Mercia Asset Management PLC Performance fee entitlement (1894H)

TIDMMERC

RNS Number : 1894H

Mercia Asset Management PLC

02 December 2020

 
  RNS   2 December 2020 
 

Mercia Asset Management PLC

("Mercia", the "Group" or the "Company")

Performance fee entitlement

Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.GBP872million of assets under management, is pleased to note that Northern Venture Trust PLC ("NVT") has released its preliminary results for the year ended 30 September 2020.

As a consequence of NVT's strong recovery in its net asset value per share, arising in part from a very recent successful sale of one of its investments, Mercia, as investment adviser to NVT, is now entitled to receive a performance fee of GBP284,000. This revenue will be included in Mercia's full year consolidated financial statements for the year ending 31 March 2021.

Mark Payton, Chief Executive Officer of Mercia, commented:

"It is very encouraging to see the recovery in net asset value per share of Northern Venture Trust PLC, as well as similar recoveries in net asset value per share for both Northern 2 VCT PLC and Northern 3 VCT PLC. This recovery in asset prices is consistent with what we are seeing in our own direct investment portfolio."

-Ends-

For further information, please contact:

 
   Mercia Asset Management PLC 
    Mark Payton, Chief Executive Officer 
    Martin Glanfield, Chief Financial Officer        [phone] 
    www.mercia.co.uk                                           1430 
   Canaccord Genuity Limited (NOMAD and Joint        [phone] 
    Broker)                                                    8000 
   Simon Bridges, Emma Gabriel, Richard Andrews 
 
   N+1 Singer (Joint Broker) 
                                                     [phone] 
   Harry Gooden, James Moat                                    3000 
 
                                                     [phone] 
   FTI Consulting                                              1051 
   Tom Blackwell, Louisa Feltes, Shiv Talwar 
   [e-mail] 
 

About Mercia Asset Management PLC:

Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital: the Group's 'Complete Connected Capital'. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.

The Group has a strong UK footprint through its regional offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.GBP872million of assets under management and, since its IPO in December 2014, has invested over GBP106million into its direct investment portfolio.

Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDZZMGZNMNGGZM

(END) Dow Jones Newswires

December 02, 2020 02:00 ET (07:00 GMT)