Northern 3 VCT plc Half-year Report

 
TIDMNTN 
 
 
   14 NOVEMBER 2017 
 
   NORTHERN 3 VCT PLC 
 
   UNAUDITED HALF-YEARLY FINANCIAL REPORT 
 
   FOR THE SIX MONTHSED 30 SEPTEMBER 2017 
 
   Northern 3 VCT PLC is a Venture Capital Trust (VCT) managed by NVM 
Private Equity LLP.  It invests mainly in unquoted venture capital 
holdings and aims to provide high long-term tax-free returns to 
shareholders through a combination of dividend yield and capital growth. 
 
   Financial highlights (comparative figures as at 30 September 2016 and 31 
March 2017) 
 
 
 
 
                                                  Six months to  Six months to   Year to 
                                                   30 September   30 September   31 March 
                                                       2017           2016         2017 
Net assets                                          GBP68.7m       GBP70.6m     GBP69.9m 
Net asset value per share                             98.0p         107.1p       106.2p 
Return per share: 
 Revenue                                               1.5p           1.2p         2.6p 
 Capital                                              (1.2)p         12.3p        12.0p 
 Total                                                 0.3p          13.5p        14.6p 
Dividend per share declared/paid 
 in respect of the period 
 (31 March 2017 includes 5.0p special dividend)        2.0p           2.0p        10.5p 
Cumulative returns to shareholders 
 since launch: 
 Net asset value per share                            98.0p          107.1p       106.2p 
 Dividends paid per share*                            83.9p          73.4p        75.4p 
 Net asset value plus dividends paid per share        181.9p         180.5p       181.6p 
Mid-market share price at end of period               93.0p          91.5p       101.0p 
Share price discount to net asset value                    5.1%          14.6%       4.9% 
Tax-free dividend yield (based on mid-market 
 share price at end of period): 
Excluding special dividend                                 5.9%           6.0%       5.4% 
 Including special dividend                                 N/A            N/A      10.4% 
 
 
   *Excluding interim dividend not yet paid 
 
   For further information, please contact: 
 
   NVM Private Equity LLP 
 
   Alastair Conn/Christopher Mellor                  0191 244 6000 
 
   Website:  www.nvm.co.uk 
 
   HALF-YEARLY MANAGEMENT REPORT TO SHAREHOLDERS 
 
   The unaudited net asset value (NAV) per share at 30 September 2017 was 
98.0 pence (31 March 2017 (audited) 106.2 pence).  The September figure 
is stated after deducting the second interim and final dividends 
totalling 8.5 pence per share in respect of the year ended 31 March 
2017, which were paid in July 2017 and therefore recognised in the 
September 2017 half-yearly accounts.  The second interim dividend of 5.0 
pence was a special payment, following further successful sales of 
holdings from the venture capital portfolio. 
 
   Taking account of the reduction in NAV resulting from the dividend 
payments, the operating outcome for the six month period was marginally 
positive with the income statement showing a return per share of 0.3p 
after a very strong advance in the preceding 12 months. 
 
   The directors have declared an unchanged interim dividend of 2.0 pence 
per share for the year ending 31 March 2018, which will be paid on 26 
January 2018 to shareholders on the register at the close of business on 
5 January 2018. 
 
   Investment portfolio 
 
   Four new holdings in VCT-qualifying unquoted companies were acquired 
during the period at a cost of GBP2.6 million, as follows: 
 
 
   -- Velocity Composites (GBP95,000) -  AIM-quoted manufacturer of material 
      kits for aircraft production, Burnley 
 
   -- Knowledgemotion (GBP958,000) - educational video aggregator and 
      distributor, London 
 
   -- Contego Fraud Solutions (GBP481,000) - identity verification system 
      provider, Oxford 
 
   -- Volo Commerce (GBP1,088,000) - enterprise resource planning platform for 
      online merchants, London 
 
 
   A second round of funding was provided for existing investee company 
Sorted Holdings (GBP760,000). 
 
   Subsequent to 30 September 2017 new investments have been completed in 
Angle (AIM-quoted, GBP131,000) and Soda Software Labs (GBP1,301,000). 
 
   Proceeds from investment sales and repayments amounted to GBP6.4 million, 
producing a gain of GBP0.6 million over 31 March 2017 carrying values. 
The investment in Optilan Group was sold in a secondary buy-out 
transaction to Blue Water Energy for GBP2.8 million, and a further 
GBP2.2 million was released on the liquidation of five companies which 
were originally set up in 2015 with a view to commencing VCT-qualifying 
activities but as it turned out were not able to do so.  In the 
AIM-quoted portfolio the remaining investment in Gear4music (Holdings) 
was sold, as was the investment in Hayward Tyler prior to an agreed 
takeover by Avingtrans. 
 
   Our managers continue to monitor the venture capital portfolio closely. 
As expected, the composition of the portfolio is changing gradually, 
reflecting the earlier-stage nature of the new investments which are 
being completed under the revised VCT regulations.  This is likely to 
give rise to greater fluctuations in valuations over time, and there 
have already been some instances of movements in both directions. 
Overall the condition of the portfolio remains satisfactory. 
 
   Share issues and buy-backs 
 
   In September 2017 we launched a public offer of new shares, our first 
significant offer for over four years, to raise up to GBP20 million for 
the next phase of the company's investment activities.  Northern Venture 
Trust and Northern 2 VCT launched similar offers in conjunction with 
ours.  The response from investors has been very good, despite a number 
of competing issues from other VCT houses during the same period, and 
the offer is already almost fully subscribed.  Over 50% of the amount 
invested came from existing shareholders in Northern 3 VCT, who were 
given priority in the offer, and we would like to thank both them and 
our new shareholders for their support and confidence in the company. 
We now have a very strong store of liquidity for our future investment 
programme. 
 
   It remains our policy to buy back the company's shares in the market at 
a discount of 5% to NAV, and 569,000 shares were re-purchased for 
cancellation during the six months ended 30 September 2017 at a cost of 
GBP530,000. 
 
   VCT qualifying status 
 
   The company has continued to comply with the conditions laid down by HM 
Revenue & Customs for the maintenance of approved venture capital trust 
status.  Our managers monitor the position closely and the board also 
receives regular reports from our taxation advisers at Philip Hare & 
Associates LLP. 
 
   VCT legislation 
 
   The Government has continued to consult on the subject of how best to 
provide long-term financial investment for smaller unquoted companies in 
the UK, and our managers and their colleagues in the VCT sector have 
played a full part in making representations to HM Treasury concerning 
the key role played by VCTs over the past 20 years.  We wait to see 
whether the outcome of the consultation leads to any changes in the VCT 
legislation when the Chancellor makes his Budget announcement on 22 
November 2017.  In the meantime NVM has continued to develop its 
investment resources to address the need to focus activity on 
earlier-stage businesses.  As previously indicated, the VCT-qualifying 
investments made in previous years in later-stage companies are not 
affected by the recent legislation, except that many of them are no 
longer eligible for "follow-on" funding rounds. 
 
   Prospects 
 
   The financial markets have been remarkably buoyant over the past year 
despite concerns about future prospects for the UK economy and the 
political situation in Europe and further afield.  We do not expect the 
recent marginal increase in interest rates to have a significant impact 
on the companies we have invested in, and the flow of potential new 
investments currently appears healthy. 
 
   On behalf of the Board 
 
   James Ferguson 
 
   Chairman 
 
   The unaudited half-yearly financial statements for the six months ended 
30 September 2017 are set out below. 
 
   INCOME STATEMENT 
 
   (unaudited) for the six months ended 30 September 2017 
 
 
 
 
                       Six months ended                    Six months ended 
                       30 September 2017                   30 September 2016 
               Revenue     Capital      Total      Revenue     Capital      Total 
                GBP000      GBP000      GBP000      GBP000      GBP000      GBP000 
Gain on 
 disposal of 
 investments           -         580         580           -         492         492 
Movements in 
 fair value 
 of 
 investments           -       (986)       (986)           -       7,975       7,975 
              ----------  ----------  ----------  ----------  ----------  ---------- 
                       -       (406)       (406)           -       8,467       8,467 
Income             1,525           -       1,525       1,201           -       1,201 
Investment 
 management 
 fee               (187)       (562)       (749)       (173)       (517)       (690) 
Other 
 expenses          (156)           -       (156)       (150)           -       (150) 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return on 
 ordinary 
 activities 
 before tax        1,182       (968)         214         878       7,950       8,828 
Tax on 
 return on 
 ordinary 
 activities        (152)         152           -       (105)         105           - 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return on 
 ordinary 
 activities 
 after tax         1,030       (816)         214         773       8,055       8,828 
              ----------  ----------  ----------  ----------  ----------  ---------- 

Return per          1.5p      (1.2)p        0.3p        1.2p       12.3p       13.5p 
 share 
Dividend per        1.0p       1.0p.        2.0p        1.0p        1.0p        2.0p 
 share for 
 the period 
 
 
 
 
                                              Year ended 31 March 2017 
                                          Revenue     Capital      Total 
                                           GBP000      GBP000      GBP000 
Gain on disposal of investments                   -       1,775       1,775 
Movements in fair value of investments            -       7,785       7,785 
                                         ----------  ----------  ---------- 
                                                  -       9,560       9,560 
Income                                        2,626           -       2,626 
Investment management fee                     (354)     (1,951)     (2,305) 
Other expenses                                (306)           -       (306) 
                                         ----------  ----------  ---------- 
Return on ordinary activities before 
 tax                                          1,966       7,609       9,575 
Tax on return on ordinary activities          (274)         274           - 
                                         ----------  ----------  ---------- 
Return on ordinary activities after tax       1,692       7,883       9,575 
                                         ----------  ----------  ---------- 
Return per share                               2.6p       12.0p       14.6p 
Dividend per share for the period              2.0p        8.5p       10.5p 
 
   BALANCE SHEET 
 
   (unaudited) as at 30 September 2017 
 
 
 
 
                           30 September 2017  30 September 2016  31 March 2017 
                                 GBP000             GBP000           GBP000 
Fixed assets: 
Investments                           58,867             68,849         62,717 
                                  ----------         ----------     ---------- 
Current assets: 
Debtors                                  560                251            652 
Cash and deposits                      9,324              1,542         11,811 
                                  ----------         ----------     ---------- 
                                       9,884              1,793         12,463 
Creditors (amounts 
falling due 
 within one year)                       (76)               (85)        (5,288) 
                                  ----------         ----------     ---------- 
Net current assets                     9,808              1,708          7,175 
                                  ----------         ----------     ---------- 
 
Net assets                            68,675             70,557         69,892 
                                  ----------         ----------     ---------- 
Capital and reserves: 
Called-up equity share 
 capital                               3,502              3,294          3,290 
Share premium                          7,011              2,074          2,223 
Capital redemption 
 reserve                                 141                100            113 
Capital reserve                       46,051             50,756         50,850 
Revaluation reserve                   10,345             13,300         12,124 
Revenue reserve                        1,625              1,033          1,292 
                                  ----------         ----------     ---------- 
Total equity 
 shareholders' funds                  68,675             70,557         69,892 
                                  ----------         ----------     ---------- 
Net asset value per share              98.0p             107.1p         106.2p 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   (unaudited) for the six months ended 30 September 2017 
 
 
 
 
                       -----------------Non-distributable 
                            reserves-----------------              Distributable reserves     Total 
                                         Capital 
                  Share       Share     redemption    Revaluation     Capital     Revenue 
                 capital     premium     reserve        reserve       reserve     reserve 
                 GBP000      GBP000      GBP000        GBP000          GBP000    GBP000       GBP000 
At 1 April 
 2017               3,290       2,223          113         12,124      50,850        1,292      69,892 
Return on 
ordinary 
activities 
after tax for 
 the period             -           -            -        (1,779)         963        1,030         214 
Dividends 
 paid                   -           -            -              -     (5,232)        (697)     (5,929) 
Net proceeds 
 of share 
 issues               240       4,788            -              -           -            -       5,028 
Shares 
re-purchased 
for 
 cancellation        (28)           -           28              -       (530)            -       (530) 
               ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
At 30 
 September 
 2017               3,502       7,011          141         10,345      46,051        1,625      68,675 
               ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   (unaudited) for the six months ended 30 September 2016 
 
 
 
 
                       -----------------Non-distributable 
                            reserves-----------------              Distributable reserves     Total 
                                         Capital 
                  Share       Share     redemption    Revaluation     Capital     Revenue 
                 capital     premium     reserve        reserve       reserve     reserve 
                 GBP000      GBP000      GBP000        GBP000          GBP000    GBP000       GBP000 
At 1 April 
 2016               3,277       1,348           76          6,899      54,452          912      66,964 
Return on 
ordinary 
activities 
after tax for 
 the period             -           -            -          6,401       1,654          773       8,828 
Dividends 
 paid                   -           -            -              -     (4,900)        (652)     (5,552) 
Net proceeds 
 of share 
 issues                41         726            -              -           -            -         767 
Shares 
re-purchased 
for 
 cancellation        (24)           -           24              -       (450)            -       (450) 
               ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
At 30 
 September 
 2016               3,294       2,074          100         13,300      50,756        1,033      70,557 
               ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   (unaudited) for the year ended 31 March 2017 
 
 
 
 
                       -----------------Non-distributable 
                            reserves-----------------              Distributable reserves     Total 
                                         Capital 
                  Share       Share     redemption    Revaluation     Capital     Revenue 
                 capital     premium     reserve        reserve       reserve     reserve 
                 GBP000      GBP000      GBP000        GBP000          GBP000    GBP000       GBP000 
At 1 April 
 2016               3,277       1,348           76          6,899      54,452          912      66,964 
Return on 
ordinary 
activities 
after tax for 
 the period             -           -            -          5,225       2,658        1,692       9,575 
Dividends 
 paid                   -           -            -              -     (5,559)      (1,312)     (6,871) 
Net proceeds 
 of share 
 issues                50         875            -              -           -            -         925 
Shares 
re-purchased 
for 
 cancellation        (37)           -           37              -       (701)            -       (701) 
               ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
At 31 March 
 2017               3,290       2,223          113         12,124      50,850        1,292      69,892 
               ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
 
 
   STATEMENT OF CASH FLOWS 
 
   (unaudited) for the six months ended 30 September 2017 
 
 
 
 
                           Six months ended   Six months ended    Year ended 
                           30 September 2017  30 September 2016  31 March 2017 
                                GBP000             GBP000           GBP000 
Cash flows from operating 
activities: 
Return on ordinary 
 activities before tax                   214              8,828          9,575 
Adjustments for: 
Gain on disposal of 
 investments                           (580)              (492)        (1,775) 
Movement in fair value of 
 investments                             986            (7,975)        (7,785) 
Decrease/(increase) in 
 debtors                                  92                  1          (400) 
(Decrease)/increase in 
 creditors                             (932)              (535)            387 
                                  ----------         ----------     ---------- 
Net cash inflow/(outflow) 
 from operating 
 activities                            (220)              (173)              2 
                                  ----------         ----------     ---------- 
Cash flows from investing 
activities: 
Purchase of investments              (3,703)            (5,547)        (6,856) 
Sale/repayment of 
 investments                           7,146              3,860         12,394 
                                  ----------         ----------     ---------- 
Net cash inflow/(outflow) 
 from investing 
 activities                            3,443            (1,687)          5,538 
                                  ----------         ----------     ---------- 
Cash flows from financing 

activities: 
Issue of ordinary shares               5,117                775            951 
Share issue expenses                    (87)                (8)           (26) 
Share subscriptions held 
 pending allotment                   (4,281)                  -          4,281 
Repurchase of ordinary 
 shares for cancellation               (530)              (450)          (701) 
Equity dividends paid                (5,929)            (5,552)        (6,871) 
                                  ----------         ----------     ---------- 
Net cash outflow from 
 financing activities                (5,710)            (5,235)        (2,366) 
                                  ----------         ----------     ---------- 
Net increase/(decrease) 
 in cash and cash 
 equivalents                         (2,487)            (7,095)          3,174 
Cash and cash equivalents 
 at beginning of period               11,811              8,637          8,637 
                                  ----------         ----------     ---------- 
Cash and cash equivalents 
 at end of period                      9,324              1,542         11,811 
                                  ----------         ----------     ---------- 
 
   INVESTMENT PORTFOLIO SUMMARY 
 
   as at 30 September 2017 
 
 
 
 
                                          Cost     Valuation   % of net assets 
Company                                  GBP000      GBP000      by valuation 
 
Fifteen largest venture capital 
investments: 
No 1 Lounges                                1,748       3,412              5.0 
Entertainment Magpie Group                  1,360       3,167              4.6 
IDOX*                                         530       2,820              4.1 
Buoyant Upholstery                          1,294       2,518              3.7 
Lineup Systems                                974       2,468              3.6 
Sorted Holdings                             1,521       2,372              3.5 
MSQ Partners Group                          1,478       2,286              3.3 
Agilitas IT Holdings                        1,448       1,725              2.5 
Biological Preparations Group               1,915       1,671              2.4 
Closerstill Group                           1,520       1,660              2.4 
It's All Good                               1,131       1,656              2.4 
Wear Inns                                   1,406       1,589              2.3 
Volumatic Holdings                          1,423       1,555              2.3 
ECO Animal Health Group*                      497       1,426              2.1 
Love Saving Group                           1,017       1,399              2.0 
                                       ----------  ----------          ------- 
                                           19,262      31,724             46.2 
Other venture capital investments          22,078      19,538             28.4 
                                       ----------  ----------          ------- 
Total venture capital investments          41,340      51,262             74.6 
Listed equity investments                   7,182       7,605             11.1 
                                       ----------  ----------          ------- 
Total fixed asset investments              48,522      58,867             85.7 
                                       ---------- 
Net current assets                                      9,808             14.3 
                                                   ----------          ------- 
Net assets                                             68,675            100.0 
                                                   ----------          ------- 
*Quoted on AIM 
 
 
   BUSINESS RISKS 
 
   The board carries out a regular and robust review of the risk 
environment in which the company operates.  The principal risks and 
uncertainties identified by the board which might affect the company's 
business model and future performance, and the steps taken with a view 
to their mitigation, are as follows: 
 
   Investment and liquidity risk:  investment in smaller and unquoted 
companies, such as those in which the company invests, involves a higher 
degree of risk than investment in larger listed companies because they 
generally have limited product lines, markets and financial resources 
and may be more dependent on their management or key individuals.  The 
securities of smaller companies in which the company invests are 
typically unlisted, making them illiquid, and this may cause 
difficulties in valuing and disposing of the securities.  The company 
may invest in businesses whose shares are quoted on AIM - the fact that 
a share is quoted on AIM does not mean that it can be readily traded and 
the spread between the buying and selling prices of such shares may be 
wide.  Mitigation:  the directors aim to limit the risk attaching to the 
portfolio as a whole by careful selection, close monitoring and timely 
realisation of investments, by carrying out rigorous due diligence 
procedures and maintaining a wide spread of holdings in terms of 
financing stage and industry sector.  The board reviews the investment 
portfolio with the investment manager on a regular basis. 
 
   Financial risk:  most of the company's investments involve a medium- to 
long-term commitment and many are relatively illiquid.  Mitigation:  the 
directors consider that it is inappropriate to finance the company's 
activities through borrowing except on an occasional short-term basis. 
Accordingly they seek to maintain a proportion of the company's assets 
in cash or cash equivalents in order to be in a position to take 
advantage of new unquoted investment opportunities.  The company has 
very little direct exposure to foreign currency risk and does not enter 
into derivative transactions. 
 
   Economic risk:  events such as economic recession or general fluctuation 
in stock markets and interest rates may affect the valuation of investee 
companies and their ability to access adequate financial resources, as 
well as affecting the company's own share price and discount to net 
asset value.  Mitigation:  the company invests in a diversified 
portfolio of investments spanning various industry sectors, and 
maintains sufficient cash reserves to be able to provide additional 
funding to investee companies where appropriate. 
 
   Stock market risk:  some of the company's investments are quoted on the 
London Stock Exchange or AIM and will be subject to market fluctuations 
upwards and downwards.  External factors such as terrorist activity can 
negatively impact stock markets worldwide.  In times of adverse 
sentiment there may be very little, if any, market demand for shares in 
smaller companies quoted on AIM.  Mitigation:  the company's quoted 
investments are actively managed by specialist advisers and the board 
keeps the portfolio under ongoing review. 
 
   Credit risk:  the company holds a number of financial instruments and 
cash deposits and is dependent on the counterparties discharging their 
commitment.  Mitigation:  the directors review the creditworthiness of 
the counterparties to these instruments and cash deposits and seek to 
ensure there is no undue concentration of credit risk with any one 
party. 
 
   Legislative and regulatory risk:  in order to maintain its approval as a 
VCT, the company is required to comply with current VCT legislation in 
the UK, which reflects the European Commission's State-aid rules. 
Changes to the UK legislation or the State-aid rules in the future could 
have an adverse effect on the company's ability to achieve satisfactory 
investment returns whilst retaining its VCT approval.  Mitigation:  The 
board and the investment manager monitor political developments and 
where appropriate seek to make representations either directly or 
through relevant trade bodies. 
 
   Internal control risk:  the company's assets could be at risk in the 
absence of an appropriate internal control regime.  Mitigation:  the 
board regularly reviews the system of internal controls, both financial 
and non-financial, operated by the company and the investment manager. 
These include controls designed to ensure that the company's assets are 
safeguarded and that proper accounting records are maintained. 
 
   VCT qualifying status risk:  While it is the intention of the directors 
that the company will be managed so as to continue to qualify as a VCT, 
there can be no guarantee that this status will be maintained.  A 
failure to continue meeting the qualifying requirements could result in 
the loss of VCT tax relief, the company losing its exemption from 
corporation tax on capital gains, to shareholders being liable to pay 
income tax on dividends received from the company and, in certain 
circumstances, to shareholders being required to repay the initial 
income tax relief on their investment.  Mitigation:  the investment 
manager keeps the company's VCT qualifying status under continual review 
and its reports are reviewed by the board on a quarterly basis.  The 
board has also retained Philip Hare & Associates LLP to undertake an 
independent VCT status monitoring role. 
 
   OTHER MATTERS 
 
   The unaudited half-yearly financial statements for the six months ended 
30 September 2017 do not constitute statutory financial statements 
within the meaning of Section 434 of the Companies Act 2006, have not 
been reviewed or audited by the company's independent auditor and have 
not been delivered to the Registrar of Companies.  The comparative 
figures for the year ended 31 March 2017 have been extracted from the 
audited financial statements for that year, which have been delivered to 
the Registrar of Companies.  The auditor's report on those financial 
statements (i) was unqualified, (ii) did not include any reference to 
matters to which the auditor drew attention by way of emphasis without 
qualifying the report and (iii) did not contain a statement under 
Section 498(2) or (3) of the Companies Act 2006.  The half-yearly 
financial statements have been prepared on the basis of the accounting 

policies set out in the annual financial statements for the year ended 
31 March 2017. 
 
   Each of the directors confirms that to the best of his knowledge the 
half-yearly financial statements have been prepared in accordance with 
the Statement "Half-yearly financial reports" issued by the UK 
Accounting Standards Board and the half-yearly financial report includes 
a fair review of the information required by (a) DTR 4.2.7R of the 
Disclosure Rules and Transparency Rules, being an indication of 
important events that have occurred during the first six months of the 
financial year and their impact on the condensed set of financial 
statements, and a description of the principal risks and uncertainties 
for the remaining six months of the year, and (b) DTR 4.2.8R of the 
Disclosure Rules and Transparency Rules, being related party 
transactions that have taken place in the first six months of the 
current financial year and that have materially affected the financial 
position or performance of the entity during that period, and any 
changes in the related party transactions described in the last annual 
report that could do so. 
 
   The directors of the company at the date of this statement were Mr J G D 
Ferguson (Chairman), Mr C J Fleetwood, Mr T R Levett and Mr J M O 
Waddell. 
 
   The calculation of the revenue and capital return per share is based on 
the return on ordinary activities after tax for the period and on 
69,893,045 (2016 65,685,799) ordinary shares, being the weighted average 
number of shares in issue during the period. 
 
   The calculation of the net asset value per share is based on the net 
assets at 30 September 2017 divided by the 70,043,146 (2016 65,880,055) 
ordinary shares in issue at that date. 
 
   The interim dividend of 2.0 pence per share for the year ending 31 March 
2018 will be paid on 26 January 2018 to shareholders on the register at 
the close of business on 5 January 2018. 
 
   A copy of the half-yearly financial report for the six months ended 30 
September 2017 is expected to be posted to shareholders by 1 December 
2017 and will be available to the public at the registered office of the 
company at Time Central, 32 Gallowgate, Newcastle upon Tyne NE1 4SN and 
on the NVM Private Equity LLP 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. 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Northern 3 VCT PLC via Globenewswire 
 
 
  http://www.nvm.co.uk/investorarea/northern_3_vct_plc.php 
 

(END) Dow Jones Newswires

November 14, 2017 10:30 ET (15:30 GMT)

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