TIDMNTV
23 NOVEMBER 2023
NORTHERN 2 VCT PLC
UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTHSED 30 SEPTEMBER 2023
Northern 2 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 GBP113.9m GBP113.1m GBP109.6m
Net asset value per share 58.6p 60.2p 59.0p
Return per share
Revenue 0.3p (0.2)p (0.2)p
Capital 0.6p (2.4)p (1.7)p
Total 0.9p (2.6)p (1.9)p
Dividend per share declared in respect of the
period 1.8p 2.0p 3.3p
Cumulative return to shareholders since launch
Net asset value per share 58.6p 60.2p 59.0p
Dividends paid per share* 137.3p 134.0p 136.0p
Net asset value plus dividends paid per share 195.9p 194.2p 195.0p
Mid-market share price at end of period 55.0p 58.0p 54.5p
Share price discount to net asset value 6.1% 3.7% 7.6%
Tax-free dividend yield (based on net asset value
per share)** 5.5% 5.2% 5.1%
*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 MONTHSED 30 SEPTEMBER 2023
Despite the subdued nature of the investment markets over the
past six months, your Company has continued to achieve successful
exits of its investments and has deployed its liquidity to continue
to support innovation and growth in the portfolio.
The UK economy, in common with many developed markets, continues
to face challenging macroeconomic conditions with continued
inflationary pressures, high interest rates, and low rates of
economic growth in addition to the uncertainties posed by
geopolitical events. The impact of these challenges varies across
the portfolio, from trading fundamentals to valuations and capital
availability.
Results and dividend
The Company achieved a positive return of 0.9 pence per share in
the period (2022: loss of 2.6p per share), equivalent to 1.5% of
the unaudited net asset value (NAV) per share on 31 March 2023.
After deducting the final dividend for the year to March 2023 of
1.3p, paid in August 2023, the NAV at 30 September 2023 was 58.6
pence.
It remains our objective to pay a dividend at least equivalent
to 5% of the opening NAV in each year. The Board has declared an
interim dividend for the year ending 31 March 2024 of 1.8 pence per
share, which will be paid on 17 January 2024 to shareholders who
are on the register on 15 December 2023.
Venture capital investment activity and portfolio update
During the period proceeds from portfolio sales totalled GBP12.3
million, compared with a cost of GBP2.8 million. These proceeds
predominantly arose from the sale of Evotix for initial proceeds of
GBP11.5 million compared with a cost of GBP2.5 million, a realised
multiple of 4.6 times and an excellent result, especially given the
market backdrop. Evotix had been valued at its exit price in the 31
March 2023 NAV and therefore the substantial gain on sale had
already been recognised in prior accounting periods. In addition,
there were a number of previously exited investments where deferred
proceeds were paid and therefore recognised in the period.
The unaudited total (realised and unrealised) gain on
investments for the six month period to 30 September 2023 was
GBP2.1 million (six months ended 30 September 2022: loss of GBP3.8
million) of which GBP1.5 million related to net unrealised gains in
the portfolio driven by commercial traction in several portfolio
companies. As is to be expected in a portfolio of more than 50
companies, these increases have been partially offset by some value
reductions where particular portfolio companies have struggled or
are at risk of failure.
Investment activity continued in the period, with GBP5.0 million
invested across five existing and two new portfolio companies. The
new portfolio companies are Camena Bioscience (GBP1.7 million
investment), a Cambridge-based bio-science company advancing
innovative DNA synthesis, and Risk Ledger (GBP1.5 million
investment), a cyber-security business focussed on vendor risk
management.
The listed AIM portfolio substantially comprises our holding in
musicMagpie plc, a previously partially exited investment, where
the share price has stabilised following a decline in the previous
financial year.
In the period, the decision was made to liquidate the GBP8.9
million portfolio of listed securities managed by RBC Brewin
Dolphin. The portfolio was used to generate a yield on cash given
the low interest rate environment which persisted until recently.
Over the period of investment this portfolio generated returns of
more than 3% per annum, but recent interest rate rises has meant
that alternative investments are now available which can generate
similar returns with less market risk. As a result, the funds were
moved into a money market fund with a large, reputable
counterparty.
Dividend and investment income for the six month period to 30
September 2023 was GBP1.1 million (unaudited) (six months ended 30
September 2022: GBP0.1 million) reflecting increased yields on cash
balances held in interest bearing accounts and the money market
fund.
The cash generated from investment disposals, in combination
with the proceeds from the 2022/23 fully subscribed GBP6.0 million
public share offer and the 2023/24 offer that is currently open,
enables your Company to be well positioned to pursue new
opportunities. It is particularly important in the current
environment that the Company has ample cash reserves to "follow its
money" in existing investments and can continue to invest in new
opportunities which may now exhibit more favourable investment
terms.
Shareholder issues
As a result of the fully subscribed public share offer launched
in January 2023, 10,290,184 new ordinary shares were issued in
April 2023 for gross proceeds of GBP6.0 million.
Our 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 15% of total
dividends reinvested by shareholders during the year.
We continue to experience a sustained demand for long-term
growth capital for smaller companies in the UK. In order to
continue to support our existing portfolio and invest in new early
stage opportunities, we are currently fundraising 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/.
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 period, a total of
2,161,856 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.
Board of directors
In accordance with the details outlined in our Annual Report,
Frank Neale retired from the Board following the Company's Annual
General Meeting in August 2023. Following Frank's retirement,
Cecilia McAnulty has been appointed as Senior Independent Director
and Ranjan Ramparia has been appointed as Chair of the Audit
Committee.
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. Our 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 legislation which the EU required
the UK to enact some years ago to end shareholders' upfront tax
relief on VCT investments from 2025 - this was intended to
harmonise the treatment of subsidised capital across the EU. After
considerable lobbying from the VCT industry, we were pleased to see
in the Autumn Statement of 22 November 2023 the commitment to
introduce legislation to extend the date of the Sunset Clause to
2035.
Outlook
While macroeconomic conditions continue to cause considerable
uncertainty and challenges for early stage businesses, we continue
to work with our investment manager to support our existing
portfolio, taking opportunities as they arise to realise returns
for shareholders. Your Company is invested in a diversified
portfolio of businesses with medium-term prospects in which we
remain confident.
The Board very much appreciates the continuing support of
shareholders.
On behalf of the Board
David Gravells
Chair
INVESTMENT PORTFOLIO
(Unaudited) as at 30 September 2023
Cost Valuation % of net assets
GBP000 GBP000 by value
Fifteen largest venture capital
investments:
Gentronix 1,164 3,683 3.2%
Grip-UK (t/a Climbing Hangar) 3,536 3,536 3.1%
Volumatic Holdings 216 3,037 2.7%
Tutora (t/a Tutorful) 2,490 2,627 2.3%
Pure Pet Food 1,605 2,463 2.2%
Project Glow Topco (t/a Currentbody.com) 1,544 2,410 2.1%
Newcells Biotech 2,257 2,394 2.1%
Rockar 1,766 2,341 2.1%
Biological Preparations Group 2,166 2,206 1.9%
Netacea 2,165 2,181 1.9%
Buoyant Upholstery 1,057 1,982 1.7%
Adludio 1,916 1,916 1.7%
Forensic Analytics 1,836 1,836 1.6%
Clarilis 1,828 1,828 1.6%
Camena Bioscience 1,702 1,702 1.5%
Fifteen largest venture capital
investments 27,248 36,142 31.7%
Other venture capital investments 45,213 30,123 26.5%
Total venture capital investments 72,461 66,265 58.2%
Net current assets 47,622 41.8%
Net assets 113,887 100.0%
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 30
September 2023 September 2022 Year ended 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 - 518 518 -- 126 126 -- (219) (219)
------------ ------- ------- --------- ------- ------- --------- ------- ------- -------
Movements in
fair value
of
investments - 1,533 1,533 -- (3,887) (3,887) -- (1,302) (1,302)
------------ ------- ------- --------- ------- ------- --------- ------- ------- -------
- 2,051 2,051 -- (3,761) (3,761) -- (1,521) (1,521)
------------ ------- ------- --------- ------- ------- --------- ------- ------- -------
Dividend and
interest
income 1,123 - 1,123 146 -- 146 598 -- 598
------------ ------- ------- --------- ------- ------- --------- ------- ------- -------
Investment
management
fee (258) (775) (1,033) (248) (745) (993) (505) (1,514) (2,019)
------------ ------- ------- --------- ------- ------- --------- ------- ------- -------
Other
expenses (322) (322) (246) -- (246) (522) -- (522)
------------ ------- ------- --------- ------- ------- --------- ------- ------- -------
Return
before tax 543 1,276 1,819 (348) (4,506) (4,854) (429) (3,035) (3,464)
------------ ------- ------- --------- ------- ------- --------- ------- ------- -------
Tax on
return 81 (81) -- -- -- 109 (109) --
------------ ------- ------- --------- ------- ------- --------- ------- ------- -------
Return after
tax 624 1,195 1,819 (348) (4,506) (4,854) (320) (3,144) (3,464)
------------ ------- ------- --------- ------- ------- --------- ------- ------- -------
Return per
share 0.3p 0.6p 0.9p (0.2)p (2.4)p (2.6)p (0.2)p (1.7)p (1.9)p
------------ ------- ------- --------- ------- ------- --------- ------- ------- -------
BALANCE SHEET
(Unaudited) as at 30 September 2023
30 September 31 March
30 September 2023 2022 2023
GBP000 GBP000 GBP000
----------------------------------- ----------------- ------------ --------
Fixed assets
----------------------------------- ----------------- ------------ --------
Investments 66,265 74,767 80,314
----------------------------------- ----------------- ------------ --------
Current assets
----------------------------------- ----------------- ------------ --------
Debtors 396 60 118
----------------------------------- ----------------- ------------ --------
Cash and cash equivalents 47,367 38,371 29,318
----------------------------------- ----------------- ------------ --------
47,763 38,431 29,436
----------------------------------- ----------------- ------------ --------
Creditors (amounts falling due
within one year) (141) (88) (174)
----------------------------------- ----------------- ------------ --------
Net current assets 47,622 38,343 29,262
----------------------------------- ----------------- ------------ --------
Net assets 113,887 113,110 109,576
----------------------------------- ----------------- ------------ --------
Capital and reserves
----------------------------------- ----------------- ------------ --------
Called-up equity share capital 9,722 9,388 9,282
----------------------------------- ----------------- ------------ --------
Share premium 43,847 37,658 38,165
----------------------------------- ----------------- ------------ --------
Capital redemption reserve 957 692 849
----------------------------------- ----------------- ------------ --------
Capital reserve 64,843 61,151 59,176
----------------------------------- ----------------- ------------ --------
Revaluation reserve (6,195) 4,160 2,015
----------------------------------- ----------------- ------------ --------
Revenue reserve 713 61 89
----------------------------------- ----------------- ------------ --------
Total equity shareholders' funds 113,887 113,110 109,576
----------------------------------- ----------------- ------------ --------
Net asset value per share 58.6p 60.2p 59.0p
----------------------------------- ----------------- ------------ --------
STATEMENT OF CHANGES IN EQUITY
(Unaudited) for the six months ended 30 September 2023
Distributable
Non-distributable reserves reserves
------------- ----------------------------------------------------------------- --------------------- -------
Called-up Share Revaluation Capital Revenue
share capital premium Capital redemption reserve reserve* reserve reserve Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
At 1 April
2023 9,282 38,165 849 2,015 59,176 89 109,576
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
Return after
tax - - - (8,210) 9,405 624 1,819
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
Dividends
paid - - - - (2,531) - (2,531)
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
Net proceeds
of share
issues 548 5,682 - - - - 6,230
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
Shares
purchased
for
cancellation (108) - 108 - (1,207) - (1,207)
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
At 30
September
2023 9,722 43,847 957 (6,195) 64,843 713 113,887
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2022
Distributable
Non-distributable reserves reserves
------------- ----------------------------------------------------------------- --------------------- -------
Called-up Share Revaluation Capital Revenue
share capital premium Capital redemption reserve reserve* reserve reserve Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
At 1 April
2022 8,145 21,952 615 9,765 63,642 735 104,854
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
Return after
tax -- -- -- (5,605) 1,099 (348) (4,854)
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
Dividends
paid -- -- -- -- (2,682) (326) (3,008)
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
Net proceeds
of share
issues 1,320 15,706 -- -- -- -- 17,026
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
Shares
purchased
for
cancellation (77) -- 77 -- (908) -- (908)
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
At 30
September
2022 9,388 37,658 692 4,160 61,151 61 113,110
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2023
Distributable
Non-distributable reserves reserves
------------- ----------------------------------------------------------------- --------------------- -------
Called-up Share Revaluation Capital Revenue
share capital premium Capital redemption reserve reserve* reserve reserve Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
At 1 April
2022 8,145 21,952 615 9,765 63,642 735 104,854
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
Return after
tax -- -- -- (7,750) 4,606 (320) (3,464)
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
Dividends
paid -- -- -- -- (6,408) (326) (6,734)
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
Net proceeds
of share
issues 1,371 16,213 -- -- -- -- 17,584
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
Shares
purchased
for
cancellation (234) - 234 -- (2,664) -- (2,664)
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
At 31 March
2023 9,282 38,165 849 2,015 59,176 89 109,576
------------- -------------- -------- -------------------------- ----------- -------- ----------- -------
*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 Year ended
30 September 30 September 31 March
2023 2022 2023
GBP000 GBP000 GBP000
------------------------------ ---------------- ---------------- ----------
Cash flows from operating
activities
------------------------------ ---------------- ---------------- ----------
Return before tax 1,819 (4,854) (3,464)
------------------------------ ---------------- ---------------- ----------
Adjustments for:
------------------------------ ---------------- ---------------- ----------
(Gain)/loss on disposal of
investments (518) (126) 219
------------------------------ ---------------- ---------------- ----------
Movements in fair value of
investments (1,533) 3,887 1,302
------------------------------ ---------------- ---------------- ----------
(Increase)/decrease in debtors (278) (17) (75)
------------------------------ ---------------- ---------------- ----------
(Decrease)/increase in
creditors (33) (65) 21
------------------------------ ---------------- ---------------- ----------
Net cash outflow from
operating activities (543) (1,175) (1,997)
------------------------------ ---------------- ---------------- ----------
Cash flows from investing
activities
------------------------------ ---------------- ---------------- ----------
Purchase of investments (5,715) (5,503) (17,600)
------------------------------ ---------------- ---------------- ----------
Sale/repayment of investments 21,815 4,853 13,643
------------------------------ ---------------- ---------------- ----------
Net cash inflow/(outflow) from
investing activities 16,100 (650) (3,957)
------------------------------ ---------------- ---------------- ----------
Cash flows from financing
activities
------------------------------ ---------------- ---------------- ----------
Issue of ordinary shares 6,389 17,042 18,075
------------------------------ ---------------- ---------------- ----------
Share issue expenses (159) (16) (491)
------------------------------ ---------------- ---------------- ----------
Purchase of ordinary shares
for cancellation (1,207) (908) (2,664)
------------------------------ ---------------- ---------------- ----------
Equity dividends paid (2,531) (3,008) (6,734)
------------------------------ ---------------- ---------------- ----------
Net cash (outflow)/inflow from
financing activities 2,492 13,110 8,186
------------------------------ ---------------- ---------------- ----------
Net (decrease)/increase in
cash and cash equivalents 18,049 11,285 2,232
------------------------------ ---------------- ---------------- ----------
Cash and cash equivalents at
beginning of period 29,318 27,086 27,086
------------------------------ ---------------- ---------------- ----------
Cash and cash equivalents at
end of period 47,367 38,371 29,318
------------------------------ ---------------- ---------------- ----------
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 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 D P A Gravells (Chair), Mr S P Devonshire, Miss C A McAnulty and
Ms R K Ramparia.
The calculation of return per share is based on the return after
tax for the six months ended 30 September 2023 and on 195,318,553
(30 September 2022: 187,721,836) 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 194,443,120 (30
September 2022: 187,760,850) ordinary shares in issue at that
date.
The interim dividend of 1.8 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.
The contents of the Mercia Asset Management PLC website and the
contents of any website accessible from hyperlinks on the Mercia
Asset Management PLC website (or any other website) are not
incorporated into, nor form part of, this announcement.
(END) Dow Jones Newswires
November 23, 2023 09:00 ET (14:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Northern 2 Vct (LSE:NTV)
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