Northern 3 VCT plc Net Asset Value(s)

 
TIDMNTN 
 
 
   17 FEBRUARY 2020 
 
   NORTHERN 3 VCT PLC 
 
   UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2019 
 
   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 31 December 2019 
was 94.3 pence (30 September 2019 (unaudited) 92.1 pence).  The net 
asset value is stated before deducting the interim dividend of 2.0 pence 
per share in respect of the year ending 31 March 2020, which was paid to 
eligible shareholders on 24 January 2020. 
 
   For the purposes of calculating the net asset value per share, quoted 
investments are carried at bid price as at 31 December 2019 and unquoted 
investments are carried at fair value as at 31 December 2019 as 
determined by the directors. 
 
   New investments: 
 
   During the three months ended 31 December 2019 one new venture capital 
investment was completed. 
 
 
 
 
                                                         Amount 
                                                         invested 
 Name of company    Business activity                     GBP000 
-----------------  -----------------------------------  --------- 
Tutora Limited     Online platform for private tutors       1,018 
 
 
   In addition to the new investment above GBP2,268,000 was invested in 
five existing portfolio companies during the quarter. 
 
   Realisations: 
 
 
 
 
                                                             Carrying value at 
 Name of company                  Proceeds    Original cost    31 March 2019 
-------------------------------  ---------  ---------------  ----------------- 
                                  GBP000        GBP000            GBP000 
Agilitas IT Holdings -- loan 
 stock redemption                      313              313                313 
Ideagen (AIM quoted) -- part 
 disposal                              667              135                546 
Brady (AIM quoted) -- full 
 disposal                              180              732                570 
 
 
   The number of ordinary shares in issue at 31 December 2019 was 
93,326,352.  During the three months ended 31 December 2019 775,000 
shares were re-purchased for cancellation at an average price of 87.5 
pence per share. 
 
   Enquiries: 
 
   Simon John/James Bryce, NVM Private Equity LLP -- 0191 244 6000 
 
   Website:  www.nvm.co.uk 
 
   Martin Glanfield, Chief Financial Officer, Mercia Asset Management PLC 
-- 0330 223 1430 
 
   Website: 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

February 17, 2020 10:00 ET (15:00 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.