial statements – year ended 31 March 2017
Notice of annual general meeting – 16 June 2017
Half-yearly financial report – year ended 30 September 2016
Annual report and financial statements – year ended 31 March 2016
Final dividend and special dividend – 17 June 2016
Notice of annual general meeting – 17 June 2016
Dividend investment scheme mandate – 17 May 2016
Future investment strategy – 22 January 2016
Notice of annual general meeting – 14 July 2015
Dividend investment scheme – 12 June 2015
Dividend investment scheme mandate – 12 June 2015

Information can be viewed by clicking on the following links:

Shareholder circular and notice of Annual General Meeting – 27 June 2025
Shareholder circular and notice of Annual General Meeting – 28 June 2024
Shareholder circular and notice of Annual General Meeting – 26 June 2023
Shareholder circular and notice of General Meeting – 26 June 2023
Annual general meeting, 10 August 2022
Annual general meeting, 31 August 2021
Annual general meeting, 26 August 2020
General meeting, 7 January 2020
Annual general meeting, 11 July 2019
VCT investor seminar, 22 March 2019

Annual and half-yearly reports

Half-yearly financial report – 6 months ended 30 September 2025
Annual report and financial statements – year ended 31 March 2025
Half-yearly financial report – 6 months ended 30 September 2024
Annual report and financial statements – year ended 31 March 2024
Half-yearly financial report – 6 months ended 30 September 2023
Annual report and financial statements – year ended 31 March 2023
Interim report – 6 months ended 30 September 2022
Annual report and financial statements– year ended 31 March 2022
Half-yearly financial report – year ended 30 September 2021
Annual report and financial statements– year ended 31 March 2021
Half-yearly financial report – year ended 30 September 2020
Annual report and financial statements– year ended 31 March 2020
Half-yearly financial report – year ended 30 September 2019
Annual report and financial statements – year ended 31 March 2019
Half-yearly financial report – 6 months ended 30 September 2018
Annual report and financial statements – year ended 31 March 2018
Half-yearly financial report – 6 months ended 30 September 2017
Annual report and financial statements – year ended 31 March 2017
Half-yearly financial report – 6 months ended 30 September 2016
Annual report and financial statements – year ended 31 March 2016

Shareholder circulars

Shareholder circular and notice of Annual General Meeting – 27 June 2025
Shareholder circular and notice of Annual General Meeting – 28 June 2024
Shareholder circular and notice of Annual General Meeting – 26 June 2023
Annual general meeting, 10 August 2022
Annual general meeting, 14 December 2021
Annual general meeting, 30 July 2021
Annual general meeting, 27 July 2020
General meeting, 7 January 2020
Annual general meeting, 11 July 2019
Annual general meeting, 12 July 2018
General meeting, 18 September 2017
Annual general meeting, 12 July 2017
Annual general meeting, 14 July 2016
Dividend investment scheme, 17 June 2016

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

Next payment date	Dividend per share (p)
5 September 2025 (final)	1.3
Previous payments
22 January 2025 (interim)	1.7
23 August 2024 (final)	1.2
17 January 2024 (interim)	1.8
18 August 2023 (final)	1.3
13 January 2023 (interim)	2.0
19 August 2022 (final)	1.6
28 January 2022 (interim)	2.0
10 September 2021 (second interim)	4.0
10 September 2021 (final)	1.5
29 January 2021 (final)	2.0
4 September 2020 (final)	1.5
24 January 2020 (interim)	2.00
19 July 2019 (final)	2.00
25 January 2019 (interim)	2.00
26 January 2018 (interim)	2.00
20 July 2018 (final)	3.50
21 July 2017 (final)	3.50
21 July 2017 (special)	5.00
27 January 2017 (interim)	2.00
22 July 2016 (final)	3.50

Dividend investment scheme

All of our Northern VCTs offer dividend investment schemes (“DRIS”), 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. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future.

You may join the DRIS by completing and returning a scheme mandate form. If you need further information about the DRIS, please contact Mercia on 0330 223 1430 or email vctshareholderenquiries@mercia.co.uk

Completed mandate forms must be returned to The City Partnership (UK) Limited by email or post at the address provided on the mandate form. Alternatively, an online version of the form may be found on the VCT Investor Hub. Please refer to the mandate form and DRIS terms and conditions to confirm the deadline for the return of completed forms.

Dividend payment methods

You may arrange to have dividends paid directly to your bank account by completing a dividend mandate form. Completed mandate forms must be returned to The City Partnership (UK) Limited by email or post at the address provided on the mandate form. Alternatively, an online version of the form may be found on the VCT Investor Hub.


Launch date	1995
Share price	53.50p
Latest NAV per share	57.7p (31 December 2025)
No of shares in issue	254,789,831
Dividend yield	6.4%


	1 yr	3 yrs	5 yrs	10 yrs
NAV total return	103.8	114.7	124.6	171.5

Share price total return	105.6	115.7	123.3	170.8

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.mercia.co.uk/investor-area/funds for further information.

The financial calendar for the year ending 31 March 2026 is as follows:

November 2025	Half-yearly financial report for the six-months ending 30 September 2025 published
January 2026	Interim dividend paid
June 2026	Final dividend and the results for the year to 31 March 2026 announced
August 2026	Annual General Meeting
September 2026	Final dividend paid

David Gravells

VCT Board

Ranjan Ramparia

VCT Board

Simon Devonshire

VCT Board

Thomas Chambers

VCT Board

Board committees’ Terms of reference

The latest terms of reference can be viewed by clicking on the following links:

Key Information Document

The tagged Annual Report and Accounts for the year ended 31 March 2025 can be found here.

Northern Venture Trust PLC Northern 3 VCT PLC

Northern 2 VCT PLC

Investor area

Introduction

Publication of Prospectus by the Northern VCTs

Northern 2 VCT PLC Interim Results announcements

Marketing of shares to retail investors

Registered office

Advisers

Notes

More information

Announcements

Shareholder Communications

Shareholder Meetings

Reports & Shareholder Circulars

Annual and half-yearly reports

Shareholder circulars

Dividends (including DRIS)

Dividend investment scheme

Dividend payment methods

Fund Performance

Financial Calendar

Directors

David Gravells

VCT Board

Ranjan Ramparia

VCT Board

Simon Devonshire

VCT Board

Thomas Chambers

VCT Board

Corporate Governance

Key Information Document

ESEF Tagged Accounts