Interim Management Statement

 
TIDMNNA 
 
16 SEPTEMBER 2011 
 
NORTHERN AIM VCT PLC 
 
INTERIM MANAGEMENT STATEMENT 
FOR THE QUARTER ENDED 31 JULY 2011 
 
Northern  AIM VCT PLC ("the Company")  presents its interim management statement 
for  the  quarter  ended  31 July  2011.  This  constitutes the Company's second 
interim  management statement for the  financial year ending 31 October 2011, as 
required  by the UK Listing Authority's Disclosure Rules and Transparency Rules, 
Rule 4.3. 
 
The  Company was launched in 2000 with the objective of providing 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 
holdings  in UK  AIM-quoted and  unquoted companies.   The Company  is a venture 
capital  trust approved by HM  Revenue & Customs and  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  (NAV) per ordinary share  as at 31 July 2011 was 
30.0p (30 April 2011 29.0p). 
 
For  the  purposes  of  calculating  the  net  asset  value  per  share,  quoted 
investments are carried at bid price as at 31 July 2011 and unquoted investments 
are carried at fair value as at 31 July 2011 as determined by the directors. 
 
During  the  quarter  ended  31 July  2011 there  were no significant investment 
acquisitions  and the  following holdings  (AIM-quoted unless  otherwise stated) 
were disposed of: 
 
                                   Carrying value 
                                            as at Disposal    Realised 
                              Cost  30 April 2011 proceeds gain/(loss) 
                               GBP000            GBP000      GBP000         GBP000 
 
Adept Telecom                  233             56       60           4 
 
Andor Technology*               18             96      115          19 
 
Baydonhill                     251             48       36         (12) 
 
Belgravium Technologies        143             46       61          15 
 
Britspace Group (unquoted)     373              -        -           - 
 
Colliers International UK      332             29       23          (6) 
 
CVS Group                      259            136      147          11 
 
Individual Restaurant Company  250              3        3           - 
 
Pivot Entertainment Group      502             43       35          (8) 
 
 
*Part disposal 
 
The  number of ordinary shares in  issue at 31 July 2011 was 22,596,942.  During 
the  quarter  ended  31 July  2011 no  shares  were  allotted or bought back for 
cancellation by the Company. 
 
On 16 August 2011 the Company published a circular to shareholders setting out a 
recommended  proposal for a merger with Northern 3 VCT PLC by way of a scheme of 
reconstruction  of the Company ("the Scheme") and cancellation of the listing of 
the  Company's shares.  At a general meeting of the Company held on 16 September 
2011 a  resolution  was  passed  to  approve  the  Scheme.   Consequently  it is 
envisaged  that dealings in  the Company's shares  will be suspended with effect 
from  7.30am on  26 September  2011 and  that,  subject  to  the  passing  of  a 
resolution  to be proposed at a second general meeting of the Company to be held 
at 12.30pm on 26 September 2011, the Company will be wound up and its assets and 
liabilities  will  be  transferred  to  Northern  3 VCT PLC, in exchange for new 
ordinary  shares  in  Northern  3 VCT  PLC  which  will  be issued direct to the 
Company's  shareholders.  The listing of the  Company's shares is expected to be 
cancelled with effect from 7.30am on 27 September 2011. 
 
On  16 August 2011 the  board declared  a special  dividend of 3.0p per ordinary 
share which will, subject to the Scheme becoming effective, be paid on 7 October 
2011 to shareholders on the register on 23 September 2011. 
 
The directors are not aware of any other events or transactions which have taken 
place  between 30 April 2011 and  the date of  publication of this statement and 
which have had a material effect on the financial position of the Company. 
 
This  statement has  been prepared  solely to  provide additional information in 
order  to meet the  requirements of the  Disclosure Rules and Transparency Rules 
and  should not be relied on by shareholders,  or any other party, for any other 
purpose. 
 
 
Enquiries: 
 
NVM Private Equity 
Alastair Conn/Christopher Mellor 0191 244 6000 
 
Website:  www.nvm.co.uk 
 
Neither  the contents of the NVM Private Equity Limited website nor the contents 
of  any website  accessible from  hyperlinks on  the NVM  Private Equity Limited 
website  (or any  other website)  is incorporated  into, or  forms part of, this 
announcement. 
 
 
 
 
 
 
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    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Northern AIM VCT PLC via Thomson Reuters ONE 
 
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