Northern 3 VCT plc Net Asset Value(s)
February 17 2020 - 10:00AM
UK Regulatory
TIDMNTN
17 FEBRUARY 2020
NORTHERN 3 VCT PLC
UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2019
Northern 3 VCT PLC ("the Company") is a Venture Capital Trust ("VCT")
launched in 2001 and managed 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 2019
was 94.3 pence (30 September 2019 (unaudited) 92.1 pence). The net
asset value is stated before deducting the interim dividend of 2.0 pence
per share in respect of the year ending 31 March 2020, which was paid to
eligible shareholders on 24 January 2020.
For the purposes of calculating the net asset value per share, quoted
investments are carried at bid price as at 31 December 2019 and unquoted
investments are carried at fair value as at 31 December 2019 as
determined by the directors.
New investments:
During the three months ended 31 December 2019 one new venture capital
investment was completed.
Amount
invested
Name of company Business activity GBP000
----------------- ----------------------------------- ---------
Tutora Limited Online platform for private tutors 1,018
In addition to the new investment above GBP2,268,000 was invested in
five existing portfolio companies during the quarter.
Realisations:
Carrying value at
Name of company Proceeds Original cost 31 March 2019
------------------------------- --------- --------------- -----------------
GBP000 GBP000 GBP000
Agilitas IT Holdings -- loan
stock redemption 313 313 313
Ideagen (AIM quoted) -- part
disposal 667 135 546
Brady (AIM quoted) -- full
disposal 180 732 570
The number of ordinary shares in issue at 31 December 2019 was
93,326,352. During the three months ended 31 December 2019 775,000
shares were re-purchased for cancellation at an average price of 87.5
pence per share.
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.
(END) Dow Jones Newswires
February 17, 2020 10:00 ET (15:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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