Interim Management Statement
June 05 2007 - 3:30AM
UK Regulatory
RNS Number:7544X
Northern 2 VCT PLC
05 June 2007
5 JUNE 2007
NORTHERN 2 VCT PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 APRIL 2007
Northern 2 VCT PLC presents its interim management statement for the quarter
ended 30 April 2007. This constitutes the company's first interim management
statement for the financial year ending 31 January 2008, as required by the UK
Listing Authority's Disclosure and Transparency Rule 4.3.
The unaudited net asset value per ordinary share as at 30 April 2007 was 90.2p
(31 January 2007 88.9p). The net asset value is stated before deducting the
final dividend of 4.5p per share in respect of the year ended 31 January 2007,
which was approved by shareholders at the annual general meeting on 17 May 2007
and will be paid on 8 June 2007.
The number of ordinary shares in issue at 30 April 2007 was 47,851,696. During
the three months ended 30 April 2007 no shares were issued and a total of
422,316 shares were re-purchased by the company for cancellation at an average
price of 78.9p per share.
Net assets at 30 April 2007 comprised the following:
% of
#000 net assets
Unquoted investments at fair value
as determined by the directors 29,202 67.6
Quoted investments at bid price 3,166 7.3
------------ -----------
Total venture capital investments 32,368 74.9
Listed fixed-interest investments 7,163 16.6
------------ -----------
Total fixed asset investments 39,531 91.5
Net current assets 3,652 8.5
------------ -----------
Net assets 43,183 100.0
------------ -----------
The ten largest investments by valuation at 30 April 2007 were as follows:
% of
#000 net assets
Longhirst Group 2,208 5.1
John Laing Partnership 1,943 4.5
Envirotec 1,903 4.4
Crantock Bakery 1,802 4.2
IG Doors 1,300 3.0
TFB Group 1,201 2.8
DMN 1,145 2.7
Arrow Industrial Group 1,134 2.6
KCS Global Holdings 1,037 2.4
Liquidlogic 1,014 2.3
------------ -----------
Top ten investments 14,687 34.0
Other investments 17,681 40.9
------------ -----------
Total venture capital investments 32,368 74.9
------------ -----------
Quoted investments are carried at bid price as at 30 April 2007. Unquoted
investments are carried at fair value as at 30 April 2007 as determined by the
directors.
During the three months ended 30 April 2007 the following significant investment
transactions took place (all companies unquoted except where otherwise
indicated):
New investments:
Amount
Name of company Business activity invested
#000
Gentronix Drug development support services 173
Promanex Group Holdings Engineering and maintenance services 1,000
Vastox (AIM)* Drug discovery 220
Disposals:
Carrying
Sales Original value at
Name of company proceeds cost 31 January 2007
#000 #000 #000
Arrow Therapeutics 325 298 325
Computer Software Group (AIM) 1,832 442 1,400
Daniolabs* 220 145 244
PM Group (AIM) 257 175 197
*The holding in Vastox was acquired in a share-for-share exchange on the
acquisition of Daniolabs by Vastox
Enquiries:
Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000
Website: www.nvm.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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