TIDMNTV
1 DECEMBER 2020
NORTHERN 2 VCT PLC
UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTHSED 30 SEPTEMBER 2020
Northern 2 VCT PLC is a Venture Capital Trust (VCT) managed by Mercia
Fund Management. 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 2019 and 31
March 2020)
Six months ended Six months ended Year ended
30 September 30 September 31 March
2020 2019 2020
---------------- ---------------- ------------
Net assets GBP104.8m GBP88.0m GBP74.4m
Net asset value per share 64.3p 63.0p 53.5p
Return per share:
Revenue 0.3p 0.1p 0.2p
Capital 12.5p 0.3p (7.2)p
Total 12.8p 0.4p (7.0)p
Dividend per share declared
in respect of the period 2.0p 2.0p 3.5p
Cumulative returns to shareholders
since launch:
Net asset value per share 64.3p 63.0p 53.5p
Dividends paid per share* 122.9p 119.4p 121.4p
Net asset value plus dividends paid per share 187.2p 182.4p 174.9p
Mid-market share price at end of period 51.05p 59.00p 47.50p
Share price discount to net asset value 20.6% 6.3% 11.2%
Tax-free dividend yield (based on net asset value
per share)** 5.6% 6.2% 5.4%
*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
Martin Glanfield, Chief Financial Officer, Mercia Asset Management PLC
-- 0330 223 1430
HALF-YEARLY MANAGEMENT REPORT TO SHAREHOLDERS
The last six months have been dominated by the necessary responses to
the coronavirus (COVID-19) pandemic. Whilst many of our portfolio
companies have been facing unprecedented operational challenges, I am
pleased to report that the management teams of our investee companies
have demonstrated resilience in their response to the evolving
situation. Our investment manager, Mercia, also continues to provide
close support to the portfolio whilst observing Government guidelines.
As a result of the successful share offer which concluded in April 2020,
your company is well positioned to continue to support and promote its
growing portfolio of entrepreneurial businesses.
Results and dividend
The unaudited net asset value (NAV) per share at 30 September 2020 was
64.3 pence (53.5 pence (audited) at 31 March 2020) and is stated after
deducting the final dividend of 1.5 pence per share in respect of the
2019/20 financial year which was paid in September 2020. The return per
share as shown in the income statement for the six months ended 30
September 2020 was 12.8 pence, compared with 0.4 pence in the
corresponding period last year. The total return for the period was
primarily driven by an increase in the directors' valuations of unquoted
investments, which are as a result of our usual detailed and thorough
valuation process. 4.1 pence of the return for the period was
represented by the increase in the valuation of the holding in Agilitas
IT Holdings, which was sold after the end of the period for GBP11.9
million in cash and an overall return of more than eight times the
original cost of the investment over its lifetime. Investment income
increased to GBP949,000 from GBP609,000 during the same period last year
reflecting the recognition of interest arrears from portfolio companies
where we had agreed to defer payments earlier in the year, pending a
better understanding of the pandemic and its effects on trading.
After careful consideration, the board has declared an unchanged interim
dividend for the year ending 31 March 2021 of 2.0 pence per share, which
will be paid on 29 January 2021 to shareholders who are on the register
on 8 January 2021.
Venture capital investment activity
Notwithstanding the difficult context during the COVID-19 pandemic,
further progress was made on the development of the portfolio during the
period with one new investment added to the venture capital portfolio.
GBP0.7m was invested in Enate, a human and digital workforce management
software solution. Following a high volume of fund-raising activity
across the sector in recent years, there is currently a significant
level of funding available for venture capital and private equity
investing. This inevitably increases competition for attractive
investment opportunities; however your board continues to apply its
usual high standards in its appraisal of potential new investments.
Importantly, we continue to experience an encouraging level of follow-on
investment activity across the earlier stage portfolio. GBP1.9 million
of capital was provided to six existing investee companies to support
further growth ambitions, representing around 72% by value of investment
activity during the period.
It was a relatively quiet period for investment realisations, however
the holding of AIM listed Cello Health plc was sold in full following an
agreed takeover bid, for proceeds of GBP0.4m representing a gain of 60%
above its original cost. Positive underlying trading trends were
observed in a number of portfolio companies including Agilitas IT
Holdings which was sold subsequent to the balance sheet date as reported
above.
Venture capital portfolio update
Following the first reports of COVID-19 in the prior financial year, the
initial effects in the UK principally impacted businesses with complex
supply chains or overseas customers. As the spread of the virus led to
a global pandemic, the effect on the economy has become much more
pronounced and Government measures taken to address the COVID-19 crisis
have inevitably had a material impact on almost every business in the
UK.
Your company benefits from holding a diversified portfolio of
investments and the areas of the economy which continue to be the most
affected, particularly travel, leisure and hospitality, represent just
10% by cost of the venture capital portfolio. Technology and software
sub-sectors have been more resilient during 2020 and investments in
these areas represent over 40% by cost of the venture capital portfolio.
We are also invested in a number of businesses which employ a purely
e-commerce business model. Trading in several of these holdings has
been extremely strong both during the initial lockdown and subsequently,
leading to the relevant valuations being increased as at 30 September
2020.
Shareholder issues
As a result of the share offer launched in January 2020, 24,444,699
shares were issued during the period for gross proceeds of GBP12.5
million. In addition a total of GBP0.4 million was received during the
period through the issue of new shares under our dividend investment
scheme.
Having carefully considered the current level of liquid resources
available to the company, in the light of the sale of Agilitas IT
Holdings and the potential to realise other investments over the next 12
months, the board is not proposing a share offer for the 2020-21 tax
year. The company's dividend investment scheme remains open, enabling
shareholders to re-invest some or all of their dividends in new shares
attracting income tax relief.
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, 1,006,114 shares were purchased for cancellation, for a total
consideration of GBP511,000.
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.
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 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 new threshold first applied to your
company from 1 April 2020 and I am pleased to report that the target was
met in advance of the deadline.
Independent auditor
The audit committee regularly reviews the requirements and deadlines for
mandatory audit tendering and rotation; under current regulations the
last period for which KPMG LLP would be permitted to act as auditor of
the company would be the year ending 31 March 2023. In the interest of
good governance, the audit committee conducted a tender process in
November 2020. Having considered the results of the tender, the board
approved the audit committee's recommendation that Mazars LLP, an
international firm of chartered accountants, be appointed as independent
auditor of the company for the year ending 31 March 2021.
Prospects
Financial markets have been subject to significant volatility during
2020 as market participants have struggled to assess the medium term
impact of the pandemic on various sectors and the economy as a whole.
Whilst we are encouraged by the resilience exhibited by the portfolio
overall thus far it is not possible to make definitive statements about
the future trajectory of the economy at times of such heightened
uncertainty.
COVID-19 has accelerated certain trends which were already established
and is benefitting portfolio companies that employ business strategies
such as innovative delivery and distribution and the digitisation of
traditional off-line business processes. In addition to supporting
portfolio companies with their specific challenges, Mercia is also
working with several 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 continues to be 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 2020 are set out
below.
INCOME STATEMENT
(unaudited) for the six months ended 30 September 2020
Six months ended Six months ended
30 September 2020 30 September 2019
Revenue Capital Total Revenue Capital Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Gain on
disposal of
investments - 332 332 - 46 46
Movements in
fair value
of
investments - 20,546 20,546 - 954 954
---------- ---------- ---------- ---------- ---------- ----------
- 20,878 20,878 - 1,000 1,000
Income 949 - 949 609 - 609
Investment
management
fee (204) (611) (815) (206) (617) (823)
Other
expenses (191) - (191) (191) - (191)
---------- ---------- ---------- ---------- ---------- ----------
Return on
ordinary
activities
before tax 554 20,267 20,821 212 383 595
Tax on
return on
ordinary
activities - - - (15) 15 -
---------- ---------- ---------- ---------- ---------- ----------
Return on
ordinary
activities
after tax 554 20,267 20,821 197 398 595
---------- ---------- ---------- ---------- ---------- ----------
Return per 0.3p 12.5p 12.8p 0.1p 0.3p 0.4p
share
Year ended 31 March 2020
Revenue Capital Total
GBP000 GBP000 GBP000
Gain on disposal of investments - (728) (728)
Movements in fair value of investments - (8,050) (8,050)
---------- ---------- ----------
- (8,778) (8,778)
Income 1,052 - 1,052
Investment management fee (431) (1,293) (1,724)
Other expenses (369) - (369)
---------- ---------- ----------
Return on ordinary activities before
tax 252 (10,071) (9,819)
Tax on return on ordinary
activities - - -
---------- ---------- ----------
Return on ordinary activities after
tax 252 (10,071) (9,819)
---------- ---------- ----------
Return per share 0.2p (7.2)p (7.0)p
BALANCE SHEET
(unaudited) as at 30 September 2020
30 September 2020 30 September 2019 31 March 2020
GBP000 GBP000 GBP000
Fixed assets:
Investments 81,920 65,040 59,191
---------- ---------- ----------
Current assets:
Debtors 620 1,088 79
Cash and cash
equivalents 22,369 21,890 15,203
---------- ---------- ----------
22,989 22,978 15,282
Creditors (amounts
falling due
within one year) (77) (64) (117)
---------- ---------- ----------
Net current assets 22,912 22,914 15,165
---------- ---------- ----------
Net assets 104,832 87,954 74,356
---------- ---------- ----------
Capital and reserves:
Called-up equity share
capital 8,154 6,980 6,945
Share premium 19,753 7,958 8,401
Capital redemption
reserve 418 291 367
Capital reserve 57,787 66,054 61,247
Revaluation reserve 17,780 6,061 (2,993)
Revenue reserve 940 610 389
---------- ---------- ----------
Total equity
shareholders' funds 104,832 87,954 74,356
---------- ---------- ----------
Net asset value per share 64.3p 63.0p 53.5p
STATEMENT OF CHANGES IN EQUITY
(unaudited) for the six months ended 30 September 2020
-----------------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
2020 6,945 8,401 367 (2,993) 61,247 389 74,356
Return on
ordinary
activities
after tax - - - 20,773 (503) 551 20,821
Dividends
paid - - - - (2,446) - (2,446)
Net proceeds
of share
issues 1,260 11,352 - - - - 12,612
Shares
purchased for
cancellation (51) - 51 - (511) - (511)
---------- ---------- ---------- ---------- ---------- ---------- ----------
At 30
September
2020 8,154 19,753 418 17,780 57,787 940 104,832
---------- ---------- ---------- ---------- ---------- ---------- ----------
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
for the year ended 31 March 2020
-----------------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 - - - (9,672) (399) 252 (9,819)
Dividends
paid - - - - (3,904) (1,680) (5,584)
Net proceeds
of share
issues 595 6,846 - - - - 7,441
Shares
purchased
for
cancellation (152) - 152 - (1,791) - (1,791
---------- ---------- ---------- ---------- ---------- ---------- ----------
At 31 March
2020 6,945 8,401 367 (2,993) 61,247 389 74,356
---------- ---------- ---------- ---------- ---------- ---------- ----------
*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 2020
Six months ended Six months ended Year ended
30 September 2020 30 September 2019 31 March 2020
GBP000 GBP000 GBP000
Cash flows from operating
activities:
Return on ordinary
activities before tax 20,821 595 (9,819)
Adjustments for:
Gain on disposal of
investments (332) (46) 728
Movement in fair value of
investments (20,546) (954) 8,050
(Increase)/decrease in
debtors (541) (867) 142
Decrease in creditors (42) (136) (83)
---------- ---------- ----------
Net cash outflow from
operating activities (640) (1,408) (982)
---------- ---------- ----------
Cash flows from investing
activities:
Purchase of investments (3,432) (5,985) (11,850)
Sale/repayment of
investments 1,583 6,072 8,006
---------- ---------- ----------
Net cash (outflow)/inflow
from investing
activities (1,849) 87 (3,844)
---------- ---------- ----------
Cash flows from financing
activities:
Issue of ordinary shares 12,914 7,072 7,568
Share issue expenses (302) (115) (127)
Share subscriptions held
pending allotment - (6,468) (6,468)
Purchase of ordinary
shares for cancellation (511) (905) (1,791)
Equity dividends paid (2,446) (2,804) (5,584)
---------- ---------- ----------
Net cash inflow/(outflow)
from financing
activities 9,655 (3,220) (6,402)
---------- ---------- ----------
Net increase/(decrease)
in cash and cash
equivalents 7,166 (4,541) (11,228)
Cash and cash equivalents
at beginning of period 15,203 26,431 26,431
---------- ---------- ----------
Cash and cash equivalents
at end of period 22,369 21,890 15,203
---------- ---------- ----------
INVESTMENT PORTFOLIO SUMMARY
as at 30 September 2020
Cost Valuation % of net assets
GBP000 GBP000 by valuation
Agilitas IT Holdings 930 11,885 11.3
Entertainment Magpie Group 1,503 9,721 9.3
Lineup Systems 975 5,097 4.9
Currentbody.com 1,867 4,304 4.1
Sorted Holdings 2,715 2,945 2.8
SHE Software Group 2,195 2,865 2.7
It's All Good 1,145 2,388 2.3
Clarilis 1,828 2,377 2.3
Intelling Group 1,142 2,064 2.0
Biological Preparations Group 2,166 2,021 1.9
Volumatic Holdings 733 2,005 1.9
Knowledgemotion 1,778 1,548 1.5
GRIP-UK t.a. The Climbing Hangar 1,928 1,524 1.4
Medovate 1,450 1,450 1.4
Oddbox Delivery 648 1,226 1.1
---------- ---------- -------
Fifteen largest venture capital
investments 23,003 53,420 50.9
Other venture capital investments 33,702 20,365 19.4
---------- ---------- -------
Total venture capital investments 56,705 73,785 70.3
Listed equity investments 6,301 6,922 6.6
Listed interest-bearing investments 1,133 1,213 1.2
---------- ---------- -------
Total fixed asset investments 64,139 81,920 78.1
----------
Net current assets 22,912 21.9
---------- -------
Net assets 104,832 100.0
---------- -------
BUSINESS RISKS
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 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 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. The level of economic risk has been
elevated by the COVID-19 pandemic which has caused a global recession
during 2020. 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.
Brexit risk: the implementation of the decision for the UK to withdraw
from the European Union (EU) is a process which involves significant
uncertainty. The impact on the future business environment in the UK is
therefore difficult to predict. Mitigation: whilst we do not expect
that Brexit will have a significant impact on the operations of Northern
2 VCT itself, the board and the manager follow Brexit developments
closely with a view to identifying changes which might affect the
company's investment portfolio. The manager works closely with investee
companies in order to plan for a range of possible outcomes.
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 or
global health crises, such as the COVID-19 pandemic, 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, which reflects the European Commission's State-aid rules.
Changes to the UK legislation or the State-aid rules in the future could
have an adverse effect on the company's ability to achieve satisfactory
investment returns whilst retaining its VCT approval. Mitigation: the
board and the investment 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, such as that caused
by COVID-19. 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 2020 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 2020 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 2020.
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
162,912,035 (2019: 140,139,010) 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 2020 divided by the 163,071,097 (2019:
139,594,502) ordinary shares in issue at that date.
The interim dividend of 2.0 pence per share for the year ending 31 March
2021 will be paid on 29 January 2021 to shareholders on the register at
the close of business on 8 January 2021.
A copy of the half-yearly financial report for the six months ended 30
September 2020 is expected to be posted to shareholders by 22 December
2020 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 company's website.
Neither the contents of the NVM Private Equity LLP or the Mercia Asset
Management PLC website, nor the contents of any website accessible from
hyperlinks on the NVM Private Equity LLP or Mercia Asset Management PLC
website (or any other website), are incorporated into, or forms part of,
this announcement.
(END) Dow Jones Newswires
December 01, 2020 11:15 ET (16:15 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Northern 2 Vct (LSE:NTV)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Northern 2 Vct (LSE:NTV)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024