Northern 3 VCT plc Net Asset Value

 
TIDMNTN 
 

20 JULY 2021

NORTHERN 3 VCT PLC

UNAUDITED NET ASSET VALUE AS AT 30 JUNE 2021

Northern 3 VCT PLC ("the Company") is a Venture Capital Trust ("VCT") launched in 2001 and managed by Mercia Fund Management Limited. The Company's objective is to provide high long-term tax-free returns to investors through a combination of dividend yield and capital growth, by investing in a portfolio of investments mainly comprising unquoted venture capital holdings. In order to maintain approval by HM Revenue & Customs as a VCT, the Company is required to comply on a continuing basis with the provisions of Section 274 of the Income Tax Act 2007.

The unaudited net asset value per ordinary share as at 30 June 2021 was 109.1 pence (31 March 2021 (audited) 107.0 pence).

For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 30 June 2021 and unquoted investments are carried at fair value as at 30 June 2021 as determined by the directors. The net asset value is stated before deducting the second interim (special) dividend of 4.5 pence per share and the proposed final dividend of 2.5 pence per share in respect of the year ended 31 March 2021, which will, subject to approval by shareholders at the annual general meeting on 19 August 2021, be paid to eligible shareholders on 27 August 2021.

New investments:

During the three months ended 30 June 2021 one new venture capital investment was completed.

 
                                                                      Amount 
                                                                      invested 
 Name of company                Business activity                      GBP000 
-----------------------------  ------------------------------------  --------- 
                               Artificial intelligence enabled 
Naitive Technologies Limited    medical diagnostics                        721 
 

In addition to the new investment above, a total of GBP1,565,000 was invested in five existing portfolio companies during the quarter.

Realisations:

 
                                                             Carrying value at 
 Name of company              Sale proceeds   Original cost    31 March 2021 
---------------------------  --------------  --------------  ----------------- 
                                 GBP000          GBP000           GBP000 
musicMagpie (partial 
 realisation)                         7,947           1,159              7,947 
Soda Software Labs                    1,249           1,464              1,537 
Avid Technology                         357           1,670                411 
 

The number of ordinary shares in issue at 30 June 2021 was 109,840,118. During the three months ended 30 June 2021 no shares were allotted and no shares were purchased for cancellation during the period.

Enquiries:

Simon John/James Bryce, NVM Private Equity LLP -- 0191 244 6000

Martin Glanfield, Chief Financial Officer, Mercia Asset Management PLC -- 0330 223 1430

Website: https://www.globenewswire.com/Tracker?data=s2pMEQuKwPKurh5J60qusL4WKgSkp-Wk2rG0WHtYkjvW4_iyOKEefPlkNzKoHvG8tlhOAzfkNBqTCdnzx0g2Sw== www.mercia.co.uk

Neither the contents of the NVM Private Equity LLP or the Mercia Asset Management PLC website, nor the contents of any website accessible from hyperlinks on the NVM Private Equity LLP or Mercia Asset Management PLC website (or any other website), are incorporated into, or forms part of, this announcement.

(END) Dow Jones Newswires

July 20, 2021 11:00 ET (15:00 GMT)

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