Net Asset Value – 16th July 2019

Net Asset Value

16 JULY 2019

NORTHERN VENTURE TRUST PLC

UNAUDITED NET ASSET VALUE AS AT 30 JUNE 2019

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 2019 was 67.5 pence (31 March 2019 (unaudited) 70.4 pence).  The net asset value is stated after deducting the interim dividend of 2.0 pence per share in respect of the six months ended 31 March 2019, which was paid to eligible shareholders on 27 June 2019.

For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 30 June 2019 and unquoted investments are carried at fair value as at 30 June 2019 as determined by the directors.

New Investments:

During the three months ended 30 June 2019 one new venture capital investment was completed.

Name of company    Business activity  Amount
  invested
£000
Quotevine Limited Provision of software products to the asset finance industry 780

In addition to the new investment above £299,000 was invested in three existing portfolio companies during the quarter.

Realisations:

Name of company   
Sale proceeds 
 

Original cost 

Carrying value at
31 March 2019
  £000 £000 £000
MSQ Partners Group Limited 3,525 1,695 3,534

The number of ordinary shares in issue at 30 June 2019 was 140,032,612.  During the three months ended 30 June 2019 10,327,971 shares were allotted at an average price of 69.3 pence per share and 857,500 shares were re-purchased for cancellation at an average price of 65.5 pence per share.

Enquiries:
Simon John/James Bryce, 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.

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