Northern Venture Tst Half-yearly Report

 
TIDMNVT 
 
 
   17 MAY 2016 
 
   NORTHERN VENTURE TRUST PLC 
 
   UNAUDITED HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHSED 31 MARCH 
2016 
 
   Northern Venture Trust PLC is a Venture Capital Trust (VCT) whose 
investment adviser is NVM Private Equity.  The trust was one of the 
first VCTs launched on the London Stock Exchange in 1995.  It invests 
mainly in UK unquoted companies 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 2015 and 30 
September 2015) 
 
 
 
 
                                                        Six months to  Six months to     Year to 
                                                           31 March       31 March     30 September 
                                                             2016           2015           2015 
Net assets                                                GBP77.9m       GBP84.5m       GBP78.9m 
Net asset value per share                                   82.9p          88.6p          83.0p 
Return per share: 
 Revenue                                                     0.9p           1.1p           2.0p 
 Capital                                                     1.9p           2.7p           5.2p 
 Total                                                       2.8p           3.8p           7.2p 
Dividend per share for the period 
 First interim dividend                                      3.0p           3.0p           3.0p 
 Second interim (special) dividend                           7.0p           6.0p           6.0p 
 Final dividend                                               -              -             3.0p 
 Total                                                      10.0p           9.0p          12.0p 
Cumulative returns to shareholders 
 since launch: 
 Net asset value per share 
 Dividends paid per share*                                  82.9p          88.6p          83.0p 
 Net asset value plus dividends paid per share              138.5p         126.5p         135.5p 
 *Excluding interim dividends payable on 30 June 2016       221.4p         215.1p         218.5p 
Mid-market share price at end of period                     76.75         80.00p         76.00p 
Share price discount to net asset value                          7.4%           9.7%           8.4% 
Tax-free dividend yield (based on mid-market 
 share price at end of period): 
Excluding special dividend                                       7.8%           7.5%           7.9% 
 Including special dividend                                     16.9%          15.0%          15.8% 
 
 
   For further information, please contact: 
 
   NVM Private Equity LLP 
 
   Alastair Conn/Christopher Mellor                  0191 244 6000 
 
   Website:  www.nvm.co.uk 
 
   NORTHERN VENTURE TRUST PLC 
 
   HALF-YEARLY MANAGEMENT REPORT FOR THE SIX MONTHSED 31 MARCH 2016 
 
   Our venture capital portfolio has generally made good progress over the 
past six months and two significant exits were achieved, enabling the 
board to declare a special dividend in addition to the usual interim 
payment.  However we are still evaluating the effect of the Government's 
recent changes to the VCT legislation, which have already altered the 
way in which VCTs go about their investment activities and could have an 
impact on portfolio returns in the longer term. 
 
   Results and dividend 
 
   The unaudited net asset value (NAV) per share at 31 March 2016 was 82.9p, 
compared with the audited figure of 83.0p at 30 September 2015.  The 
overall return per share before dividends for the six months ended 31 
March 2016 as shown in the income statement was 2.8p (six months ended 
31 March 2015 3.8p), equivalent to 3.4% of the NAV at the start of the 
period.  Investment income and running costs were both lower than in the 
corresponding period last year, but the reduction in income was 
proportionately greater with the result that the revenue return per 
share fell from 1.1p to 0.9p. 
 
   Investment realisations from the venture capital portfolio in the half 
year produced a surplus of GBP1.1 million over September 2015 carrying 
value, and GBP3.4 million over original cost.  In addition, there was a 
net uplift of GBP1.3 million in the valuation of the ongoing portfolio. 
Against this favourable background the directors have decided to declare 
a special dividend of 7.0p per share, which will be paid as a second 
interim dividend for the year ending 30 September 2016. 
 
   It has long been our policy to maintain the annual dividend at not less 
than 6.0p, and accordingly an unchanged first interim dividend of 3.0p 
per share for the year ending 30 September 2016 has also been declared. 
The first and second (special) interim dividends, totalling 10.0p per 
share, will be paid on 30 June 2016 to shareholders on the register on 3 
June 2016.  Your directors will keep future dividend policy under review, 
in the light of the changes which we expect to take place in the 
investment portfolio as the new VCT regulations take effect over the 
coming months and years. 
 
   Investments 
 
   During the period exits were achieved from the investments in Kitwave 
One and Control Risks Group Holdings.  Kitwave One was sold in a 
secondary management buy-out financed by Pricoa Capital, generating 
initial proceeds of GBP3.5 million and a gain of GBP2.0 million over 
cost.  A further GBP0.5 million may become receivable over the next 18 
months, but is conditional and therefore has not been recognised in our 
financial statements at this stage.  Control Risks Group Holdings was 
acquired by an employee ownership trust, our investment realising 
proceeds of GBP1.5 million and a gain of GBP0.7 million.  We also 
received deferred proceeds totalling GBP0.7 million, not previously 
recognised in the financial statements, from the sales of Alaric Systems 
and Kerridge Commercial Systems in earlier years. 
 
   No new venture capital investments were completed in the period.  Our 
market has suffered from prolonged uncertainty as a result of the 
legislative changes on which I comment further below, and investment 
activity among VCTs generally has been at a very low level in recent 
months.  A follow-on investment of GBP0.5 million was made in No 1 
Traveller, to support the company's continuing programme of airport 
lounge development.  It is however encouraging to report that subsequent 
to 31 March 2016 we have completed our first new investment under the 
revised VCT rules, a GBP0.9 development capital funding for MPD Group, a 
Manchester-based business operating in the logistics technology sector. 
 
   Shareholder issues 
 
   The strong flow of cash from successful investment realisations in 
recent years, added to the GBP15 million raised in the 2013/14 public 
share offer, has meant that there has been no need to raise additional 
funds from shareholders in the 2014/15 and 2015/16 tax years.  The 
directors are conscious that many shareholders would welcome the 
opportunity to make a further investment in the company, and we will 
keep the possibility of further share offers under review in the light 
of future realisation proceeds and new investment commitments. 
 
   We announced in January 2016 that the dividend investment scheme, which 
had been temporarily suspended pending our initial review of the changes 
in the VCT legislation, would be reinstated with immediate effect.  The 
scheme enables shareholders to re-invest their dividends in new ordinary 
shares free of dealing costs and with the benefit of the tax reliefs 
available on new VCT share subscriptions.  Details of the scheme can be 
obtained from the company secretary. 
 
   The company has continued to buy back shares in the market, when 
necessary in order to maintain liquidity, at a 5% discount to NAV. 
During the six months ended 31 March 2016 a total of 1,140,000 shares 
were repurchased by the company for cancellation, at an average price of 
77p. 
 
   VCT qualifying status 
 
   The company has continued to meet the qualifying conditions laid down by 
HM Revenue & Customs for maintaining its approval as a VCT.  Our 
investment adviser, 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. 
 
   VCT legislation 
 
   The Finance Act (No 2) 2015, which received Royal Assent in November 
2015, introduced some fundamental changes to the legislation governing 
the investments which may be made by VCTs.  The Government has indicated 
that the changes were prompted by the need to comply with the European 
Commission's State aid rules.  The main provisions relevant to our 
company are: 
 
 
   -- It will no longer be permissible for companies to use funds invested by 
      VCTs to acquire existing shares or businesses - in future such funds may 
      be used by investee companies only for "growth and development" purposes. 
 
   -- In order to be eligible for VCT investment, companies will normally have 
      to have made their first commercial sale within the past seven years (ten 
      years in the case of "knowledge-intensive" businesses, as defined by the 
      legislation). 
 
   -- In addition to the existing GBP5 million annual limit on the amount that 
      companies can raise from State aided sources such as VCTs, there will be 
      a new GBP12 million lifetime limit (GBP20 million for knowledge-intensive 
      businesses). 
 
 
   These are significant changes which are clearly designed to focus future 
VCT investment on early stage opportunities:  HM Revenue & Customs' 
draft guidelines, which were not published until 10 May 2016, confirm 
that VCT investment should be used only to fund "growth and 
development".  We have yet to see how HMRC will apply these criteria in 
practice but our current experience is that the process of obtaining VCT 
clearance for new investments has become more difficult and 

time-consuming.  This is particularly frustrating given that we are 
currently seeing an encouraging flow of opportunities which appear 
suitable for investment under the new rules. 
 
   As we have already indicated, it is likely that there will be a gradual 
change in the composition of the investment portfolio as older holdings 
are sold and new investments which qualify under the revised rules are 
added.  We expect that this will lead to a greater volatility in 
investment returns, with probably a greater reliance in future on 
capital growth rather than income yield.  However, our investment 
adviser NVM has invested successfully in early stage companies over many 
years andhas already taken steps to augment its investment team and 
re-focus its marketing approach.  Whilst we do not underestimate the 
task ahead, we believe that we are well equipped to implement the new 
rules for future investments whilst also seeking to maximise returns 
from our existing portfolio. 
 
   Outlook 
 
   The encouraging performance of the investment portfolio has inevitably 
been rather overshadowed during the past six months by the radical 
changes to the VCT legislation.  Nevertheless we believe that the 
foundations are in place for a successful transition to a different type 
of investment in future, and we look forward to continuing to deliver 
good returns to shareholders. 
 
   On behalf of the Board 
 
   Simon Constantine 
 
   Chairman 
 
   The unaudited half-yearly financial statements for the six months ended 
31 March 2016 are set out below. 
 
   INCOME STATEMENT 
 
   (unaudited) for the six months ended 31 March 2016 
 
 
 
 
                Six months ended 31 March 2016        Six months ended 31 March 2015 
               Revenue     Capital      Total      Revenue     Capital      Total 
                GBP000      GBP000      GBP000      GBP000      GBP000      GBP000 
Gain on 
 disposal of 
 investments           -       1,053       1,053           -       4,490       4,490 
Movements in 
 fair value 
 of 
 investments           -       1,284       1,284           -     (1,476)     (1,476) 
              ----------  ----------  ----------  ----------  ----------  ---------- 
                       -       2,337       2,337           -       3,014       3,014 
Income             1,338           -       1,338       1,753           -       1,753 
Investment 
 management 
 fee               (207)       (622)       (829)       (215)       (645)       (860) 
Other 
 expenses          (206)           -       (206)       (259)           -       (259) 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return on 
 ordinary 
 activities 
 before tax          925       1,715       2,640       1,279       2,369       3,648 
Tax on 
 return on 
 ordinary 
 activities        (104)         104           -       (202)         137        (65) 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return on 
 ordinary 
 activities 
 after tax           821       1,819       2,640       1,077       2,506       3,583 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return per          0.9p        1.9p        2.8p        1.1p        2.7p        3.8p 
 share 
 
 
 
 
                                               Year ended 30 September 2015 
                                          Revenue     Capital      Total 
                                           GBP000      GBP000      GBP000 
Gain on disposal of investments                   -       5,019       5,019 
Movements in fair value of investments            -       1,189       1,189 
                                         ----------  ----------  ---------- 
                                                  -       6,208       6,208 
Income                                        3,123           -       3,123 
Investment management fee                     (433)     (1,617)     (2,050) 
Other expenses                                (456)           -       (456) 
                                         ----------  ----------  ---------- 
Return on ordinary activities before 
 tax                                          2,234       4,591       6,825 
Tax on return on ordinary activities          (333)         333           - 
                                         ----------  ----------  ---------- 
Return on ordinary activities after tax       1,901       4,924       6,825 
                                         ----------  ----------  ---------- 
Return per share                               2.0p        5.2p        7.2p 
 
   BALANCE SHEET 
 
   (unaudited) as at 31 March 2016 
 
 
 
 
                               31 March 2016  31 March 2015  30 September 2015 
                                  GBP000         GBP000           GBP000 
Fixed asset investments               69,285         58,995             72,680 
                                  ----------     ----------         ---------- 
Current assets: 
 Debtors                                 330            283                302 
 Cash and cash equivalents             8,416         25,479              6,418 
                                  ----------     ----------         ---------- 
                                       8,746         25,762              6,720 
Creditors (amounts falling 
 due within one year)                  (169)          (238)              (452) 
                                  ----------     ----------         ---------- 
Net current assets                     8,577         25,524              6,268 
                                  ----------     ----------         ---------- 
 
Net assets                            77,862         84,519             78,948 
                                  ----------     ----------         ---------- 
 
Capital and reserves: 
Called-up equity share 
 capital                              23,490         23,850             23,775 
Share premium                          1,359          1,359              1,359 
Capital redemption reserve               513            152                228 
Capital reserve                       47,521         55,772             47,787 
Revaluation reserve                    2,674            823              3,367 
Revenue reserve                        2,305          2,563              2,432 
                                  ----------     ----------         ---------- 
Total equity shareholders' 
 funds                                77,862         84,519             78,948 
                                  ----------     ----------         ---------- 
Net asset value per share              82.9p          88.6p              83.0p 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   (unaudited) for the six months 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 October 
 2015             23,775       1,359          228          3,367      47,787        2,432      78,948 
Return on 
ordinary 
activities 
after tax 
 for the 
 period                -           -            -          (693)       2,512          821       2,640 
Re-purchase 
 of shares         (285)           -          285              -       (881)            -       (881) 
Dividends 
 recognised            -           -            -              -     (1,897)        (948)     (2,845) 
              ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
At 31 March 
 2016             23,490       1,359          513          2,674      47,521        2,305      77,862 
              ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   (unaudited) for the six months ended 31 March 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 October 
 2014             23,770       1,073          106         10,788      45,348        2,436      83,521 
Return on 
ordinary 
activities 
after tax 
 for the 
 period                -           -            -        (9,965)      12,471        1,077       3,583 
Net proceeds 
 of share 
 issues              126         286            -              -           -            -         412 
Re-purchase 
 of shares          (46)           -           46              -       (145)            -       (145) 
Dividends 
 recognised            -           -            -              -     (1,902)        (950)     (2,852) 
              ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
At 31 March 
 2015             23,850       1,359          152            823      55,772        2,563      84,519 
              ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   (unaudited) for the year 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 October 
 2014             23,770       1,073          106         10,788      45,348        2,436      83,521 
Return on 
ordinary 
activities 
after tax 
 for the 
 year                  -           -            -        (7,421)      12,345        1,901       6,825 
Net proceeds 
 of share 
 issues              127         286            -              -           -            -         413 
Re-purchase 
 of shares         (122)           -          122              -       (373)            -       (373) 
Dividends 
 recognised            -           -            -              -     (9,533)      (1,905)    (11,438) 
              ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
At 30 
 September 
 2015             23,775       1,359          228          3,367      47,787        2,432      78,948 
              ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
 
 
   STATEMENT OF CASH FLOWS 
 
   (unaudited) for the six months ended 31 March 2016 
 
 
 
 
                         Six months ended  Six months ended     Year ended 
                          31 March 2016     31 March 2015    30 September 2015 
                              GBP000            GBP000            GBP000 
Cash flows from 
operating activities: 
Return on ordinary 
 activities before tax              2,640             3,648              6,825 
Adjustments for: 
Gain on disposal of 
 investments                      (1,053)           (4,490)            (5,019) 
Movement in fair value 
 of investments                   (1,284)             1,476            (1,189) 
(Increase)/decrease in 
 debtors                             (28)                75                 56 
Increase/(decrease) in 
 creditors                          (283)             (230)                 50 
                               ----------        ----------         ---------- 
Net cash 
 inflow/(outflow) from 
 operating activities                 (8)               479                723 
                               ----------        ----------         ---------- 
Cash flows from 
investing activities: 
Purchase of investments             (914)           (5,508)           (18,300) 
Sale/repayment of 
 investments                        6,646            20,582             22,882 
                               ----------        ----------         ---------- 
Net cash inflow from 
 investing activities               5,732            15,074              4,582 
                               ----------        ----------         ---------- 
Cash flows from 
financing activities: 
Issue of shares                         -               427                428 
Share issue expenses                    -              (15)               (15) 
Repurchase of ordinary 
 shares for 
 cancellation                       (881)             (145)              (373) 
Dividends paid on 
 ordinary shares                  (2,845)           (2,852)           (11,438) 
                               ----------        ----------         ---------- 
Net cash outflow from 
 financing activities             (3,726)           (2,585)           (11,398) 
                               ----------        ----------         ---------- 
Net increase/(decrease) 
 in cash/cash 
 equivalents                        1,998            12,968            (6,093) 
Cash and cash 
 equivalents at 
 beginning of period                6,418            12,511             12,511 
                               ----------        ----------         ---------- 
Cash and cash 
 equivalents at end of 
 period                             8,416            25,479              6,418 
                               ----------        ----------         ---------- 
 
   INVESTMENT PORTFOLIO SUMMARY 
 
   as at 31 March 2016 
 
 
 
 
                                       Cost       Valuation    % of net assets 
                                      GBP000        GBP000       by valuation 
Venture capital investments: 
Buoyant Upholstery                        1,675         4,041              5.2 
Silverwing                                1,774         2,722              3.5 
MSQ Partners Group                        1,695         2,618              3.4 
Lineup Systems                              974         2,470              3.2 
No 1 Traveller                            2,173         2,364              3.0 
Entertainment Magpie Group                1,611         2,059              2.6 
Wear Inns                                 1,640         1,961              2.5 
Weldex (International) Offshore 
 Holdings                                 3,262         1,959              2.5 
Cawood Scientific                         1,073         1,789              2.3 
IDOX*                                       269         1,788              2.3 
Biological Preparations Group             2,366         1,759              2.3 
Closerstill Group                         1,747         1,747              2.3 
It's All Good                             1,205         1,741              2.2 
Axial Systems Holdings                    1,004         1,738              2.2 
Volumatic Holdings                        1,762         1,694              2.2 
                                   ------------  ------------     ------------ 
Fifteen largest venture capital 
 investments                             24,230        32,450             41.7 
Other venture capital investments        28,381        23,051             29.6 
                                   ------------  ------------     ------------ 
Total venture capital investments        52,611        55,501             71.3 
Listed equity investments                 7,777         7,741              9.9 
Listed interest-bearing 
 investments                              6,223         6,043              7.8 
                                   ------------  ------------     ------------ 
Total fixed asset investments            66,611        69,285             89.0 
                                   ------------ 
Net current assets: 
Cash and cash equivalents                               8,416             10.8 
Debtors less creditors                                    161              0.2 
                                                 ------------     ------------ 
Net assets                                             77,862            100.0 
                                                 ------------     ------------ 
* Quoted on AIM 
**Listed on London Stock Exchange 
 
 
   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 investment adviser 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 investment adviser 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 adviser. 
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 adviser 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 
31 March 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 30 September 2015 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 
30 September 2015, except where changes were required by the adoption of 
FRS 102 "The Financial Reporting Standard applicable in the UK and 
Republic of Ireland".  An assessment of the impact of adopting FRS 102 
has been carried out and no restatement of balances as at the transition 
date, 1 October 2015, or of the comparative figures in the income 
statement or balance sheet is considered necessary. 
 
   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 S J 
Constantine (Chairman), Mr N J Beer, Mr R J Green, Mr T R Levett, Mr D A 
Mayes and Mr H P Younger. 
 
   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 
94,713,918 (2015 94,798,353) 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 31 March 2016 divided by the 93,959,820 (2015 95,399,820) 
ordinary shares in issue at that date. 
 
   The first interim dividend of 3.0p per share and the second interim 
dividend of 7.0p per share for the year ending 30 September 2016 will be 
paid on 30 June 2016 to shareholders on the register at the close of 
business on 3 June 2016. 
 
   A copy of the half-yearly financial report for the six months ended 31 
March 2016 is expected to be posted to shareholders by 31 May 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 OMX Corporate Solutions on 
behalf of NASDAQ OMX 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 Venture Trust PLC via Globenewswire 
 
   HUG#2013305 
 
 
 
 

(END) Dow Jones Newswires

May 17, 2016 11:00 ET (15:00 GMT)

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