TIDMNTV 
 
 
   12 NOVEMBER 2019 
 
   NORTHERN 2 VCT PLC 
 
   UNAUDITED HALF-YEARLY FINANCIAL REPORT 
 
   FOR THE SIX MONTHSED 30 SEPTEMBER 2019 
 
   Northern 2 VCT PLC is a Venture Capital Trust (VCT) managed by NVM 
Private Equity LLP.  It invests mainly in unquoted venture capital 
holdings 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 and 31 
March 2019) 
 
 
 
 
 
                                                    Six months ended  Six months ended    Year ended 
                                                      30 September      30 September       31 March 
                                                          2019              2018             2019 
                                                    ----------------  ----------------  ------------ 
Net assets                                              GBP88.0m          GBP85.0m        GBP84.1m 
Net asset value per share                                63.0p             64.9p           64.7p 
Return per share: 
 Revenue                                                  0.1p              0.5p            1.2p 
 Capital                                                  0.3p              1.0p            2.0p 
 Total                                                    0.4p              1.5p            3.2p 
Dividend per share declared 
 in respect of the period                                 2.0p              2.0p            4.0p 
Cumulative returns to shareholders 
 since launch: 
 Net asset value per share                                63.0p             64.9p           64.7p 
 Dividends paid per share*                               119.4p            115.4p          117.4p 
 Net asset value plus dividends paid per share           182.4p            180.3p          182.1p 
Mid-market share price at end of period                  59.0p             60.0p           59.0p 
Share price discount to net asset value                         6.3%              7.6%          8.8% 
Tax-free dividend yield (based on net asset value 
 per share)**                                                   6.2%              8.0%          6.0% 
 
   *Excluding interim dividend not yet paid 
 
   **The annualised dividend yield is calculated by dividing the dividends 
in respect of the 12 month period ended on each reference date by the 
net asset value per share at the start of the period 
 
   For further information, please contact: 
 
   NVM Private Equity LLP 
 
   Simon John/James Bryce                    0191 244 6000 
 
   Website:  www.nvm.co.uk 
 
   HALF-YEARLY MANAGEMENT REPORT TO SHAREHOLDERS 
 
   Results and dividend 
 
   The unaudited net asset value (NAV) per share at 30 September 2019 was 
63.0 pence (64.7 pence (audited) at 31 March 2019) and is stated after 
deducting the final dividend of 2.0 pence per share in respect of the 
2018/19 financial year which was paid in July 2019. 
 
   The return per share as shown in the income statement for the six months 
ended 30 September 2019 was 0.4 pence, compared with 1.5 pence in the 
corresponding period last year. 
 
   In keeping with the latest VCT rules, the companies we select for 
investment require development capital to deliver their growth plans. 
Our early stage investee companies have collectively created over 300 
jobs since March 2018 and have helped to deliver innovation in a range 
of sectors. The progress charted by a typical portfolio of venture 
capital investments is rarely linear and whilst the total return for the 
first six months of the year has been broadly flat, your directors take 
confidence from the overall diversification of the portfolio across many 
attractive sectors.  Just under half of the value of the venture capital 
portfolio is currently represented by investments made under previous 
iterations of the VCT rules, which tend to be in more mature, profitable 
businesses.  We expect that these mature investments will continue to 
provide an income yield and series of profitable exits in the years to 
come, supporting the overall returns of the company whilst the 
earlier-stage portfolio matures. 
 
   After careful consideration, the board has declared an unchanged interim 
dividend for the year ending 31 March 2020 of 2.0 pence per share, which 
will be paid on 24 January 2020 to shareholders who are on the register 
on 3 January 2020. 
 
   Portfolio 
 
   Further progress was made on the development of the portfolio during the 
period.  Three new investments were added to the venture capital 
portfolio for a total consideration of GBP2.0 million: 
 
 
   -- Voxpopme (GBP891,000) -- video based consumer insight software, 
      Birmingham 
 
   -- Quotevine (GBP706,000) -- asset and automotive management software 
      platform provider, Bedford 
 
   -- Duke & Dexter (GBP388,000) -- supplier of premium men's footwear, London 
 
 
 
   In addition, GBP2.6 million of capital was provided to nine existing 
investee companies to support further growth ambitions, representing 
around 57% by value of investment activity during the period. 
 
   Proceeds from investment sales and repayments from the venture capital 
portfolio amounted to                GBP4.6 million during the period, 
producing a realised gain over cost of GBP1.9 million.  The most 
significant transaction related to MSQ Partners Group which was the 
subject of a secondary management buy-out financed by LDC.  This 
represented an excellent result for Northern 2 VCT, delivering a return 
of over 2.5 times the original cost over the life of the investment. 
The transaction was close to completion at the date of announcement of 
our last annual report and consequently the level of exit proceeds was 
reflected in the valuation which had been marked up as at 31 March 2019. 
 
   Shareholder issues 
 
   As a result of the top-up share offer launched in January 2019, 
10,259,000 shares were issued during the period for gross proceeds of 
GBP6.6 million. In addition a total of GBP0.5 million was received 
during the period through the issue of new shares under our dividend 
investment scheme. 
 
   Most of the earlier stage businesses we are backing will require further 
capital in order to mature and we continue to channel an increasing 
proportion of our investment activity into follow-on funding rounds.  In 
addition to the capital requirements of the existing portfolio, we have 
also reviewed the pipeline of new investments with NVM and expect that 
the volume of attractive investment opportunities will be sustained in 
the near term.  Having carefully considered the current level of liquid 
resources available to the company and the potential investment demand 
in the coming years, the board proposes to launch a prospectus share 
offer in January 2020 in order to raise up to GBP13.3 million.  If 
approved, it is intended that all shares to be issued under the offer 
will be allotted in the 2019-20 tax year. 
 
   Your directors are mindful of the potential drag on overall returns 
caused by holding liquidity and have weighed this cost against the 
benefit of securing sufficient funding to support our early stage 
investee companies to realise their potential. 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. 
 
   The company has maintained its policy of buying back its own shares in 
the market from time to time, at a discount of 5% to NAV.  During the 
period, 1,527,000 shares were repurchased for cancellation, for a total 
consideration of GBP901,000. 
 
   VCT qualifying status 
 
   The company has continued to meet the stringent qualifying conditions 
laid down by HM Revenue & Customs for maintaining its approval as a VCT. 
Our investment manager, NVM, monitors the position closely and reports 
regularly to the board.  Philip Hare & Associates LLP has continued to 
act as independent adviser to the company on VCT taxation matters. 
 
   VCT legislation 
 
   As previously reported, the VCT rules have continued to evolve to meet 
the UK Government's aim of driving investment towards the smaller 
companies most in need of capital to grow.  One of the most significant 
changes still being phased into practice is the increase in the minimum 
proportion of investments required to be held by a VCT in VCT-qualifying 
holdings, from 70% to 80%.  This will first apply to your company from 
31 March 2020 and both the board and NVM are monitoring progress towards 
this target closely. 
 
   Prospects 
 
   Financial markets rarely react well to political instability and the 
extended process of implementing the UK's decision to leave the EU has 
caused much uncertainty.  Whilst limited clarity has thus far been 
obtained as to the likely nature of the UK's future relationship with 
the European Union, NVM continues to work closely with portfolio 
companies in order to plan for a range of potential outcomes. 
 
   In addition to planning for the proposed share offer, NVM is also 
working with several investee companies with a view to achieving a 
profitable exit in the next 12 months. Access to capital is one of the 
most important factors contributing to the success of early stage 
businesses and your board believes that the company is well placed to 
provide that vital support with a view to increasing long term 
shareholder value. 
 
   On behalf of the Board 
 
   David Gravells 
 
   Chairman 
 
   The unaudited half-yearly financial statements for the six months ended 
30 September 2019 are set out 
 
   below. 
 
   INCOME STATEMENT 
 
   (unaudited) for the six months ended 30 September 2019 
 
 
 
 
                       Six months ended                    Six months ended 
                       30 September 2019                   30 September 2018 
               Revenue     Capital      Total      Revenue     Capital      Total 
                GBP000      GBP000      GBP000      GBP000      GBP000      GBP000 
Gain on 
 disposal of 
 investments           -          46          46           -       1,773       1,773 
Movements in 
 fair value 
 of 
 investments           -         954         954           -          27          27 
              ----------  ----------  ----------  ----------  ----------  ---------- 
                       -       1,000       1,000           -       1,800       1,800 
Income               609           -         609       1,194           -       1,194 
Investment 
 management 
 fee               (206)       (617)       (823)       (195)       (584)       (779) 
Other 
 expenses          (191)           -       (191)       (200)           -       (200) 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return on 
 ordinary 
 activities 
 before tax          212         383         595         799       1,216       2,015 
Tax on 
 return on 
 ordinary 
 activities         (15)          15           -       (125)         125           - 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return on 
 ordinary 
 activities 
 after tax           197         398         595         674       1,341       2,015 
              ----------  ----------  ----------  ----------  ----------  ---------- 
Return per          0.1p        0.3p        0.4p        0.5p        1.0p        1.5p 
 share 
 
 
 
 
 
 
                                              Year ended 31 March 2019 
                                          Revenue     Capital      Total 
                                           GBP000      GBP000      GBP000 
Gain on disposal of investments                   -       2,827       2,827 
Movements in fair value of investments            -         762         762 
                                         ----------  ----------  ---------- 
                                                  -       3,589       3,589 
Income                                        2,638           -       2,638 
Investment management fee                     (399)     (1,198)     (1,597) 
Other expenses                                (393)           -       (393) 
                                         ----------  ----------  ---------- 
Return on ordinary activities before 
 tax                                          1,846       2,391       4,237 
Tax on return on ordinary activities          (275)         275           - 
                                         ----------  ----------  ---------- 
Return on ordinary activities after tax       1,571       2,666       4,237 
                                         ----------  ----------  ---------- 
Return per share                               1.2p        2.0p        3.2p 
 
   BALANCE SHEET 
 
   (unaudited) as at 30 September 2019 
 
 
 
 
                           30 September 2019  30 September 2018  31 March 2019 
                                 GBP000             GBP000           GBP000 
 
Fixed assets: 
 Investments                     65,040             62,450           64,125 
                              ----------         ----------       ---------- 
Current assets: 
 Debtors                               1,088                129            221 
 Cash and cash 
  equivalents                         21,890             22,494         26,431 
                                  ----------         ----------     ---------- 
                                      22,978             22,623         26,652 
Creditors (amounts 
falling due 
 within one year)                       (64)               (76)        (6,668) 
                                  ----------         ----------     ---------- 
Net current assets                    22,914             22,547         19,984 
                                  ----------         ----------     ---------- 
 
Net assets                            87,954             84,997         84,109 
                                  ----------         ----------     ---------- 
Capital and reserves: 
 Called-up equity share 
  capital                              6,980              6,544          6,502 
 Share premium                         7,958              1,132          1,555 
 Capital redemption 
  reserve                                291                135            215 
 Capital reserve                      66,054             69,916         67,341 
 Revaluation reserve                   6,061              6,351          6,679 
 Revenue reserve                         610                919          1,817 
                                  ----------         ----------     ---------- 
Total equity 
 shareholders' funds                  87,954             84,997         84,109 
                                  ----------         ----------     ---------- 
Net asset value per share              63.0p              64.9p          64.7p 
 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   (unaudited) for the six months ended 30 September 2019 
 
 
 
 
                           -----------------Non-distributable 
                                reserves-----------------                  Distributable reserves     Total 
                                              Capital 
               Called up share     Share     redemption     Revaluation      Capital      Revenue 
                   capital        premium     reserve         reserve*       reserve      reserve 
                   GBP000         GBP000      GBP000          GBP000         GBP000      GBP000       GBP000 
At 1 April 
 2019                    6,502       1,555          215             6,679      67,341        1,817      84,109 
Return on 
ordinary 
activities 
after tax                    -           -            -             (618)       1,016          197         595 
Dividends 
 paid                        -           -            -                 -     (1,404)      (1,404)     (2,808) 
Net proceeds 
 of share 
 issues                    554       6,403            -                 -           -            -       6,957 
Shares 
purchased for 
cancellation              (76)           -           76                 -       (899)            -       (899) 
                    ----------  ----------   ----------        ----------  ----------   ----------  ---------- 
At 30 
 September 
 2019                    6,980       7,958          291             6,061      66,054          610      87,954 
                    ----------  ----------   ----------        ----------  ----------   ----------  ---------- 
 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   (unaudited) for the six months ended 30 September 2018 
 
 
 
 
                           -----------------Non-distributable 
                                reserves-----------------                  Distributable reserves     Total 
                                              Capital 
               Called up share     Share     redemption     Revaluation      Capital      Revenue 
                   capital        premium     reserve         reserve*       reserve      reserve 
                   GBP000         GBP000      GBP000          GBP000         GBP000      GBP000       GBP000 
At 1 April 
 2018                    6,505         392          110             7,836      71,629          571      87,043 
Return on 
ordinary 
activities 
after tax                    -           -            -           (1,485)       2,826          674       2,015 
Dividends 
 paid                        -           -            -                 -     (4,228)        (326)     (4,554) 
Net proceeds 
 of share 
 issues                     64         740            -                 -           -            -         804 
Shares 
purchased for 
cancellation              (25)           -           25                 -       (311)            -       (311) 
                    ----------  ----------   ----------        ----------  ----------   ----------  ---------- 
At 30 
 September 
 2018                    6,544       1,132          135             6,351      69,916          919      84,997 
                    ----------  ----------   ----------        ----------  ----------   ----------  ---------- 
 
 
   STATEMENT OF CHANGES IN EQUITY 
 
   for the year ended 31 March 2019 
 
 
 
 
                           -----------------Non-distributable 
                                reserves-----------------                  Distributable reserves     Total 
                                              Capital 
               Called up share     Share     redemption     Revaluation      Capital      Revenue 
                   capital        premium     reserve         reserve*       reserve      reserve 
                   GBP000         GBP000      GBP000          GBP000         GBP000      GBP000       GBP000 
At 1 April 
 2018                    6,505         392          110             7,836      71,629          571      87,043 
Return on 
ordinary 
activities 
after tax                    -           -            -           (1,157)       3,823        1,571       4,237 
Dividends 
 paid                        -           -            -                 -     (6,831)        (325)     (7,156) 
Net proceeds 
 of share 
 issues                    102       1,163            -                 -           -            -       1,265 
Shares 
purchased 
for 
 cancellation            (105)           -          105                 -     (1,280)            -     (1,280) 
                    ----------  ----------   ----------        ----------  ----------   ----------  ---------- 
At 31 March 
 2019                    6,502       1,555          215             6,679      67,341        1,817      84,109 
                    ----------  ----------   ----------        ----------  ----------   ----------  ---------- 
 
 
   *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 
 
   (unaudited) for the six months ended 30 September 2019 
 
 
 
 
                           Six months ended   Six months ended    Year ended 
                           30 September 2019  30 September 2018  31 March 2019 
                                GBP000             GBP000           GBP000 
Cash flows from operating 
activities: 
Return on ordinary 
 activities before tax                   595              2,015          4,237 
Adjustments for: 
Gain on disposal of 
 investments                            (46)            (1,773)        (2,827) 
Movement in fair value of 
 investments                           (954)               (27)          (762) 
(Increase)/decrease in 
 debtors                               (867)                 76           (16) 
(Decrease)/increase in 
 creditors                             (136)               (58)             66 
                                  ----------         ----------     ---------- 
Net cash (outflow)/inflow 
 from operating 
 activities                          (1,408)                233            698 
                                  ----------         ----------     ---------- 
Cash flows from investing 
activities: 
Purchase of investments              (5,985)           (12,373)       (17,730) 
Sale/repayment of 
 investments                           6,072             13,155         18,626 
                                  ----------         ----------     ---------- 
Net cash inflow from 
 investing activities                     87                782            896 
                                  ----------         ----------     ---------- 
Cash flows from financing 
activities: 
Issue of ordinary shares               7,072                823          1,304 
Share issue expenses                   (115)               (19)           (39) 
Share subscriptions held 
 pending allotment                   (6,468)                  -          6,468 
Purchase of ordinary 
 shares for cancellation               (905)              (311)        (1,280) 
Equity dividends paid                (2,804)            (4,554)        (7,156) 
                                  ----------         ----------     ---------- 
Net cash outflow from 
 financing activities                (3,220)            (4,061)          (703) 
                                  ----------         ----------     ---------- 
Net (decrease)/increase 
 in cash and cash 
 equivalents                         (4,541)            (3,046)            891 
 
Cash and cash equivalents 
 at beginning of period               26,431             25,540         25,540 
 
                                  ----------         ----------     ---------- 
Cash and cash equivalents 
 at end of period                     21,890             22,494         26,431 
                                  ----------         ----------     ---------- 
 
   INVESTMENT PORTFOLIO SUMMARY 
 
   as at 30 September 2019 
 
 
 
 
                                          Cost     Valuation   % of net assets 
                                         GBP000      GBP000      by valuation 
 
 
Lineup Systems                                975       4,504              5.1 
Agilitas IT Holdings                        1,284       4,317              4.9 
Sorted Holdings                             2,715       3,625              4.1 
Currentbody.com                             1,286       2,140              2.4 
SHE Software Group                          1,873       2,109              2.4 
Volumatic Holdings                            906       2,038              2.3 
No 1 Lounges                                1,977       1,906              2.2 
Knowledgemotion                             1,778       1,905              2.2 
Entertainment Magpie Group                  1,503       1,730              2.0 
Biological Preparations Group               2,166       1,698              1.9 
It's All Good                               1,145       1,648              1.9 
AVID Technology Group                       1,287       1,647              1.9 
Intelling Group                             1,142       1,541              1.8 
Soda Software Labs                          1,499       1,499              1.7 
Medovate                                    1,450       1,450              1.6 
                                       ----------  ----------          ------- 
Fifteen largest venture capital 
 investments                               22,986      33,757             38.4 
Other venture capital investments          27,391      23,252             26.4 
                                       ----------  ----------          ------- 
Total venture capital investments          50,377      57,009             64.8 
Listed equity investments                   6,392       6,683              7.6 
Listed interest-bearing investments         1,242       1,348              1.5 
                                       ----------  ----------          ------- 
Total fixed asset investments              58,011      65,040             73.9 
                                       ---------- 
Net current assets                                     22,914             26.1 
                                                   ----------          ------- 
Net assets                                             87,954            100.0 
                                                   ----------          ------- 
 
 
 
   BUSINESS RISKS 
 
   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 manager 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 managers, 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 manager 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 manager.  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 
manager 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. 
 
   OTHER MATTERS 
 
   The unaudited half-yearly financial statements for the six months ended 
30 September 2019 do not constitute statutory financial statements 
within the meaning of Section 434 of the Companies Act 2006, have not 
been reviewed or audited by the company's independent auditor and have 
not been delivered to the Registrar of Companies.  The comparative 
figures for the year ended 31 March 2019 have been extracted from the 
audited financial statements for that year, which have been delivered to 
the Registrar of Companies.  The auditor's report on those financial 
statements (i) was unqualified, (ii) did not include any reference to 
matters to which the auditor drew attention by way of emphasis without 
qualifying the report and (iii) did not contain a statement under 
Section 498 (2) or (3) of the Companies Act 2006.  The half-yearly 
financial statements have been prepared on the basis of the accounting 
policies set out in the annual financial statements for the year ended 
31 March 2019. 
 
   Each of the directors confirms that to the best of his or her knowledge 
the half-yearly financial statements have been prepared in accordance 
with the Statement "Half-yearly financial reports" issued by the UK 
Accounting Standards Board and the half-yearly financial report includes 
a fair review of the information required by (a) DTR 4.2.7R of the 
Disclosure Rules and Transparency Rules, being an indication of 
important events that have occurred during the first six months of the 
financial year and their impact on the condensed set of financial 
statements, and a description of the principal risks and uncertainties 
for the remaining six months of the year, and (b) DTR 4.2.8R of the 
Disclosure Rules and Transparency Rules, being related party 
transactions that have taken place in the first six months of the 
current financial year and that have materially affected the financial 
position or performance of the entity during that period, and any 
changes in the related party transactions described in the last annual 
report that could do so. 
 
   The directors of the company at the date of this statement were Mr D P A 
Gravells (Chairman), Mr A M Conn, Mr S P Devonshire, Miss C A McAnulty 
and Mr F L G Neale. 
 
   The calculation of the revenue and capital return per share is based on 
the return on ordinary activities after tax for the period and on 
140,139,010 (2018: 130,595,942) ordinary shares, being the weighted 
average number of shares in issue during the period. 
 
   The calculation of the net asset value per share is based on the net 
assets at 30 September 2019 divided by the 139,594,502 (2018: 
130,872,145) ordinary shares in issue at that date. 
 
   The interim dividend of 2.0 pence per share for the year ending 31 March 
2020 will be paid on 24 January 2020 to shareholders on the register at 
the close of business on 3 January 2020. 
 
   A copy of the half-yearly financial report for the six months ended 30 
September 2019 is expected to be posted to shareholders by 27 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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