13th Nov 2019 14:27
(Alliance News) - Investment companies Northern 2 VCT PLC and Northern 3 VCT PLC on Tuesday said net asset value declined by 2.9% and 2.6%, respectively, in the first half of their current financial year.
Northern 2 reported NAV per share of 63.0 pence as at the end of September, compared to 64.9p a year ago and 64.7p as at March 31.
Meanwhile, Northern 3's NAV per share stood at 92.1p at September 30, versus 94.6p a year ago and 94.2p at the end of March.
Both venture trusts declared an interim payout of 2.0p a share, unchanged year-on-year.
Northern 2 and Northern 3 both said they made further progress on the development of their portfolios during the period, with three new investments added to the venture capital portfolio for a total consideration of GBP2.0 million.
In addition, Northern 2 said GBP2.6 million of capital was provided to nine existing investee companies to support further growth ambitions.
"We have been operating for some time against a backdrop of political and economic uncertainty and these conditions look set to continue for the time being as the deadline for the UK to leave the EU has been further extended to accommodate a general election in December," said Northern 3 Chair James Ferguson.
"Our manager has a good record of dealing with periods of change and we remain confident in their ability to deliver good results for shareholders in the medium to long term," ferguson added.
Northern 2 shares were untraded in London on Wednesday, last closing at 58.00p each, while Northern 3 shares were untraded at 85.50p.
By Evelina Grecenko; [email protected]
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Related Shares:
Northern 2 VctNorthern 3 Vct