TIDMNTN
23 NOVEMBER 2023
NORTHERN 3 VCT PLC
UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTHSED 30 SEPTEMBER 2023
Northern 3 VCT PLC is a Venture Capital Trust (VCT) managed by
Mercia Fund Management Limited. It invests mainly in unquoted
venture capital holdings and aims to provide long-term tax-free
returns to shareholders through a combination of dividend yield and
capital growth.
Financial highlights (comparative figures as at 30 September
2022 and 31 March 2023)
Six months ended Six months ended Year ended
30 September 30 September 31 March
2023 2022 2023
-------------------------------------------- ---------------- ---------------- ----------
Net assets GBP116.0m GBP115.3m GBP113.0m
-------------------------------------------- ---------------- ---------------- ----------
Net asset value per share 90.0p 92.0p 91.6p
-------------------------------------------- ---------------- ---------------- ----------
Return per share
-------------------------------------------- ---------------- ---------------- ----------
Revenue 0.5p (0.2)p (0.1)p
-------------------------------------------- ---------------- ---------------- ----------
Capital 0.4p (2.9)p (1.5)p
-------------------------------------------- ---------------- ---------------- ----------
Total 0.9p (3.1)p (1.6)p
-------------------------------------------- ---------------- ---------------- ----------
Dividend declared in respect of the period 2.0p 2.0p 4.5p
-------------------------------------------- ---------------- ---------------- ----------
Cumulative return to shareholders since
launch
-------------------------------------------- ---------------- ---------------- ----------
Net asset value per share 90.0p 92.0p 91.6p
-------------------------------------------- ---------------- ---------------- ----------
Dividends paid per share* 115.9p 111.4p 113.4p
-------------------------------------------- ---------------- ---------------- ----------
Net asset value plus dividends paid per
share 205.9p 203.4p 205.0p
-------------------------------------------- ---------------- ---------------- ----------
Mid-market share price at end of period 85.0p 88.5p 84.5p
-------------------------------------------- ---------------- ---------------- ----------
Share price discount to net asset value 5.6% 3.8% 7.8%
-------------------------------------------- ---------------- ---------------- ----------
Tax-free dividend yield
(based on the net asset value per share)** 4.9% 4.7% 4.6%
-------------------------------------------- ---------------- ---------------- ----------
*Excluding interim dividend not yet paid
**The annualised dividend yield is calculated by dividing the
dividends paid in respect of the 12 month period ended on each
reference date by the net asset value per share at the start of the
12 month period.
Enquiries:
James Sly, Mercia Asset Management PLC -- 0330 223 1430
Website: www.mercia.co.uk/vcts
HALF-YEARLY MANAGEMENT REPORT TO SHAREHOLDERS
for the six months ended 30 September 2023
Over the past six months, the UK economy has faced numerous
challenges including high inflation, stagnant growth and
supply-side shocks. Despite this backdrop, your Company has
continued to provide much needed investment into early stage
companies, support for its existing portfolio companies, and
achieve returns through realisations.
Venture capital investment activity and portfolio update
The macroeconomic climate continues to provide challenges to
portfolio companies, with inflation, geopolitical instability, and
rising interest rates all generating significant headwinds for UK
economic growth.
Despite this backdrop, we are pleased to report that a number of
the Company's venture investments have performed well over the
period, reflected by the increase in the Board's assessment of the
valuation of the unquoted portfolio. Where portfolio companies have
struggled or are at risk of failure, valuations have also been
adjusted to reflect the Board's current assessment. The listed AIM
portfolio has stabilised following a decline in the previous
financial year.
During the period, the Investment Manager sold the Company's
holding in a recent early stage investment, Evotix, for initial net
proceeds of GBP11.4 million, representing 4.6 times return on the
original cost, and one of its listed holdings, Adept Telecom plc,
for net proceeds of GBP0.3 million, representing 1.4 times return
on cost. The total proceeds of portfolio investments sold during
the period totalled GBP12.1 million, 4.5 times the initial cost
invested of GBP2.7 million.
One positive of the increased interest rate environment is the
yield that is achievable on uninvested cash balances; as at 30
September the blended rate achieved on uninvested cash was
4.5%.
The cash generated from investment disposals, in combination
with the proceeds from the 2022/23 GBP6.0 million public share
offer, has resulted in your Company being well positioned to pursue
new opportunities to support small and medium businesses and to
work with existing portfolio companies to finance their growth
plans. Investment activity has increased versus the same period in
2022, with GBP5.1 million invested across seven investee
companies.
Results and dividend
The unaudited net asset value (NAV) per share on 30 September
2023 was 90.0 pence (91.6 pence (audited) on 31 March 2023) and is
stated after deducting the final dividend of 2.5 pence per share in
respect of the 2022/23 financial year, which was paid in August
2023. The return per share as shown in the income statement for the
six months ended 30 September 2023 was 0.9 pence, primarily as a
result of an unrealised gain of GBP0.9 million driven by commercial
traction in several portfolio companies.
Investment income increased to GBP1,181,000 from GBP274,000
during the same period last year, reflecting the increased interest
rates and resulting higher returns on the Company's cash
reserves.
The Board has declared an unchanged interim dividend for the
year ending 31 March 2024 of 2.0 pence per share, which will be
paid on 17 January 2024 to shareholders who are on the register on
15 December 2023. It remains the Board's objective to pay a
dividend at least equivalent to 4.5% of the opening NAV in each
year.
Shareholder issues
As a result of the public share offer launched in January 2023,
6,597,040 new ordinary shares were issued in April 2023. The
Company's dividend investment scheme, which enables shareholders to
invest their dividends in new ordinary shares free of dealing costs
and with the benefit of the tax reliefs available on new VCT share
subscriptions, continues to operate, with around 12% of total
dividends reinvested by shareholders during the period.
The Company's Investment Manager continues to experience a
sustained demand for long-term growth capital for smaller companies
in the UK. In order to continue to support the Company's existing
portfolio and invest in new early stage opportunities, a
fundraising process is currently underway in conjunction with the
other Northern VCTs. Full details of how to participate in the fund
raise is available on the Company's website at
http://www.mercia.co.uk/vcts/.
The Board has maintained its 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 period, a
total of 1,431,889 shares were repurchased for cancellation,
equivalent to approximately 1.2% of the opening share capital.
Change of registrar
We are pleased to report that from close of business on 10
November 2023 the Company changed its registrar to The City
Partnership (UK) Limited ("City"). You will receive a letter
confirming this change, and should you need to contact City,
contact details may be found on the Company's website.
VCT qualifying status and legislation
The Company has continued to meet the stringent qualifying
conditions laid down by HM Revenue & Customs for maintaining
its approval as a VCT. The Investment Manager 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.
The 2025 'sunset clause' was a European state aid requirement
that was introduced when the VCT scheme received state aid
approval, which meant that without small change in legislation
investors would not receive upfront tax relief when investing in
VCTs after this date. We were pleased to receive the news on 22nd
November 2023 that the Sunset Clause will be extended by 10 years
to 2035 in the Autumn Finance Bill 2023.
Outlook
While macroeconomic conditions remain challenging, the unquoted
venture portfolio remains resilient and the Company is well
capitalised, which will enable the existing portfolio to be
supported as necessary. Your Company is invested in a diversified
portfolio of businesses with prospects in which we continue to
remain confident.
On behalf of the Board
James Ferguson
Chairman
INVESTMENT PORTFOLIO
(Unaudited) as at 30 September 2023
Cost Valuation % of net assets
GBP000 GBP000 by value
----------------------------------------- ------- --------- ---------------
Fifteen largest venture capital
investments
----------------------------------------- ------- --------- ---------------
Grip-UK (t/a Climbing Hangar) 3,492 3,492 3.0
----------------------------------------- ------- --------- ---------------
Volumatic Holdings 216 3,037 2.6
----------------------------------------- ------- --------- ---------------
IDOX* 530 2,771 2.4
----------------------------------------- ------- --------- ---------------
Tutora (t/a Tutorful) 2,449 2,584 2.2
----------------------------------------- ------- --------- ---------------
Gentronix 805 2,528 2.2
----------------------------------------- ------- --------- ---------------
Pure Pet Food 1,601 2,457 2.1
----------------------------------------- ------- --------- ---------------
Project Glow Topco (t/a Currentbody.com) 1,519 2,372 2.0
----------------------------------------- ------- --------- ---------------
Newcells Biotech 2,229 2,364 2.0
----------------------------------------- ------- --------- ---------------
Netacea 2,244 2,262 2.0
----------------------------------------- ------- --------- ---------------
Rockar 1,660 2,200 1.9
----------------------------------------- ------- --------- ---------------
Adludio 1,950 1,950 1.7
----------------------------------------- ------- --------- ---------------
Biological Preparations Group 1,915 1,940 1.7
----------------------------------------- ------- --------- ---------------
Forensic Analytics 1,869 1,869 1.6
----------------------------------------- ------- --------- ---------------
Clarilis 1,772 1,772 1.6
----------------------------------------- ------- --------- ---------------
Turbine Simulated Cell Technologies Ltd 1,542 1,744 1.5
----------------------------------------- ------- --------- ---------------
Fifteen largest venture capital
investments 25,793 35,342 30.5
----------------------------------------- ------- --------- ---------------
Other venture capital investments 47,471 33,201 28.6
----------------------------------------- ------- --------- ---------------
Total venture capital investments 73,264 68,543 59.1
----------------------------------------- ------- --------- ---------------
Listed equity investments 10,365 11,717 10.1
----------------------------------------- ------- --------- ---------------
Total fixed asset investments 83,629 80,260 69.2
----------------------------------------- ------- --------- ---------------
Net current assets 35,761 30.8
----------------------------------------- ------- --------- ---------------
Net assets 116,021 100.0
----------------------------------------- ------- --------- ---------------
* Quoted on AIM
Extracts from the unaudited half-yearly financial statements for
the six months ended 30 September 2023 are set out below.
INCOME STATEMENT
(Unaudited) for the six months ended 30 September 2023
Six months ended 30 Six months ended Year ended
September 2023 30 September 2022 31 March 2023
------------ --------------------------- ------------------------- -------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------ ------- ------- --------- ------- ------- ------- ------- ------- -------
Gain on
disposal of
investments -- 544 544 -- 503 503 -- 1,414 1,414
------------ ------- ------- --------- ------- ------- ------- ------- ------- -------
Movements in
fair value
of
investments -- 897 897 -- (3,411) (3,411) -- (1,540) (1,540)
------------ ------- ------- --------- ------- ------- ------- ------- ------- -------
-- 1,441 1,441 -- (2,908) (2,908) -- (126) (126)
------------ ------- ------- --------- ------- ------- ------- ------- ------- -------
Dividend and
interest
income 1,181 -- 1,181 274 -- 274 732 -- 732
------------ ------- ------- --------- ------- ------- ------- ------- ------- -------
Investment
management
fee (266) (797) (1,063) (256) (769) (1,025) (519) (1,558) (2,077)
------------ ------- ------- --------- ------- ------- ------- ------- ------- -------
Other
expenses (315) -- (315) (226) -- (226) (496) -- (496)
------------ ------- ------- --------- ------- ------- ------- ------- ------- -------
Return
before tax 600 644 1,244 (208) (3,677) (3,885) (283) (1,684) (1,967)
------------ ------- ------- --------- ------- ------- ------- ------- ------- -------
Tax on
return 82 (82) -- -- -- -- 122 (122) --
------------ ------- ------- --------- ------- ------- ------- ------- ------- -------
Return after
tax 682 562 1,244 (208) (3,677) (3,885) (161) (1,806) (1,967)
------------ ------- ------- --------- ------- ------- ------- ------- ------- -------
Return per
share 0.5p 0.4p 0.9p (0.2)p (2.9)p (3.1)p (0.1)p (1.5)p (1.6)p
------------ ------- ------- --------- ------- ------- ------- ------- ------- -------
BALANCE SHEET
(Unaudited) as at 30 September 2023
30 September 31 March
30 September 2023 2022 2023
GBP000 GBP000 GBP000
----------------------------------- ----------------- ------------ --------
Fixed assets
----------------------------------- ----------------- ------------ --------
Investments 80,260 80,284 85,775
----------------------------------- ----------------- ------------ --------
Current assets
----------------------------------- ----------------- ------------ --------
Debtors 383 73 107
----------------------------------- ----------------- ------------ --------
Cash and cash equivalents 35,517 35,026 27,280
----------------------------------- ----------------- ------------ --------
35,900 35,099 27,387
----------------------------------- ----------------- ------------ --------
Creditors (amounts falling due
within one year) (139) (88) (169)
----------------------------------- ----------------- ------------ --------
Net current assets 35,761 35,011 27,218
----------------------------------- ----------------- ------------ --------
Net assets 116,021 115,295 112,993
----------------------------------- ----------------- ------------ --------
Capital and reserves
----------------------------------- ----------------- ------------ --------
Called-up equity share capital 6,447 6,258 6,166
----------------------------------- ----------------- ------------ --------
Share premium 43,240 37,077 37,344
----------------------------------- ----------------- ------------ --------
Capital redemption reserve 843 653 771
----------------------------------- ----------------- ------------ --------
Capital reserve 67,581 64,498 63,561
----------------------------------- ----------------- ------------ --------
Revaluation reserve (3,369) 6,259 4,554
----------------------------------- ----------------- ------------ --------
Revenue reserve 1,279 550 597
----------------------------------- ----------------- ------------ --------
Total equity shareholders' funds 116,021 115,295 112,993
----------------------------------- ----------------- ------------ --------
Net asset value per share 90.0p 92.0p 91.6p
----------------------------------- ----------------- ------------ --------
STATEMENT OF CHANGES IN EQUITY
(Unaudited) for the six months ended 30 September 2023
Distributable
Non-distributable reserves reserves
---------------------- -------------------------------------------------- --------------------- -------
Capital
Called-up Share redemption Revaluation Capital Revenue
share capital premium reserve reserve* reserve reserve Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
---------------------- -------------- -------- ----------- ----------- -------- ----------- -------
At 1 April 2023 6,166 37,344 771 4,554 63,561 597 112,993
---------------------- -------------- -------- ----------- ----------- -------- ----------- -------
Return after tax - - - (7,923) 8,485 682 1,244
---------------------- -------------- -------- ----------- ----------- -------- ----------- -------
Dividends paid - - - - (3,229) - (3,229)
---------------------- -------------- -------- ----------- ----------- -------- ----------- -------
Net proceeds of share
issues 353 5,896 - - - - 6,249
---------------------- -------------- -------- ----------- ----------- -------- ----------- -------
Shares purchased for
cancellation (72) - 72 - (1,236) - (1,236)
---------------------- -------------- -------- ----------- ----------- -------- ----------- -------
At 30 September 2023 6,447 43,240 843 (3,369) 67,581 1,279 116,021
---------------------- -------------- -------- ----------- ----------- -------- ----------- -------
STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2022
Distributable
Non-distributable reserves reserves
---------------------- -------------------------------------------------- --------------------- -------
Capital
Called-up Share redemption Revaluation Capital Revenue
share capital premium reserve reserve* reserve reserve Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
---------------------- -------------- -------- ----------- ----------- -------- ----------- -------
At 1 April 2022 5,456 20,909 602 13,659 64,849 1,385 106,860
---------------------- -------------- -------- ----------- ----------- -------- ----------- -------
Return after tax -- -- -- (7,400) 3,723 (208) (3,885)
---------------------- -------------- -------- ----------- ----------- -------- ----------- -------
Dividends paid -- -- -- -- (3,133) (627) (3,760)
---------------------- -------------- -------- ----------- ----------- -------- ----------- -------
Net proceeds of share
issues 853 16,168 -- -- -- -- 17,021
---------------------- -------------- -------- ----------- ----------- -------- ----------- -------
Shares purchased for
cancellation (51) -- 51 -- (941) -- (941)
---------------------- -------------- -------- ----------- ----------- -------- ----------- -------
At 30 September 2022 6,258 37,077 653 6,259 64,498 550 115,295
---------------------- -------------- -------- ----------- ----------- -------- ----------- -------
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2023
Distributable
Non-distributable reserves reserves
------------------ -------------------------------------------------- --------------------- --------
Capital
Called-up Share redemption Revaluation Capital Revenue
share capital premium reserve reserve* reserve reserve Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------ -------------- -------- ----------- ----------- -------- ----------- --------
At 1 April 2023 5,456 20,909 602 13,659 64,849 1,385 106,860
------------------ -------------- -------- ----------- ----------- -------- ----------- --------
Return after tax -- -- -- (9,105) 7,299 (161) (1,967)
------------------ -------------- -------- ----------- ----------- -------- ----------- --------
Dividends paid -- -- -- -- (5,614) (627) (6,241)
------------------ -------------- -------- ----------- ----------- -------- ----------- --------
Net proceeds of
share issues 879 16,435 -- -- -- -- 17,314
------------------ -------------- -------- ----------- ----------- -------- ----------- --------
Shares purchased
for cancellation (169) -- 169 -- (2,973) -- (2,973)
------------------ -------------- -------- ----------- ----------- -------- ----------- --------
At 31 March 2023 6,166 37,344 771 4,554 63,561 597 112,993
------------------ -------------- -------- ----------- ----------- -------- ----------- --------
*The revaluation reserve is generally non-distributable other
than that part of the reserve relating to gains/losses on readily
realisable quoted investments, which are distributable.
STATEMENT OF CASH FLOWS
(Unaudited) for the six months ended 30 September 2023
Six months ended Six months ended
30 September 30 September Year ended
2023 2022 31 March 2023
GBP000 GBP000 GBP000
-------------------------- ---------------- ---------------- --------------
Cash flows from operating
activities
-------------------------- ---------------- ---------------- --------------
Return before tax 1,244 (3,885) (1,967)
-------------------------- ---------------- ---------------- --------------
Adjustments for:
-------------------------- ---------------- ---------------- --------------
Gain on disposal of
investments (544) (503) (1,414)
-------------------------- ---------------- ---------------- --------------
Movements in fair value of
investments (897) 3,411 1,540
-------------------------- ---------------- ---------------- --------------
(Increase)/decrease in
debtors (276) (13) (47)
-------------------------- ---------------- ---------------- --------------
(Decrease)/increase in
creditors (30) (64) 17
-------------------------- ---------------- ---------------- --------------
Net cash outflow from
operating activities (503) (1,054) (1,871)
-------------------------- ---------------- ---------------- --------------
Cash flows from investing
activities
-------------------------- ---------------- ---------------- --------------
Purchase of investments (7,099) (5,379) (17,699)
-------------------------- ---------------- ---------------- --------------
Sale/repayment of
investments 14,055 7,456 17,067
-------------------------- ---------------- ---------------- --------------
Net cash inflow/(outflow)
from investing
activities 6,956 2,077 (632)
-------------------------- ---------------- ---------------- --------------
Cash flows from financing
activities
-------------------------- ---------------- ---------------- --------------
Issue of ordinary shares 6,412 17,037 17,815
-------------------------- ---------------- ---------------- --------------
Share issue expenses (163) (16) (501)
-------------------------- ---------------- ---------------- --------------
Purchase of ordinary
shares for cancellation (1,236) (941) (2,973)
-------------------------- ---------------- ---------------- --------------
Equity dividends paid (3,229) (3,760) (6,241)
-------------------------- ---------------- ---------------- --------------
Net cash inflow from
financing activities 1,784 12,320 8,100
-------------------------- ---------------- ---------------- --------------
Net increase in cash and
cash equivalents 8,237 13,343 5,597
-------------------------- ---------------- ---------------- --------------
Cash and cash equivalents
at beginning of period 27,280 21,683 21,683
-------------------------- ---------------- ---------------- --------------
Cash and cash equivalents
at end of period 35,517 35,026 27,280
-------------------------- ---------------- ---------------- --------------
RISK MANAGEMENT
The Board carries out a regular and robust assessment of the
risk environment in which the Company operates and seeks to
identify new risks as they emerge. The principal and emerging 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 rules of
the VCT scheme. The Board reviews the investment portfolio with the
investment manager on a regular basis.
Financial risk: most of the Company's investments involve a
medium to long-term commitment and many are 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. The
level of economic risk has been elevated most recently by
inflationary pressures and interest rate increases.
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 it is appropriate and in the interests
of the Company to do so. The manager typically provides an
investment executive to actively support the board of each unquoted
investee company. At all times, and particularly during periods of
heightened economic uncertainty, the investment executives share
best practice from across the portfolio with investee management
teams in order to mitigate economic risk.
Stock market risk: some of the Company's investments are quoted
on AIM and will be subject to market fluctuations upwards and
downwards. External factors such as terrorist activity, political
activity or global health crises, 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 Mercia in the case of the
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. Changes to UK legislation 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 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 which is able
to operate effectively even during times of disruption.
Mitigation: the Board regularly reviews the system of internal
controls, both financial and non-financial, operated by the Company
and the investment 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 2023 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 2023 have been extracted from the audited financial
statements for that year, which have been delivered to the
Registrar of Companies; the independent 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 2023.
Each of the directors confirms that to the best of their
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 J G D Ferguson (Chairman), Mrs A B Brown, Mr C J Fleetwood, Mr T
R Levett and Mr J M O Waddell.
The calculation of return per share is based on the return after
tax for the six months ended 30 September 2023 and on 129,549,622
(30 September 2022: 125,359,671) ordinary shares, being the
weighted average number of shares in issue during the period.
The calculation of net asset value per share is based on the net
assets at 30 September 2023 divided by the 128,947,037 (30
September 2022: 125,305,351) ordinary shares in issue at that
date.
The interim dividend of 2.0 pence per share for the year ending
31 March 2024 will be paid on 17 January 2024 to shareholders on
the register on 15 December 2023.
A copy of the half-yearly financial report for the six months
ended 30 September 2023 will be available on the Mercia Asset
Management PLC website.
Neither the contents of the Mercia Asset Management PLC website,
nor the contents of any website accessible from hyperlinks on
Mercia Asset Management PLC website (or any other website) are
incorporated into, or form part of, this announce
(END) Dow Jones Newswires
November 23, 2023 09:00 ET (14:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Northern 3 Vct (LSE:NTN)
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De Abr 2024 a May 2024
Northern 3 Vct (LSE:NTN)
Gráfica de Acción Histórica
De May 2023 a May 2024
