Net Asset Value – 25th March 2020

Net Asset Value

25 MARCH 2020

NORTHERN VENTURE TRUST PLC

UNAUDITED NET ASSET VALUE AS AT 24 MARCH 2020

The Board of Northern Venture Trust PLC (the “Company”) has been monitoring the ongoing disruption being caused by COVID-19 and, in particular, its current and potential impact on portfolio companies.  In light of this, the Board announces that the unaudited net asset value per ordinary share as at 24 March 2020 was 54.6 pence (31 December 2019 (unaudited) 67.9 pence).  

For the purposes of calculating the unaudited net asset value per share, quoted investments are carried at bid price as at 24 March 2020 and unquoted investments are carried at fair value as at 24 March 2020 as determined by the directors, as advised by the Company’s investment adviser, Mercia Fund Management Limited.

The number of ordinary shares in issue at 24 March 2020 was 138,374,674.

In relation to the offer for new shares pursuant to the prospectus dated 9 January 2020, the Company intends to allot Offer Shares on or around 2 April 2020.  Subject to FCA approval, the Company intends shortly to publish a supplementary prospectus reflecting the fact that the publication of the updated unaudited NAV as at 24 March 2020 reflects a significant new factor for consideration by prospective investors. Upon the FCA approving the supplementary prospectus, investors who have already submitted application forms for Offer Shares will have a period of 48 hours in which they may withdraw such applications, should they wish to do so, under section 87Q(4)–(6) of FSMA. Further details of this right, including the deadline for withdrawal, will be contained in the supplementary prospectus, which will be available at https://nvm.co.uk/investor-area/vcts/.

Enquiries:
Simon John/James Bryce, NVM Private Equity LLP – 0191 244 6000
Website:  www.nvm.co.uk

Martin Glanfield, Chief Financial Officer, Mercia Asset Management PLC – 0330 223 1430
Website: www.mercia.co.uk

Neither the contents of the NVM Private Equity LLP or the Mercia Asset Management PLC website,  nor the contents of any website accessible from hyperlinks on the NVM Private Equity LLP or Mercia Asset Management PLC website (or any other website), are incorporated into, or forms part of, this announcement.

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