TIDMNVT
12 NOVEMBER 2019
NORTHERN VENTURE TRUST PLC
ANNUAL FINANCIAL REPORT FOR THE YEARED 30 SEPTEMBER 2019
Northern Venture Trust PLC is a Venture Capital Trust (VCT) whose
investment adviser is NVM Private Equity LLP. The trust was one of the
first VCTs launched on the London Stock Exchange in 1995. It invests
mainly in UK unquoted companies and aims to provide high long-term
tax-free returns to shareholders through a combination of dividend yield
and capital growth.
Financial highlights (comparative figures as at 30 September 2018):
2019 2018
-------- --------
Net assets GBP95.7m GBP93.9m
Net asset value per share 68.9p 70.8p
Return per share after tax:
Revenue 0.8p 1.0p
Capital 1.3p 2.3p
Total 2.1p 3.3p
Dividend per share for the year:
Interim dividend 2.0p 2.0p
Proposed final dividend 2.0p 2.0p
Total 4.0p 4.0p
Cumulative return to shareholders since
launch:
Net asset value per share 68.9p 70.8p
Dividends paid per share* 168.5p 164.5p
Net asset value plus dividends paid
per share 237.4p 235.3p
Mid-market share price at end of year 64.5p 66.0p
Tax-free dividend yield (based on the
net asset value per share at the start
of the year) 5.6% 5.5%
*Excluding proposed final dividend payable on 20 December 2019
For further information, please contact:
NVM Private Equity LLP
Simon John/James Bryce 0191 244 6000
Website: www.nvm.co.uk
HIGHLIGHTS
-- Return per share for the year of 2.1 pence per share, representing 3.0%
of opening NAV
-- NAV per share at year-end of 68.9 pence (2018: 70.8 pence) after paying
dividends of 4.0 pence
-- Successful public share offer raising GBP6.6 million
-- GBP10.3 million of proceeds from realisations, representing a gain of
GBP3.4 million on original cost (2018: GBP4.9 million)
-- Seven new and 11 follow-on investments in innovative earlier stage
companies added to the portfolio
CHAIRMAN'S STATEMENT
Overview
I am pleased to report on another productive year for our company during
which good progress has been made in the development of the venture
capital portfolio. The investment rate has been strong throughout the
period, with a total of seven new venture capital investments being
completed. Three significant investment exits were achieved, supporting
the total return for the year. The profile of the unquoted portfolio is
evolving as we continue to acquire investments in earlier stage
innovative UK companies with high growth potential. As previously
indicated, the profile of the new investments will lead to greater
volatility in the timing and quantum of returns, and continuing to pay
regular dividends whilst seeking to avoid erosion of the NAV per share
in the medium term remains a priority for your board.
Results and dividend
In the year ended 30 September 2019 the company achieved a return on
ordinary activities of GBP2,848,000 (2018: GBP4,281,000) or 2.1 pence
per share (2018: 3.3 pence), representing a total return of 3.0% on the
opening net asset value (NAV) per share. The NAV per share at 30
September 2019, after deducting dividends paid during the year of 4.0
pence, was 68.9 pence compared with 70.8 pence as at 30 September 2018.
The cumulative total return to shareholders increased to 237.4 pence
(2018: 235.3 pence) per share, which marks the fourteenth consecutive
year of growth. Investment income was slightly lower than in the prior
year at GBP2.2 million (2018: GBP2.5 million), reflecting the disposal
of some income-yielding investments.
Your directors are aware of the importance to shareholders of receiving
a steady stream of tax-free dividends. After careful consideration, the
board has proposed a final dividend of 2.0 pence per share, bringing the
total dividend for the year to 4.0 pence. This represents a tax-free
yield of 5.6% on the opening net asset value per share of 70.8 pence.
The full year dividend once again has not been covered by the total
return for the period, however your directors have confidence in the
potential of the current portfolio to increase NAV per share in the
medium to long term and our aim remains to pay a tax-free dividend yield
of approximately 5% of opening net assets each year. The final dividend,
if approved, will be paid on 20 December 2019 to shareholders on the
register on 22 November 2019.
Investment portfolio
The investment rate is encouraging, as we continue to identify
opportunities to provide capital to growing businesses, many of which
are developing disruptive products or services. During the past year,
the company invested GBP10.9 million in the venture capital portfolio,
with seven new VCT-qualifying investments added for total consideration
of GBP5.6 million and GBP5.3 million provided by way of follow-on
funding to 11 existing portfolio companies. Most of the earlier stage
businesses we are backing will require further capital to realise their
growth potential fully and we will continue to channel a significant
proportion of our investment activity into our existing portfolio.
Whilst we are still near the start of the investment cycle for the
earlier stage portfolio, we are encouraged by how stable the portfolio
has been thus far when taken as a whole. The performance profile of the
portfolio is expected to be more volatile than in the past as the
investments which are less successful tend to be identified as such and
written down in value before the more successful investments mature and
generate significant value appreciation. Whilst linear progress across
a typical venture capital portfolio is rarely achieved, we take
confidence from diversification of the investments held across various
attractive sectors.
Just under 50% by value of our venture capital portfolio at the year-end
comprised investments in more mature businesses acquired under previous
VCT rules. This portfolio produced three good investment exits during
the period under review, contributing total disposal proceeds of GBP10.3
million and a realised gain of GBP3.4 million on original cost. We
expect that the remaining mature investments will continue to provide an
income yield and a series of profitable exits in the years to come,
supporting the overall return of the company whilst the earlier-stage
portfolio develops.
Share offers and liquidity
We launched a top-up offer of new ordinary shares in January 2019, to
raise up to GBP6.6 million. Strong demand was experienced and the offer
was fully subscribed by existing shareholders approximately one week
after opening. In addition to the public offer, 1,602,296 shares were
issued during the year via our dividend investment scheme for overall
proceeds of GBP1.1 million. Around 20% of shares in issue are
registered to participate in the dividend investment scheme.
In conjunction with NVM we have undertaken a strategic review of the
unquoted portfolio, considering progress achieved to date and the likely
further capital required to enable our investee companies to flourish.
The exercise concluded with a review of the liquidity dynamics of the
company over the coming years, both in light of the follow-on
requirements and the strong pipeline of new investment opportunities
that NVM has developed. As a result of the review, your directors
intend to launch a share offer early in 2020 to raise up to GBP13.3
million.
Interest rates in the UK remain low and we are mindful of the potential
drag on overall returns caused by holding significant levels of
liquidity. We consider that this downside is a necessary feature of
sustainable early stage investing, and is outweighed by the benefit of
obtaining sufficient capital to execute our investment strategy in the
coming years in order to drive long-term shareholder value. We seek to
mitigate the cash drag by holding a portion of our liquid funds in
readily realisable quoted investment funds, with a view to generating a
higher return than by holding all liquid resources in cash deposits
alone. NVM has agreed that the reduced management fee we pay on liquid
assets in excess of a specified level will continue for at least another
12 months after the new shares are allotted. NVM has also continued to
augment its resources, having hired five additional investment
professionals during the year to join the VCT team.
Share buy-backs
We have maintained our policy of being willing to buy back the company's
shares in the market, when necessary in order to maintain liquidity, at
a 5% discount to NAV. During the year ended 30 September 2019 a total
of 4,907,101 shares were repurchased by the company for cancellation,
representing 3.7% of the opening issued share capital.
VCT qualifying status
The company has maintained its approved venture capital trust status
with HM Revenue & Customs. The company's compliance with the VCT
qualifying conditions is closely monitored by the board, who receive
regular reports from NVM and from our VCT taxation advisers, Philip Hare
& Associates LLP.
VCT legislation and regulation
The latest updates to the relevant VCT legislation were announced in
November 2017 and a number of measures have applied to the company for
the first time in the current financial year. From 6 April 2019, the
grace period available before the proceeds of investment disposals
become non-qualifying has been increased from six months to 12 months,
which may prove helpful in the event of a significant disposal. In
addition, the minimum proportion of investments required to be held in
VCT-qualifying holdings has been increased from 70% to 80% with effect
from 30 September 2019. I am pleased to say that NVM has been
monitoring this target closely since it was announced and the company
has complied fully in the year just ended and to date.
The VCT scheme rules have been subject to regular legislative changes in
recent years and whilst there were no further amendments announced by
the Chancellor in the last Autumn Budget statement, it is possible that
further changes will be made in the future. We will continue to work
closely with NVM to maintain compliance with the scheme rules at all
times.
Annual general meeting
The 2019 annual general meeting will take place in London on Wednesday
18 December 2019. Details of the formal business of the meeting are set
out in a separate circular which is being sent to shareholders with the
annual report. We look forward to meeting shareholders on that
occasion.
Outlook
The political and economic environment has remained uncertain over the
past few years with the postponed date for Britain to leave the EU now
not likely to be confirmed until after the general election to be held
on 12 December 2019. Whilst little clarity has yet been obtained as to
the eventual result of the ongoing negotiations between Britain and the
rest of the EU, we do not expect that it will have a significant impact
on the operations of the company.
Demand for patient capital remains strong and NVM reports a healthy flow
of promising investment opportunities. Your board is encouraged by the
continued progress made by the company in implementing the updated
investment policy approved by shareholders in 2016. The earlier stage
portfolio represents an increasingly important component of the overall
net asset value and will take time to mature. In the meantime, we have
confidence in the overall diversity of the portfolio and believe it has
the potential to generate long term shareholder value.
Simon Constantine
Chairman
Extracts from the audited financial statements for the year ended 30
September 2019 are set out below.
INCOME STATEMENT
for the year ended 30 September 2019
Year ended 30 September Year ended 30 September
2019 2018
Revenue Capital Total Revenue Capital Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Gain on disposal of
investments - 1,244 1,244 - 4,997 4,997
Movements in fair value
of investments - 1,673 1,673 - (1,039) (1,039)
---------- ---------- ---------- ---------- ---------- ----------
- 2,917 2,917 - 3,958 3,958
Income 2,166 - 2,166 2,491 - 2,491
Investment management fee (445) (1,334) (1,779) (427) (1,281) (1,708)
Other expenses (456) - (456) (449) (11) (460)
---------- ---------- ---------- ---------- ---------- ----------
Return on ordinary activities
before tax 1,265 1,583 2,848 1,615 2,666 4,281
Tax on return on ordinary
activities (168) 168 - (257) 257 -
---------- ---------- ---------- ---------- ---------- ----------
Return on ordinary activities
after tax 1,097 1,751 2,848 1,358 2,923 4,281
---------- ---------- ---------- ---------- ---------- ----------
Return per share 0.8p 1.3p 2.1p 1.0p 2.3p 3.3p
BALANCE SHEET
as at 30 September 2019
30 September 2019 30 September 2018
GBP000 GBP000
Fixed assets:
Investments 72,409 69,318
---------- ----------
Current assets:
Debtors 1,182 141
Cash and deposits 22,160 24,557
---------- ----------
23,342 24,698
Creditors (amounts falling due within
one year) (93) (106)
---------- ----------
Net current assets 23,249 24,592
---------- ----------
Net assets 95,658 93,910
---------- ----------
Capital and reserves
Called-up equity share capital 34,693 33,142
Share premium 5,584 817
Capital redemption reserve 2,106 879
Capital reserve 46,820 51,617
Revaluation reserve 4,948 6,346
Revenue reserve 1,507 1,109
---------- ----------
Total equity shareholders' funds 95,658 93,910
---------- ----------
Net asset value per share 68.9p 70.8p
STATEMENT OF CHANGES IN EQUITY
for the year ended 30 September 2019
---------------Non-distributable Distributable
reserves--------------- reserves Total
Called-up Capital
share Share redemption Revaluation Capital Revenue
capital premium reserve reserve* reserve reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 October 2018 33,142 817 879 6,346 51,617 1,109 93,910
Return on ordinary
activities after
tax - - - (1,398) 3,149 1,097 2,848
Dividends paid - - - - (4,749) (699) (5,448)
Net proceeds of share
issues 2,778 4,767 - - - - 7,545
Shares purchased
for cancellation (1,227) - 1,227 - (3,197) - (3,197)
---------- ---------- ---------- ---------- ---------- ---------- ----------
At 30 September 2019 34,693 5,584 2,106 4,948 46,820 1,507 95,658
---------- ---------- ---------- ---------- ---------- ---------- ----------
STATEMENT OF CHANGES IN EQUITY
for the year ended 30 September 2018
---------------Non-distributable Distributable
reserves--------------- reserves Total
Called-up Capital
share Share redemption Revaluation Capital Revenue
capital premium reserve reserve* reserve reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 October 2017 26,256 6,941 544 5,972 34,150 2,397 76,260
Return on ordinary
activities
after tax - - - 374 2,549 1,358 4,281
Dividends paid - - - - (3,966) (2,646) (6,612)
Net proceeds of share
issues 7,221 13,647 - - - - 20,868
Shares purchased
for cancellation (335) - 335 - (887) - (887)
Cancellation of the
share premium reserve - (19,771) - - 19,771 - -
---------- ---------- ---------- ---------- ---------- ---------- ----------
At 30 September 2018 33,142 817 879 6,346 51,617 1,109 93,910
---------- ---------- ---------- ---------- ---------- ---------- ----------
*the revaluation reserve is generally non-distributable other than that
part of the reserve relating to gains/losses on readily realisable
quoted investments, which is distributable.
STATEMENT OF CASH FLOWS
for the year ended 30 September 2019
Year ended Year ended
30 September 2019 30 September 2018
GBP000 GBP000
Cash flows from operating activities:
Return on ordinary activities before tax 2,848 4,281
Adjustments for:
Gain on disposal of investments (1,244) (4,997)
Movement in fair value of investments (1,673) 1,039
(Increase)/decrease in debtors (1,041) 520
(Decrease)/increase in creditors (13) 25
---------- ----------
Net cash (outflow)/inflow from operating
activities (1,123) 868
---------- ----------
Cash flows from investing activities:
Purchase of investments (18,705) (14,257)
Sale/repayment of investments 18,531 14,596
---------- ----------
Net cash (outflow)/inflow from investing
activities (174) 339
---------- ----------
Cash flows from financing activities:
Issue of ordinary shares 7,692 21,317
Share issue expenses (147) (449)
Purchase of ordinary shares for
cancellation (3,197) (887)
Equity dividends paid (5,448) (6,612)
---------- ----------
Net cash (outflow)/inflow from financing
activities (1,100) 13,369
---------- ----------
(Decrease)/increase in cash and cash
equivalents (2,397) 14,576
Cash and cash equivalents at beginning
of year 24,557 9,981
---------- ----------
Cash and cash equivalents at end of year 22,160 24,557
---------- ----------
INVESTMENT PORTFOLIO SUMMARY
as at 30 September 2019
Cost Valuation % of net assets
Company GBP000 GBP000 by value
Fifteen largest venture capital
investments:
Lineup Systems 974 4,504 4.7
Agilitas IT Holdings 1,302 4,380 4.6
Sorted Holdings 3,022 4,033 4.2
Currentbody.com 1,413 2,350 2.5
SHE Software Group 2,058 2,317 2.4
Volumatic Holdings 906 2,040 2.1
Knowledgemotion 1,903 2,038 2.1
No 1 Lounges 2,006 1,933 2.0
Biological Preparations Group 2,366 1,861 1.9
Entertainment Magpie Group 1,610 1,853 1.9
AVID Technology Group 1,352 1,776 1.9
It's All Good 1,205 1,741 1.9
Weldex (International) Offshore
Holdings 3,262 1,670 1.8
Intelling Group 1,223 1,649 1.7
Medovate 1,593 1,593 1.7
---------- ---------- -------
26,195 35,738 37.4
Other venture capital investments:
Intuitive Holding 1,674 1,531 1.6
Volo Commerce 2,253 1,494 1.6
Soda Software Labs (t.a. Hello
Soda) 1,472 1,472 1.5
Buoyant Upholstery 1,173 1,309 1.4
Channel Mum 1,172 1,306 1.4
Clarilis 1,092 1,092 1.1
Rockar 1,051 1,068 1.1
GRIP-UK (t.a. Climbing Hangar) 1,059 1,059 1.1
Thanksbox (t.a Mo) 957 1,003 1.0
Idox* 238 994 1.0
Voxpopme 974 974 1.0
Ridge Pharma 969 969 1.0
Life's Great Group (t.a. Mojo
Mortgages) 937 948 1.0
Axial Systems Holdings 1,004 859 0.9
Haystack Dryers 1,661 855 0.9
Contego Solutions (t.a. NorthRow) 839 839 0.9
Administrate 797 797 0.8
Customs Connect Group 1,564 781 0.8
Quotevine 780 780 0.8
Other investments each valued at
less than GBP750,000 10,661 6,696 7.1
---------- ---------- -------
Total venture capital investments 58,522 62,564 65.4
Investment funds (listed equity) 8,939 9,845 10.3
---------- ---------- -------
Total fixed asset investments 67,461 72,409 75.7
----------
Net current assets 23,249 24.3
---------- -------
Net assets 95,658 100.0
---------- -------
*Quoted on AIM
**Listed on London Stock Exchange
Risk management
The board carries out a regular and robust review of the risk
environment in which the company operates. The principal risks and
uncertainties identified by the board which might affect the company's
business model and future performance, and the steps taken with a view
to their mitigation, are as follows:
Investment and liquidity risk: investment in smaller and unquoted
companies, such as those in which the company invests, involves a higher
degree of risk than investment in larger listed companies because they
generally have limited product lines, markets and financial resources
and may be more dependent on key individuals. The securities of smaller
companies in which the company invests are typically unlisted, making
them illiquid, and this may cause difficulties in valuing and disposing
of the securities. The company may invest in businesses whose shares are
quoted on AIM - the fact that a share is quoted on AIM does not mean
that it can be readily traded and the spread between the buying and
selling prices of such shares may be wide. Mitigation: the directors
aim to limit the risk attaching to the portfolio as a whole by careful
selection, close monitoring and timely realisation of investments, by
carrying out rigorous due diligence procedures and maintaining a wide
spread of holdings in terms of financing stage and industry sector,
within the range permitted by the VCT scheme rules. The board reviews
the investment portfolio with the investment adviser on a regular basis.
Financial risk: most of the company's investments involve a medium to
long term commitment and many are relatively illiquid. Mitigation: the
directors consider that it is inappropriate to finance the company's
activities through borrowing except on an occasional short-term basis.
Accordingly they seek to maintain a proportion of the company's assets
in cash or cash equivalents in order to be in a position to pursue new
unquoted investment opportunities and to make follow-on investments in
existing portfolio companies. The company has very little direct
exposure to foreign currency risk and does not enter into derivative
transactions.
Economic risk: events such as economic recession or general fluctuation
in stock markets, exchange rates and interest rates may affect the
valuation of investee companies and their ability to access adequate
financial resources, as well as affecting the company's own share price
and discount to net asset value. Mitigation: the company invests in a
diversified portfolio of investments spanning various industry sectors,
and maintains sufficient cash reserves to be able to provide additional
funding to investee companies where appropriate.
Stock market risk: some of the company's investments are quoted on the
London Stock Exchange or AIM and will be subject to market fluctuations
upwards and downwards. External factors such as terrorist activity can
negatively impact stock markets worldwide. In times of adverse
sentiment there may be very little, if any, market demand for shares in
smaller companies quoted on AIM. Mitigation: the company's quoted
investments are actively managed by specialist advisers, including NVM
in the case of AIM-quoted investments, and the board keeps the portfolio
and the actions taken under ongoing review.
Credit risk: the company holds a number of financial instruments and
cash deposits and is dependent on the counterparties discharging their
commitment. Mitigation: the directors review the creditworthiness of
the counterparties to these instruments and cash deposits and seek to
ensure there is no undue concentration of credit risk with any one
party.
Legislative and regulatory risk: in order to maintain its approval as a
VCT, the company is required to comply with current VCT legislation in
the UK, which reflects the European Commission's State-aid rules.
Changes to the UK legislation or the State-aid rules in the future could
have an adverse effect on the company's ability to achieve satisfactory
investment returns whilst retaining its VCT approval. Mitigation: the
board and the investment adviser monitor political developments and
where appropriate seek to make representations either directly or
through relevant trade bodies.
Internal control risk: the company's assets could be at risk in the
absence of an appropriate internal control regime. Mitigation: the
board regularly reviews the system of internal controls, both financial
and non-financial, operated by the company and the investment adviser.
These include controls designed to ensure that the company's assets are
safeguarded and that proper accounting records are maintained.
VCT qualifying status risk: while it is the intention of the directors
that the company will be managed so as to continue to qualify as a VCT,
there can be no guarantee that this status will be maintained. A failure
to continue meeting the qualifying requirements could result in the loss
of VCT tax relief, the company losing its exemption from corporation tax
on capital gains, to shareholders being liable to pay income tax on
dividends received from the company and, in certain circumstances, to
shareholders being required to repay the initial income tax relief on
their investment. Mitigation: the investment adviser keeps the
company's VCT qualifying status under continual review and its reports
are reviewed by the board on a quarterly basis. The board has also
retained Philip Hare & Associates LLP to undertake an independent VCT
status monitoring role.
DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the annual report and
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for
each financial year. Under that law they are required to prepare the
financial statements in accordance with UK accounting standards,
including FRS 102 "The Financial Reporting Standard applicable in the UK
and Republic of Ireland".
Under company law the directors must not approve the financial
statements unless they are satisfied that they give a true and fair view
of the state of affairs of the company and of its profit or loss for
that year.
In preparing these financial statements, the directors are required to
(i) select suitable accounting policies and then apply them
consistently; (ii) make judgements and estimates that are reasonable and
prudent; (iii) state whether applicable UK accounting standards have
been followed, subject to any material departures disclosed and
explained in the financial statements; (iv) assess the company's ability
to continue as a going concern, disclosing, as applicable, matters
related to going concern; and (v) use the going concern basis of
accounting unless they either intend to liquidate the company or to
cease operations, or have no realistic alternative but to do so.
The directors are responsible for keeping adequate accounting records
that are sufficient to show and explain the company's transactions and
disclose with reasonable accuracy at any time the financial position of
the company and enable them to ensure that its financial statements
comply with the Companies Act 2006. They are responsible for such
internal control as they determine is necessary to enable the
preparation of financial statements that are free from material
misstatement, whether due to fraud or error, and have general
responsibility for taking such steps as are reasonably open to them to
safeguard the assets of the company and to prevent and detect fraud and
other irregularities.
Under applicable law and regulations, the directors are also responsible
for preparing a strategic report, directors' report, directors'
remuneration report and corporate governance statement that complies
with that law and those regulations.
The directors are responsible for the maintenance and integrity of the
corporate and financial information included on the company's website.
Legislation in the UK governing the preparation and dissemination of
financial statements may differ from legislation in other jurisdictions.
The directors have confirmed that to the best of their knowledge (i) the
financial statements, prepared in accordance with the applicable set of
accounting standards, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the company; and
(ii) the strategic report and directors' report includes a fair review
of the development and performance of the business and the position of
the issuer, together with a description of the principal risks and
uncertainties that they face.
The directors consider the annual report and accounts, taken as a whole,
is fair, balanced and understandable and provides the information
necessary for shareholders to assess the company's position and
performance, business model and strategy.
The directors of the company at the date of this announcement were Mr S
J Constantine (Chairman), Mr N J Beer, Mr R J Green, Mr T R Levett, Mr D
A Mayes and Mr H P Younger.
OTHER MATTERS
The above summary of results for the year ended 30 September 2019 does
not constitute statutory financial statements within the meaning of
Section 435 of the Companies Act 2006 and has not been delivered to the
Registrar of Companies. Statutory financial statements will be filed
with the Registrar of Companies in due course; the independent auditor's
report on those financial statements under Section 495 of the Companies
Act 2006 is unqualified, does not include any reference to matters to
which the auditor drew attention by way of emphasis without qualifying
the report and does not contain a statement under Section 498 (2) or (3)
of the Companies Act 2006.
The calculation of the revenue and capital return per share is based on
the return on ordinary activities after tax for the year and on
135,869,327 (2018: 130,205,209) ordinary shares, being the weighted
average number of shares in issue during the year.
The calculation of the net asset value per share is based on the net
assets at 30 September 2019 divided by the 138,773,612 (30 September
2018: 132,567,448) ordinary shares in issue at that date.
The proposed final dividend of 2.0 pence per share for the year ended 30
September 2019 will, if approved by shareholders, be paid on 20 December
2019 to shareholders on the register at the close of business on 22
November 2019.
The full annual report including financial statements for the year ended
30 September 2019 is expected to be posted to shareholders on 18
November 2019 and will be available to the public at the registered
office of the company at Time Central, 32 Gallowgate, Newcastle upon
Tyne NE1 4SN and on the NVM Private Equity LLP 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
November 12, 2019 11:00 ET (16:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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