Net asset value(s)

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JULY 15, 2022

NORTHERN VENTURE TRUST PLC

UNAUDITED NET ASSET VALUE AS OF JUNE 30, 2022

Northern Venture Trust PLC (“the Company”) is a venture capital trust (“VCT”) launched in 1995 and advised by Mercia Fund Management Limited. The Company’s objective is to provide investors with high long-term tax-free returns through a combination of dividend yield and capital growth, by investing in a portfolio of investments consisting primarily of equity investments – unlisted risk. In order to maintain approval by HM Revenue & Customs as a VCT, the Company is required to comply at all times with the provisions of Section 274 of the Income Tax Act 2007.

The unaudited net asset value per ordinary share at June 30, 2022 was 66.6 pence (March 31, 2022 68.4 pence).

For the purpose of calculating the net asset value per share, listed investments are recorded at bid price as of June 30, 2022 and unlisted investments are recorded at fair value as of June 30, 2022 as determined by the directors.

New investments:

During the quarter ended June 30, 2022, two new venture capital investments were made.

Company Name Commercial activities Rising
invested
£000
LMC software Social assistance management software for retirement homes for the elderly or disabled 868
Sen Company Live streaming high quality video from space 681

In addition to the new investments above, £1,046,000 was invested in three existing portfolio companies during the quarter.

Achievements:

During the quarter ended June 30, 2022, two venture capital investments were made.

Company Name Proceeds from the sale

Original cost

Book value at

March 31, 2022

£000 £000 £000
knowledgemotion 3,253 1,903 3,253
Ideagen (AIM quoted) – partial elimination 114 11 70

The number of ordinary shares outstanding as of June 30, 2022 was 168,431,330. During the quarter ended June 30, 2022, 592,530 shares were purchased for cancellation at an average price of 65.0 pence per share and 8,449,994 shares were awarded under the 2021 tender offer/ 22 of the Company.

Requests:

James Sly / Graham Venables, Mercia Fund Management Ltd

Telephone: 0330 223 1430

Website: www.mercia.co.uk

Neither the content of the Mercia Asset Management PLC website, nor the content of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website), is incorporated into, or forms part of of, this ad.


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