Interim Results

RNS Number : 8940U

Northern Venture Trust PLC

20 May 2008

 



20 MAY 2008

NORTHERN VENTURE TRUST PLC

UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 31 MARCH 2008

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:
(comparative figures as at 31 March 2007 in italics)

	2008	2007
ORDINARY SHARES
Net assets	£31.8m	£33.2m
Net asset value per share	82.0p	85.9p
Return per share
Revenue	1.0p	1.1p
Capital	(0.7)p	5.1p
Total	0.3p	6.2p
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	82.0p	85.9p
Dividends paid per share*	71.0p	62.0p
Net asset value plus dividends
paid per share	153.0p	147.9p
Share price at end of period	63.0p	70.0p

*Excluding proposed interim dividend

	2008	2007
C SHARES
Net assets	£19.1m	£19.2m
Net asset value per share	92.6p	93.0p
Return per share
Revenue	1.1p	1.1p
Capital	1.0p	(1.8)p
Total	2.1p	(0.7)p
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	92.6p	93.0p
Dividends paid per share*	3.0p	1.0p
Net asset value plus dividends
paid per share	95.6p	94.0p
Share price at end of period	82.5p	84.5p

*Excluding proposed interim dividend

For further information, please contact:

NVM Private Equity Limited Christopher Mellor, Director Website:  www.nvm.co.uk	0191 244 6000
Lansons Communications Karen Mignon	020 7294 3685

NORTHERN VENTURE TRUST PLC

HALF-YEARLY MANAGEMENT REPORT TO SHAREHOLDERS

Results and dividend - ordinary shares

The net asset value (NAV) per ordinary share at 31 March 2008, after deducting the 6.0p dividend paid during the half year, was 82.0p, compared with 87.6p at 30 September 2007. The return per share for the period before dividends as shown in the income statement was 0.3p, reflecting a number of positive developments in the portfolio but also the need to take a cautious approach to investment valuations against the background of the credit crisis and worsening economic conditions.

The directors propose an unchanged interim dividend of 3.0p per ordinary share, again comprising 1.0p revenue and 2.0p capital distribution. As stated in last year's annual report, it is our intention to maintain the annual dividend at not less than 6.0p per ordinary share. The interim dividend will be paid on 27 June 2008 to shareholders on the register on 6 June 2008 and will take the total ordinary dividends paid by the company since launch to 74p per share.

Results and dividend - C shares

The net asset value per C share at 31 March 2008, after deducting the 1.0p dividend paid during the half year, was 92.6p, a slight increase from the 91.5p reported at 30 September 2007. The return per share for the period was 2.1p, a creditable result in the circumstances.

The directors propose an unchanged interim dividend of 1.0p per C share, which will be paid on 27 June 2008 to shareholders on the register on 6 June 2008.

Investments

During the six months to 31 March 2008 the company invested £1,000,000 each in Optilan Group, a Coventry-based telecommunications systems integration business, and Axial Systems Holdings, a supplier of distributed network management solutions based in Maidenhead. We also invested a further £450,000 in Paladin Group (formerly known as Touchstone Asset Management) to finance new acquisitions.

The half year saw strong exit activity in the ordinary share portfolio. The long-standing AIM-quoted investments in Computerland (UK) and Revenue Assurance Services were both sold following recommended offers, realising sale proceeds of £1.5 million and a gain over original cost of £0.8 million.  KCS Global Holdings was sold to Sage Group plc for proceeds of £1.5 million and a realised gain of over £0.9 million, and Barony Universal Products was sold to a privately owned group for £1.4 million generating a gain of almost £1.3 million. Since 31 March 2008 TFB Group has been sold to the AIM-quoted Tikit Group plc for £2.1 million in cash and shares, and a bank-financed recapitalisation of CGI Group has enabled us to withdraw £1 million in cash from the investment whilst retaining a slightly enhanced equity stake.

A number of our investments have faced challenging conditions. As reported at the last year end, the investment in Nightingales Holdings, the mail order clothing retailer, had to be written off after a period of disappointing trading performance compounded by the impact of postal strikes, which eventually led to the appointment of administrators in October 2007. The investment had already been written down to nil value at 30 September 2007. We have also made full provision against the investment in Alaric Systems, which continues to trade behind expectations, at a cost in the half year of £1.1 million.

The C share portfolio is still in the initial investment phase but is developing satisfactorily and we would expect to see some exit opportunities in due course.

Shareholder issues

We announced six months ago that following a review of the company's policy in relation to the re-purchasing of ordinary shares, the board had decided that it would no longer seek to use its buy-back authority to maintain a fixed 10% discount to NAV. Instead we have allowed market supply and demand to set the share price, against the background of our policy of maintaining the annual ordinary dividend at not less than 6.0p per share. As expected this has initially led to a fall in the quoted market price, but it remains our belief that in the longer term we can stimulate secondary market interest in the shares by achieving strong tangible returns to shareholders and communicating the investment merits of VCTs to a wider audience. In the meantime we remain ready to use our buy-back authority where we consider it is in shareholders' interests to do so.

Board of directors

I am sorry to report that Clive Williams, who joined the board in 2005 and has made an important contribution to our business, has today retired as a director due to the pressure of his other personal commitments. I have indicated to my colleagues that, having served as chairman and a director since the company's formation in 1995, I intend to retire from both roles at the close of the annual general meeting in January 2009. The directors are delighted that John Hustler has agreed to take over the chair on my retirement. It is likely that we will seek to appoint an additional director to the board in due course.

VAT on management fees

The Government has recently announced that VCTs will be exempt from paying VAT on investment management fees with effect from 1 October 2008, following a European Court of Justice judgement against the Government in a case relating to VAT payable by investment trusts. HM Revenue & Customs have yet to confirm whether it will be possible to obtain a repayment of VAT paid on management fees prior to the new measure taking effect, a potentially significant sum for your company which is one of the longest established VCTs. In the meantime we look forward to an annual cost saving which is likely to be well in excess of £150,000.

VCT qualifying status

I am pleased to report that the company has continued to comply with the conditions laid down by HM Revenue & Customs for preserving its approved status as a VCT. Taking into account the funds raised in the C share issue in 2006, the company has already satisfied the requirement for 70% of its assets to be invested in qualifying holdings. We now have to ensure we maintain this position at a time when market conditions may restrict the flow of attractive new investment propositions. Your board keeps the company's qualifying status under close review with our managers and our VCT taxation advisers at PricewaterhouseCoopers LLP.

Companies Act 2006

In anticipation of forthcoming changes to company law brought about by the Companies Act 2006, the directors intend to convene an extraordinary general meeting at which a resolution will be proposed to alter that part of the company's articles of association which relates to directors' conflicts of interest. An explanatory letter giving notice of the meeting will be sent to shareholders shortly.

Outlook

Although the rate of new investment activity may slow down in the short term, our maturing portfolios should continue to produce realisation opportunities. Our investments cover a wide range of industry sectors and although their resilience is likely to be tested by the current economic difficulties, we believe that the company is well placed to make further progress in the future.

On behalf of the Board

Professor Sir Frederick Holliday

Chairman

The unaudited half-yearly financial statements for the six months ended 31 March 2008 are set out below.

INCOME STATEMENT

(unaudited) for the six months ended 31 March 2008

	Ordinary shares			C shares
	------------------------			--------------------------
	Revenue  £000	Capital  £000	Total  £000	Revenue  £000	Capital  £000	Total  £000
Gain/(loss) on disposal
of investments	-	339	339	-	(5)	(5)
Unrealised adjustments to fair
value of investments	-	(399)	(399)	-	323	323
	------	------	------	------	------	------
	-	(60)	(60)	-	318	318
Income	737	-	737	466	-	466
Investment management fee	(99)	(296)	(395)	(56)	(166)	(222)
Other expenses	(98)	-	(98)	(85)	-	(85)
	-------	------	------	------	------	------
Return on ordinary activities
before tax	540	(356)	184	325	152	477
Tax on return on ordinary activities	(139)	88	(51)	(97)	50	(47)
	------	------	------	------	------	------
Return on ordinary activities
after tax	401	(268)	133	228	202	430
	------	------	------	------	------	------
Return per share	1.0p	(0.7)p	0.3p	1.1p	1.0p	2.1p

				Company
				-------------------------
				Revenue  £000	Capital  £000	Total  £000
Gain on disposal of investments				-	334	334
Unrealised adjustments to fair
value of investments				-	(76)	(76)
				------	------	------
				-	258	258
Income				1,203	-	1,203
Investment management fee				(155)	(462)	(617)
Other expenses				(183)	-	(183)
				------	------	------
Return on ordinary activities
before tax				865	(204)	661
Tax on return on ordinary activities				(236)	138	(98)
				------	------	------
Return on ordinary activities
after tax				629	(66)	563
				------	------	------

INCOME STATEMENT

(unaudited) for the six months ended 31 March 2007

	Ordinary shares			C shares
	-------------------------			--------------------------
	Revenue  £000	Capital  £000	Total  £000	Revenue  £000	Capital  £000	Total  £000
Gain/(loss) on disposal
of investments	-	310	310	-	(3)	(3)
Unrealised adjustments to fair
value of investments	-	1,888	1,888	-	(267)	(267)
	------	------	------	------	------	------
	-	2,198	2,198	-	(270)	(270)
Income	684	-	684	469	-	469
Investment management fee	(97)	(292)	(389)	(58)	(172)	(230)
Other expenses	(92)	-	(92)	(87)	-	(87)
	------	------	------	------	------	------
Return on ordinary activities
before tax	495	1,906	2,401	324	(442)	(118)
Tax on return on ordinary activities	(85)	81	(4)	(97)	62	(35)
	------	------	------	------	------	------
Return on ordinary activities
after tax	410	1,987	2,397	227	(380)	(153)
	------	------	------	------	------	------
Return per share	1.1p	5.1p	6.2p	1.1p	(1.8)p	(0.7)p

				Company
				-------------------------------------------------
				Revenue  £000	Capital  £000	Total  £000
Gain on disposal of investments				-	307	307
Unrealised adjustments to fair
value of investments				-	1,621	1,621
				------	------	------
				-	1,928	1,928
Income				1,153	-	1,153
Investment management fee				(155)	(464)	(619)
Other expenses				(179)	-	(179)
				------	------	------
Return on ordinary activities
before tax				819	1,464	2,283
Tax on return on ordinary activities				(182)	143	(39)
				------	------	------
Return on ordinary activities
after tax				637	1,607	2,244
				------	------	------

INCOME STATEMENT

(unaudited) for the year ended 30 September 2007

	Ordinary shares			C shares
	--------------------------			--------------------------
	Revenue  £000	Capital  £000	Total  £000	Revenue  £000	Capital  £000	Total  £000
Gain/(loss) on disposal
of investments	-	1,188	1,188	-	(98)	(98)
Unrealised adjustments to fair
value of investments	-	2,474	2,474	-	(382)	(382)
	------	------	------	------	------	------
	-	3,662	3,662	-	(480)	(480)
Income	1,535	-	1,535	974	-	974
Investment management fee	(195)	(585)	(780)	(114)	(342)	(456)
Other expenses	(176)	-	(176)	(166)	-	(166)
	------	------	------	------	------	------
Return on ordinary activities
before tax	1,164	3,077	4,241	694	(822)	(128)
Tax on return on ordinary activities	(251)	178	(73)	(222)	108	(114)
	------	------	------	------	------	------
Return on ordinary activities
after tax	913	3,255	4,168	472	(714)	(242)
	------	------	------	------	------	------
Return per share	2.4p	8.4p	10.8p	2.3p	(3.5)p	(1.2)p

				Company
				--------------------------
				Revenue  £000	Capital  £000	Total  £000
Gain on disposal of investments				-	1,090	1,090
Unrealised adjustments to fair
value of investments				-	2,092	2,092
				------	------	------
				-	3,182	3,182
Income				2,509	-	2,509
Investment management fee				(309)	(927)	(1,236)
Other expenses				(342)	-	(342)
				------	------	------
Return on ordinary activities
before tax				1,858	2,255	4,113
Tax on return on ordinary activities				(473)	286	(187)
				------	------	------
Return on ordinary activities
after tax				1,385	2,541	3,926
				------	------	------

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 after tax	133	430	563
Dividends recognised in the period	(2,303)	(206)	(2,509)
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 six months ended 31 March 2007

	Ordinary shares	C shares	Company
	£000	£000	£000
Equity shareholders' funds at
1 October 2006	33,118	19,571	52,689
Return on ordinary activities after tax	2,397	(153)	2,244
Dividends recognised in the period	(2,319)	(207)	(2,526)
Net proceeds of share issues	268	-	268
Shares purchased for cancellation	(240)	-	(240)
	------	------	------
Equity shareholders' funds at
31 March 2007	33,224	19,211	52,435
	------	------	------

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

(unaudited) for the year ended 30 September 2007

	Ordinary shares	C shares	Company
	£000	£000	£000
Equity shareholders' funds at
1 October 2006	33,118	19,571	52,689
Return on ordinary activities after tax	4,168	(242)	3,926
Dividends recognised in the period	(3,477)	(414)	(3,891)
Net proceeds of share issues	417	-	417
Shares purchased for cancellation	(594)	(32)	(626)
	------	------	------
Equity shareholders' funds at
30 September 2007	33,632	18,883	52,515
	------	------	------

BALANCE SHEET

(unaudited) as at 31 March 2008

	Ordinary shares  £000	C shares  £000	Company  £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 within one year)	(207)	(299)	(506)
	------	------	------
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 31 March 2007

	Ordinary shares  £000	C shares  £000	Company  £000
Fixed asset investments:
Venture capital investments
Unquoted	24,633	3,172	27,805
Quoted	3,639	633	4,272
	------	------	------
Total venture capital investments	28,272	3,805	32,077
Listed fixed-interest investments	-	14,320	14,320
	------	------	------
Total fixed asset investments	28,272	18,125	46,397
	------	------	------
Current assets:
Debtors	920	340	1,260
Cash at bank	4,124	833	4,957
	------	------	------
	5,044	1,173	6,217
Creditors (amounts falling due within one year)	(92)	(87)	(179)
	------	------	------
Net current assets	4,952	1,086	6,038
	------	------	------
Net assets	33,224	19,211	52,435
	------	------	------
Capital and reserves:
Called-up equity share capital	9,666	15,500	25,166
Share premium	8,997	2,030	11,027
Capital redemption reserve	1,854	-	1,854
Capital reserve - realised	5,084	1,755	6,839
Capital reserve - unrealised	6,720	(345)	6,375
Revenue reserve	903	271	1,174
	------	------	------
Total equity shareholders' funds	33,224	19,211	52,435
	------	------	------
Net asset value per share	85.9p	93.0p

BALANCE SHEET

(unaudited) as at 30 September 2007

	Ordinary shares  £000	C shares  £000	Company  £000
Fixed asset investments:
Venture capital investments
Unquoted	24,996	6,054	31,050
Quoted	2,452	1,389	3,841
	------	------	------
Total venture capital investments	27,448	7,443	34,891
Listed fixed-interest investments	-	10,845	10,845
	------	------	------
Total fixed asset investments	27,448	18,288	45,736
	------	------	------
Current assets:
Debtors	350	371	721
Cash at bank	6,008	364	6,372
	------	------	------
	6,358	735	7,093
Creditors (amounts falling due within one year)	(174)	(140)	(314)
	------	------	------
Net current assets	6,184	595	6,779
	------	------	------
Net assets	33,632	18,883	52,515
	------	------	------
Capital and reserves:
Called-up equity share capital	9,596	15,472	25,068
Share premium	9,099	2,030	11,129
Capital redemption reserve	1,971	28	1,999
Capital reserve - realised	4,174	1,513	5,687
Capital reserve - unrealised	7,772	(469)	7,303
Revenue reserve	1,020	309	1,329
	------	------	------
Total equity shareholders' funds	33,632	18,883	52,515
	------	------	------
Net asset value per share	87.6p	91.5p

CASH FLOW STATEMENT

(unaudited) for the six months ended 31 March 2008

	Ordinary shares	C shares	Company
	£000	£000	£000
Net cash inflow/(outflow) from operating activities	(641)	424	(217)
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 ordinary 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 tax	184	477	661
(Gain)/loss on disposal of
investments held at fair value	(339)	5	(334)
Unrealised adjustments to fair value
of investments	399	(323)	76
(Increase)/decrease in debtors	(867)	153	(714)
Increase/(decrease) in creditors	(18)	112	94
	------	------	------
Net cash inflow/(outflow) from operating activities	(641)	424	(217)
	------	------	------
Analysis of movement in net funds
	1 October  2007	Cash flows	31 March  2008
	£000	£000	£000
Cash at bank	6,372	1,491	7,863
	------	------	------

CASH FLOW STATEMENT

(unaudited) for the six months ended 31 March 2007

	Ordinary shares	C shares	Company
	£000	£000	£000
Net cash inflow from operating activities	245	305	550
Taxation:
Corporation tax paid	(112)	(48)	(160)
Financial investment:
Purchase of investments	(859)	(3,774)	(4,633)
Sale/repayment of investments	2,618	1,156	3,774
Net cash inflow/(outflow) from
financial investment	1,759	(2,618)	(859)
Equity dividends paid	(2,319)	(207)	(2,526)
	------	------	------
Net cash outflow before financing	(427)	(2,568)	(2,995)
Financing:
Issue of shares	273	-	273
Share issue expenses	(5)	-	(5)
Purchase of ordinary shares for cancellation	(240)	-	(240)
Net cash inflow from financing	28	-	28
	------	------	------
Decrease in cash at bank	(399)	(2,568)	(2,967)
	------	------	------
Reconciliation of return before tax to
net cash flow from operating activities
Return on ordinary activities before tax	2,401	(118)	2,283
(Gain)/loss on disposal of
investments held at fair value	(310)	3	(307)
Unrealised adjustments to fair value
of investments	(1,888)	267	(1,621)
Decrease in debtors	12	127	139
Increase in creditors	30	26	56
	------	------	------
Net cash inflow from operating activities	245	305	550
	------	------	------
Analysis of movement in net funds
	1 October  2006	Cash flows	31 March  2007
	£000	£000	£000
Cash at bank	7,924	(2,967)	4,957
	------	------	------

CASH FLOW STATEMENT

(unaudited) for the year ended 30 September 2007

	Ordinary shares	C shares	Company
	£000	£000	£000
Net cash inflow from operating activities	689	448	1,137
Taxation:
Corporation tax paid	(112)	(48)	(160)
Financial investment:
Purchase of investments	(1,828)	(11,544)	(13,372)
Sale/repayment of investments	6,390	8,553	14,943
Net cash inflow/(outflow) from
financial investment	4,562	(2,991)	1,571
Equity dividends paid	(3,477)	(414)	(3,891)
	------	------	------
Net cash inflow/(outflow) before financing	1,662	(3,005)	(1,343)
Financing:
Issue of shares	429	-	429
Share issue expenses	(12)	-	(12)
Purchase of ordinary shares for cancellation	(594)	(32)	(626)
Net cash outflow from financing	(177)	(32)	(209)
	------	------	------
Increase/(decrease) in cash at bank	1,485	(3,037)	(1,552)
	------	------	------
Reconciliation of return before tax to
net cash flow from operating activities
Return on ordinary activities before tax	4,241	(128)	4,113
(Gain)/loss on disposal of investments
held at fair value	(1,188)	98	(1,090)
Unrealised adjustments to fair value
of investments	(2,474)	382	(2,092)
Decrease in debtors	67	96	163
Increase in creditors	43	-	43
	------	------	------
Net cash inflow from operating activities	689	448	1,137
	------	------	------
Analysis of movement in net funds
	1 October  2006	Cash flows	30 September 2007
	£000	£000	£000
Cash at bank	7,924	(1,552)	6,372
	------	------	------

INVESTMENT PORTFOLIO SUMMARY

as at 31 March 2008

ORDINARY SHARES

	Cost £000	Valuation £000	% of net assets by valuation
CGI Group	2,325	4,453	14.0
Weldex (International) Offshore	200	2,990	9.4
TFB Group	773	2,090	6.6
DxS	1,105	1,560	4.9
Envirotec	812	1,447	4.6
Pivotal Laboratories Holdings	714	955	3.0
Arleigh International	375	861	2.7
Abermed	600	747	2.4
S&P Coil Products	480	709	2.2
John Laing Partnership	356	681	2.2
Interlube Systems	88	639	2.0
Direct Valeting	635	635	2.0
IG Doors	500	608	1.9
Liquidlogic	144	554	1.7
Paladin Group	291	417	1.3
	------	------	------
Fifteen largest venture capital investments	9,398	19,346	60.9
Other venture capital investments	9,347	4,570	14.4
	------	------	------
Total fixed asset investments	18,745	23,916	75.3
	------
Net current assets		7,838	24.7
		------	------
Net assets		31,754	100.0
		------	------

C SHARES

	Cost £000	Valuation £000	% of net assets by valuation
Paladin Group	1,161	1,668	8.7
Product Support (Holdings)	800	1,132	5.9
Promanex Group Holdings	801	801	4.2
Astbury Marsden Holdings	800	800	4.2
Foreman Roberts Group	800	800	4.2
Promatic Group	797	797	4.2
Axial Systems Holdings	700	700	3.7
Optilan Group	700	700	3.7
Frontier Foods	542	542	2.8
Gentronix	406	406	2.1
IDOX*	298	357	1.8
Wear Inns	270	270	1.4
Maelor*	199	253	1.3
Brulines (Holdings)*	184	209	1.1
Shieldtech*	248	168	0.9
	------	------	------
Fifteen largest venture capital investments	8,706	9,603	50.2
Other venture capital investments	347	149	0.8
	------	------	------
Total venture capital investments	9,053	9,752	51.0
Listed fixed-interest investments	8,527	8,401	44.0
	------	------	------
Total fixed asset investments	17,580	18,153	95.0
	------
Net current assets		954	5.0
		------	------
Net assets		19,107	100.0
		------	------
*Quoted on AIM

The above summary of results for the six months ended 31 March 2008 does not constitute statutory financial statements within the meaning of Section 240 of the Companies Act 1985 and has not been delivered to the Registrar of Companies. The figures for the year ended 30 September 2007 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 2008 will be paid on 27 June 2008 to ordinary shareholders on the register at the close of business on 6 June 2008.

The proposed interim C share dividend of 1.0p per share for the year ending 30 September 2008 will be paid on 27 June 2008 to C shareholders on the register at the close of business on 6 June 2008.

A copy of the half-yearly financial report for the six months ended 31 March 2008 is expected to be posted to shareholders on 30 May 2008 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.

ENDS

 

END

 

 

IR XBLFLVEBLBBD