Half-yearly report

7 MAY 2009 NORTHERN VENTURE TRUST PLC UNAUDITED HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2009 Northern Venture Trust PLC is a Venture Capital Trust (VCT) managed by NVM Private Equity Limited. The trust was one of the first VCTs launched on the London Stock Exchange in 1995. 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: (with comparative figures as at 31 March 2008) ORDINARY SHARES 2009 2008 - Net assets £30.1m £31.8m - Net asset value per share 76.2p 82.0p - Return/(loss) per share: Revenue 0.8p 1.0p Capital (0.2)p (0.7)p Total 0.6p 0.3p - Interim dividend per share proposed in respect of the period: Revenue 1.0p 1.0p Capital 2.0p 2.0p Total 3.0p 3.0p - Cumulative return to shareholders since launch: Net asset value per share 76.2p 82.0p Dividends per share* 78.5p 71.0p Net asset value plus dividends paid per share 154.7p 153.0p - Share price at end of period 42.5p 63.0p *Excluding proposed interim dividend C SHARES 2009 2008 - Net assets £15.2m £19.1m - Net asset value per share 73.6p 92.6p - Return/(loss) per share: Revenue 0.7p 1.1p Capital (8.8)p 1.0p Total (8.1)p 2.1p - Interim dividend per share proposed in respect of the period: Revenue 1.0p 1.0p Capital - - Total 1.0p 1.0p - Cumulative return to shareholders since launch: Net asset value per share 73.6p 92.6p Dividends per share* 7.0p 3.0p Net asset value plus dividends paid per share 80.6p 95.6p - Share price at end of period 60.5p 82.5p *Excluding proposed interim dividend For further information, please contact: NVM Private Equity Limited Alastair Conn/Christopher Mellor 0191 244 6000 Website: www.nvm.co.uk Lansons Communications Karen Mignon 020 7294 3685 HALF-YEARLY MANAGEMENT REPORT TO SHAREHOLDERS I would like to begin this half-yearly report by expressing thanks on behalf of shareholders and the board to Sir Fred Holliday, who retired as chairman of Northern Venture Trust at the close of the annual general meeting in January 2009. Fred served as chairman from the company's inception in 1995 and his board colleagues will miss his wisdom and calm authority as well as his deep knowledge of commercial and scientific matters. This is certainly a challenging time at which to take over as chairman, but I am confident that we can continue to build on the strong foundation which the company has put down over the past 14 years and which has seen the cumulative return to ordinary shareholders (net asset value plus total dividends paid) reach almost 155p per share. Results and dividend - ordinary shares The net asset value (NAV) per ordinary share at 31 March 2009, after deducting dividends totalling 4.5p paid during the half year, was 76.2p, compared with 80.1p at 30 September 2008. The return per share for the period before dividends as shown in the income statement was 0.6p (corresponding period 0.3p), a creditable performance over a six month period during which the FTSE All-Share index fell by 20.1%. We have, not for the first time, felt the benefit of having a diverse and maturing venture capital portfolio, with excellent progress by several individual investments helping to counter the general downward pressure on asset values exerted by falling stock markets and the impact of recession on companies' profitability. The directors propose an unchanged interim dividend of 3.0p per ordinary share, again comprising 1.0p revenue and 2.0p capital distribution. It remains our objective to maintain the annual dividend at not less than 6.0p per ordinary share, although I think shareholders will understand that in the present volatile markets it is difficult to look more than a short distance ahead at any point in time. The interim dividend will be paid on 26 June 2009 to shareholders on the register on 5 June 2009 and will take the total ordinary dividends paid by the company since launch to 81.5p per share. Results and dividend - C shares The net asset value per C share at 31 March 2009, after deducting dividends of 3.0p paid during the half year, was 73.6p, down from the 84.7p reported at 30 September 2008. The income statement shows a loss per share for the six months of 8.1p, compared with a positive return of 2.1p in the same period last year. The loss reflects the challenging market conditions of the past six months, which resulted not only in a reduction in the valuation of the venture capital portfolio but also in a fall in the current market value of our listed fixed-interest investments. The directors propose an unchanged interim dividend of 1.0p per C share, which will be paid on 26 June 2009 to shareholders on the register on 5 June 2009. Investments During the period under review the flow of new investment opportunities has been relatively slow, against the background of a shrinking UK economy and bankers who have been seeking to reduce their lending exposure rather than take on new commitments. Our managers have rightly taken a very cautious approach to the appraisal of prospective investments. In December 2008 we invested £994,000 in Ingleby (1804), a new group established by two experienced entrepreneurs to exploit acquisition opportunities in the information technology sector. The future payment of our target level of ordinary dividends will depend partly on a continuing stream of capital profits from the investment portfolio, and it is encouraging to report that there were two successful exits in the half year: Stainton Metal Company was sold in November 2008 to the US-based Valmont Industries Inc, generating cash proceeds of £0.5 million and a realised gain of £0.2 million, whilst in March 2009 Pivotal Laboratories Holdings was sold to the clinical research services group ACM for cash proceeds of £1.3 million and a realised gain of £0.6 million. In both cases there is a realistic prospect of further payments based on future performance. The most prominent among the ongoing portfolio holdings during the period have been DxS, which is generating substantial and growing revenues from its range of diagnostic products, and Weldex (International) Offshore, which has a full order book for its hire fleet of large crawler cranes and lifting equipment. On the basis of performance we have felt it appropriate to increase the valuation of both investments substantially. Against this, however, a number of our ongoing investee companies have faced difficult trading conditions and this has been reflected in a number of prudent provisions in the period against the cost of investments such as CGI Group Holdings, Foreman Roberts Group and Astbury Marsden Holdings. Shareholder issues The small top-up offer of new ordinary shares to existing shareholders announced in February 2009, which closed on 3 April 2009, raised a total of £538,000 of which £224,000 is reflected in the 31 March 2009 balance sheet. It was reported six months ago that your directors had appointed Teathers as stockbrokers to the company in succession to Landsbanki Securities, which ceased trading as a result of the financial difficulties of its Icelandic parent. Regrettably Teathers in turn ceased trading in March 2009 and we are currently reviewing the future provision of corporate broking services to the company. Shareholders will have noted that the quoted market prices of both the ordinary and the C shares have been volatile during the past half year, and both are currently standing at wide discounts to net asset value despite a strong flow of dividends and an apparently steady level of secondary market demand for the ordinary shares in particular. There are however some indications that the attraction of the ordinary shares' strong tax-free dividend yield is becoming more widely appreciated, particularly at a time when interest rates have fallen almost to zero and investors are facing the prospect of significantly higher tax rates on most forms of investment income. Based on the top-up offer price of 73p, less 30% initial income tax relief, an annual dividend of 6p represents a tax-free yield of 11.7%. We will continue our efforts to communicate this message. The dividend investment scheme, under which both ordinary and C shareholders can re-invest their dividends in new ordinary shares with the benefit of 30% income tax relief, has continued to operate and has proved popular, with almost 2.6 million new shares issued since December 2004. The latest scheme has now expired and a letter giving details of the successor scheme is being sent to shareholders with this half-yearly report. Existing members of the scheme need take no action in order to continue investing their dividends. We would again like to remind shareholders that the C shares issued in the 2005/06 tax year are scheduled to convert into new ordinary shares in October 2009, with the number of new ordinary shares being determined by reference to the net assets per share attributable to the respective pools of funds at 30 September 2009. Board of directors I have already mentioned the retirement of Sir Fred Holliday, which reduced the number of directors on the board to four. It was stated in the last annual report that we would be seeking to recruit additional board members and I am very pleased to announce that Hugh Younger, senior partner of Edinburgh-based solicitors Murray Beith Murray, has been appointed as a director with effect from 11 May 2009. Hugh brings a great deal of investment knowledge and experience to the board table and we look forward to working with him. It is likely that another director will be appointed in the foreseeable future. VAT on management fees Our managers have continued to pursue the repayment of VAT paid by our company on management fees in past periods, following the landmark European Court decision in the JPMorgan Claverhouse case. Up to 31 March 2009 we have recognised recoverable VAT totalling £502,000 in the company's financial statements, and negotiations continue with a view to further recovery. With effect from 1 July 2008 VAT has no longer been chargeable on NVM's management fees, a welcome saving given the effect which low interest rates are having on our revenue account. VCT qualifying status The company continues to comply with the conditions laid down by HM Revenue & Customs for maintaining approved status as a VCT. The position is carefully monitored by the board with assistance from our managers and from our independent VCT taxation advisers at PricewaterhouseCoopers LLP. Outlook A year ago we commented that the resilience of our investments was likely to be tested by the then current economic difficulties. We did not appreciate how severe those difficulties were to become, and most commentators are agreed that any recovery which may take place in the UK economy will be slow and gradual. It is encouraging to see a number of our existing investments making significant progress despite the challenging conditions and we are ready to provide further financial support where appropriate, especially with conventional bank financing in short supply. Although the banks' reluctance to lend remains an obstacle to the completion of new deals, it will also create opportunities for us to take advantage of the favourable investment conditions which often follow after a period of recession. We will continue to place a heavy emphasis on careful investment selection and on maintaining the strength of our balance sheet. On behalf of the Board John Hustler Chairman The unaudited half-yearly financial statements for the six months ended 31 March 2009 are set out below. INCOME STATEMENT (unaudited) for the six months ended 31 March 2009 Ordinary shares C shares ------------------------ ------------------------ Revenue Capital Total Revenue Capital Total £000 £000 £000 £000 £000 £000 Gain/(loss) on disposal of investments - (57) (57) - 21 21 Movements in fair value of investments - 142 142 - (1,753) (1,753) ----- ----- ----- ----- ----- ----- - 85 85 - (1,732) (1,732) Income 569 - 569 317 - 317 Investment (78) (233) (311) (44) (131) (175) management fee Recoverable VAT - - - 8 23 31 Other expenses (93) - (93) (86) - (86) ----- ----- ----- ----- ----- ----- Return/(loss) on ordinary activities 398 (148) 250 195 (1,840) (1,645) before tax Tax on return on (69) 59 (10) (55) 30 (25) ordinary activities ----- ----- ----- ----- ----- ----- Return/(loss) on ordinary activities after 329 (89) 240 140 (1,810) (1,670) tax ----- ----- ----- ----- ----- ----- Return/(loss) per 0.8p (0.2)p 0.6p 0.7p (8.8)p (8.1)p share Company ------------------------ Revenue Capital Total £000 £000 £000 Gain on disposal of investments - (36) (36) Movements in fair value of investments - (1,611) (1,611) ----- ----- ----- - (1,647) (1,647) Income 886 - 886 Investment management fee (122) (364) (486) Recoverable VAT 8 23 31 Other expenses (179) - (179) ----- ----- ----- Return/(loss) on ordinary activities before tax 593 (1,988) (1,395) Tax on return on ordinary activities (124) 89 (35) ----- ----- ----- Return/(loss) on ordinary activities after tax 469 (1,899) (1,430) ----- ----- ----- INCOME STATEMENT (unaudited) for the six months ended 31 March 2008 Ordinary shares C shares --------------------------- --------------------------- Revenue Capital Total Revenue Capital Total £000 £000 £000 £000 £000 £000 Gain/(loss) on disposal of - 339 339 - (5) (5) investments Movements in fair value of - (399) (399) - 323 323 investments ----- ----- ----- ----- ----- ----- - (60) (60) - 318 318 Income 737 - 737 466 - 466 Investment (99) (296) (395) (56) (166) (222) management fee Recoverable - - - - - - VAT Other (98) - (98) (85) - (85) expenses ----- ----- ----- ----- ----- ----- Return/(loss) on ordinary activities 540 (356) 184 325 152 477 before tax Tax on return (139) 88 (51) (97) 50 (47) on ordinary activities ----- ----- ----- ----- ----- ----- Return/(loss) on ordinary activities 401 (268) 133 228 202 430 after tax ----- ----- ----- ----- ----- ----- Return/(loss) 1.0p (0.7)p 0.3p 1.1p 1.0p 2.1p per share Company --------------------------- Revenue Capital Total £000 £000 £000 Gain on disposal of investments - 334 334 Movements in fair value of investments - (76) (76) ----- ----- ----- - 258 258 Income 1,203 - 1,203 Investment management fee (155) (462) (617) Recoverable VAT - - - Other expenses (183) - (183) ----- ----- ----- Return/(loss) on ordinary activities before tax 865 (204) 661 Tax on return on ordinary (236) 138 (98) activities ----- ----- ----- Return/(loss) on ordinary activities after tax 629 (66) 563 ----- ----- ----- INCOME STATEMENT (unaudited) for the year ended 30 September 2008 Ordinary shares C shares --------------------------- --------------------------- Revenue Capital Total Revenue Capital Total £000 £000 £000 £000 £000 £000 Gain/(loss) on disposal of - (110) (110) - 566 566 investments Movements in fair value of - (56) (56) - (1,870) (1,870) investments ----- ----- ----- ----- ----- ----- - (166) (166) - (1,304) (1,304) Income 1,477 - 1,477 912 - 912 Investment (186) (556) (742) (107) (322) (429) management fee Recoverable 93 278 371 25 75 100 VAT Other (199) - (199) (177) - (177) expenses ----- ----- ----- ----- ----- ----- Return/(loss) on ordinary activities 1,185 (444) 741 653 (1,551) (898) before tax Tax on return (270) 82 (188) (169) 73 (96) on ordinary activities ----- ----- ----- ----- ----- ----- Return/(loss) on ordinary activities 915 (362) 553 484 (1,478) (994) after tax ----- ----- ----- ----- ----- ----- Return/(loss) 2.3p (0.9)p 1.4p 2.3p (7.1)p (4.8)p per share Company --------------------------- Revenue Capital Total £000 £000 £000 Gain on disposal of investments - 456 456 Movements in fair value of investments - (1,926) (1,926) ----- ----- ----- - (1,470) (1,470) Income 2,389 - 2,389 Investment management fee (293) (878) (1,171) Recoverable VAT 118 353 471 Other expenses (376) - (376) ----- ----- ----- Return/(loss) on ordinary activities before tax 1,838 (1,995) (157) Tax on return on ordinary (439) 155 (284) activities ----- ----- ----- Return/(loss) on ordinary Activities after tax 1,399 (1,840) (441) ----- ----- ----- RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (unaudited) for the six months ended 31 March 2009 Ordinary shares C shares Company £000 £000 £000 Equity shareholders' funds at 1 October 2008 31,118 17,461 48,579 Return/(loss) on ordinary 240 (1,670) (1,430) activities after tax Dividends recognised in the (1,753) (618) (2,371) period Net proceeds of share issues 507 - 507 Shares purchased for cancellation (31) - (31) ------ ------ ------ Equity shareholders' funds at 31 March 2009 30,081 15,173 45,254 ------ ------ ------ RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (unaudited) for the six months ended 31 March 2008 Ordinary shares C shares Company £000 £000 £000 Equity shareholders' funds at 1 October 2007 33,632 18,883 52,515 Return on ordinary activities 133 430 563 after tax Dividends recognised in the (2,303) (206) (2,509) period Net proceeds of share issues 292 - 292 ------ ------ ------ Equity shareholders' funds at 31 March 2008 31,754 19,107 50,861 ------ ------ ------ RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (unaudited) for the year ended 30 September 2008 Ordinary shares C shares Company £000 £000 £000 Equity shareholders' funds at 1 October 2007 33,632 18,883 52,515 Return/(loss) on ordinary 553 (994) (441) activities after tax Dividends recognised in the (3,465) (413) (3,878) period Net proceeds of share issues 463 - 463 Shares purchased for cancellation (65) (15) (80) ------ ------ ------ Equity shareholders' funds at 30 September 2008 31,118 17,461 48,579 ------ ------ ------ BALANCE SHEET (unaudited) as at 31 March 2009 Ordinary shares C shares Company £000 £000 £000 Fixed asset investments: Venture capital investments Unquoted 18,957 6,172 25,129 Quoted 991 1,070 2,061 ------ ------ ------ Total venture capital investments 19,948 7,242 27,190 Listed fixed-interest investments - 6,337 6,337 ------ ------ ------ Total fixed asset investments 19,948 13,579 33,527 ------ ------ ------ Current assets: Debtors 952 684 1,636 Cash at bank 9,682 1,104 10,786 ------ ------ ------ 10,634 1,788 12,422 Creditors (amounts falling due (501) (194) (695) within one year) ------ ------ ------ Net current assets 10,133 1,594 11,727 ------ ------ ------ Net assets 30,081 15,173 45,254 ------ ------ ------ Capital and reserves: Called-up equity share capital 9,875 15,459 25,334 Share premium 9,747 2,030 11,777 Capital redemption reserve 2,015 41 2,056 Capital reserve - realised 5,939 768 6,707 Capital reserve - unrealised 1,401 (3,439) (2,038) Revenue reserve 1,104 314 1,418 ------ ------ ------ Total equity shareholders' funds 30,081 15,173 45,254 ------ ------ ------ Net asset value per share 76.2p 73.6p BALANCE SHEET (unaudited) as at 31 March 2008 Ordinary shares C shares Company £000 £000 £000 Fixed asset investments: Venture capital investments Unquoted 23,001 8,616 31,617 Quoted 915 1,136 2,051 ------ ------ ------ Total venture capital investments 23,916 9,752 33,668 Listed fixed-interest investments - 8,401 8,401 ------ ------ ------ Total fixed asset investments 23,916 18,153 42,069 ------ ------ ------ Current assets: Debtors 1,217 218 1,435 Cash at bank 6,828 1,035 7,863 ------ ------ ------ 8,045 1,253 9,298 Creditors (amounts falling due (207) (299) (506) within one year) ------ ------ ------ Net current assets 7,838 954 8,792 ------ ------ ------ Net assets 31,754 19,107 50,861 ------ ------ ------ Capital and reserves: Called-up equity share capital 9,686 15,472 25,158 Share premium 9,301 2,030 11,331 Capital redemption reserve 1,971 28 1,999 Capital reserve - realised 4,588 673 5,261 Capital reserve - unrealised 5,171 573 5,744 Revenue reserve 1,037 331 1,368 ------ ------ ------ Total equity shareholders' funds 31,754 19,107 50,861 ------ ------ ------ Net asset value per share 82.0p 92.6p BALANCE SHEET (unaudited) as at 30 September 2008 Ordinary shares C shares Company £000 £000 £000 Fixed asset investments: Venture capital investments Unquoted 19,956 6,643 26,599 Quoted 1,567 1,158 2,725 ------ ------ ------ Total venture capital investments 21,523 7,801 29,324 Listed fixed-interest investments - 8,535 8,535 ------ ------ ------ Total fixed asset investments 21,523 16,336 37,859 ------ ------ ------ Current assets: Debtors 787 166 953 Cash at bank 9,098 1,100 10,198 ------ ------ ------ 9,885 1,266 11,151 Creditors (amounts falling due (290) (141) (431) within one year) ------ ------ ------ Net current assets 9,595 1,125 10,720 ------ ------ ------ Net assets 31,118 17,461 48,579 ------ ------ ------ Capital and reserves: Called-up equity share capital 9,715 15,459 25,174 Share premium 9,418 2,030 11,448 Capital redemption reserve 1,996 41 2,037 Capital reserve - realised 7,152 860 8,012 Capital reserve - unrealised 1,673 (1,309) 364 Revenue reserve 1,164 380 1,544 ------ ------ ------ Total equity shareholders' funds 31,118 17,461 48,579 ------ ------ ------ Net asset value per share 80.1p 84.7p CASH FLOW STATEMENT (unaudited) for the six months ended 31 March 2009 Ordinary C shares Company shares £000 £000 £000 Net cash inflow/(outflow) from 201 (403) (202) operating activities Taxation: Corporation tax paid - - - Financial investment: Purchase of investments (309) (690) (999) Sale/repayment of investments 1,969 1,715 3,684 Net cash inflow from financial investment 1,660 1,025 2,685 Equity dividends paid (1,753) (618) (2,371) ------ ------ ------ Net cash inflow before financing 108 4 112 Financing: Issue of shares 539 - 539 Share issue expenses (32) - (32) Purchase of shares for cancellation (31) - (31) Net cash inflow from financing 476 - 476 ------ ------ ------ Increase in cash at bank 584 4 588 ------ ------ ------ Reconciliation of return before tax to net cash flow from operating activities Return on ordinary activities before 250 (1,645) (1,395) tax (Gain)/loss on disposal of 57 (21) 36 investments Movements in fair value of (142) 1,753 1,611 investments Increase in debtors (165) (518) (683) Increase in creditors 201 28 229 ------ ------ ------ Net cash inflow/(outflow) from 201 (403) (202) operating activities ------ ------ ------ Analysis of movement in net funds 1 October 31 March 2008 Cash flows 2009 £000 £000 £000 Cash at bank 10,198 588 10,786 ------ ------ ------ CASH FLOW STATEMENT (unaudited) for the six months ended 31 March 2008 Ordinary C shares Company shares £000 £000 £000 Net cash inflow/(outflow) from (641) 424 (217) operating activities Taxation: Corporation tax paid - - - Financial investment: Purchase of investments (1,160) (2,300) (3,460) Sale/repayment of investments 4,632 2,753 7,385 Net cash inflow from financial investment 3,472 453 3,925 Equity dividends paid (2,303) (206) (2,509) ------ ------ ------ Net cash inflow before financing 528 671 1,199 Financing: Issue of shares 292 - 292 Share issue expenses - - - Purchase of shares for cancellation - - - Net cash inflow from financing 292 - 292 ------ ------ ------ Increase in cash at bank 820 671 1,491 ------ ------ ------ Reconciliation of return before tax to net cash flow from operating activities Return on ordinary activities before 184 477 661 tax (Gain)/loss on disposal of (339) 5 (334) investments Movements in fair value of 399 (323) 76 investments (Increase)/decrease in debtors (867) 153 (714) Increase/(decrease) in creditors (18) 112 94 ------ ------ ------ Net cash inflow/(outflow) from (641) 424 (217) operating activities ------ ------ ------ Analysis of movement in net funds 1 October Cash flows 31 March 2007 2008 £000 £000 £000 Cash at bank 6,372 1,491 7,863 ------ ------ ------ CASH FLOW STATEMENT (unaudited) for the year ended 30 September 2008 Ordinary C shares Company shares £000 £000 £000 Net cash inflow from operating 471 613 1,084 activities Taxation: Corporation tax paid (73) (97) (170) Financial investment: Purchase of investments (6,036) (3,937) (9,973) Sale/repayment of investments 11,795 4,585 16,380 Net cash inflow from financial investment 5,759 648 6,407 Equity dividends paid (3,465) (413) (3,878) ------ ------ ------ Net cash inflow before financing 2,692 751 3,443 Financing: Issue of shares 464 - 464 Share issue expenses (1) - (1) Purchase of shares for (65) (15) (80) cancellation Net cash inflow/(outflow) from 398 (15) 383 financing ------ ------ ------ Increase in cash at bank 3,090 736 3,826 ------ ------ ------ Reconciliation of return before tax to net cash flow from operating activities Return on ordinary activities 741 (898) (157) before tax (Gain)/loss on disposal of 110 (566) (456) investments Movements in fair value of 56 1,870 1,926 investments (Increase)/decrease in debtors (437) 205 (232) Increase in creditors 1 2 3 ------ ------ ------ Net cash inflow from operating 471 613 1,084 activities ------ ------ ------ Analysis of movement in net funds 1 October 30 September 2007 Cash flows 2008 £000 £000 £000 Cash at bank 6,372 3,826 10,198 ------ ------ ------ INVESTMENT PORTFOLIO SUMMARY as at 31 March 2009 ORDINARY SHARES Cost Valuation % of net assets £000 £000 by valuation DxS 1,107 5,757 19.1 Weldex (International) Offshore 205 4,568 15.2 Envirotec 813 1,462 4.9 CGI Group Holdings 3,449 862 2.9 Abermed 600 844 2.8 Arleigh International 375 725 2.4 S&P Coil Products 480 685 2.3 e-know.net 360 490 1.6 Alaric Systems 2,174 471 1.6 Direct Valeting 591 443 1.5 Tikit Group* 752 395 1.3 Paladin Group 291 378 1.2 Axial Systems Holdings 301 334 1.1 CloserStill Holdings 300 300 1.0 Ingleby (1804) 298 298 1.0 ------ ------ ----- Fifteen largest venture capital 12,096 18,012 59.9 investments Other venture capital investments 6,451 1,936 6.4 ------ ------ ----- Total fixed asset investments 18,547 19,948 66.3 ------ Net current assets 10,133 33.7 ------ ----- Net assets 30,081 100.0 ------ ----- C SHARES Cost Valuation % of net assets £000 £000 by valuation Paladin Group 1,161 1,512 10.0 Axial Systems Holdings 703 775 5.1 CloserStill Holdings 700 700 4.6 Ingleby (1804) 696 696 4.6 Optilan Group 700 574 3.8 Frontier Foods 542 542 3.6 Promanex Group Holdings 801 401 2.6 Promatic Group 797 399 2.6 IDOX* 298 367 2.4 Gentronix 406 304 2.0 Advanced Computer Software* 229 269 1.8 Wear Inns 270 269 1.8 IS Pharma* 276 242 1.6 Brulines (Holdings)* 184 137 0.9 Shieldtech* 248 40 0.2 ------ ------ ----- Fifteen largest venture capital 8,011 7,227 47.6 investments Other venture capital investments 1,798 15 0.1 ------ ------ ----- Total venture capital investments 9,809 7,242 47.7 Listed fixed-interest investments 7,208 6,337 41.8 ------ ------ ----- Total fixed asset investments 17,017 13,579 89.5 ------ Net current assets 1,594 10.5 ------ ----- Net assets 15,173 100.0 ------ ----- *Quoted on AIM The above summary of results for the six months ended 31 March 2009 does not constitute statutory financial statements within the meaning of Section 240 of the Companies Act 1985, has not been audited or reviewed by the company's independent auditors and has not been delivered to the Registrar of Companies. The figures for the year ended 30 September 2008 have been extracted from the financial statements for that year, which have been delivered to the Registrar of Companies; the independent auditors' report on those financial statements under Section 235 of the Companies Act 1985 was unqualified. The directors confirm 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 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 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 proposed interim ordinary share dividend of 3.0p per share for the year ending 30 September 2009 will be paid on 26 June 2009 to ordinary shareholders on the register at the close of business on 5 June 2009. The proposed interim C share dividend of 1.0p per share for the year ending 30 September 2009 will be paid on 26 June 2009 to C shareholders on the register at the close of business on 5 June 2009. A copy of the half-yearly financial report for the six months ended 31 March 2009 is expected to be posted to shareholders on 29 May 2009 and will be available to the public at the registered office of the company at Northumberland House, Princess Square, Newcastle upon Tyne NE1 8ER and on the NVM Private Equity Limited website, www.nvm.co.uk. ---END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

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