Northern 2 VCT PLC Net Asset Value

 
TIDMNTV 
 
 
   18 FEBRUARY 2019 
 
   NORTHERN 2 VCT PLC 
 
   UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2018 
 
   Northern 2 VCT PLC ("the Company") is a Venture Capital Trust ("VCT") 
launched in 1999 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 per ordinary share as at 31 December 2018 
was 65.0 pence (30 September 2018 64.9 pence).  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 2019, which was paid to eligible 
shareholders on 25 January 2019. 
 
   For the purposes of calculating the net asset value per share, quoted 
investments are carried at bid price as at 31 December 2018 and unquoted 
investments are carried at fair value as at 31 December 2018 as 
determined by the directors. 
 
   During the three months ended 31 December 2018 the following venture 
capital transactions took place: 
 
   New investments: 
 
 
 
 
                                                                      Amount 
                                                                      invested 
 Name of company        Business activity                              GBP000 
---------------------  --------------------------------------------  --------- 
                       SaaS training and learning management 
Administrate Limited    platform                                           722 
Thanksbox Limited      Employee engagement platform provider               385 
 
 
   Subsequent to 31 December 2018 the Company has completed a new 
investment of GBP529,000 in Life's Great Group (trading as Mojo 
Mortgages), an online mortgage broking platform. 
 
   Realisations: 
 
 
 
 
                                         Sale   Original     Carrying value at 
Name of company                      proceeds     cost           31 March 2018 
-------------------------------  ------------  ----------  ------------------- 
                                   GBP    000  GBP    000      GBP         000 
Closerstill Group -- sale of company    2,923       1,683                2,198 
Lanner Group -- loan stock repayment       52          52                   52 
Sinclair Pharma (AIM quoted) -- agreed 
 takeover                                 490         425                  287 
 
 
   Subsequent to 31 December 2018 the Company has completed the sale of its 
holding in Lanner Group, generating proceeds of GBP705,000 compared to a 
residual holding cost of GBP304,000. 
 
   The number of ordinary shares in issue at 31 December 2018 was 
130,144,306.  During the three months ended 31 December 2018 409,884 
shares were re-purchased for cancellation at a price of 61.0 pence per 
share. 
 
   Enquiries: 
 
   Simon John/James Bryce, NVM Private Equity LLP -- 0191 244 6000 
 
   Website:  www.nvm.co.uk 
 
   Neither the contents of the NVM Private Equity LLP website nor the 
contents of any website accessible from hyperlinks on the NVM Private 
Equity LLP website (or any other website) is incorporated into, or forms 
part of, this announcement.
(END) Dow Jones Newswires
February 18, 2019 10:45 ET (15:45 GMT)
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