Net Asset Value – 18th February 2019

Net Asset Value

18 FEBRUARY 2019

NORTHERN VENTURE TRUST PLC

UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2018

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 31 December 2018 was 68.3 pence (30 September 2018 (audited) 70.8 pence).  The net asset value is stated after deducting the final dividend of 2.0 pence per share in respect of the year ended 30 September 2018, which was approved by shareholders at the annual general meeting on 14 December 2018 and was paid to eligible shareholders on 21 December 2018.

For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2018 and unquoted investments are carried at fair value as at 31 December 2018 as determined by the directors.

During the three months ended 31 December 2018 the following venture capital transactions took place:

New investments:

Name of company    Business activity    Amount
  invested
£000
Administrate Limited SaaS training and learning management platform 797
Thanksbox Limited Employee engagement platform provider 425

Subsequent to 31 December 2018 the Company has completed a new investment of £585,000 in Life’s Great Group (trading as Mojo Mortgages), an online mortgage broking platform.

Realisations:

  Sale Original Carrying value at
Name of company      proceeds   cost   30 September 2018
  £ 000 £ 000 £ 000
Closerstill Group – sale of company   3,035   1,747   2,598
Lanner Group – loan stock repayment   56   56   56
Sinclair Pharma (AIM quoted) – agreed takeover   490   425   476

Subsequent to 31 December 2018 the Company has completed the sale of its holding in Lanner Group, generating proceeds of £760,000 compared to a residual holding cost of £327,000.

The number of ordinary shares in issue at 31 December 2018 was 132,535,424.  During the three months ended 31 December 2018 785,294 new shares were allotted at an average price of 68.8 pence per share pursuant to the Company’s dividend investment scheme and 817,318 shares were re-purchased for cancellation at a price of 64.3 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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