RNS Number : 1048V
  Northern 2 VCT PLC
  22 May 2008
   
    22 MAY 2008
    NORTHERN 2 VCT PLC
    INTERIM MANAGEMENT STATEMENT
    FOR THE QUARTER ENDED 30 APRIL 2008

    Northern 2 VCT PLC presents its interim management statement for the quarter ended 30 April 2008. This constitutes the company's first
interim management statement for the financial year ending 31 January 2009, 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 2008 was 89.4p (31 January 2008 89.1p). The net value is stated before
deducting the final dividend of 4.0p per share in respect of the year ended 31 January 2008, which was approved by shareholders at the
annual general meeting on 22 May 2008 and will be paid to eligible shareholders on 6 June 2008. Shareholders whose shares were allotted
between 29 January 2008 and 17 April 2008 in connection with the company's recent offer for subscription do not rank for this dividend.
    The number of ordinary shares in issue at 30 April 2008 was 56,868,166. During the three months ended 30 April 2008 8,094,338 new
ordinary shares were issued at a price of 95.0p per share in connection with the offer for subscription and 348,427 shares were re-purchased
by the company for cancellation at a price of 80.2p per share.
    Quoted investments are carried at bid price as at 30 April 2008. Unquoted investments are carried at fair value as at 30 April 2008 as
determined by the directors.

    During the three months ended 30 April 2008 the following significant investment transactions took place (all companies unquoted except
where otherwise indicated):

    New investments:

 Name of company           Business activity                         Amount
                                                                     invest
                                                                         ed
                                                                       £000
 Tikit Group (AIM-quoted)  IT solutions and support services            525
 Paladin Group             Property management services                 407
 Optilan Group             Telecommunications systems integrator      1,000
 Axial Systems Holdings    Distributed network management solutions   1,000

    Disposals:

                                                               Carrying
 Name of company                            Sales  Original    value at
                                            proce      cost  31 January
                                              eds      £000        2008
                                             £000                  £000
 TFB Group (trade sale)                     1,543       620       1,543
 Arrow Industrial Group (trade sale)        1,092       735       1,092
 Inspicio (AIM-quoted) (recommended offer)    225       100         223

    The directors are not aware of any other events or transactions which have taken place between 30 April 2008 and the date of publication
of this statement and which have had a material effect on the financial position of the company.

    Enquiries:
    Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000
    Website:  www.nvm.co.uk
    ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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