Net asset value(s)

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JULY 15, 2022

CPL NORTH 2 VCT

UNAUDITED NET ASSET VALUE AS OF JUNE 30, 2022

Northern 2 VCT PLC (“the Company”) is a venture capital trust (“VCT”) launched in 1999 and managed 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 62.6 pence (March 31, 2022 (audited) 64.4 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 820
Sen Company Live streaming high quality video from space 643

In addition to the new investments above, £967,000 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 3,040 1,778 3,040
Ideagen (AIM quoted) – partial elimination 142 14 87

The number of ordinary shares outstanding as of June 30, 2022 was 187,978,312. During the quarter ended June 30, 2022, 527,112 shares were repurchased for cancellation at an average price of 61.2 pence per share and 25,597,510 shares were awarded under the 2021 tender offer/ 22 of the Company at an average price (after issue costs) of 66.4 pence per share.

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 announcement.


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