13th Nov 2019 14:28
(Alliance News) - Northern Venture Trust PLC on Tuesday expressed confidence in the diversity of its portfolio despite a 2.7% decline in its net asset value.
The stock was trading 1.4% higher in London on Wednesday at 66.90 pence a share.
The investment company said its NAV per share at the end of September stood at 68.9p compared to 70.8p a year ago.
Northern Venture Trust proposed a final payout of 2.0p per share, taking a total dividend to 4.0p a share, unchanged on the prior year. During the financial year, the trust said a total of 4.9 million shares were repurchased for cancellation, representing 3.7% of the opening issued share capital.
The investment rate has been "strong" throughout the period, the company noted, with a total of seven new venture capital investments being completed, worth GBP10.9 million.
"I am pleased to report on another productive year for our company during which good progress has been made in the development of the venture capital portfolio," said Chair Simon Constantine.
He added: "In the meantime, we have confidence in the overall diversity of the portfolio and believe it has the potential to generate long term shareholder value."
By Evelina Grecenko; [email protected]
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