NTN Northern 3 Vct Plc

 
TIDMNTN 
 

11 FEBRUARY 2022

NORTHERN 3 VCT PLC

UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 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 31 December 2021 was 106.1 pence (30 September 2021 (unaudited) 106.1 pence).

For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2021 and unquoted investments are carried at fair value as at 31 December 2021 as determined by the directors. 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 2022, which was paid to eligible shareholders on 28 January 2022.

New Investments:

During the three months ended 31 December 2021 six new venture capital investments were completed.

 
                                                                              Amount 
                                                                              invested 
 Name of company     Business activity                                         GBP000 
------------------  -------------------------------------------------------  --------- 
                    Call data communications analytics software for police 
Forensic Analytics   forces                                                        894 
Pimberley           Product Information Management Software                        935 
Project Glow Topco 
 (t/a 
 Currentbody.com)   Online retailer for home-use beauty devices                  1,519 
Broker Insights     Platform connecting insurers and brokers                     1,366 
                    Technology consultancy, cyber security and website 
Intechnica Group     load management                                             1,666 
Synthesized         Data product enterprise software                               500 
 

In addition to the new investments above GBP703,000 was invested in four existing portfolio companies during the quarter. The GBP1,519,000 investment in Project Glow Topco was funded using a portion of the GBP5,345,000 disposal proceeds received from the Currentbody.com realisation outlined below.

Realisations:

During the three months ended 31 December 2021 four venture capital investments were realised.

 
                                                            Carrying value at 
 Name of company             Sale proceeds   Original cost   30 September 2021 
--------------------------  --------------  --------------  ------------------ 
                                GBP000          GBP000            GBP000 
Intelling Group                      3,206           1,118               3,201 
Currentbody.com                     5,345*           1,843               5,256 
Life's Great Group (t/a 
 Mojo Mortgages)                     2,239           1,437               2,226 
Vectura Group                          533             247                 532 
 

*Includes payment of GBP274,000 of accrued interest from loan notes

The number of ordinary shares in issue at 31 December 2021 was 109,673,901. During the three months ended 31 December 2021 no shares were allotted and 410,592 shares were re-purchased for cancellation at an average price of 100.8 pence per share.

Enquiries:

James Sly / Graham Venables, Mercia Fund Management Ltd

Martin Glanfield, Chief Financial Officer, Mercia Asset Management PLC

   Phone:                0330 223 1430 

Website: https://www.globenewswire.com/Tracker?data=_UN1Dhpb2vpJG8y6xQ35OufXfvRe8a-cPvSFekm0BkjaiptKrQR0Wi6-d4WAA0tI_18u02I1Hu-GDRGqJ-v6wg== www.mercia.co.uk

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

(END) Dow Jones Newswires

February 11, 2022 02:00 ET (07:00 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.