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NVT Northern Venture Trust Plc

57.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Northern Venture Trust Plc LSE:NVT London Ordinary Share GB0006450703 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 57.50 56.00 59.00 57.50 57.50 57.50 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty -9.13M -9.92M -0.0568 -10.12 100.49M

Northern Venture Tst Half-yearly Report

23/05/2017 3:00pm

UK Regulatory


 
TIDMNVT 
 
 
   23 MAY 2017 
 
   NORTHERN VENTURE TRUST PLC 
 
   UNAUDITED HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHSED 31 MARCH 
2017 
 
   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 2016 and 30 
September 2016) 
 
 
 
 
                                                       Six months to  Six months to        Year to 
                                                            31 March       31 March   30 September 
                                                                2017           2016           2016 
Net assets                                                  GBP76.9m       GBP77.9m       GBP77.2m 
Net asset value per share                                      79.1p          82.9p          80.0p 
Return per share: 
 Revenue                                                        0.9p           0.9p           1.6p 
 Capital                                                        1.2p           1.9p           8.5p 
 Total                                                          2.1p           2.8p          10.1p 
Dividend per share for the period: 
 First interim dividend                                         3.0p           3.0p           3.0p 
 Second interim (special) dividend                              5.0p           7.0p           7.0p 
 Final dividend                                                    -              -           3.0p 
 Total                                                          8.0p          10.0p          13.0p 
Cumulative returns to shareholders 
 since launch:                                                 79.1p          82.9p          80.0p 
 Net asset value per share                                    151.5p         138.5p         148.5p 
 Dividends paid per share*                                    230.6p         221.4p         228.5p 
 Net asset value plus dividends paid per share 
 *Excluding interim dividends payable on 30 June 2017 
Mid-market share price at end of period                       75.50p         76.75p         70.00p 
Tax-free dividend yield (based on mid-market 
 share price at end of period): 
Excluding special dividend                                      7.9%           7.8%           8.6% 
 Including special dividend                                    14.6%          16.9%          18.6% 
 
 
   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 2017 
 
   The past six months have been relatively quiet in terms of portfolio 
movements, but there has been considerable activity as the process of 
adapting to the recent changes to the VCT rules continues.  We completed 
a small top-up share offer and achieved two significant investment sales, 
one of which occurred just after the March period end but has been 
valued at the sale price in the March balance sheet.  Our cash position 
remains healthy and I am pleased to report that the board has decided to 
declare a special dividend of 5.0p per share in recognition of the 
investment gains recorded over the past 12 months, in addition to the 
normal 3.0p interim dividend.  The flow of potential new investments is 
currently looking strong. 
 
   Results and dividend 
 
   The unaudited net asset value (NAV) per share at 31 March 2017 was 79.1p, 
compared with the audited figure of 80.0p at 30 September 2016.  The 
total return per share before dividends for the six months ended 31 
March 2017 as shown in the income statement was 2.1p (six months ended 
31 March 2016 2.8p), equivalent to 2.6% of the NAV at the start of the 
period.  Investment income was slightly higher than in the corresponding 
period last year at GBP1.4 million, but this reflected the benefit of a 
one-off receipt of GBP0.4 million from Optilan Group as mentioned below, 
and across the portfolio we have seen the beginning of an inevitable 
downward trend in investment income as the profile of the portfolio 
changes towards earlier stage investments in response to the new VCT 
rules.  The revenue return per share for the period was unchanged at 
0.9p. 
 
   We have declared an unchanged first interim dividend of 3.0p per share 
for the year ending 30 September 2017.  There has been a strong inflow 
of cash from investment realisations since we last paid a special 
dividend in mid-2016, and 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.  Accordingly the directors 
have also decided to declare a special dividend of 5.0p, which will be 
paid as a second interim dividend for the year ending 30 September 2017. 
The first and second interim dividends, totalling 8.0p per share, will 
be paid on 30 June 2017 to shareholders on the register on 2 June 2017. 
 
   We will continue to keep our dividend policy under review, and 
shareholders should bear in mind that in the short to medium term the 
move towards earlier-stage investments may have the effect of reducing 
the amounts of income and realised gains available for distribution. 
 
   Investments 
 
   One new VCT-qualifying holding was acquired during the period, when 
GBP1.0 million was invested in Intelling Group, a Manchester-based 
business which provides telemarketing and customer care services, mainly 
in the business-to-consumer market.  NVM has reported an increase 
recently in the volume of work in progress on potential new investments, 
and we expect to see this reflected in further investment activity in 
the second half of the year. 
 
   Two significant exits have been achieved since our last report, one just 
before the March period end and one just after.  Cawood Scientific was 
sold in March in a secondary buyout funded by Inflexion Private Equity, 
generating cash proceeds of GBP2.9 million and a gain of GBP1.8 million 
over the original cost; in April we sold Optilan Group to Blue Water 
Energy for proceeds of GBP2.2 million and a gain of GBP1.2 million, as 
well as recovering GBP0.4 million of accrued loan stock interest.  These 
investments, held for seven years and nine years respectively, are 
excellent examples of how long-term funding from VCTs can be used by 
growing companies to enhance shareholder value whilst creating increased 
employment and contributing to the wider UK economy. 
 
   Our portfolio companies have generally continued to make good progress, 
and we hope to see further exit activity later in the year. 
 
   Shareholder issues 
 
   In January 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.  The offer was restricted to existing 
investors in the Northern VCTs and sold out almost immediately, 
demonstrating the strong level of market demand for new shares in 
well-established VCTs.  A substantial number of applications had to be 
declined and we regret the disappointment felt by unsuccessful 
applicants.  The possibility of future share issues will be kept under 
review, and will naturally depend on the rate of new investment and 
realisations from the existing portfolio. 
 
   Our dividend investment scheme, which 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, 
continues to operate. 
 
   We have maintained our policy of being willing to buy back the company's 
shares in the market at a 5% discount to NAV.  During the period under 
review, however, secondary market demand was sufficient to accommodate 
would-be sellers without the need for buy-backs by the company. 
 
   VCT legislation 
 
   We have come through a period of rapid change in the VCT legislation, 
and VCTs and HM Revenue & Customs are still coming to terms with some of 
the practical implications.  In November 2016 the Government announced 
its Patient Capital Review, 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 an uncertain economic climate, with the political landscape 
also changing, we believe that VCTs have continued to play a significant 
role in relation to this aspect of the UK economy. 
 
   VCT qualifying status 
 
   The company has continued to meet the stringent 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. 
 
   Outlook 
 
   The unforeseen events of the past 12 months, both in the UK and on a 
global stage, have emphasised the difficulty of making statements about 
what lies ahead.  Your company has over the years developed the 
resilience to cope with changing circumstances and still produce 
satisfactory returns for shareholders, and we therefore take a broadly 
positive view of the future. 
 
   On behalf of the Board 
 
   Simon Constantine 
 
   Chairman 
 
   The unaudited half-yearly financial statements for the six months ended 
31 March 2017 are set out below. 
 
   INCOME STATEMENT 
 
   (unaudited) for the six months ended 31 March 2017 
 
 
 
 
                Six months ended 31 March 2017        Six months ended 31 March 2016 
               Revenue     Capital      Total      Revenue     Capital      Total 
                GBP000      GBP000      GBP000      GBP000      GBP000      GBP000 
Gain on 
 disposal of 
 investments           -         759         759           -       1,053       1,053 
Movements in 
 fair value 
 of 
 investments           -         800         800           -       1,284       1,284 
              ----------  ----------  ----------  ----------  ----------  ---------- 
                       -       1,559       1,559           -       2,337       2,337 
Income             1,431           -       1,431       1,338           -       1,338 
Investment 
 management 
 fee               (199)       (596)       (795)       (207)       (622)       (829) 
Other 
 expenses          (204)           -       (204)       (206)           -       (206) 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return on 
 ordinary 
 activities 
 before tax        1,028         963       1,991         925       1,715       2,640 
Tax on 
 return on 
 ordinary 
 activities        (176)         176           -       (104)         104           - 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return on 
 ordinary 
 activities 
 after tax           852       1,139       1,991         821       1,819       2,640 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return per          0.9p        1.2p        2.1p        0.9p        1.9p        2.8p 
 share 
 
 
 
 
                                               Year ended 30 September 2016 
                                          Revenue     Capital      Total 
                                           GBP000      GBP000      GBP000 
Gain on disposal of investments                   -       2,398       2,398 
Movements in fair value of investments            -       7,458       7,458 
                                         ----------  ----------  ---------- 
                                                  -       9,856       9,856 
Income                                        2,570           -       2,570 
Investment management fee                     (404)     (2,054)     (2,458) 
Other expenses                                (397)           -       (397) 
                                         ----------  ----------  ---------- 
Return on ordinary activities before 
 tax                                          1,769       7,802       9,571 
Tax on return on ordinary activities          (240)         240           - 
                                         ----------  ----------  ---------- 
Return on ordinary activities after tax       1,529       8,042       9,571 
                                         ----------  ----------  ---------- 
Return per share                               1.6p        8.5p       10.1p 
 
   BALANCE SHEET 
 
   (unaudited) as at 31 March 2017 
 
 
 
 
                               31 March 2017  31 March 2016  30 September 2016 
                                  GBP000         GBP000           GBP000 
Fixed asset investments               66,858         69,285             73,572 
                                  ----------     ----------         ---------- 
Current assets: 
 Debtors                                 597            330                369 
 Cash and cash equivalents            13,807          8,416              4,206 
                                  ----------     ----------         ---------- 
                                      14,404          8,746              4,575 
Creditors (amounts falling 
 due within one year)                (4,388)          (169)              (947) 
                                  ----------     ----------         ---------- 
Net current assets                    10,016          8,577              3,628 
                                  ----------     ----------         ---------- 
 
Net assets                            76,874         77,862             77,200 
                                  ----------     ----------         ---------- 
 
Capital and reserves: 
Called-up equity share 
 capital                              24,302         23,490             24,110 
Share premium                          2,984          1,359              2,599 
Capital redemption reserve               544            513                544 
Capital reserve                       40,805         47,521             40,514 
Revaluation reserve                    6,278          2,674              7,360 
Revenue reserve                        1,961          2,305              2,073 
                                  ----------     ----------         ---------- 
Total equity shareholders' 
 funds                                76,874         77,862             77,200 
                                  ----------     ----------         ---------- 
Net asset value per share              79.1p          82.9p              80.0p 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   (unaudited) for the six months ended 31 March 2017 
 
 
 
 
                      ---------------Non-distributable 
                          reserves---------------                Distributable reserves     Total 
                                       Capital 
                Share       Share     redemption    Revaluation     Capital     Revenue 
               capital     premium     reserve        reserve       reserve     reserve 
               GBP000      GBP000      GBP000        GBP000          GBP000    GBP000       GBP000 
At 1 
 October 
 2016            24,110       2,599          544          7,360      40,514        2,073      77,200 
Return on 
ordinary 
activities 
after tax 
 for the 
 period               -           -            -        (1,082)       2,221          852       1,991 
Dividends 
 paid                 -           -            -              -     (1,930)        (964)     (2,894) 
Net 
 proceeds 
 of share 
 issues             192         385            -              -           -            -         577 
             ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
At 31 March 
 2017            24,302       2,984          544          6,278      40,805        1,961      76,874 
             ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
 
 
   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 
Dividends 
 paid                  -           -            -              -     (1,897)        (948)     (2,845) 
Re-purchase 
 of shares         (285)           -          285              -       (881)            -       (881) 
              ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
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 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 
Dividends 
 paid                  -           -            -              -    (10,354)      (1,888)    (12,242) 
Net proceeds 
 of share 
 issues              651       1,240            -              -           -            -       1,891 
Re-purchase 
 of shares         (316)           -          316              -       (968)            -       (968) 
              ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
At 30 
 September 
 2016             24,110       2,599          544          7,360      40,514        2,073      77,200 
              ----------  ----------   ----------     ----------  ----------   ----------  ---------- 
 
 
   STATEMENT OF CASH FLOWS 
 
   (unaudited) for the six months ended 31 March 2017 
 
 
 
 
                         Six months ended  Six months ended     Year ended 
                          31 March 2017     31 March 2016    30 September 2016 
                              GBP000            GBP000            GBP000 
Cash flows from 
operating activities: 
Return on ordinary 
 activities before tax              1,991             2,640              9,571 
Adjustments for: 
Gain on disposal of 
 investments                        (759)           (1,053)            (2,398) 
Movement in fair value 
 of investments                     (800)           (1,284)            (7,458) 
(Increase)/decrease in 
 debtors                            (266)              (28)               (29) 
Increase/(decrease) in 
 creditors                          (856)             (283)                495 
                               ----------        ----------         ---------- 
Net cash 
 inflow/(outflow) from 
 operating activities               (690)               (8)                181 
                               ----------        ----------         ---------- 
Cash flows from 
investing activities: 
Purchase of investments           (2,496)             (914)           (10,471) 
Sale/repayment of 
 investments                       10,807             6,646             19,397 
                               ----------        ----------         ---------- 
Net cash inflow from 
 investing activities               8,311             5,732              8,926 
                               ----------        ----------         ---------- 
Cash flows from 
financing activities: 
Issue of shares                       592                 -              1,899 
Share issue expenses                 (15)                 -                (8) 
Share subscriptions 
 held pending 
 allotment                          4,297                 -                  - 
Repurchase of ordinary 
 shares for 
 cancellation                           -             (881)              (968) 
Dividends paid on 
 ordinary shares                  (2,894)           (2,845)           (12,242) 
                               ----------        ----------         ---------- 
Net cash 
 inflow/(outflow) from 
 financing activities               1,980           (3,726)           (11,319) 
                               ----------        ----------         ---------- 
Net increase/(decrease) 
 in cash/cash 
 equivalents                        9,601             1,998            (2,212) 
Cash and cash 
 equivalents at 
 beginning of period                4,206             6,418              6,418 
                               ----------        ----------         ---------- 
Cash and cash 
 equivalents at end of 
 period                            13,807             8,416              4,206 
                               ----------        ----------         ---------- 
 
   INVESTMENT PORTFOLIO SUMMARY 
 
   as at 31 March 2017 
 
 
 
 
                                       Cost       Valuation    % of net assets 
                                      GBP000        GBP000       by valuation 
Venture capital investments: 
Entertainment Magpie Group                1,610         5,516              7.2 
No 1 Lounges                              2,006         4,012              5.2 
Buoyant Upholstery                        1,674         3,263              4.2 
MSQ Partners Group                        1,695         2,798              3.6 
Lineup Systems                              974         2,468              3.2 
IDOX*                                       238         2,210              2.9 
Optilan Group                             1,000         2,196              2.9 
Agilitas IT Holdings                      1,662         1,865              2.4 
Wear Inns                                 1,640         1,854              2.4 
Biological Preparations Group             2,366         1,759              2.3 
It's All Good                             1,205         1,751              2.3 
Closerstill Group                         1,747         1,747              2.3 
Volumatic Holdings                        1,595         1,677              2.2 
Weldex (International) Offshore 
 Holdings                                 3,262         1,670              2.2 
Graza                                     1,581         1,581              2.1 
                                   ------------  ------------     ------------ 
Fifteen largest venture capital 
 investments                             24,255        36,367             47.4 
Other venture capital investments        26,311        19,247             25.0 
                                   ------------  ------------     ------------ 
Total venture capital investments        50,566        55,614             72.4 
Listed equity investments                 5,183         6,373              8.3 
Listed interest-bearing 
 investments                              4,831         4,871              6.3 
                                   ------------  ------------     ------------ 
Total fixed asset investments            60,580        66,858             87.0 
                                   ------------ 
Net current assets: 
Cash and cash equivalents                              13,807             18.0 
Debtors less creditors                                (3,791)            (5.0) 
                                                 ------------     ------------ 
Net assets                                             76,874            100.0 
                                                 ------------     ------------ 
*Quoted on AIM 
 
 
   BUSINESS RISKS 
 
   The board carries out a regular and robust review of the risk 
environment in which the company operates.  The principal risks and 
uncertainties identified by the board which might affect the company's 
business model and future performance, and the steps taken with a view 
to their mitigation, are as follows: 
 
   Investment and liquidity risk: 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 2017 do not constitute statutory financial statements within 
the meaning of Section 434 of the Companies Act 2006, have not been 
reviewed or audited by the company's independent auditor and have not 
been delivered to the Registrar of Companies.  The comparative figures 
for the year ended 30 September 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 
30 September 2016. 
 
   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 
96,859,127 (2016 94,713,918) 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 2017 divided by the 97,209,695 (2016 93,959,820) 
ordinary shares in issue at that date. 
 
   The first interim dividend of 3.0p per share and the second interim 
dividend of 5.0p per share for the year ending 30 September 2017 will be 
paid on 30 June 2017 to shareholders on the register at the close of 
business on 2 June 2017. 
 
   A copy of the half-yearly financial report for the six months ended 31 
March 2017 is expected to be posted to shareholders by 2 June 2017 and 
will be available to the public at the registered office of the company 
at Time Central, 32 Gallowgate, Newcastle upon Tyne NE1 4SN and on the 
NVM Private Equity LLP website, www.nvm.co.uk. 
 
   Neither the contents of the NVM Private Equity LLP website nor the 
contents of any website accessible from hyperlinks on the NVM Private 
Equity LLP website (or any other website) is incorporated into, or forms 
part of, this announcement. 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Northern Venture Trust PLC via Globenewswire 
 
 
 
 

(END) Dow Jones Newswires

May 23, 2017 10:00 ET (14:00 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.

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