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Net Asset Value(s)
15 JULY 2022
NORTHERN 3 VCT PLC
UNAUDITED NET ASSET VALUE AS AT 30 JUNE 2022
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 30 June 2022 was 96.3 pence (31 March 2022 (audited) 97.9 pence).
For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 30 June 2022 and unquoted investments are carried at fair value as at 30 June 2022 as determined by the directors.
New Investments:
During the three months ended 30 June 2022 two new venture capital investments were completed.
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| Amount |
LMC Software | Social care management software for care homes for the elderly or disabled | 850 |
Sen Corporation | Live streaming of high quality video from space | 666 |
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In addition to the new investments above £952,000 was invested in three existing portfolio companies during the quarter.
Realisations:
During the three months ended 30 June 2022 two venture capital investments were realised.
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| Carrying value at |
| £000 | £000 | £000 |
Knowledgemotion | 2,975 | 1,740 | 2,975 |
Ideagen (AIM quoted) – partial disposal | 1,126 | 117 | 693 |
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The number of ordinary shares in issue at 30 June 2022 was 125,343,896. During the three months ended 30 June 2022 472,428 shares were re-purchased for cancellation at an average price of 93.0 pence per share and 16,700,963 shares were allotted were allotted pursuant to the Company’s 2021/22 public share offer.
Enquiries:
James Sly / Graham Venables, Mercia Fund Management Ltd
Phone: 0330 223 1430
Website: 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 form part of, this announcement.
