NORTHERN 3 VCT PLC

Net Asset Value • Feb 17, 2020

National Storage Mechanism | Additional information

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17 FEBRUARY 2020

NORTHERN 3 VCT PLC

UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2019

Northern 3 VCT PLC (“the Company”) is a Venture Capital Trust (“VCT”) launched in 2001 and managed by Mercia Fund Management Limited.  The Company’s objective is to provide high long-term tax-free returns to investors through a combination of dividend yield and capital growth, by investing in a portfolio of investments mainly comprising unquoted venture capital holdings.  In order to maintain approval by HM Revenue & Customs as a VCT, the Company is required to comply on a continuing basis with the provisions of Section 274 of the Income Tax Act 2007.

The unaudited net asset value per ordinary share as at 31 December 2019 was 94.3 pence (30 September 2019 (unaudited) 92.1 pence).  The net asset value is stated before deducting the interim dividend of 2.0 pence per share in respect of the year ending 31 March 2020, which was paid to eligible shareholders on 24 January 2020.

For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2019 and unquoted investments are carried at fair value as at 31 December 2019 as determined by the directors.

New investments:

During the three months ended 31 December 2019 one new venture capital investment was completed.

Name of company	Business activity	Amount   invested £000
Tutora Limited	Online platform for private tutors	1,018

In addition to the new investment above £2,268,000 was invested in five existing portfolio companies during the quarter.

Realisations:

Name of company	Proceeds	Original cost	Carrying value at 31 March 2019
	£000	£000	£000
Agilitas IT Holdings – loan stock redemption	313	313	313
Ideagen (AIM quoted) – part disposal	667	135	546
Brady (AIM quoted) – full disposal	180	732	570

The number of ordinary shares in issue at 31 December 2019 was 93,326,352.  During the three months ended 31 December 2019 775,000 shares were re-purchased for cancellation at an average price of 87.5 pence per share.

Enquiries:

Simon John/James Bryce, NVM Private Equity LLP – 0191 244 6000

Website:  www.nvm.co.uk

Martin Glanfield, Chief Financial Officer, Mercia Asset Management PLC – 0330 223 1430

Website: www.mercia.co.uk

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.