Northern 2 VCT PLC Interim Management Statement
July 26 2013 - 10:30AM
UK Regulatory
TIDMNTV
26 JULY 2013
NORTHERN 2 VCT PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 JUNE 2013
Northern 2 VCT PLC presents its interim management statement for the
three months ended 30 June 2013. This constitutes the company's first
interim management statement for the financial year ending 31 March
2014, as required by the UK Listing Authority's Disclosure Rules and
Transparency Rules, Rule 4.3.
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. 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 per ordinary share as at 30 June 2013 was
85.8p (31 March 2013 (audited) 84.9p). The net asset value is stated
before deducting the final dividend of 3.5p per share in respect of the
year ended 31 March 2013, which was approved by shareholders at the
annual general meeting on 19 July 2013 and was paid to eligible
shareholders on 26 July 2013.
For the purposes of calculating the net asset value per share, quoted
investments are carried at bid price as at 30 June 2013 and unquoted
investments are carried at fair value as at 30 June 2013 as determined
by the directors.
Net assets at 30 June 2013 comprised the following:
% of net
Cost Valuation assets by
GBP000 GBP000 valuation
Venture capital investments:
Kerridge Commercial Systems 1,740 5,605 8.8
Volumatic 2,095 3,617 5.7
Wear Inns 1,868 2,421 3.8
Alaric Systems 1,200 2,208 3.4
Advanced Computer Software Group* 381 1,986 3.1
Tinglobal Holdings 1,988 1,903 3.0
Silverwing 1,388 1,561 2.4
Arleigh Group 698 1,557 2.4
Intuitive 1,508 1,508 2.4
Control Risks Group Holdings 746 1,315 2.1
Kitwave One 1,246 1,242 1.9
Haystack Dryers 1,157 1,157 1.8
Promatic Group 987 1,134 1.8
Kirton Group 1,041 1,041 1.6
Cawood Scientific 1,031 1,035 1.6
------------ ------------ ------------
Fifteen largest venture capital
investments 19,074 29,290 45.8
Other venture capital investments 12,529 9,450 14.8
------------ ------------ ------------
Total venture capital investments 31,603 38,740 60.6
Listed equity investments 3,988 4,312 6.8
Listed fixed-interest investments 4,135 3,913 6.1
------------ ------------ ------------
Total fixed asset investments 39,726 46,965 73.5
------------
Net current assets 16,942 26.5
------------ ------------
Net assets 63,907 100.0
------------ ------------
*Quoted on AIM
The number of ordinary shares in issue at 30 June 2013 was 74,524,954.
During the three months ended 30 June 2013 634,083 new shares were
allotted at an average price of 81.2p through a public offer for
subscription and 100,000 shares were re-purchased by the company for
cancellation at a price of 76.4p per share. On 26 July 2013 419,125 new
ordinary shares were allotted at a price of 81.4p per share pursuant to
the company's dividend investment scheme.
During the three months ended 30 June 2013 the following significant
venture capital investment transactions took place:
New investments:
Amount
invested
Name of company Business activity GBP000
Biological products for waste
Cleveland Biotech (Holdings) treatment 1,006
Kirton Group Specialist seating and furniture 1,041
Realisations:
Carrying
value at
Sales Original 31 March
Name of company proceeds cost 2013
GBP000 GBP000 GBP000
IG Doors (sale to Hörmann Group) 1,617 101 1,273
On 31 May 2013 the company announced its intention to raise up to GBP15
million through a joint prospectus offer with Northern Venture Trust PLC
and Northern 3 VCT PLC of new ordinary shares for subscription in the
2013/14 and 2014/15 tax years. It is expected that the prospectus will
be published on or around 31 July 2013.
On 10 July 2013 the company completed a new venture capital investment
of GBP1,508,000 in Buoyant Holdings, a manufacturer of upholstered
furniture.
The directors are not aware of any other events or transactions which
have taken place between 31 March 2013 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:
Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 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.
This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Northern 2 VCT PLC via Thomson Reuters ONE
HUG#1719165
http://www.nvm.co.uk/investorarea/northern_2_vct_plc.php
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