Northern 2 VCT PLC Annual Financial Report

 
TIDMNTV 
 
 
   12 JUNE 2017 
 
   NORTHERN 2 VCT PLC 
 
   RESULTS FOR THE YEARED 31 MARCH 2017 
 
   Northern 2 VCT PLC is a Venture Capital Trust (VCT) managed by NVM 
Private Equity.  The trust 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 31 March 2016): 
 
 
 
 
                                                         2017      2016 
Net assets                                           GBP71.6m  GBP71.3m 
Net asset value per share                               76.6p     77.9p 
Return per share: 
Revenue                                                  1.6p      1.5p 
Capital                                                  7.7p      6.5p 
Total                                                    9.3p      8.0p 
Dividend per share for the year: 
First interim dividend                                   2.0p      2.0p 
Second interim (special) dividend                        5.0p      5.0p 
Proposed final dividend                                  3.5p      3.5p 
Total                                                   10.5p     10.5p 
Cumulative return to shareholders since launch: 
Net asset value per share                               76.6p     77.9p 
Dividends paid per share*                              101.4p     90.9p 
Net asset value plus dividends paid per share          178.0p    168.8p 
Mid-market share price at end of year                   72.0p     72.5p 
Share price discount to net asset value                  6.0%      6.9% 
Tax-free dividend yield (based on mid-market share 
 price at end of year): 
Excluding special dividend                               7.6%      7.6% 
 Including special dividend                             14.6%     14.5% 
 
 
   *Excluding second interim and proposed final dividend payable on 21 July 
2017 
 
   For further information, please contact: 
 
   NVM Private Equity LLP 
 
   Alastair Conn/Christopher Mellor                  0191 244 6000 
 
   Website:  www.nvm.co.uk 
 
   NORTHERN 2 VCT PLC 
 
   CHAIRMAN'S STATEMENT 
 
   Northern 2 VCT has enjoyed another year of progress in which seven new 
investments were added to the venture capital portfolio and cash flows 
remained strong, supported by three significant realisations.  Those 
realised investments, which we held on average for over seven years, are 
excellent examples of how patient capital from venture capital trusts 
supports growing companies at an early stage in their development to 
enhance shareholder value whilst creating employment opportunities and 
contributing to the wider UK economy in many ways. 
 
   Results and dividend 
 
   Notwithstanding that our sector is experiencing unprecedented change, I 
am pleased to report consistently good results.  In the year ended 31 
March 2017 the company achieved a return after tax of GBP8,615,000 (2016 
GBP7,356,000), or 9.3p per share (2016 8.0p), before deducting dividends 
paid, representing a total return of 11.9% over the opening net asset 
value per share (NAV).  This excellent outcome reflected net gains on 
the sale of investments totalling GBP2.3 million and an uplift in the 
valuation of the continuing portfolio of GBP6.2 million, following a 
strong performance by a number of our venture capital holdings. 
 
   The NAV per share at 31 March 2017, after deducting dividends totalling 
10.5p which were paid during the year, was 76.6p compared with 77.9p as 
at 31 March 2016.  An interim dividend of 2.0p per share was paid in 
January and the directors propose a final dividend of 3.5p per share in 
respect of the year ended 31 March 2017. This is the fourteenth 
consecutive year in which a dividend of at least 5.5p per share has been 
paid.  As indicated earlier, there has been a strong inflow of cash from 
investment realisations since we last paid a special dividend.  The VCT 
rules permit only six months for re-investment of such receipts before 
they become non-qualifying if retained by the company.  The directors 
have therefore also decided to declare a special dividend of 5.0p, which 
will be paid as a second interim dividend for the year ended 31 March 
2017, making a total dividend of 10.5p for the year.  Both the final and 
special dividends will be paid on 21 July 2017 to shareholders on the 
register on 23 June 2017. 
 
   Whilst continuing to pay a predictable dividend remains a priority for 
your directors, the dividend policy does remain under review.  The new 
VCT rules require a shift in our portfolio towards earlier stage 
investments, which may have the effect of reducing the amount of income 
and realised gains available for early distribution, weighting returns 
to a later point in the investment cycle. 
 
   Investments 
 
   The cash proceeds from venture capital investments sold or repaid during 
the year amounted to GBP13.3 million, representing a surplus of GBP5.0 
million over original cost.  Momentum has been maintained following the 
financial year end, with a significant investment sale completed in 
April 2017 and several other companies currently in discussions with a 
view to a realisation. 
 
   A total of GBP5.9 million was invested in new VCT-qualifying holdings 
during the year.  Our investment manager has reported a strong pipeline 
of activity currently which is expected to materialise into further 
investments during the year to 31 March 2018. 
 
   Shareholder issues 
 
   In February 2017 we completed a non-prospectus top-up offer of new 
ordinary shares, raising gross proceeds of GBP4.3 million, in 
conjunction with similar offers by Northern Venture Trust and Northern 3 
VCT.  The offer was initially restricted to existing investors and owing 
to the extremely strong level of demand experienced, was closed in 
advance of becoming available to new shareholders.  Whilst we understand 
and regret the disappointment felt by unsuccessful applicants, we are 
encouraged by the level of interest shown in VCTs such as ours, with a 
well-established track record of sustained value creation.  We 
appreciate that some shareholders would welcome the opportunity to make 
a further investment in the company and will keep possible share offers 
under review, monitoring both the level of liquidity required by 
expected deal flow and the need for continuing support for portfolio 
investments in the longer term. 
 
   In addition to the top-up offer, 2,437,437 shares were issued during the 
year under our dividend investment scheme for consideration representing 
around one sixth of the total dividend payments during the year.  The 
scheme enables shareholders to efficiently re-invest some or all of 
their dividends in new shares attracting income tax relief and remains 
open to new participants.  Shareholders who wish to join the scheme or 
amend their current participation in the scheme may obtain an updated 
scheme mandate form from NVM's website at www.nvm.co.uk. 
 
   The company has maintained its policy of buying back its own shares in 
the market, at a discount of 5% to NAV.  During the year, a total of 
485,000 shares were repurchased for cancellation, equivalent to 
approximately 0.5% of the opening share capital. 
 
   The company's annual general meeting will be held in London on Wednesday 
12 July 2017 and the directors look forward to meeting and engaging with 
shareholders and discussing the issues facing the sector. 
 
   Board of directors 
 
   I am pleased to highlight that Simon Devonshire, a highly experienced 
investment professional and the current Entrepreneur-in-Residence at the 
Department for Business, Energy and Industrial Strategy, joined the 
board in January 2017 following a thorough process conducted by the 
nomination committee.   Simon brings a valuable fresh perspective to our 
board and we look forward to benefiting from his contribution during the 
years ahead. 
 
   All the directors except Chris Fletcher will be seeking re-election at 
the AGM, either in accordance with the AIC Code of Corporate Governance 
or voluntarily.  Chris has signalled his intention to retire from the 
board after the AGM.  I would like to take this opportunity to record 
your board's sincere thanks to him for his significant contribution to 
Northern 2 VCT since joining the board in 1999.  He has played a pivotal 
role as chairman of the board's audit committee.  Chris has had an 
extremely distinguished career in corporate finance, including currently 
as a non-executive director of the Association of Investment Companies. 
The entire board will miss his expertise and guidance and I am sure you 
will join me in wishing him well for the future. 
 
   VCT legislation 
 
   The past two years have seen significant change in the legislative 
environment for VCTs as the Government has sought to channel more funds 
into relatively young companies requiring funding for development and 
growth.  As the practicalities of operating under the new rules have 
emerged, NVM has adapted to meet this challenge by supplementing its 
team, which already has a good track record of investing in early stage 
opportunities, with additional executives possessing relevant expertise. 
 
   We note with interest the announcement by the Government in November 
2016 of its Patient Capital Review.  The key terms of reference of the 
review are to consider the availability of long-term finance for growing 
firms and to identify and address the root causes of factors which 
negatively affect the availability of long-term finance.  VCTs play a 
vital role in supporting entrepreneurial prosperity by providing growth 
capital to innovative growing businesses at an early stage in their 
development and we welcome the opportunity to engage in these crucial 
discussions.  We will continue to champion our work and highlight the 
considerable contribution that the VCT sector makes in supporting small 
and medium businesses, which are the lifeblood of our economy. 
 
   VCT qualifying status 
 

   The company has continued to meet the stringent and evolving qualifying 
conditions laid down by HM Revenue & Customs for maintaining its 
approval as a VCT.  Our investment manager, NVM, monitors the position 
closely and reports regularly to the board.  Philip Hare & Associates 
LLP has continued to act as independent adviser to the company on VCT 
taxation matters. 
 
   Outlook 
 
   We have been operating for some time in a period of change in the VCT 
market and against a background of political uncertainty, and it is 
likely that this will continue in the year ahead.  We are however 
encouraged by the consistency of our track record throughout this period 
and have confidence in the strength of our existing portfolio.  There is 
currently no lack of commercially attractive businesses that require 
capital to prosper and the challenge remains to identify those 
opportunities which are VCT-qualifying.  We continue to believe that our 
company and its manager are well placed to meet this challenge. 
 
   David Gravells 
 
   Chairman 
 
   The audited financial statements for the year ended 31 March 2017 are 
set out below. 
 
   INCOME STATEMENT 
 
   for the year ended 31 March 2017 
 
 
 
 
                   Year ended 31 March 2017            Year ended 31 March 2016 
                Revenue    Capital      Total       Revenue    Capital      Total 
                 GBP000     GBP000      GBP000       GBP000     GBP000      GBP000 
Gain on 
 disposal of 
 investments           -       2,285       2,285           -       2,214       2,214 
Movements in 
 fair value 
 of 
 investments           -       6,189       6,189           -       5,068       5,068 
              ----------  ----------  ----------  ----------  ----------  ---------- 
                       -       8,474       8,474           -       7,282       7,282 
Income             2,556           -       2,556       2,334           -       2,334 
Investment 
 management 
 fee               (370)     (1,681)     (2,051)       (385)     (1,524)     (1,909) 
Other 
 expenses          (364)           -       (364)       (351)           -       (351) 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return on 
 ordinary 
 activities 
 before tax        1,822       6,793       8,615       1,598       5,758       7,356 
Tax on 
 return on 
 ordinary 
 activities        (313)         313           -       (205)         205           - 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return on 
 ordinary 
 activities 
 after tax         1,509       7,106       8,615       1,393       5,963       7,356 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return per          1.6p        7.7p        9.3p        1.5p        6.5p        8.0p 
 share 
 
   BALANCE SHEET 
 
   as at 31 March 2017 
 
 
 
 
                                                 31 March 2017   31 March 2016 
                                                     GBP000          GBP000 
Fixed assets: 
 Investments                                            58,195          56,997 
                                                    ----------      ---------- 
Current assets: 
 Debtors                                                   591             270 
 Cash and cash equivalents                              17,874          14,614 
                                                    ----------      ---------- 
                                                        18,465          14,884 
Creditors (amounts falling due within one 
 year)                                                 (5,013)           (544) 
                                                    ----------      ---------- 
Net current assets                                      13,452          14,340 
                                                    ----------      ---------- 
 
Net assets                                              71,647          71,337 
                                                    ----------      ---------- 
 
 
Capital and reserves: 
Called-up equity share capital                           4,678           4,580 
Share premium                                            3,029           1,464 
Capital redemption reserve                                  83              59 
Capital reserve                                         53,908          58,614 
Revaluation reserve                                      9,049           5,562 
Revenue reserve                                            900           1,058 
                                                    ----------      ---------- 
Total equity shareholders' funds                        71,647          71,337 
                                                    ----------      ---------- 
Net asset value per share                                76.6p           77.9p 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   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              4,580       1,464           59          5,562      58,614        1,058      71,337 
Return on 
ordinary 
activities 
after tax 
 for the 
 year                  -           -            -          3,487       3,619        1,509       8,615 
Dividends 
 paid                  -           -            -              -     (7,987)      (1,667)     (9,654) 
Net proceeds 
 of share 
 issues              122       1,565            -              -           -            -       1,687 
Re-purchase 
 of shares          (24)           -           24              -       (338)            -       (338) 
              ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
At 31 March 
 2017              4,678       3,029           83          9,049      53,908          900      71,647 
              ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   for the year ended 31 March 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 
 2015              4,609       1,464           30            292      71,234        1,047      78,676 
Return on 
ordinary 
activities 
after tax 
 for the 
 year                  -           -            -          5,270         693        1,393       7,356 
Dividends 
 paid                  -           -            -              -    (12,903)      (1,382)    (14,285) 
Re-purchase 
 of shares          (29)           -           29              -       (410)            -       (410) 
              ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
At 31 March 
 2016              4,580       1,464           59          5,562      58,614        1,058      71,337 
              ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
 
 
   STATEMENT OF CASH FLOWS 
 
   for the year ended 31 March 2017 
 
 
 
 
                                                  Year ended      Year ended 
                                                 31 March 2017   31 March 2016 
                                                    GBP000          GBP000 
Cash flows from operating activities: 
Return on ordinary activities before tax                 8,615           7,356 
Adjustments for: 
Gain on disposal of investments                        (2,285)         (2,214) 
Movement in fair value of investments                  (6,189)         (5,068) 
Increase in debtors                                      (321)            (23) 
Increase in creditors                                      172             341 
                                                    ----------      ---------- 
Net cash inflow/(outflow) from operating 
 activities                                                (8)             392 
                                                    ----------      ---------- 
Cash flows from investing activities: 
Purchase of investments                                (6,082)        (13,883) 
Sale/repayment of investments                           13,358          10,461 
                                                    ----------      ---------- 
Net cash inflow/(outflow) from investing 
 activities                                              7,276         (3,422) 
                                                    ----------      ---------- 
Cash flows from financing activities: 
Issue of shares                                          1,717               - 
Share issue expenses                                      (30)               - 
Share subscriptions held pending allotment               4,297               - 
Repurchase of ordinary shares for cancellation           (338)           (410) 
Dividends paid on ordinary shares                      (9,654)        (14,285) 
                                                    ----------      ---------- 
Net cash outflow from financing activities             (4,008)        (14,695) 
                                                    ----------      ---------- 
Net increase/(decrease) in cash/cash 
 equivalents                                             3,260        (17,725) 

Cash and cash equivalents at beginning of year          14,614          32,339 
                                                    ----------      ---------- 
Cash and cash equivalents at end of year                17,874          14,614 
                                                    ----------      ---------- 
 
   INVESTMENT PORTFOLIO SUMMARY 
 
   as at 31 March 2017 
 
 
 
 
                                                                      % of 
                                              Cost      Valuation   net assets 
                                             GBP000      GBP000      by value 
Venture capital investments: 
Entertainment Magpie Group                     1,503        5,147          7.2 
No 1 Lounges                                   1,977        3,962          5.5 
Buoyant Upholstery                             1,508        2,941          4.1 
MSQ Partners Group                             1,672        2,756          3.9 
Lineup Systems                                   974        2,470          3.4 
Optilan Group                                  1,000        2,196          3.1 
Wear Inns                                      1,868        2,113          3.0 
Agilitas IT Holdings                           1,638        1,838          2.6 
Closerstill Group                              1,683        1,683          2.4 
Volumatic Holdings                             1,596        1,678          2.3 
It's All Good                                  1,145        1,668          2.3 
Biological Preparations Group                  2,166        1,605          2.2 
Graza                                          1,523        1,523          2.1 
Customs Connect Group                          1,322        1,322          1.8 
Axial Systems Holdings                         1,004        1,169          1.6 
                                          ----------   ----------     -------- 
Fifteen largest venture capital 
 investments                                  22,579       34,071         47.5 
Other venture capital investments             18,713       15,299         21.4 
                                          ----------   ----------     -------- 
Total venture capital investments             41,292       49,370         68.9 
Listed equity investments                      4,042        5,046          7.0 
Listed interest-bearing investments            3,812        3,779          5.3 
                                          ----------   ----------     -------- 
Total fixed asset investments                 49,146       58,195         81.2 
                                          ---------- 
Net current assets                                         13,452         18.8 
                                                       ----------     -------- 
Net assets                                                 71,647        100.0 
                                                       ----------     -------- 
 
 
   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: many of the company's investments are in 
small and medium-sized unquoted and AIM-quoted companies which are VCT 
qualifying holdings, and which by their nature entail a higher level of 
risk and lower liquidity than investments in large quoted companies. 
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 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 can 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 managers 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 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 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: the company is required at all times to 
observe the conditions laid down in the Income Tax Act 2007 for the 
maintenance of approved VCT status.  The loss of such approval could 
lead to the company losing its exemption from corporation tax on capital 
gains, to investors being liable to pay income tax on dividends received 
from the company and, in certain circumstances, to investors being 
required to repay the initial income tax relief on their investment. 
Mitigation: the 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. 
 
   DIRECTORS' RESPONSIBILITIES STATEMENT 
 
   The directors are responsible for preparing the annual report and the 
financial statements in accordance with applicable law and regulations. 
 
   Company law requires the directors to prepare financial statements for 
each financial year.  Under that law the directors have elected to 
prepare the financial statements in accordance with UK Accounting 
Standards including FRS 102 "The Financial Reporting Standard applicable 
in the UK and Republic of Ireland". 
 
   Under company law the directors must not approve the financial 
statements unless they are satisfied that they give a true and fair view 
of the state of affairs of the company and of the profit or loss of the 
company for the year.  In preparing the financial statements, the 
directors are required to (i) select suitable accounting policies and 
then apply them consistently;  (ii) make judgements and estimates that 
are reasonable and prudent;  (iii) state whether applicable UK 
Accounting Standards have been followed, subject to any material 
departures disclosed and explained in the financial statements;  and 
(iv) prepare the financial statements on the going concern basis unless 
it is inappropriate to presume that the company will continue in 
business. 
 
   The directors are responsible for keeping adequate accounting records 
that are sufficient to show and explain the company's transactions and 
disclose with reasonable accuracy at any time the financial position of 
the company and enable them to ensure that its financial statements 
comply with the Companies Act 2006.  They have general responsibility 
for taking such steps as are reasonably open to them to safeguard the 
assets of the company and to prevent and detect fraud and other 
irregularities. 
 
   Under applicable law and regulations, the directors are also responsible 
for preparing a directors' report, strategic report, directors' 
remuneration report and corporate governance statement that comply with 
that law and those regulations. 
 
   The directors are responsible for the maintenance and integrity of the 
corporate and financial information included on the company's website. 
Legislation in the UK governing the preparation and dissemination of 
financial statements may differ from legislation in other jurisdictions. 
 

   In relation to the financial statements for the year ended 31 March 
2017, the directors confirm that to the best of their knowledge (i) 
taken as a whole the financial statements, prepared in accordance with 
the applicable accounting standards, give a true and fair view of the 
assets, liabilities, financial position and profit of the company;  and 
(ii) the strategic report and directors' report include a fair review of 
the development and performance of the business and the position of the 
company, together with a description of the principal risks and 
uncertainties that they face.  The directors consider that the annual 
report and financial statements, taken as a whole, is fair, balanced and 
understandable and provides the information necessary for shareholders 
to assess the company's position and performance, business model and 
strategy. 
 
   The directors of the company at the date of this announcement were Mr D 
P A Gravells (Chairman), Mr A M Conn, Mr S P Devonshire, Mr C G A 
Fletcher, Miss C A McAnulty and Mr F L G Neale. 
 
   OTHER MATTERS 
 
   The above summary of results for the year ended 31 March 2017 does not 
constitute statutory financial statements within the meaning of Section 
435 of the Companies Act 2006 and has not been delivered to the 
Registrar of Companies.  Statutory financial statements will be filed 
with the Registrar of Companies in due course;  the independent 
auditor's report on those financial statements under Section 495 of the 
Companies Act 2006 is unqualified, does not include any reference to 
matters to which the auditor drew attention by way of emphasis without 
qualifying the report and does not contain a statement under Section 
498(2) or (3) of the Companies Act 2006. 
 
   The calculation of the revenue and capital return per share is based on 
the return on ordinary activities after tax for the year and on 
92,962,814 (2016 92,102,422) ordinary shares, being the weighted average 
number of shares in issue during the year. 
 
   The calculation of the net asset value per share is based on the net 
assets at 31 March 2017 divided by the 93,560,667 (2016 91,608,230) 
ordinary shares in issue at that date. 
 
   The second interim dividend of 5.0p per share and, if approved by 
shareholders, the proposed final dividend of 3.5p per share for the year 
ended 31 March 2017 will be paid on 21 July 2017 to shareholders on the 
register at the close of business on 23 June 2017. 
 
   The full annual report including financial statements for the year ended 
31 March 2017 is expected to be posted to shareholders on 16 June 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 2 VCT PLC via Globenewswire 
 
 
  http://www.nvm.co.uk/investorarea/northern_2_vct_plc.php 
 

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