4 MARCH 2010
NORTHERN AIM VCT PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 31 JANUARY 2010
Northern AIM VCT PLC presents its interim management statement for the quarter
ended 31 January 2010. This constitutes the company's first interim management
statement for the financial year ending 31 October 2010, as required by the UK
Listing Authority's Disclosure and Transparency Rule 4.3. This statement has
been prepared solely to provide additional information in order to meet the
requirements of the Disclosure and Transparency Rules and should not be relied
on by shareholders, or any other party, for any other purpose.
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 holdings in UK
AIM-quoted and unquoted companies. 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 (NAV) per ordinary share as at 31 January 2010 was
34.1p (31 October 2009 (audited) 34.4p). The net asset value is stated before
deducting the final dividend of 3.0p per share in respect of the financial year
ended 31 October 2009, which will be paid on 5 March 2010 following approval by
shareholders at the annual general meeting on 3 March 2010.
For the purposes of calculating the net asset value per share, quoted
investments are carried at bid price as at 31 January 2010 and unquoted
investments are carried at fair value as at 31 January 2010 as determined by the
directors.
The following table shows the movement in the company's NAV and share price and
the FTSE AIM index during the three months ended 31 January 2010:
31 January 2010 31 October 2009 Increase/decrease
during period
NAV per share 34.1p 34.4p -0.9%
Share price 29.0p 26.0p +11.5%
FTSE AIM All-share index 667.4 649.0 +2.8%
During the three months ended 31 January 2010 the following significant
investment transactions took place:
New investments:
Amount
Name of company Business activity invested
£000
Crossco (1168) (unquoted) Manufacture of modular buildings 373
Nationwide Accident Repair Automotive crash repair and accident 296
Services (quoted on AIM) administration services
Disposals:
Carrying value at
Name of company Sales proceeds Original cost 31 October 2009
£000 £000 £000
RCG Holdings (quoted on AIM) - 146 62 128
part disposal
Britspace Holdings (unquoted) 269 788 334
The number of ordinary shares in issue at 31 January 2010 was 22,066,733.
During the quarter ended 31 January 2010 no shares were allotted or bought back
for cancellation by the company.
The directors are not aware of any other events or transactions which have taken
place between 31 October 2009 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 <
http://www.nvm.co.uk/>
[HUG#1390997]