Northern 2 VCT PLC Half-yearly Report

 
TIDMNTV 
 
 
   14 NOVEMBER 2016 
 
   NORTHERN 2 VCT PLC 
 
   UNAUDITED HALF-YEARLY FINANCIAL REPORT 
 
   FOR THE SIX MONTHSED 30 SEPTEMBER 2016 
 
   Northern 2 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 2015 and 31 
March 2016) 
 
 
 
 
                                                  Six months to  Six months to   Year to 
                                                   30 September   30 September   31 March 
                                                       2016           2015         2016 
Net assets                                          GBP72.2m       GBP70.7m     GBP71.3m 
Net asset value per share                             77.3p          76.8p        77.9p 
Return per share: 
 Revenue                                               0.7p           0.7p         1.5p 
 Capital                                               7.3p           4.2p         6.5p 
 Total                                                 8.0p           4.9p         8.0p 
Dividend per share declared/paid 
 in respect of the period 
 (31 March 2016 includes 5.0p special dividend)        2.0p           2.0p        10.5p 
Cumulative returns to shareholders 
 since launch: 
 Net asset value per share                            77.3p          76.8p        77.9p 
 Dividends paid per share*                            99.4p          88.9p        90.9p 
 Net asset value plus dividends paid per share        176.7p         165.7p       168.8p 
Mid-market share price at end of period               66.5p          69.3p        72.5p 
Share price discount to net asset value                   14.0%           9.8%       6.9% 
Tax-free dividend yield (based on mid-market 
 share price at end of period): 
Excluding special dividend                                 8.3%           7.9%       7.6% 
 Including special dividend                                 N/A            N/A      14.5% 
 
 
   *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 
 
   Results and dividend 
 
   The unaudited net asset value (NAV) per share at 30 September 2016, 
after deducting the second interim and final dividends totalling 8.5 
pence per share in respect of the 2015/16 financial year which were paid 
in July 2016, was 77.3 pence (31 March 2016 (audited) 77.9 pence).  The 
board declared the second interim dividend in recognition of several 
successful sales of investee companies during the year. 
 
   The return per share as shown in the income statement for the six months 
ended 30 September 2016 was 8.0 pence, compared with 4.9 pence in the 
corresponding period last year.  This result reflects a further overall 
increase in the valuation of the venture capital portfolio based on good 
underlying company performance. 
 
   The board has declared an interim dividend for the year ending 31 March 
2017 of 2.0 pence per share, which will be paid on 27 January 2017 to 
shareholders on the register on 6 January 2017.  We expect that the 
total dividend for the year will be not less than our established target 
of 5.5 pence. 
 
   Investments 
 
   Six new holdings in VCT-qualifying unquoted companies were acquired at a 
cost of GBP5.0 million, as follows: 
 
 
   -- Myparceldelivery Holdings (GBP813,000) - parcel delivery comparison 
      website, Manchester 
 
   -- Lending Works (GBP650,000) - peer-to-peer lending platform, London 
 
   -- AVID Technology Group (GBP673,000) - electrification and intelligent 
      control of engine ancillaries, thermal management systems and hybrid 
      systems, Cramlington 
 
   -- Rockar (GBP823,000) - innovative motor vehicle retailer, York 
 
   -- Customs Connect Group (GBP1,322,000) - import duty consultancy, 
      Manchester 
 
   -- Channel Mum (GBP674,000) - online multi-channel video blog community 
      network for parents of young children, London 
 
 
   Proceeds from investment sales and repayments amounted to GBP4.4 million, 
producing a realised gain of GBP0.6 million over 31 March 2016 carrying 
values.  The investment in Silverwing was sold to the Canadian 
inspection technology group Eddyfi for GBP2.4 million, and Arleigh Group 
was acquired by NASDAQ-listed LKQ Corporation, which trades in the UK as 
Euro Car Parts, for GBP1.7 million. 
 
   Most of the venture capital portfolio holdings have continued to make 
satisfactory progress.  Entertainment Magpie Group, Cawood Scientific, 
No 1 Traveller and Optilan Group performed particularly well in the 
period.  In the AIM-quoted portfolio, the share price of Gear4music 
(Holdings) more than doubled over the half year and subsequently some 
profits have been taken. 
 
   Share issues and buy-backs 
 
   Cash flow from the investment portfolio has remained strong which, 
together with the funds raised in our last significant share issue in 
2013/14 tax year, has enabled us to finance new investment activity as 
well as paying substantial dividends over the past three years.  We do 
not presently envisage that there will be a major public share offer in 
the 2016/17 tax year, though we will keep the position under review for 
future years.  However, in order to maintain a comfortable margin of 
liquidity for new investments, we intend in conjunction with Northern 
Venture Trust and Northern 3 VCT to launch a non-prospectus 'top-up' 
share issue in January 2017 which will raise up to approximately GBP4 
million for each VCT.  It is intended that priority will be given to 
applications from existing investors. 
 
   The company has continued to buy back shares in the market at a 5% 
discount to NAV.  During the six months to 30 September 2016 225,000 
shares were re-purchased for cancellation at a cost of GBP150,000. 
 
   VCT qualifying status 
 
   The company has maintained its approved venture capital trust status 
with HM Revenue & Customs.  The company's compliance with the VCT 
qualifying conditions is closely monitored by the board, who receive 
regular reports from NVM and from our VCT taxation advisers Philip Hare 
& Associates LLP. 
 
   VCT legislation 
 
   Over the past 18 months the Government has made significant changes to 
the VCT legislation, with the stated objective of channelling more funds 
into relatively young companies requiring finance for growth and 
development.  This has necessitated a change in our own investment focus, 
which previously centred on management buy-outs and later-stage 
financings.  NVM has considerable experience of making earlier-stage 
investments and has already recruited additional executives with 
relevant expertise.  It is pleasing to note that in the six months to 30 
September 2016, six new investments qualifying under the new rules have 
been completed. 
 
   We have a substantial portfolio of existing VCT-qualifying investments 
which we can continue to hold under the new legislation, although in 
many cases the new rules will prevent us from providing "follow-on" 
funding rounds for these companies.  As the older investments are sold 
over the next few years and new holdings are added, the composition of 
the portfolio will gradually change and future investment returns may be 
subject to a greater degree of fluctuation, with potentially a greater 
emphasis on capital appreciation rather than income. 
 
   Prospects 
 
   Our company's recent performance has been encouraging and we believe 
that we can continue to develop our investment approach so as to operate 
effectively within the new VCT rules.  The UK economic background is not 
entirely favourable, with continuing uncertainty around the long-term 
effects of the EU referendum result, but we have confidence in the 
potential of our investment approach to produce good returns for 
shareholders in the future. 
 
   On behalf of the Board 
 
   David Gravells 
 
   Chairman 
 
   The unaudited half-yearly financial statements for the six months ended 
30 September 2016 are set out 
 
   below. 
 
   INCOME STATEMENT 
 
   (unaudited) for the six months ended 30 September 2016 
 
 
 
 
                       Six months ended                    Six months ended 
                       30 September 2016                   30 September 2015 
               Revenue     Capital      Total      Revenue     Capital      Total 
                GBP000      GBP000      GBP000      GBP000      GBP000      GBP000 
Gain on 
 disposal of 
 investments           -         562         562           -         622         622 
Movements in 
 fair value 
 of 
 investments           -       6,613       6,613           -       3,733       3,733 
              ----------  ----------  ----------  ----------  ----------  ---------- 
                       -       7,175       7,175           -       4,355       4,355 
Income             1,181           -       1,181       1,186           -       1,186 
Investment 
 management 
 fee               (184)       (551)       (735)       (203)       (608)       (811) 
Other 
 expenses          (183)           -       (183)       (193)           -       (193) 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return on 
 ordinary 
 activities 
 before tax          814       6,624       7,438         790       3,747       4,537 
Tax on 
 return on 
 ordinary 
 activities        (130)         130           -       (107)         107           - 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return on 
 ordinary 
 activities 
 after tax           684       6,754       7,438         683       3,854       4,537 
              ----------  ----------  ----------  ----------  ----------  ---------- 

Return per          0.7p        7.3p        8.0p        0.7p        4.2p        4.9p 
 share 
 
 
 
 
                                              Year ended 31 March 2016 
                                          Revenue     Capital      Total 
                                           GBP000      GBP000      GBP000 
Gain on disposal of investments                   -       2,214       2,214 
Movements in fair value of investments            -       5,068       5,068 
                                         ----------  ----------  ---------- 
                                                  -       7,282       7,282 
Income                                        2,334           -       2,334 
Investment management fee                     (385)     (1,524)     (1,909) 
Other expenses                                (351)           -       (351) 
                                         ----------  ----------  ---------- 
Return on ordinary activities before 
 tax                                          1,598       5,758       7,356 
Tax on return on ordinary activities          (205)         205           - 
                                         ----------  ----------  ---------- 
Return on ordinary activities after tax       1,393       5,963       7,356 
                                         ----------  ----------  ---------- 
Return per share                               1.5p        6.5p        8.0p 
 
   BALANCE SHEET 
 
   (unaudited) as at 30 September 2016 
 
 
 
 
                           30 September 2016  30 September 2015  31 March 2016 
                                 GBP000             GBP000           GBP000 
Fixed assets: 
Investments                           64,796             60,681         56,997 
                                  ----------         ----------     ---------- 
Current assets: 
Debtors                                  269                214            270 
Cash and deposits                      7,288              9,968         14,614 
                                  ----------         ----------     ---------- 
                                       7,557             10,182         14,884 
Creditors (amounts 
falling due 
 within one year)                      (135)              (128)          (544) 
                                  ----------         ----------     ---------- 
Net current assets                     7,422             10,054         14,340 
                                  ----------         ----------     ---------- 
 
Net assets                            72,218             70,735         71,337 
                                  ----------         ----------     ---------- 
Capital and reserves: 
Called-up equity share 
 capital                               4,670              4,606          4,580 
Share premium                          2,744              1,464          1,464 
Capital redemption 
 reserve                                  70                 32             59 
Capital reserve                       53,794             59,393         58,614 
Revaluation reserve                    9,932              4,247          5,562 
Revenue reserve                        1,008                993          1,058 
                                  ----------         ----------     ---------- 
Total equity 
 shareholders' funds                  72,218             70,735         71,337 
                                  ----------         ----------     ---------- 
Net asset value per share              77.3p              76.8p          77.9p 
 
   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               4,580       1,464           59          5,562      58,614        1,058      71,337 
Return on 
ordinary 
activities 
after tax for 
 the period             -           -            -          4,370       2,384          684       7,438 
Dividends 
 paid                   -           -            -              -     (7,054)        (734)     (7,788) 
Net proceeds 
 of share 
 issues               101       1,280            -              -           -            -       1,381 
Shares 
re-purchased 
for 
 cancellation        (11)           -           11              -       (150)            -       (150) 
               ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
At 30 
 September 
 2016               4,670       2,744           70          9,932      53,794        1,008      72,218 
               ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   (unaudited) for the six months ended 30 September 2015 
 
 
 
 
                       -----------------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 period             -           -            -          3,955       (101)          683       4,537 
Dividends 
 paid                   -           -            -              -    (11,707)        (737)    (12,444) 
Net proceeds 
of share 
issues                  -           -            -              -           -            -           - 
Shares 
re-purchased 
for 
 cancellation         (3)           -            2              -        (33)            -        (34) 
               ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
At 30 
 September 
 2015               4,606       1,464           32          4,247      59,393          993      70,735 
               ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   (unaudited) 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 period             -           -            -          5,270         693        1,393       7,356 
Dividends 
 paid                   -           -            -              -    (12,903)      (1,382)    (14,285) 
Net proceeds 
of share 
issues                  -           -            -              -           -            -           - 
Shares 
re-purchased 
for 
 cancellation        (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 
 
   (unaudited) for the six months ended 30 September 2016 
 
 
 
 
                           Six months ended   Six months ended    Year ended 
                           30 September 2016  30 September 2015  31 March 2016 
                                GBP000             GBP000           GBP000 
Cash flows from operating 
activities: 
Return on ordinary 
 activities before tax                 7,438              4,537          7,356 
Adjustments for: 
Gain on disposal of 
 investments                           (562)              (622)        (2,214) 
Movement in fair value of 
 investments                         (6,613)            (3,733)        (5,068) 
(Increase)/decrease in 
 debtors                                   1                 33           (23) 
Increase/(decrease) in 
 creditors                             (409)               (75)            341 
                                  ----------         ----------     ---------- 
Net cash inflow/(outflow) 
 from operating 
 activities                            (145)                140            392 
                                  ----------         ----------     ---------- 
Cash flows from investing 
activities: 
Purchase of investments              (5,103)           (12,981)       (13,883) 
Sale/repayment of 
 investments                           4,478              2,948         10,461 
                                  ----------         ----------     ---------- 
Net cash outflow from 
 investing activities                  (625)           (10,033)        (3,422) 
                                  ----------         ----------     ---------- 
Cash flows from financing 
activities: 
Issue of ordinary shares               1,397                  -              - 
Share issue expenses                    (15)                  -              - 
Repurchase of ordinary 

 shares for cancellation               (150)               (34)          (410) 
Dividends paid on 
 ordinary shares                     (7,788)           (12,444)       (14,285) 
                                  ----------         ----------     ---------- 
Net cash outflow from 
 financing activities                (6,556)           (12,478)       (14,695) 
                                  ----------         ----------     ---------- 
Net decrease in cash and 
 cash equivalents                    (7,326)           (22,371)       (17,725) 
Cash and cash equivalents 
 at beginning of period               14,614             32,339         32,339 
                                  ----------         ----------     ---------- 
Cash and cash equivalents 
 at end of period                      7,288              9,968         14,614 
                                  ----------         ----------     ---------- 
 
   INVESTMENT PORTFOLIO SUMMARY 
 
   as at 30 September 2016 
 
 
 
 
                                          Cost     Valuation   % of net assets 
Company                                  GBP000      GBP000      by valuation 
 
Fifteen largest venture capital 
investments: 
Entertainment Magpie Group                  1,503       5,147              7.1 
No 1 Traveller                              1,977       3,170              4.4 
Buoyant Upholstery                          1,508       3,034              4.2 
MSQ Partners Group                          1,672       2,546              3.4 
Lineup Systems                                975       2,468              3.4 
Cawood Scientific                           1,031       2,423              3.4 
Wear Inns                                   1,868       2,323              3.2 
Optilan Group                               1,000       2,183              3.0 
It's All Good                               1,145       1,801              2.5 
Axial Systems Holdings                      1,004       1,799              2.5 
Volumatic Holdings                          1,762       1,724              2.4 
Closerstill Group                           1,683       1,693              2.3 
Agilitas IT Holdings                        1,638       1,607              2.2 
Biological Preparations Group               2,166       1,606              2.2 
Hunley                                      1,522       1,522              2.1 
                                       ----------  ----------          ------- 
                                           22,454      35,046             48.3 
Other venture capital investments          24,552      20,917             29.2 
                                       ----------  ----------          ------- 
Total venture capital investments          47,006      55,963             77.5 
Listed equity investments                   4,042       5,028              7.0 
Listed fixed-interest investments           3,816       3,805              5.3 
                                       ----------  ----------          ------- 
Total fixed asset investments              54,864      64,796             89.8 
                                       ---------- 
Net current assets                                      7,422             10.2 
                                                   ----------          ------- 
Net assets                                             72,218            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 by 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, exchange rates 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, including NVM 
in the case of AIM-quoted investments, and the board keeps the portfolio 
and the actions taken 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: 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 investment manager keeps the company's VCT qualifying 
status under continual review, taking appropriate action to maintain it 
where required, 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 2016 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 2016 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 2016. 
 
   Each of the directors confirms that to the best of his or her 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 D P A 
Gravells (Chairman), Mr A M Conn, Mr C G A Fletcher, Miss C A McAnulty 
and Mr F L G Neale. 
 
   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 
92,387,450 (2015 92,155,006) 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 2016 divided by the 93,394,459 (2015 92,128,230) 
ordinary shares in issue at that date. 
 
   The interim dividend of 2.0p per share for the year ending 31 March 2017 
will be paid on 27 January 2017 to shareholders on the register at the 
close of business on 6 January 2017. 
 
   A copy of the half-yearly financial report for the six months ended 30 
September 2016 is expected to be posted to shareholders by 25 November 
2016 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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November 14, 2016 09:00 ET (14:00 GMT)

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