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Share Name Share Symbol Market Type Share ISIN Share Description
Northern 2 Vct Plc LSE:NTV London Ordinary Share GB0005356430 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 61.50p 60.50p 62.50p 61.50p 61.50p 61.50p 0 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 2.6 1.8 1.2 51.3 56.75

Northern 2 VCT PLC Half-year Report

12/11/2018 12:30pm

UK Regulatory (RNS & others)


 
TIDMNTV 
 
 
   12 NOVEMBER 2018 
 
   NORTHERN 2 VCT PLC 
 
   UNAUDITED HALF-YEARLY FINANCIAL REPORT 
 
   FOR THE SIX MONTHSED 30 SEPTEMBER 2018 
 
   Northern 2 VCT PLC is a Venture Capital Trust (VCT) managed by NVM 
Private Equity LLP.  It invests mainly in unquoted venture capital 
holdings and aims to provide high long-term tax-free returns to 
shareholders through a combination of dividend yield and capital growth. 
 
   Financial highlights (comparative figures as at 30 September 2017 and 31 
March 2018) 
 
 
 
 
                                                     Six months to    Six months to       Year to 
                                                      30 September     30 September      31 March 
                                                          2018             2017              2018 
                                                    ---------------  ---------------  ----------- 
Net assets                                             GBP85.0m         GBP69.3m         GBP87.0m 
Net asset value per share                                64.9p            68.4p             66.9p 
Return per share: 
 Revenue                                                  0.5p             1.0p              1.3p 
 Capital                                                  1.0p            (0.6)p           (0.4)p 
 Total                                                    1.5p             0.4p              0.9p 
Dividend per share declared 
 in respect of the period                                 2.0p             2.0p              5.5p 
Cumulative returns to shareholders 
 since launch: 
 Net asset value per share                               64.9p            68.4p             66.9p 
 Dividends paid per share*                               115.4p           109.9p           111.9p 
 Net asset value plus dividends paid per share           180.3p           178.3p           178.8p 
Mid-market share price at end of period                  60.0p            64.5p             63.5p 
Share price discount to net asset value               7.6%             5.7%            5.1% 
Tax-free dividend yield (based on net asset value 
 per share)**                                         8.0%             7.1%            7.2% 
 
   *Excluding interim dividend not yet paid 
 
   **The annualised dividend yield is calculated by dividing the dividends 
in respect of the 12 month period ended on each reference date by the 
net asset value per share at the start of the period 
 
   For further information, please contact: 
 
   NVM Private Equity LLP 
 
   Simon John/James Bryce                    0191 244 6000 
 
   Website:  www.nvm.co.uk 
 
   HALF-YEARLY MANAGEMENT REPORT TO SHAREHOLDERS 
 
   Results and dividend 
 
   The unaudited net asset value (NAV) per share at 30 September 2018 was 
64.9 pence (66.9 pence (audited) at 31 March 2018) and is stated after 
deducting the final dividend of 3.5 pence per share in respect of the 
2017/18 financial year which was paid in July 2018. 
 
   The return per share as shown in the income statement for the six months 
ended 30 September 2018 was 1.5 pence, compared with 0.4 pence in the 
corresponding period last year, reflecting a number of investment 
realisations completed during the period. 
 
   The board has declared an unchanged interim dividend for the year ending 
31 March 2019 of 2.0 pence per share, which will be paid on 25 January 
2019 to shareholders who are on the register on 4 January 2019.  We 
remain committed to building a portfolio of investments in innovative UK 
smaller companies across a diverse range of sectors with significant 
growth potential.  As previously reported, these investments will 
generally be structured with a view to achieving capital growth rather 
than income generation and the timing and quantum of potential capital 
gains from realisations may be less predictable.  Your directors believe 
it is important to set the annual dividend at a level which has regard 
to the company's changing asset base and to its recurring income, and 
which avoids as far as possible erosion of the net asset value per 
share.  After careful consideration we have decided that in the absence 
of unforeseen circumstances we expect in due course to propose a final 
dividend also of 2.0 pence per share, making a total of 4.0 pence for 
the year.  This is equivalent to a tax-free yield of approximately 6% by 
reference to the net asset value at the start of the year. 
 
   Our aim in the medium term, subject to regular review, would be to 
generate a return on ordinary activities sufficient to support an annual 
dividend yield of 5%, whilst retaining the flexibility to declare 
additional special dividends where appropriate, for example in the event 
of a significant capital gain. 
 
   Portfolio 
 
   Further progress was made on the development of the portfolio during the 
period.  Six new holdings were added to the venture capital portfolio 
for a total consideration of GBP4.2 million: 
 
 
   -- Clarilis (GBP1,012,000) -- automated document preparation solutions for 
      the legal sector, Leamington Spa 
 
   -- Grip-UK (GBP964,000) -- indoor climbing wall facility operator, Liverpool 
 
   -- Ridge Pharma (GBP898,000) -- provider of branded generic prescription 
      medicines, Reading 
 
   -- Seahawk Bidco (GBP479,000) -- business-to-business energy cost comparison 
      and procurement service, Bolton 
 
   -- Newcells Biotech (GBP484,000) -- specialist testing services for the drug 
      development sector, Newcastle upon Tyne 
 
   -- Ablatus Therapeutics (GBP322,000) -- developer of tissue ablation 
      technology for the treatment of tumours, Cambridge 
 
 
 
   In addition to the new investments, GBP0.8 million of capital was 
provided to three existing investee companies to support further growth. 
The proportion of investment activity directed to follow-on funding will 
increase in the coming years as early stage companies by their nature 
often require multiple rounds of finance in order to achieve their 
business plans.  Additional third party investors may be introduced as 
part of subsequent funding rounds in order to broaden the shareholder 
and capital base of the investee. 
 
   Proceeds from investment sales and repayments from the venture capital 
portfolio amounted to                GBP6.1 million during the period, 
producing a realised gain of GBP1.7 million over the 31 March 2018 
carrying values.  Love Saving Group was the subject of a secondary 
management buy-out financed by Lloyds Development Capital (LDC), 
delivering a return of over 3.5 times the original cost over the life of 
the investment. The opportunity was taken to re-invest GBP0.5 million 
alongside LDC in the newly formed acquisition vehicle, Seahawk Bidco, 
which will continue the group's activities.  Wear Inns was sold to 
Aprirose, a specialist investment fund, delivering over two times the 
original cost over the life of the investment. 
 
   Both of the significant realisations during the period were of 
investments in mature private businesses originally acquired before 
November 2015, when the VCT rules were updated.  Our remaining holdings 
of such investments still constitute over 60% by value of the venture 
capital portfolio and are expected to provide the main source of 
realisations in the coming years as the early stage portfolio grows and 
develops. 
 
   Shareholder issues 
 
   We have reviewed the current pipeline with NVM both in terms of new 
investment prospects and of opportunities to support existing portfolio 
companies as they continue to develop.  The volume of attractive 
opportunities to deploy capital in the coming years is expected to grow 
and your board has therefore proposed a non-prospectus top-up share 
offer to launch early in 2019 to raise up to GBP6.6 million. 
 
   Gross proceeds of GBP0.8 million were received during the period through 
the issue of new shares under our dividend investment scheme. 
 
   The company has maintained its policy of buying back its own shares in 
the market from time to time, at a discount of 5% to NAV.  During the 
period, 519,000 shares were repurchased for cancellation, for a total 
consideration of GBP313,000. 
 
   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 manager, 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 
 
   As previously reported, the VCT rules have continued to evolve to meet 
the UK Government's aim of driving investment towards the smaller 
companies most in need of capital to grow.  The Finance Act 2018 was 
enacted in March 2018 and included measures to ensure that a greater 
proportion of the assets of each approved VCT are held in qualifying 
investments and that the proceeds of new share issues are invested in 
qualifying investments more quickly. 
 
   Prospects 
 
   Over the past two years, we have operated against a background of 
economic and legislative uncertainty and limited clarity has thus far 
been obtained as to the likely nature of the UK's future relationship 
with the European Union.  Our manager, NVM, continues to ably navigate 
this period of change whilst working with portfolio companies to build 
their businesses and drive shareholder value.  The pipeline of 
investment opportunities is currently solid and we expect to complete 
further investments in the second half of the year which meet our key 
investment criteria of good value, growth potential, strong management 
and an ability to generate cash in the medium to long term.  We continue 
to have confidence that our portfolio and investment strategy will 
deliver good returns to shareholders in the years ahead. 
 
   On behalf of the Board 
 
   David Gravells 
 
   Chairman 
 
   The unaudited half-yearly financial statements for the six months ended 
30 September 2018 are set out 
 
   below. 
 
   INCOME STATEMENT 
 
   (unaudited) for the six months ended 30 September 2018 
 
 
 
 
                          Six months ended                          Six months ended 
                          30 September 2018                         30 September 2017 
                Revenue       Capital        Total        Revenue       Capital            Total 
                 GBP000        GBP000        GBP000        GBP000        GBP000           GBP000 
Gain on 
 disposal of 
 investments        -         1,773         1,773             -           376           376 
Movements in 
 fair value 
 of 
 investments        -            27            27             -          (560)         (560) 
                ----------    ----------    ----------    ----------    ----------    ---------- 
                    -         1,800         1,800             -          (184)         (184) 
Income          1,194             -         1,194         1,526             -         1,526 
Investment 
 management 
 fee             (195)         (584)         (779)         (195)         (586)         (781) 
Other 
 expenses        (200)            -          (200)         (187)            -          (187) 
                ----------    ----------    ----------    ----------    ----------    ---------- 
Return on 
 ordinary 
 activities 
 before tax       799         1,216         2,015         1,144          (770)          374 
Tax on 
 return on 
 ordinary 
 activities      (125)          125             -          (186)          186             - 
                ----------    ----------    ----------    ----------    ----------    ---------- 
Return on 
 ordinary 
 activities 
 after tax        674         1,341         2,015           958          (584)          374 
                ----------    ----------    ----------    ----------    ----------    ---------- 
Return per            0.5p          1.0p          1.5p          1.0p        (0.6)p          0.4p 
 share 
 
 
 
 
 
 
                                         Year ended 31 March 2018 
                                    Revenue     Capital           Total 
                                     GBP000      GBP000          GBP000 
Gain on disposal of investments            -         709         709 
Movements in fair value of 
 investments                               -        (202)       (202) 
                                   ----------  ----------    ---------- 
                                           -         507         507 
Income                                 2,482           -       2,482 
Investment management fee               (393)     (1,180)     (1,573) 
Other expenses                          (350)        (11)       (361) 
                                   ----------  ----------    ---------- 
Return on ordinary activities 
 before tax                            1,739        (684)      1,055 
Tax on return on ordinary 
 activities                             (277)        277           - 
                                   ----------  ----------    ---------- 
Return on ordinary activities 
 after tax                             1,462        (407)      1,055 
                                   ----------  ----------    ---------- 
Return per share                         1.3p      (0.4)p          0.9p 
 
   BALANCE SHEET 
 
   (unaudited) as at 30 September 2018 
 
 
 
 
                      30 September 2018    30 September 2017     31 March 2018 
                            GBP000               GBP000                 GBP000 
 
Fixed asset 
 investments                  62,450               55,220            61,432 
                              ----------           ----------       ---------- 
Current assets: 
Debtors                          129                  638               205 
Cash and cash 
 equivalents                  22,494               13,590            25,540 
                              ----------           ----------       ---------- 
                              22,623               14,228            25,745 
Creditors (amounts 
falling due 
 within one year)                (76)                (100)             (134) 
                              ----------           ----------       ---------- 
Net current assets            22,547               14,128            25,611 
                              ----------           ----------       ---------- 
 
Net assets                    84,997               69,348            87,043 
                              ----------           ----------       ---------- 
Capital and 
reserves: 
Called-up equity 
 share capital                 6,544                5,070             6,505 
Share premium                  1,132                8,390               392 
Capital redemption 
 reserve                         135                   83               110 
Capital reserve               69,916               47,028            71,629 
Revaluation reserve            6,351                7,415             7,836 
Revenue reserve                  919                1,362               571 
                              ----------           ----------       ---------- 
Total equity 
 shareholders' 
 funds                        84,997               69,348            87,043 
                              ----------           ----------       ---------- 
Net asset value per                64.9p                68.4p            66.9p 
 share 
 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   (unaudited) for the six months ended 30 September 2018 
 
 
 
 
                    -----------------Non-distributable reserves-----------------          Distributable reserves                Total 
                                                       Capital 
                    Called up share       Share       redemption       Revaluation         Capital         Revenue 
                            capital      premium       reserve           reserve           reserve         reserve 
                 GBP     000         GBP       000   GBP      000   GBP      000      GBP     000         GBP   000   GBP     000 
At 1 April 2018        6,505                   392            110          7,836           71,629               571        87,043 
Return on 
ordinary 
activities 
after tax                  -                     -              -         (1,485)           2,826               674         2,015 
Dividends paid             -                     -              -              -           (4,228)             (326)       (4,554) 
Net proceeds of 
 share issues             64                   740              -              -                -                 -           804 
Shares 
purchased for 
cancellation             (25      )              -             25              -             (311    )            -          (311   ) 
                         ----------     ----------     ----------         ----------        ----------    ----------       ---------- 
At 30 September 2018   6,544                 1,132            135          6,351           69,916               919        84,997 
                         ----------     ----------     ----------         ----------        ----------    ----------       ---------- 
 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   (unaudited) for the six months ended 30 September 2017 
 
 
 
 
                  -----------------Non-distributable reserves-----------------          Distributable reserves               Total 
                                                      Capital 
                   Called up share       Share       redemption       Revaluation         Capital        Revenue 
                           capital      premium       reserve           reserve           reserve        reserve 
              GBP              000  GBP       000    GBP     000   GBP      000      GBP     000       GBP    000   GBP     000 
At 1 April 2017              4,678          3,029             83          9,049           53,908              900        71,647 
Return on 
ordinary 
activities 
after tax                        -              -              -         (1,634)           1,050              958           374 
Dividends paid                   -              -              -              -           (7,930)            (496)       (8,426) 
Net proceeds of 
 share issues                  392          5,361              -              -                -                -         5,753 
                        ----------     ----------     ----------         ----------       ----------    ----------      ---------- 
At 30 September 
 2017                        5,070          8,390             83          7,415           47,028            1,362        69,348 
                        ----------     ----------     ----------         ----------       ----------    ----------      ---------- 
 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   for the year ended 31 March 2018 
 
 
 
 
                      -----------------Non-distributable reserves-----------------            Distributable reserves               Total 
                                                            Capital 
                    Called up share         Share          redemption       Revaluation        Capital        Revenue 
                            capital        premium          reserve           reserve          reserve        reserve 
                 GBP     000         GBP        000       GBP      000   GBP      000      GBP       000   GBP     000   GBP      000 
At 1 April 2017        4,678                  3,029                 83          9,049             53,908           900         71,647 
Return on 
ordinary 
activities 
after tax                  -                      -                  -         (1,213)               806         1,462          1,055 
Dividends paid             -                      -                  -              -             (9,226)       (1,791)       (11,017) 
Net proceeds of 
 share issues          1,854                 23,853                  -              -                  -             -         25,707 
Shares 
purchased 
for cancellation         (27)                     -                 27              -               (349)            -           (349) 
Cancellation 
of share 
premium 
reserve                    -                (26,490   )              -              -             26,490             -              - 
                         ----------          ----------     ----------         ----------      ----------    ----------       ---------- 
At 31 March 2018       6,505                    392                110          7,836             71,629           571         87,043 
                         ----------          ----------     ----------         ----------      ----------    ----------       ---------- 
 
   STATEMENT OF CASH FLOWS 
 
   (unaudited) for the six months ended 30 September 2018 
 
 
 
 
                      Six months ended  Six months ended        Year ended 
                          30 September    30 September 
                                  2018        2017           31 March 2018 
                         GBP      000      GBP      000    GBP      000 
Cash flows from 
operating 
activities: 
Return on ordinary 
 activities before tax          2,015               374           1,055 
Adjustments for: 
Gain on disposal of 
 investments                   (1,773)             (376)           (709) 
Movement in fair value of 
 investments                      (27)              560             202 
Decrease/(increase) in 
 debtors                           76               (47)            386 
Decrease in creditors             (58)             (616)           (582) 
                            ----------        ----------        ---------- 
Net cash inflow/(outflow) 
 from operating activities        233              (105)            352 
                            ----------        ----------        ---------- 
Cash flows from 
investing 
activities: 
Purchase of investments       (12,373)           (3,716)        (10,265) 
Sale/repayment of 
 investments                   13,155             6,507           7,535 
                            ----------        ----------        ---------- 
Net cash inflow/(outflow) 
 from investing activities        782             2,791          (2,730) 
                            ----------        ----------        ---------- 
Cash flows from 
financing 
activities: 
Issue of ordinary shares          823             5,842          26,248 
Share issue expenses              (19)              (89)           (541) 
Share subscriptions held 
 pending allotment                  -            (4,297)         (4,297) 
Purchase of ordinary shares 
 for cancellation                (311)                -            (349) 
Equity dividends paid          (4,554)           (8,426)        (11,017) 
                            ----------        ----------        ---------- 
Net cash (outflow)/inflow 
 from financing activities     (4,061)           (6,970)         10,044 
                            ----------        ----------        ---------- 
Net (decrease)/increase in 
 cash and cash equivalents     (3,046)           (4,284)          7,666 
 
Cash and cash equivalents at 
 beginning of period           25,540            17,874          17,874 
 
                            ----------        ----------        ---------- 
Cash and cash equivalents at 
 end of period                 22,494            13,590          25,540 
                            ----------        ----------        ---------- 
 
   INVESTMENT PORTFOLIO SUMMARY 
 
   as at 30 September 2018 
 
 
 
 
                                          Cost     Valuation   % of net assets 
                                         GBP000      GBP000      by valuation 
 
 
No 1 Lounges                                1,977       3,205              3.8 
Agilitas IT Holdings                        1,638       3,125              3.7 
Lineup Systems                                975       2,910              3.4 
MSQ Partners Group                          1,672       2,886              3.4 
Sorted Holdings                             1,946       2,856              3.4 
Closerstill Group                           1,683       2,479              2.9 
Entertainment Magpie Group                  1,503       1,871              2.2 
Biological Preparations Group               2,166       1,741              2.0 
It's All Good                               1,145       1,578              1.9 
Volumatic Holdings                          1,251       1,543              1.8 
Graza                                       1,522       1,522              1.8 
Medovate                                    1,450       1,450              1.7 
Channel Mum                                   875       1,387              1.6 
Intuitive Holding                           1,508       1,352              1.6 
Hello Soda                                  1,332       1,332              1.6 
                                       ----------  ----------          ------- 
Fifteen largest venture capital 
 investments                               22,643      31,237             36.8 
Other venture capital investments          25,326      23,095             27.2 
                                       ----------  ----------          ------- 
Total venture capital investments          47,969      54,332             64.0 
Listed equity investments                   6,787       6,797              8.0 
Listed interest-bearing investments         1,343       1,321              1.5 
                                       ----------  ----------          ------- 
Total fixed asset investments              56,099      62,450             73.5 
                                       ---------- 
Net current assets                                     22,547             26.5 
                                                   ----------          ------- 
Net assets                                             84,997            100.0 
                                                   ----------          ------- 
 
 
 
   BUSINESS RISKS 
 
   The board carries out a regular and robust review of the risk 
environment in which the company operates. The principal risks and 
uncertainties identified by the board which might affect the company's 
business model and future performance, and the steps taken with a view 
to their mitigation, are as follows: 
 
   Investment and liquidity risk:  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 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 manager on a regular 
basis. 
 
   Financial risk:  most of the company's investments involve a medium to 
long-term commitment and many are relatively illiquid.  Mitigation:  the 
directors consider that it is inappropriate to finance the company's 
activities through borrowing except on an occasional short-term basis. 
Accordingly they seek to maintain a proportion of the company's assets 
in cash or cash equivalents in order to be in a position to pursue new 
unquoted investment opportunities and to make follow-on investments in 
existing portfolio companies.  The company has very little direct 
exposure to foreign currency risk and does not enter into derivative 
transactions. 
 
   Economic risk:  events such as economic recession or general fluctuation 
in stock markets, exchange rates and interest rates may affect the 
valuation of investee companies and their ability to access adequate 
financial resources, as well as affecting the company's own share price 
and discount to net asset value.  Mitigation:  the company invests in a 
diversified portfolio of investments spanning various industry sectors, 
and maintains sufficient cash reserves to be able to provide additional 
funding to investee companies where appropriate. 
 
   Stock market risk:  some of the company's investments are quoted on the 
London Stock Exchange or AIM and will be subject to market fluctuations 
upwards and downwards.  External factors such as terrorist activity can 
negatively impact stock markets worldwide.  In times of adverse 
sentiment there 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 managers, including NVM 
in the case of AIM-quoted investments, and the board keeps the portfolio 
and the actions taken under ongoing review. 
 
   Credit risk:  the company holds a number of financial instruments and 
cash deposits and is dependent on the counterparties discharging their 
commitment.  Mitigation:  the directors review the creditworthiness of 
the counterparties to these instruments and cash deposits and seek to 
ensure there is no undue concentration of credit risk with any one 
party. 
 
   Legislative and regulatory risk:  in order to maintain its approval as a 
VCT, the company is required to comply with current VCT legislation in 
the UK, which reflects the European Commission's State-aid rules. 
Changes to the UK legislation or the State-aid rules in the future could 
have an adverse effect on the company's ability to achieve satisfactory 
investment returns whilst retaining its VCT approval.  Mitigation:  the 
board and the manager monitor political developments and where 
appropriate seek to make representations either directly or through 
relevant trade bodies. 
 
   Internal control risk:  the company's assets could be at risk in the 
absence of an appropriate internal control regime.  Mitigation:  the 
board regularly reviews the system of internal controls, both financial 
and non-financial, operated by the company and the manager.  These 
include controls designed to ensure that the company's assets are 
safeguarded and that proper accounting records are maintained. 
 
   VCT qualifying status risk:  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 
manager 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 
30 September 2018 do not constitute statutory financial statements 
within the meaning of Section 434 of the Companies Act 2006, have not 
been reviewed or audited by the company's independent auditor and have 
not been delivered to the Registrar of Companies.  The comparative 
figures for the year ended 31 March 2018 have been extracted from the 
audited financial statements for that year, which have been delivered to 
the Registrar of Companies.  The auditor's report on those financial 
statements (i) was unqualified, (ii) did not include any reference to 
matters to which the auditor drew attention by way of emphasis without 
qualifying the report and (iii) did not contain a statement under 
Section 498 (2) or (3) of the Companies Act 2006.  The half-yearly 
financial statements have been prepared on the basis of the accounting 
policies set out in the annual financial statements for the year ended 
31 March 2018. 
 
   Each of the directors confirms that to the best of his or her knowledge 
the half-yearly financial statements have been prepared in accordance 
with the Statement "Half-yearly financial reports" issued by the UK 
Accounting Standards Board and the half-yearly financial report includes 
a fair review of the information required by (a) DTR 4.2.7R of the 
Disclosure Rules and Transparency Rules, being an indication of 
important events that have occurred during the first six months of the 
financial year and their impact on the condensed set of financial 
statements, and a description of the principal risks and uncertainties 
for the remaining six months of the year, and (b) DTR 4.2.8R of the 
Disclosure Rules and Transparency Rules, being related party 
transactions that have taken place in the first six months of the 
current financial year and that have materially affected the financial 
position or performance of the entity during that period, and any 
changes in the related party transactions described in the last annual 
report that could do so. 
 
   The directors of the company at the date of this statement were Mr D P A 
Gravells (Chairman), Mr A M Conn, Mr S P Devonshire, Miss C A McAnulty 
and Mr F L G Neale. 
 
   The calculation of the revenue and capital return per share is based on 
the return on ordinary activities after tax for the period and on 
130,595,942 (2017 99,880,309) ordinary shares, being the weighted 
average number of shares in issue during the period. 
 
   The calculation of the net asset value per share is based on the net 
assets at 30 September 2018 divided by the 130,872,145 (2017 
101,400,355) ordinary shares in issue at that date. 
 
   The interim dividend of 2.0 pence per share for the year ending 31 March 
2019 will be paid on 25 January 2019 to shareholders on the register at 
the close of business on 4 January 2019. 
 
   A copy of the half-yearly financial report for the six months ended 30 
September 2018 is expected to be posted to shareholders by 27 November 
2018 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. 
 
 
 
 

(END) Dow Jones Newswires

November 12, 2018 07:30 ET (12:30 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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