Northern Venture Tst Annual Financial Report

 
TIDMNVT 
 
 
   14 NOVEMBER 2017 
 
   NORTHERN VENTURE TRUST PLC 
 
   ANNUAL FINANCIAL REPORT FOR THE YEARED 30 SEPTEMBER 2017 
 
   Northern Venture Trust PLC is a Venture Capital Trust (VCT) whose 
investment adviser is NVM Private Equity LLP.  The trust was one of the 
first VCTs launched on the London Stock Exchange in 1995.  It invests 
mainly in unquoted venture capital holdings and aims to provide high 
long-term tax-free returns to shareholders through a combination of 
dividend yield and capital growth. 
 
   Financial highlights (comparative figures as at 30 September 2016): 
 
 
 
 
                                                         2017      2016 
Net assets                                           GBP76.3m  GBP77.2m 
Net asset value per share                               72.6p     80.0p 
Return per share after tax: 
Revenue                                                  1.8p      1.6p 
Capital                                                  1.9p      8.5p 
Total                                                    3.7p     10.1p 
Dividend per share for the year: 
First interim dividend                                   3.0p      3.0p 
Second interim (special) dividend                        5.0p      7.0p 
Proposed final dividend                                  3.0p      3.0p 
Total                                                   11.0p     13.0p 
Cumulative return to shareholders since launch: 
Net asset value per share                               72.6p     80.0p 
Dividends paid per share*                              159.5p    148.5p 
Net asset value plus dividends paid per share          232.1p    228.5p 
Mid-market share price at end of year                   71.0p     70.0p 
Tax-free dividend yield (based on mid-market share 
 price at end of year): 
Excluding special dividend                               8.5%      8.6% 
 Including special dividend                             15.5%     18.6% 
 
 
   *Excluding proposed final dividend payable on 22 December 2017 
 
   For further information, please contact: 
 
   NVM Private Equity LLP 
 
   Alastair Conn/Christopher Mellor                  0191 244 6000 
 
   Website:  www.nvm.co.uk 
 
   CHAIRMAN'S STATEMENT 
 
   Overview 
 
   The past year has been a busy one of consolidation as we continue to 
adapt to the new VCT rules, building the pipeline of opportunities in 
earlier stage companies.  The companies exited during the year had 
already been marked up in value in previous years and so the surplus for 
the year to September 2017 was lower than the preceding year.  However 
the strong inflow of cash enabled the board once again to declare a 
special dividend, this time of 5.0 pence per share paid in June.  The 
pace of investment increased in the second half with four new 
VCT-qualifying investments being completed, in addition to the 
investment reported in the first half.  Two share offers were launched 
successfully during the year and filled very quickly so we start the new 
financial year in a position of considerable cash strength to support 
future investment activities. 
 
   Results and dividend 
 
   In the year ended 30 September 2017 the company achieved a return after 
tax of GBP3,675,000 (2016: GBP9,571,000), or 3.7 pence per share (2016: 
10.1 pence), representing a total return of 4.6% over the opening net 
asset value (NAV) per share. The NAV per share at 30 September 2017, 
after deducting dividends paid during the year of 11.0 pence, was 72.6 
pence compared with 80.0 pence as at 30 September 2016 as we continued 
to return cash to shareholders following the successful sale of 
investments. 
 
   An interim dividend of 3.0 pence per share was paid in June 2017, 
together with a special dividend of 5.0 pence in recognition of 
profitable investment realisations.  As previously highlighted, the VCT 
rules allow only a relatively short six month period for re-investment 
of such receipts before they become non-qualifying if retained by the 
company.  The directors propose a final dividend also of 3.0 pence per 
share, which will be paid on 22 December 2017 to shareholders on the 
register on 24 November 2017, taking the total dividend in respect of 
the year to 11.0 pence.  This is the fourteenth consecutive year in 
which a dividend of at least 6.0 pence has been paid.  A 6.0 pence 
dividend represents a tax-free yield of 8.5% on the mid-market share 
price of 71.0 pence at 30 September 2017. 
 
   Investment income was higher than in the prior year at GBP3.0 million 
(2016: GBP2.6 million), as a result of positive developments in a number 
of portfolio companies, which have enabled them to clear significant 
arrears of interest.  Notwithstanding this one-off positive impact, we 
continue to expect a downward trend in investment income as the profile 
of the portfolio shifts towards earlier stage investments in response to 
the current VCT rules.  This change in the portfolio may also make the 
flow of realised gains less predictable in the medium to long term and 
so future dividends are likely to be subject to fluctuation. 
 
   Investment portfolio 
 
   During the past year, five new VCT-qualifying investments have been 
completed at a total cost of GBP3.9 million;  this demonstrates a lower 
average level of initial investment in portfolio companies than in the 
past as we expect to support them through various stages of growth in 
the future with further investments.  Shareholders may recall that the 
current VCT rules, which were enacted two years ago, removed management 
buyout transactions from the permitted range of investment activities. 
Our focus has necessarily shifted to earlier stage companies requiring 
capital for the development of new products and markets.  Our investment 
adviser, NVM, has continued to supplement its early stage investment 
capability and the flow of attractive opportunities meeting our criteria 
has been encouraging. 
 
   The cash proceeds from venture capital investments sold or repaid 
amounted to GBP15.4 million, representing a surplus of GBP4.0 million 
over original cost.  The gain recognised during the year relating to the 
disposals was less significant at GBP1.6 million, owing to the progress 
made in several of these exit processes before the start of the year and 
gains therefore recorded in previous years.  The resulting inflow of 
cash facilitated the declaration of the special dividend referred to 
above. 
 
   Share issues and buy-backs 
 
   In February 2017 we launched a top-up offer of new ordinary shares to 
raise up to GBP4.3 million, in conjunction with similar offers by 
Northern 2 VCT and Northern 3 VCT, which became fully subscribed within 
48 hours.  Having reviewed the forecast cash requirements for the 
forthcoming year and beyond, we also launched a full prospectus offer to 
raise up to GBP20.0 million in September 2017.  The demand experienced 
was again strong and on 16 October 2017 we announced that the latest 
offer was also fully subscribed.  Priority was given to existing 
shareholders for a three week period, during which time all applications 
received from existing shareholders were satisfied in full.  With 
approximately 40% of the total gross subscription coming from new 
investors, we welcome almost 800 new shareholders to the register and I 
would like to record my sincere thanks to all applicants for the strong 
vote of confidence received.  As a result, we are well positioned both 
to support existing early stage investee companies which may require 
further finance to thrive and to exploit new investment opportunities 
which meet our key criteria of growth potential, strong management and 
an ability to generate cash in the medium to long term. 
 
   Whilst we have maintained flexibility to buy back shares in the market 
at a 5% discount to NAV, the secondary market has met all selling demand 
in the year and consequently there were no buy-backs. 
 
   In addition to the public offers, 3,175,620 shares were issued during 
the year under our dividend investment scheme for consideration of 
GBP2.3 million, representing around one fifth of the total dividend 
payments during the year. 
 
   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 
 
   The past two years have seen unprecedented change in the VCT industry. 
However I am encouraged that our investment rate in attractive 
opportunities has been maintained with 13 new investments completed 
under the new VCT rules, including two investments since the year-end. 
By way of a reminder, our portfolio of VCT-qualifying investments 
acquired before the changes were enacted is not affected by the new 
legislation, except to the extent that it is no longer possible for us 
to make follow-on investments in many of those companies. 
 
   More change may yet be on the horizon as the Government assesses the 
findings of its Patient Capital Review.  The review was commissioned 
with a remit to identify barriers to access to long-term finance for 
growing firms in the UK and to assess what changes in Government policy 
may be needed to improve the supply of funding.  In conjunction with our 
investment adviser, we have welcomed the opportunity to consult on these 
important topics and to highlight the considerable support that the VCT 
industry provides to growing, innovative businesses. 
 
   We look forward to the Chancellor's Budget announcement on 22 November 
and to obtaining further clarity on the future legislative environment 
for our industry. 
 
   Annual general meeting 
 
   The 2017 annual general meeting will take place in Edinburgh on Tuesday 
19 December 2017.  Details of the formal business of the meeting are set 
out in a separate circular which is being sent to shareholders with the 
annual report.  We look forward to meeting shareholders on that 
occasion. 
 

   Outlook 
 
   The past year has been another period of adapting as we refine our 
approach to investment activities under the current rules and assess the 
evolving political and economic landscapes, including Britain's future 
relationship with the EU.  Whilst making definitive statements about 
what lies ahead is inherently difficult, we are confident in the 
resilience developed to deal with change and remain positive about the 
future. 
 
   Simon Constantine 
 
   Chairman 
 
   The audited financial statements for the year ended 30 September 2017 
are set out below. 
 
   INCOME STATEMENT 
 
   for the year ended 30 September 2017 
 
 
 
 
                 Year ended 30 September 2017        Year ended 30 September 2016 
               Revenue     Capital      Total      Revenue     Capital      Total 
                GBP000      GBP000      GBP000      GBP000      GBP000      GBP000 
Gain on 
 disposal of 
 investments           -       1,651       1,651           -       2,398       2,398 
Movements in 
 fair value 
 of 
 investments           -       1,072       1,072           -       7,458       7,458 
              ----------  ----------  ----------  ----------  ----------  ---------- 
                       -       2,723       2,723           -       9,856       9,856 
Income             2,989           -       2,989       2,570           -       2,570 
Investment 
 management 
 fee               (407)     (1,222)     (1,629)       (404)     (2,054)     (2,458) 
Other 
 expenses          (408)           -       (408)       (397)           -       (397) 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return on 
 ordinary 
 activities 
 before tax        2,174       1,501       3,675       1,769       7,802       9,571 
Tax on 
 return on 
 ordinary 
 activities        (373)         373           -       (240)         240           - 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return on 
 ordinary 
 activities 
 after tax         1,801       1,874       3,675       1,529       8,042       9,571 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return per          1.8p        1.9p        3.7p        1.6p        8.5p       10.1p 
 share 
 
   BALANCE SHEET 
 
   as at 30 September 2017 
 
 
 
 
                                          30 September 2017  30 September 2016 
                                                GBP000             GBP000 
Fixed asset investments                              65,699             73,572 
                                                 ----------         ---------- 
Current assets: 
 Debtors                                                661                369 
 Cash and deposits                                    9,981              4,206 
                                                 ----------         ---------- 
                                                     10,642              4,575 
 
Creditors (amounts falling due within 
 one year)                                             (81)              (947) 
                                                 ----------         ---------- 
Net current assets                                   10,561              3,628 
                                                 ----------         ---------- 
 
Net assets                                           76,260             77,200 
                                                 ----------         ---------- 
Capital and reserves 
Called-up equity share capital                       26,256             24,110 
Share premium                                         6,941              2,599 
Capital redemption reserve                              544                544 
Capital reserve                                      34,150             40,514 
Revaluation reserve                                   5,972              7,360 
Revenue reserve                                       2,397              2,073 
                                                 ----------         ---------- 
Total equity shareholders' funds                     76,260             77,200 
                                                 ----------         ---------- 
Net asset value per share                             72.6p              80.0p 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   for the year ended 30 September 2017 
 
 
 
 
                      ---------------Non-distributable 
                          reserves---------------                Distributable reserves     Total 
                                       Capital 
                Share       Share     redemption    Revaluation     Capital     Revenue 
               capital     premium     reserve        reserve       reserve     reserve 
               GBP000      GBP000      GBP000        GBP000          GBP000    GBP000       GBP000 
At 1 
 October 
 2016            24,110       2,599          544          7,360      40,514        2,073      77,200 
Return on 
ordinary 
activities 
after tax 
 for the 
 year                 -           -            -        (1,388)       3,262        1,801       3,675 
Net 
 proceeds 
 of share 
 issues           2,146       4,342            -              -           -            -       6,488 
Dividends 
 paid                 -           -            -              -     (9,626)      (1,477)    (11,103) 
             ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
At 30 
 September 
 2017            26,256       6,941          544          5,972      34,150        2,397      76,260 
             ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   for the year 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 October 
 2015              23,775       1,359          228          3,367      47,787        2,432      78,948 
Return on 
ordinary 
activities 
after tax for 
 the year               -           -            -          3,993       4,049        1,529       9,571 
Net proceeds 
 of share 
 issues               651       1,240            -              -           -            -       1,891 
Shares 
purchased 
for 
 cancellation       (316)           -          316              -       (968)            -       (968) 
Dividends 
 paid                   -           -            -              -    (10,354)      (1,888)    (12,242) 
               ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
At 30 
 September 
 2016              24,110       2,599          544          7,360      40,514        2,073      77,200 
               ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
 
 
   STATEMENT OF CASH FLOWS 
 
   for the year ended 30 September 2017 
 
 
 
 
                                             Year ended         Year ended 
                                          30 September 2017  30 September 2016 
                                               GBP000             GBP000 
Cash flows from operating activities: 
Return on ordinary activities before tax              3,675              9,571 
Adjustments for: 
Gain on disposal of investments                     (1,651)            (2,398) 
Movement in fair value of investments               (1,072)            (7,458) 
(Increase)/decrease in debtors                        (292)               (29) 
Increase/(decrease) in creditors                      (866)                495 
                                                 ----------         ---------- 
Net cash inflow/(outflow) from operating 
 activities                                           (206)                181 
                                                 ----------         ---------- 
Cash flows from investing activities: 
Purchase of investments                             (6,458)           (10,471) 
Sale/repayment of investments                        17,054             19,397 
                                                 ----------         ---------- 
Net cash inflow from investing 
 activities                                          10,596              8,926 
                                                 ----------         ---------- 
Cash flows from financing activities: 
Issue of shares                                       6,592              1,899 
Share issue expenses                                  (104)                (8) 
Shares purchased for cancellation                         -              (968) 
Dividends paid                                     (11,103)           (12,242) 
                                                 ----------         ---------- 
Net cash outflow from financing 
 activities                                         (4,615)           (11,319) 
                                                 ----------         ---------- 
Net increase/(decrease) in cash and cash 
 equivalents                                          5,775            (2,212) 
Cash and cash equivalents at beginning 
 of year                                              4,206              6,418 
                                                 ----------         ---------- 
Cash and cash equivalents at end of year              9,981              4,206 
                                                 ----------         ---------- 
 
   INVESTMENT PORTFOLIO SUMMARY 
 
   as at 30 September 2017 
 
 
 
 
                                          Cost     Valuation   % of net assets 
Company                                  GBP000      GBP000      by valuation 

Fifteen largest venture capital 
investments: 
No 1 Lounges                                2,006       3,900              5.1 
Entertainment Magpie Group                  1,610       3,751              4.9 
Buoyant Upholstery                          1,674       3,263              4.3 
Sorted Holdings                             1,808       2,820              3.7 
MSQ Partners Group                          1,695       2,628              3.4 
Lineup Systems                                974       2,468              3.2 
Biological Preparations Group               2,366       2,067              2.7 
IDOX*                                         238       2,036              2.7 
Agilitas IT Holdings                        1,662       1,981              2.6 
Closerstill Group                           1,747       1,902              2.5 
Wear Inns                                   1,640       1,854              2.4 
It's All Good                               1,205       1,751              2.3 
Weldex (International) Offshore 
 Holdings                                   3,262       1,670              2.2 
Love Saving Group                           1,204       1,656              2.2 
Graza                                       1,581       1,581              2.1 
                                       ----------  ----------          ------- 
                                           24,672      35,328             46.3 
Other venture capital investments: 
Volumatic Holdings                          1,423       1,555              2.0 
CGI Group Holdings                          3,818       1,521              2.0 
Intuitive Holding                           1,674       1,500              2.0 
Customs Connect Group                       1,406       1,406              1.8 
Volo Commerce                               1,173       1,173              1.5 
Knowledgemotion                             1,048       1,048              1.4 
Intelling Group                             1,048       1,048              1.4 
Rockar                                        874         874              1.1 
Axial Systems Holdings                      1,004         859              1.1 
Vectura Group**                               599         750              1.0 
AVID Technology Group                         715         715              1.0 
Haystack Dryers                             1,661         706              0.9 
Lanner Group                                  523         699              0.9 
Channel Mum                                   662         662              0.9 
Nasstar*                                      323         597              0.8 
Arnlea Holdings                             1,305         585              0.8 
Contego Fraud Solutions                       519         519              0.7 
Other investments each valued at less 
 than GBP500,000                            5,198       2,559              3.3 
                                       ----------  ----------          ------- 
Total venture capital investments          49,645      54,104             70.9 
Listed equity investments                   5,181       6,681              8.9 
Listed interest-bearing investments         4,901       4,914              6.4 
                                       ----------  ----------          ------- 
Total fixed asset investments              59,727      65,699             86.2 
                                       ---------- 
Net current assets                                     10,561             13.8 
                                                   ----------          ------- 
Net assets                                             76,260            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:  investment in smaller and unquoted 
companies, such as those in which the company invests, involves a higher 
degree of risk than investment in larger listed companies because they 
generally have limited product lines, markets and financial resources 
and may be more dependent on their management or key individuals.  The 
securities of smaller companies in which the company invests are 
typically unlisted, making them illiquid, and this may cause 
difficulties in valuing and disposing of the securities.  The company 
may invest in businesses whose shares are quoted on AIM - the fact that 
a share is quoted on AIM does not mean that it can be readily traded and 
the spread between the buying and selling prices of such shares may be 
wide.  Mitigation:  the directors aim to limit the risk attaching to the 
portfolio as a whole by careful selection, close monitoring and timely 
realisation of investments, by carrying out rigorous due diligence 
procedures and maintaining a wide spread of holdings in terms of 
financing stage and industry sector.  The board reviews the investment 
portfolio with the investment 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 may be very little, if any, market demand for shares in 
smaller companies quoted on AIM.  Mitigation:  the company's quoted 
investments are actively managed by specialist advisers and the board 
keeps the portfolio under ongoing review. 
 
   Credit risk:  the company holds a number of financial instruments and 
cash deposits and is dependent on the counterparties discharging their 
commitment.  Mitigation:  the directors review the creditworthiness of 
the counterparties to these instruments and cash deposits and seek to 
ensure there is no undue concentration of credit risk with any one 
party. 
 
   Legislative and regulatory risk:  in order to maintain its approval as a 
VCT, the company is required to comply with current VCT legislation in 
the UK, which reflects the European Commission's State aid rules. 
Changes to the UK legislation or the State aid rules in the future could 
have an adverse effect on the company's ability to achieve satisfactory 
investment returns whilst retaining its VCT approval.  Mitigation:  The 
board and the investment 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:  While it is the intention of the directors 
that the company will be managed so as to continue to qualify as a VCT, 
there can be no guarantee that this status will be maintained.  A 
failure to continue meeting the qualifying requirements could result in 
the loss of VCT tax relief, the company losing its exemption from 
corporation tax on capital gains, to shareholders being liable to pay 
income tax on dividends received from the company and, in certain 
circumstances, to shareholders being required to repay the initial 
income tax relief on their investment.  Mitigation:  the investment 
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. 
 
   DIRECTORS' RESPONSIBILITIES 
 
   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 they 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 the 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 United Kingdom governing the preparation and 
dissemination of financial statements may differ from legislation in 
other jurisdictions. 
 
   DIRECTORS' RESPONSIBILITY STATEMENT IN RELATION TO THE ANNUAL REPORT AND 
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017 
 
   The directors have confirmed 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 or loss 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, are fair, 
balanced and understandable and provide 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 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. 
 
   OTHER MATTERS 
 
   The above summary of results for the year ended 30 September 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 
100,330,704 (2016 95,009,513) 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 30 September 2017 divided by the 105,026,156 (30 September 
2016 96,440,979) ordinary shares in issue at that date. 
 
   The proposed final dividend of 3.0 pence per share for the year ended 30 
September 2017 will, if approved by shareholders, be paid on 22 December 
2017 to shareholders on the register at the close of business on 24 
November 2017. 
 
   The full annual report including financial statements for the year ended 
30 September 2017 is expected to be posted to shareholders on 21 
November 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 Venture Trust PLC via Globenewswire 
 
 
 
 

(END) Dow Jones Newswires

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

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