11 February 2022
NORTHERN VENTURE TRUST PLC
UNAUDITED NET ASSET VALUE AS AT 31 December 2021
Northern Venture Trust PLC (“the Company”) is a Venture Capital Trust (“VCT”) launched in 1995 and advised by Mercia Fund Management Limited. 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 31 December 2021 was 74.4 pence (30 September 2021 audited 74.1 pence). The net asset value is stated before deducting the final dividend of 2.0 pence per share which was paid to eligible shareholders on 14 January 2022.
For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2021 and unquoted investments are carried at fair value as at 31 December 2021 as determined by the directors.
During the three months ended 31 December 2021 six new venture capital investments were completed.
|Name of company||Business activity||Amount
|Forensic Analytics||Call data communications analytics software for police forces||964|
|Pimberley||Product Information Management Software||1,008|
|Project Glow Topco (t/a Currentbody.com)||Online retailer for home-use beauty devices||1,686|
|Broker Insights||Platform connecting insurers & brokers in the commercial insurance sector||1,395|
|Intechnica Group||Technology consultancy, cyber security and website load management||1,701|
|Synthesized||Data product enterprise software||510|
In addition to the new investments above £859,000 was invested in four existing portfolio companies during the quarter. The £1,686,000 investment in Project Glow Topco was funded using a portion of the £5,935,000 disposal proceeds received from the Currentbody.com realisation outlined below.
During the three months ended 31 December 2021 four venture capital investments were realised.
|Name of company||Sale proceeds||
|Carrying value at
30 September 2021
|Life’s Great Group (t/a Mojo Mortgages)||2,480||1,592||2,466|
*Includes payment of £305,000 of accrued interest from loan notes
The number of ordinary shares in issue at 31 December 2021 was 160,510,722. During the three months ended 31 December 2021 no shares were allotted and 559,581 shares were purchased for cancellation.
James Sly / Graham Venables, Mercia Fund Management Ltd
Martin Glanfield, Chief Financial Officer, Mercia Asset Management PLC
Phone: 0330 223 1430
Neither the contents of the Mercia Asset Management PLC website, nor the contents of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website), are incorporated into, or forms part of, this announcement.