Annual Financial Report
(Thomson Reuters ONE) - 28 OCTOBER 2009NORTHERN VENTURE TRUST PLCRESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2009Northern Venture Trust PLC is a Venture Capital Trust (VCT) managedby NVM Private Equity Limited. The trust was one of the first VCTslaunched on the London Stock Exchange in 1995. It invests mainly inunquoted venture capital holdings and aims to provide high long-termtax-free returns to shareholders through a combination of dividendyield and capital growth.Financial highlights:(with comparative figures as at 30 September 2008)ORDINARY SHARES 2009 2008Net assets £32.6m £31.1mNet asset value per share 80.3p 80.1pReturn per share:Revenue 3.3p 2.3pCapital 9.4p (0.9)pTotal 12.7p 1.4pDividend per share declaredin respect of the year:Revenue 2.5p 2.0pCapital 5.0p 5.5pTotal 7.5p 7.5pCumulative return to shareholderssince launch:Net asset value per share 80.3p 80.1pDividends paid per share 86.0p 74.0pNet asset value plus dividendspaid per share 166.3p 154.1pShare price at end of year 56.25p 63.0pC SHARES 2009 2008Net assets £15.3m £17.5mNet asset value per share 74.8p 84.7pReturn per share:Revenue 1.6p 2.3pCapital (5.7)p (7.1)pTotal (4.1)p (4.8)pDividend per share declaredin respect of the year:Revenue 2.0p 2.0pCapital 1.0p 2.0pTotal 3.0p 4.0pCumulative return to shareholderssince launch:Net asset value per share 74.8p 84.7pDividends paid per share 10.0p 4.0pNet asset value plus dividendspaid per share 84.8p 88.7pShare price at end of year 57.5p 79.5pFor further information, please contact:NVM Private Equity LimitedAlastair Conn/Christopher Mellor 0191 244 6000Website: www.nvm.co.ukNORTHERN VENTURE TRUST PLCCHAIRMAN'S STATEMENTI am pleased to present the company's annual report for the yearended 30 September 2009, a year in which tax-free dividends totallingalmost £6 million have been distributed to shareholders. Despite thedifficult economic background there have been a number of encouragingdevelopments in the investment portfolio, culminating shortly beforethe year end in the exit from DxS where we have been able torecognise £8.5 million of sale proceeds initially with thepossibility of further receipts in the future. DxS is one of themost successful investments made by any VCT and we congratulate ourmanagers on an excellent outcome.Results and dividend - ordinary sharesThe net asset value (NAV) per ordinary share at 30 September 2009 was80.3p, compared with 80.1p a year earlier. The NAV is stated afterdeducting dividends paid and charged to reserves during the year.The return per share for the year as shown in the income statementwas 12.7p per share, equivalent to 15.9% of the opening net assetvalue. This is a very satisfactory result given the recent fragilityof the economy and financial markets. The flow of income from theunquoted investment portfolio was particularly strong, although it islikely that income generation will become more difficult over thenext year as the effects of a low interest rate environment arefelt. This reinforces the importance of achieving a satisfactorycapital return on our investments so as to ensure that profitscontinue to be available for distribution.Our stated objective is to maintain an annual dividend of at least6.0p per ordinary share. Given the excellent results, we aredelighted to have been able to exceed our target by declaringdividends totalling 7.5p per share in respect of the year ended 30September 2009. This amount has already been paid in the form ofinterim dividends in June and September 2009 and accordingly no finaldividend is proposed this year. The total ordinary dividends paid bythe company in the 14 years since launch now amount to 86.0p pershare, an average of over 6.0p per year.Results and dividend - C sharesThe net asset value per C share at 30 September 2009, after deductingdividends of 6.0p paid during the year, was 74.8p, down from 84.7p ayear ago. The return per share for the year was minus 4.1p comparedwith minus 4.8p last year. This disappointing result again reflectsthe relative immaturity of the C share portfolio, whose investmentshave all been acquired over the period since 2006, and contrasts withthe performance of the ordinary share pool which has been able tobenefit from the successful fruition of investments made in earlierperiods.The directors have declared two interim dividends totalling 3.0p perC share, compared with last year's total of 4.0p, and no finaldividend is proposed. As mentioned below, the C shares will now beconverted into new ordinary shares and will no longer be accountedfor as a separate pool of funds.Investment portfolioThe business review in the annual report gives details of movementsin the investment portfolio during the year. Our managers have, withthe agreement of the board, taken a cautious approach to newinvestment given the general uncertainties resulting from thefinancial crisis, and only two new holdings were acquired during theyear at a total cost of £2.0 million. However we were able to takeadvantage of the fact that some corporate acquirers of businessesremained active in the market, and in addition to the sale of DxS,satisfactory exits were also achieved from the investments inStainton Metal Company, Liquidlogic and Pivotal LaboratoriesHoldings. Inevitably some of our investee companies were affected bythe recessionary climate and this has been reflected in a number ofvaluation reductions as well as a significant write-down on thereconstruction of Foreman Roberts Group. We believe that overall theportfolio is in reasonable shape and should prove capable ofbenefiting from any improvement in the economy.Shareholder issuesAfter a period of instability in the provision of corporate brokingand market-making services to the company, on which I have previouslyreported, the board appointed Singer Capital Markets as corporatebrokers in May 2009. Although the financial markets generally arestill subject to considerable fluctuation, there has been a steadyre-rating of the company's ordinary shares over the past six monthswith the result that the share price has moved from 41.5p in earlyApril to a recent level of 63p - a 21.5% discount to the underlyingNAV.It is a matter of concern that the discount remains relatively widedespite the well-established history of high tax-free yield, inaddition to which our balance sheet has solid asset backing in theform of cash and quoted fixed-interest securities which, followingthe imminent conversion of the C shares, will be equivalent toapproximately 38p per ordinary share. With interest rates at along-term low and the prospect of higher income tax rates in 2010, webelieve that the market is beginning to appreciate the considerableattractions of those VCTs which are able to deliver a consistenttax-free yield. Northern Venture Trust is well placed within thisselect group, and the board and managers will continue their effortsto communicate the message with a view to enhancing both the valueand the market liquidity of our shares. We will seek renewal at theannual general meeting of our authority from shareholders tore-purchase the company's shares in the market, and will keep the useof this power under regular review.Conversion of C sharesThe C shares issued by the company in the 2005/06 tax year will, inaccordance with the articles of association, be converted into newordinary shares on 29 October 2009 following the announcement of theresults for the year ended 30 September 2009. C shareholders willreceive a separate letter setting out further details. Based on therespective net asset values per share attributable to the ordinaryshares and the C shares as at 30 September 2009, 19,009,157 newordinary shares will be issued on conversion and C shareholders willreceive 0.9313893 ordinary shares for every C share previously held.Dealings in the new ordinary shares are expected to commence on 30October 2009.VAT on management feesFollowing the European Court decision in the JPMorgan Claverhousecase, management fees paid to NVM Private Equity have been exemptfrom VAT since July 2008. We have also been able to recover some VATpaid in earlier periods, in respect of which a total of £502,000 hasbeen recognised in our financial statements to date. Negotiationsare continuing with HM Revenue & Customs over possible furtherrepayments.VCT qualifying statusThe company continues to comply with the qualifying conditions laiddown by HM Revenue & Customs for VCT approval. The position iscarefully monitored by the board with assistance from our managersand from our VCT taxation advisers, PricewaterhouseCoopers LLP.Board of directorsProfessor Sir Frederick Holliday retired from the board at the closeof the annual general meeting in January 2009, having served aschairman since the formation of Northern Venture Trust in 1995. Onbehalf of shareholders and my board colleagues I thank Fred for hisdistinguished contribution to our company.During the year two new directors joined the board. Hugh Younger isthe senior partner of Murray Beith Murray, a leading Scottish privateclient law firm, and has a wide knowledge and experience ofinvestment matters. Nigel Beer was formerly head of KPMG's Londoncorporate finance division and has over 20 years' experience ofprivate equity and corporate transactions and investments. We arefortunate to have secured their services and we look forward toworking with them.Annual general meetingThe annual general meeting on 13 January 2010 will be held in Londonand your board looks forward to meeting shareholders on thatoccasion. The agenda includes the five-yearly resolution for thecontinuation of the company; I hope that you will take theopportunity to vote and that you will share the board's view that thecompany has performed satisfactorily and has good prospects for thefuture. Hence we recommend that you vote in favour of the resolutionfor continuation.OutlookThe excellent outcome of our investment in DxS has shown that, whilstinvestment in private equity is not immune from the effects of asevere financial downturn, the guiding principles of our investmentstrategy - proper due diligence, close monitoring and patience - canproduce exceptional results. Our company has strong reserves ofliquidity for future investment and our managers are currently seeingan increasing flow of potential new investments - not least becausethe clearing banks no longer have the appetite to compete in ourmarket. It is clear that the after-effects of the recent financialcrisis will have an impact on smaller companies in the UK for a longtime to come, but we are cautiously positive about future prospects.John HustlerChairmanThe audited financial statements for the year ended 30 September 2009are set out below.INCOME STATEMENTfor the year ended 30 September 2009 Ordinary shares C shares --------------------------- --------------------------- Revenue Capital Total Revenue Capital Total £000 £000 £000 £000 £000 £000Gain/(loss)on disposalof - 6,776 6,776 - (170) (170)investmentsMovements infair valueof - (2,744) (2,744) - (829) (829)investments ------ ------ ------ ------ ------ ------ - 4,032 4,032 - (999) (999)Income 2,021 - 2,021 715 - 715Investment (155) (466) (621) (83) (248) (331)managementfeeRecoverable - - - 8 23 31VATOther (211) - (211) (196) - (196)expenses ------ ------ ------- ------ ------ ------Return onordinaryactivities 1,655 3,566 5,221 444 (1,224) (780)before taxTax on return (335) 131 (204) (120) 63 (57)on ordinaryactivities ------ ------ ------ ------ ------ ------Return onordinaryactivities 1,320 3,697 5,017 324 (1,161) (837)after tax ------ ------ ------ ------ ------ ------Return per 3.3p 9.4p 12.7p 1.6p (5.7)p (4.1)pshare Company --------------------------- Revenue Capital Total £000 £000 £000Gain/(loss) on disposalof investments - 6,606 6,606Movements in fair valueof investments - (3,573) (3,573) ------ ------ ------ - 3,033 3,033Income 2,736 - 2,736Investment management fee (238) (714) (952)Recoverable VAT 8 23 31Other expenses (407) - (407) ------ ------ ------Return on ordinaryactivities before tax 2,099 2,342 4,441Tax on return on ordinary (455) 194 (261)activities ------ ------ ------Return on ordinaryactivities after tax 1,644 2,536 4,180 ------ ------ ------INCOME STATEMENTfor the year ended 30 September 2008 Ordinary shares C shares --------------------------- --------------------------- Revenue Capital Total Revenue Capital Total £000 £000 £000 £000 £000 £000Gain/(loss)on disposalof - (110) (110) - 566 566investmentsMovements infair valueof - (56) (56) - (1,870) (1,870)investments ------ ------ ------ ------ ------ ------ - (166) (166) - (1,304) (1,304)Income 1,477 - 1,477 912 - 912Investment (186) (556) (742) (107) (322) (429)managementfeeRecoverable 93 278 371 25 75 100VATOther (199) - (199) (177) - (177)expenses ------ ------ ------ ------ ------ ------Return onordinaryactivities 1,185 (444) 741 653 (1,551) (898)before taxTax on return (270) 82 (188) (169) 73 (96)on ordinaryactivities ------ ------ ------ ------ ------ ------Return onordinaryactivities 915 (362) 553 484 (1,478) (994)after tax ------ ------ ------ ------ ------ ------Return per 2.3p (0.9)p 1.4p 2.3p (7.1)p (4.8)pshare Company --------------------------- Revenue Capital Total £000 £000 £000Gain/(loss) on disposalof investments - 456 456Movements in fair valueof investments - (1,926) (1,926) ------ ------ ------ - (1,470) (1,470)Income 2,389 - 2,389Investment management fee (293) (878) (1,171)Recoverable VAT 118 353 471Other expenses (376) - (376) ------ ------ ------Return on ordinaryactivities before tax 1,838 (1,995) (157)Tax on return on ordinary (439) 155 (284)activities ------ ------ ------Return on ordinaryactivities after tax 1,399 (1,840) (441) ------ ------ ------RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDSfor the year ended 30 September 2009 Ordinary shares C shares Company £000 £000 £000Equity shareholders' funds at1 October 2008 31,118 17,461 48,579Return on ordinaryactivities after tax 5,017 (837) 4,180Dividends recognised in the year (4,758) (1,233) (5,991)Net proceeds of share issues 1,258 - 1,258Shares purchased for cancellation (32) (119) (151) ------ ------ ------Equity shareholders' funds at30 September 2009 32,603 15,272 47,875 ------ ------ ------RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDSfor the year ended 30 September 2008 Ordinary shares C shares Company £000 £000 £000Equity shareholders' funds at1 October 2007 33,632 18,883 52,515Return on ordinaryactivities after tax 553 (994) (441)Dividends recognised in the year (3,465) (413) (3,878)Net proceeds of share issues 463 - 463Shares purchased for cancellation (65) (15) (80) ------ ------ ------Equity shareholders' funds at30 September 2008 31,118 17,461 48,579 ------ ------ ------BALANCE SHEETas at 30 September 2009 Ordinary shares C shares Company £000 £000 £000Fixed asset investments:Venture capital investments Unquoted 13,573 6,667 20,240 Quoted 1,341 1,525 2,866 ------ ------ ------Total venture capital investments 14,914 8,192 23,106Listed fixed-interest investments 2,932 5,882 8,814 ------ ------ ------Total fixed asset investments 17,846 14,074 31,920 ------ ------ ------Current assets: Debtors 1,781 904 2,685 Cash and deposits 13,266 407 13,673 ------ ------ ------ 15,047 1,311 16,358Creditors (amounts falling duewithin one year) (290) (113) (403) ------ ------ ------Net current assets 14,757 1,198 15,955 ------ ------ ------Net assets 32,603 15,272 47,875 ------ ------ ------Capital and reserves:Called-up equity share capital 10,145 15,307 25,452Share premium 10,227 2,030 12,257Capital redemption reserve 2,015 193 2,208Capital reserve 10,404 (432) 9,972Revaluation reserve (1,282) (1,913) (3,195)Revenue reserve 1,094 87 1,181 ------ ------ ------Total equity shareholders' funds 32,603 15,272 47,875 ------ ------ ------Net asset value per share 80.3p 74.8pBALANCE SHEETas at 30 September 2008 Ordinary shares C shares Company £000 £000 £000Fixed asset investments:Venture capital investments Unquoted 19,956 6,643 26,599 Quoted 1,567 1,158 2,725 ------ ------ ------Total venture capital investments 21,523 7,801 29,324Listed fixed-interest investments - 8,535 8,535 ------ ------ ------Total fixed asset investments 21,523 16,336 37,859 ------ ------ ------Current assets: Debtors 787 166 953 Cash and deposits 9,098 1,100 10,198 ------ ------ ------ 9,885 1,266 11,151Creditors (amounts falling duewithin one year) (290) (141) (431) ------ ------ ------Net current assets 9,595 1,125 10,720 ------ ------ ------Net assets 31,118 17,461 48,579 ------ ------ ------Capital and reserves:Called-up equity share capital 9,715 15,459 25,174Share premium 9,418 2,030 11,448Capital redemption reserve 1,996 41 2,037Capital reserve 7,152 860 8,012Revaluation reserve 1,673 (1,309) 364Revenue reserve 1,164 380 1,544 ------ ------ ------Total equity shareholders' funds 31,118 17,461 48,579 ------ ------ ------Net asset value per share 80.1p 84.7pCASH FLOW STATEMENTfor the year ended 30 September 2009 Ordinary C shares Company shares £000 £000 £000Net cash inflow/(outflow)from operating activities 1,559 (491) 1,068Taxation:Corporation tax paid (188) (113) (301)Financial investment:Purchase of investments (3,617) (1,469) (5,086)Sale/repayment of investments 9,946 2,732 12,678Net cash inflow fromfinancial investment 6,329 1,263 7,592Equity dividends paid (4,758) (1,233) (5,991) ------ ------ ------Net cash inflow/(outflow)before financing 2,942 (574) 2,368Financing:Issue of shares 1,320 - 1,320Share issue expenses (62) - (62)Purchase of shares for cancellation (32) (119) (151)Net cash inflow/(outflow) from 1,226 (119) 1,107financing ------ ------ ------Increase/(decrease)in cash at bank 4,168 (693) 3,475 ------ ------ ------Reconciliation of return before taxtonet cash flow from operatingactivitiesReturn on ordinary activities before 5,221 (780) 4,441tax(Gain)/loss on disposal of (6,776) 170 (6,606)investmentsMovements in fair value of 2,744 829 3,573investments(Increase)/decrease in debtors 386 (738) (352)Increase/(decrease) in creditors (16) 28 12 ------ ------ ------Net cash inflow/(outflow) fromoperating activities 1,559 (491) 1,068 ------ ------ ------Analysis of movement in net funds 1 October 30 Sept 2008 Cash flows 2009 £000 £000 £000Cash and deposits 10,198 3,475 13,673 ------ ------ ------CASH FLOW STATEMENTfor the year ended 30 September 2008 Ordinary C shares Company shares £000 £000 £000Net cash inflow from operating 471 613 1,084activitiesTaxation:Corporation tax paid (73) (97) (170)Financial investment:Purchase of investments (6,036) (3,937) (9,973)Sale/repayment of investments 11,795 4,585 16,380Net cash inflow from financial investment 5,759 648 6,407Equity dividends paid (3,465) (413) (3,878) ------ ------ ------Net cash inflow before financing 2,692 751 3,443Financing:Issue of shares 464 - 464Share issue expenses (1) - (1)Purchase of shares for cancellation (65) (15) (80)Net cash inflow/(outflow) from 398 (15) 383financing ------ ------ ------Increase in cash at bank 3,090 736 3,826 ------ ------ ------Reconciliation of return before taxtonet cash flow from operatingactivitiesReturn on ordinary activities before 741 (898) (157)tax(Gain)/loss on disposal of 110 (566) (456)investmentsMovements in fair value of 56 1,870 1,926investments(Increase)/decrease in debtors (437) 205 (232)Increase in creditors 1 2 3 ------ ------ ------Net cash inflow from operating 471 613 1,084activities ------ ------ ------Analysis of movement in net funds 1 October 30 Sept 2007 Cash flows 2008 £000 £000 £000Cash and deposits 6,372 3,826 10,198 ------ ------ ------INVESTMENT PORTFOLIO SUMMARYas at 30 September 2009 Cost Valuation % of net £000 £000 assets by valuationORDINARY SHARESWeldex (International) Offshore 205 4,662 14.3Envirotec 813 1,465 4.5CGI Group Holdings 3,449 862 2.6Abermed 600 835 2.6Arleigh International 375 783 2.4S&P Coil Products 371 730 2.2Alaric Systems 2,174 471 1.5e-know.net 360 467 1.4Tikit Group* 752 451 1.4Advanced Computer Software* 200 442 1.4Direct Valeting 573 429 1.3Paladin Group 291 399 1.2IG Doors 500 375 1.2Vectura Group** 211 371 1.1Axial Systems Holdings 301 370 1.1 ------ ------ -----Fifteen largest venturecapital investments 11,175 13,112 40.2Other venture capital investments 5,054 1,802 5.5 ------ ------ -----Total venture capital investments 16,229 14,914 45.7Listed fixed-interest investments 2,899 2,932 9.0 ------ ------ -----Total fixed asset investments 19,128 17,846 54.7 ------Net current assets 14,757 45.3 ------ -----Net assets 32,603 100.0 ------ -----C SHARESPaladin Group 1,161 1,596 10.5Axial Systems Holdings 703 858 5.6CloserStill Holdings 700 700 4.6Phusion Healthcare 696 696 4.6KPJ Software Services 696 696 4.6Promanex Group Holdings 801 601 3.9Optilan Group 700 574 3.7Promatic Group 797 554 3.6Advanced Computer Software* 229 505 3.3IDOX* 298 387 2.5IS Pharma* 276 323 2.1Wear Inns 343 290 1.9Brulines Group* 184 171 1.1Shieldtech* 248 109 0.7Gentronix 406 102 0.7 ------ ------ -----Fifteen largest venturecapital investments 8,238 8,162 53.4Other venture capital investments 1,549 30 0.2 ------ ------ -----Total venture capital investments 9,787 8,192 53.6Listed fixed-interest investments 6,200 5,882 38.5 ------ ------ ------Total fixed asset investments 15,987 14,074 92.1 ------Net current assets 1,198 7.9 ------ -----Net assets 15,272 100.0 ------ -----*Quoted on AIM**Listed on London Stock ExchangeBUSINESS RISKSThe board carries out a regular review of the risk environment inwhich the company operates. The main areas of risk identified by theboard are as follows:Investment risk: The majority of the company's investments are insmall and medium-sized unquoted and AIM-quoted companies which areVCT qualifying holdings, and which by their nature entail a higherlevel of risk and lower liquidity than investments in large quotedcompanies. The directors aim to limit the risk attaching to theportfolio as a whole by careful selection and timely realisation ofinvestments, by carrying out rigorous due diligence procedures and bymaintaining a wide spread of holdings in terms of financing stage,industry sector and geographical location. The board reviews theinvestment portfolio with the investment managers on a regular basis.Financial risk: As most of the company's investments involve amedium to long-term commitment and many are relatively illiquid, thedirectors consider that it is inappropriate to finance the company'sactivities through borrowing except on an occasional short-termbasis. Accordingly they seek to maintain a proportion of thecompany's assets in cash or cash equivalents in order to be in aposition to take advantage of new unquoted investment opportunities.The company has very little exposure to foreign currency risk anddoes not enter into derivative transactions.Economic risk: events such as economic recession or generalfluctuations in stock markets and interest rates may affect thevaluation of investee companies and their ability to access adequatefinancial resources, as well as affecting the company's own shareprice and discount to net asset value.Liquidity risk: The company's investments may be difficult torealise. The fact that a stock is quoted on a recognised stockexchange does not guarantee its liquidity and there may be a largespread between bid and offer prices. Unquoted investments are nottraded on a recognised stock exchange and are inherently illiquid.Internal control risk: The board regularly reviews the system ofinternal controls, both financial and non-financial, operated by thecompany and the manager. These include controls designed to ensurethat the company's assets are safeguarded and that proper accountingrecords are maintained.VCT qualifying status risk: the company is required at all times toobserve the conditions laid down in the Income Tax Act 2007 for themaintenance of approved VCT status. The loss of such approval couldlead to the company losing its exemption from corporation tax oncapital gains, to investors being liable to pay income tax ondividends received from the company and, in certain circumstances, toinvestors being required to repay the initial income tax relief ontheir investment. The manager keeps the company's VCT qualifyingstatus under continual review and reports to the board on a quarterlybasis. The board has also retained PricewaterhouseCoopers LLP toundertake an independent VCT status monitoring role.STATEMENT OF DIRECTORS' RESPONSIBILITIESThe directors are responsible for preparing the annual financialreport in accordance with applicable law and regulations. Companylaw requires the directors to prepare financial statements for eachfinancial year. Under that law the directors have elected to preparethe financial statements in accordance with UK Accounting Standards.The financial statements are required by law to give a true and fairview of the state of affairs of the company at the end of thefinancial period and of the return of the company for that period.In preparing these financial statements, the directors are requiredto (i) select suitable accounting policies and then apply themconsistently; (ii) make judgements and estimates that are reasonableand prudent; (iii) state whether applicable UK Accounting Standardshave been followed, subject to any material departures disclosed andexplained in the financial statements; and (iv) prepare thefinancial statements on the going concern basis unless it isinappropriate to presume that the company will continue in business.In relation to the financial statements for the year ended 30September 2009, each of the directors has confirmed that to the bestof his or her knowledge (i) the financial statements, which have beenprepared in accordance with the applicable set of accountingstandards, give a true and fair view of the assets, liabilities,financial position and profit or loss of the company; and (ii) thedirectors' report includes a fair review of the development andperformance of the business and the position of the company togetherwith a description of the principal risks and uncertainties which itfaces.The directors are also responsible for keeping proper accountingrecords that disclose with reasonable accuracy at any time thefinancial position of the company and enable them to ensure that itsfinancial statements comply with the Companies Act 1985. They havegeneral responsibility for taking such steps as are reasonably opento them to safeguard the assets of the company and to prevent anddetect fraud and other irregularities.Under applicable law and regulations, the directors are alsoresponsible for preparing a directors' report, directors'remuneration report and corporate governance statement that complywith that law and those regulations.The company's financial statements are published on the NVM PrivateEquity Limited website. The maintenance and integrity of thiswebsite is the responsibility of NVM and not of the company.Visitors to the website should be aware that legislation in theUnited Kingdom governing the preparation and dissemination offinancial statements may differ from legislation in otherjurisdictions.The directors of the company at the date of this announcement were MrJ R Hustler (Chairman), Mr N J Beer, Mr E M P Denny, Mr R S Peters,Miss P S Scott and Mr H P Younger.OTHER MATTERSThe above summary of results for the year ended 30 September 2009does not constitute statutory financial statements within the meaningof Section 240 of the Companies Act 1985 and has not been deliveredto the Registrar of Companies. Statutory financial statements willbe filed with the Registrar of Companies in due course; theindependent auditors' report on those financial statements underSection 235 of the Companies Act 1985 is unqualified and does notcontain a statement under Section 237(2) or (3) of the Companies Act1985.The full annual report including financial statements for the yearended 30 September 2009 is expected to be posted to shareholders by27 November 2009 and will be available to the public at theregistered office of the company at Northumberland House, PrincessSquare, Newcastle upon Tyne NE1 8ER and on the NVM Private EquityLimited website, www.nvm.co.uk.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 28.10.2009 - 15:53 Uhr
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