24 JULY 2017
NORTHERN 3 VCT PLC
UNAUDITED NET ASSET VALUE AS AT 30 JUNE 2017
Northern 3 VCT PLC ("the Company") is a Venture Capital Trust ("VCT") launched in 2001 and managed by NVM Private Equity LLP. 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 (NAV) per ordinary share as at 30 June 2017 was 106.1 pence (31 March 2017 (audited) 106.2 pence). The NAV is stated before deducting the second interim and final dividends totalling 8.5 pence per share in respect of the year ended 31 March 2017, which were paid to eligible shareholders on 21 July 2017.
For the purposes of calculating the NAV per share, quoted investments are carried at bid price as at 30 June 2017 and unquoted investments are carried at fair value as at 30 June 2017 as determined by the directors.
During the three months ended 30 June 2017 the following venture capital portfolio transactions took place:
New investments:
|
|
| Amount |
| Velocity Composites (AIM quoted) | Supplier of advanced composite material kits to the aerospace industry | 95 |
Subsequent to 30 June 2017 the Company has completed new investments of £958,000 in Knowledgemotion, an aggregator and distributor of educational video materials, and £481,000 in Contego Fraud Solutions, a developer of identity verification software and solutions.
Realisations:
| Sale | Original | Carrying value at | |
| Name of company | proceeds | cost | 31 March 2017 |
| £000 | £000 | £000 | |
| Optilan Group - sale of company | 2,751 | 1,125 | 2,751 |
| Kirton - loan stock repayment | 664 | 664 | 166 |
| Gear4music (Holdings) plc (AIM quoted) - market sale | 211 | 42 | 161 |
The number of ordinary shares in issue at 30 June 2017 was 69,756,833. During the three months ended 30 June 2017 3,958,863 new shares were allotted at an average price of 108.1 pence per share pursuant to a top-up share offer. No shares were re-purchased for cancellation during the period.
On 4 July 2017 the Company re-purchased 299,000 ordinary shares in the market for cancellation at a price of 92.8 pence per share. On 21 July 2017 855,313 new shares were allotted at a price of 97.7 pence per share pursuant to the Company`s dividend investment scheme.