Unaudited Half-Yearly Financial Report for the Six Months Ended 30
September 2023
23 NOVEMBER 2023
NORTHERN 2 VCT PLC
UNAUDITED HALF-YEARLY FINANCIAL
REPORTFOR THE SIX MONTHS ENDED 30 SEPTEMBER
2023
Northern 2 VCT PLC is a Venture Capital Trust (VCT) managed by
Mercia Fund Management Limited. It invests mainly in unquoted
venture capital holdings and aims to provide long-term tax-free
returns to shareholders through a combination of dividend yield and
capital growth.
Financial highlights (comparative figures as at
30 September 2022 and 31 March 2023)
|
Six months ended30 September2023 |
Six months ended30 September2022 |
Year ended 31 March 2023 |
Net assets |
£113.9m |
£113.1m |
£109.6m |
Net asset value per
share |
58.6p |
60.2p |
59.0p |
Return per
share |
|
|
|
Revenue |
0.3p |
(0.2)p |
(0.2)p |
Capital |
0.6p |
(2.4)p |
(1.7)p |
Total |
0.9p |
(2.6)p |
(1.9)p |
Dividend per share
declared in respect of the period |
1.8p |
2.0p |
3.3p |
Cumulative return to
shareholders since launch |
|
|
|
Net asset value per share |
58.6p |
60.2p |
59.0p |
Dividends paid per share* |
137.3p |
134.0p |
136.0p |
Net asset value plus dividends
paid per share |
195.9p |
194.2p |
195.0p |
Mid-market share price at
end of period |
55.0p |
58.0p |
54.5p |
Share price discount to
net asset value |
6.1% |
3.7% |
7.6% |
Tax-free dividend yield
(based on net asset value per share)** |
5.5% |
5.2% |
5.1% |
*Excluding interim dividend not yet paid**The annualised
dividend yield is calculated by dividing the dividends paid in
respect of the 12 month period ended on each reference date by the
net asset value per share at the start of the 12 month period.
Enquiries:James Sly, Mercia Asset Management PLC
– 0330 223 1430Website: www.mercia.co.uk/vctsHALF-YEARLY
MANAGEMENT REPORT TO SHAREHOLDERSFOR THE SIX MONTHS ENDED
30 SEPTEMBER 2023
Despite the subdued nature of the investment markets over the
past six months, your Company has continued to achieve successful
exits of its investments and has deployed its liquidity to continue
to support innovation and growth in the portfolio.
The UK economy, in common with many developed markets, continues
to face challenging macroeconomic conditions with continued
inflationary pressures, high interest rates, and low rates of
economic growth in addition to the uncertainties posed by
geopolitical events. The impact of these challenges varies across
the portfolio, from trading fundamentals to valuations and capital
availability.
Results and dividendThe Company achieved a
positive return of 0.9 pence per share in the period (2022: loss of
2.6p per share), equivalent to 1.5% of the unaudited net asset
value (NAV) per share on 31 March 2023. After deducting the final
dividend for the year to March 2023 of 1.3p, paid in August 2023,
the NAV at 30 September 2023 was 58.6 pence.
It remains our objective to pay a dividend at least equivalent
to 5% of the opening NAV in each year. The Board has declared an
interim dividend for the year ending 31 March 2024 of 1.8 pence per
share, which will be paid on 17 January 2024 to shareholders who
are on the register on 15 December 2023.
Venture capital investment activity and portfolio
updateDuring the period proceeds from portfolio sales
totalled £12.3 million, compared with a cost of £2.8 million. These
proceeds predominantly arose from the sale of Evotix for initial
proceeds of £11.5 million compared with a cost of £2.5 million, a
realised multiple of 4.6 times and an excellent result, especially
given the market backdrop. Evotix had been valued at its exit price
in the 31 March 2023 NAV and therefore the substantial gain on sale
had already been recognised in prior accounting periods. In
addition, there were a number of previously exited investments
where deferred proceeds were paid and therefore recognised in the
period.
The unaudited total (realised and unrealised) gain on
investments for the six month period to 30 September 2023 was £2.1
million (six months ended 30 September 2022: loss of £3.8 million)
of which £1.5 million related to net unrealised gains in the
portfolio driven by commercial traction in several portfolio
companies. As is to be expected in a portfolio of more than 50
companies, these increases have been partially offset by some value
reductions where particular portfolio companies have struggled or
are at risk of failure.
Investment activity continued in the period, with £5.0 million
invested across five existing and two new portfolio companies. The
new portfolio companies are Camena Bioscience (£1.7 million
investment), a Cambridge-based bio-science company advancing
innovative DNA synthesis, and Risk Ledger (£1.5 million
investment), a cyber-security business focussed on vendor risk
management.
The listed AIM portfolio substantially comprises our holding in
musicMagpie plc, a previously partially exited investment, where
the share price has stabilised following a decline in the previous
financial year.
In the period, the decision was made to liquidate the £8.9
million portfolio of listed securities managed by RBC Brewin
Dolphin. The portfolio was used to generate a yield on cash given
the low interest rate environment which persisted until recently.
Over the period of investment this portfolio generated returns of
more than 3% per annum, but recent interest rate rises has meant
that alternative investments are now available which can generate
similar returns with less market risk. As a result, the funds were
moved into a money market fund with a large, reputable
counterparty.
Dividend and investment income for the six month period to 30
September 2023 was £1.1 million (unaudited) (six months ended 30
September 2022: £0.1 million) reflecting increased yields on cash
balances held in interest bearing accounts and the money market
fund.
The cash generated from investment disposals, in combination
with the proceeds from the 2022/23 fully subscribed £6.0 million
public share offer and the 2023/24 offer that is currently open,
enables your Company to be well positioned to pursue new
opportunities. It is particularly important in the current
environment that the Company has ample cash reserves to "follow its
money" in existing investments and can continue to invest in new
opportunities which may now exhibit more favourable investment
terms.
Shareholder issues As a result of the fully
subscribed public share offer launched in January 2023, 10,290,184
new ordinary shares were issued in April 2023 for gross proceeds of
£6.0 million.
Our dividend investment scheme, which enables shareholders to
invest their dividends in new ordinary shares free of dealing costs
and with the benefit of the tax reliefs available on new VCT share
subscriptions, continues to operate, with around 15% of total
dividends reinvested by shareholders during the year.
We continue to experience a sustained demand for long-term
growth capital for smaller companies in the UK. In order to
continue to support our existing portfolio and invest in new early
stage opportunities, we are currently fundraising in conjunction
with the other Northern VCTs. Full details of how to participate in
the fund raise is available on the Company’s website at
http://www.mercia.co.uk/vcts/.
We have maintained our policy of being willing to buy back the
Company’s shares in the market when necessary in order to maintain
liquidity, at a 5% discount to NAV. During the period, a total of
2,161,856 shares were repurchased for cancellation, equivalent to
approximately 1.2% of the opening share capital.
Change of registrarWe are pleased to report
that from close of business on 10 November 2023 the Company changed
its registrar to The City Partnership (UK) Limited (“City”). You
will receive a letter confirming this change, and should you need
to contact City, contact details may be found on the Company’s
website.
Board of directorsIn accordance with the
details outlined in our Annual Report, Frank Neale retired from the
Board following the Company’s Annual General Meeting in August
2023. Following Frank’s retirement, Cecilia McAnulty has been
appointed as Senior Independent Director and Ranjan Ramparia has
been appointed as Chair of the Audit Committee.
VCT qualifying status and legislationThe
Company has continued to meet the stringent qualifying conditions
laid down by HM Revenue & Customs for maintaining its approval
as a VCT. Our investment manager monitors the position closely and
reports regularly to the Board. Philip Hare & Associates LLP
has continued to act as independent adviser to the Company on VCT
taxation matters.
The 2025 "Sunset Clause" was legislation which the EU required
the UK to enact some years ago to end shareholders' upfront tax
relief on VCT investments from 2025 - this was intended to
harmonise the treatment of subsidised capital across the EU. After
considerable lobbying from the VCT industry, we were pleased to see
in the Autumn Statement of 22 November 2023 the commitment to
introduce legislation to extend the date of the Sunset Clause to
2035.
OutlookWhile macroeconomic conditions continue
to cause considerable uncertainty and challenges for early stage
businesses, we continue to work with our investment manager to
support our existing portfolio, taking opportunities as they arise
to realise returns for shareholders. Your Company is invested in a
diversified portfolio of businesses with medium-term prospects in
which we remain confident.
The Board very much appreciates the continuing support of
shareholders.
On behalf of the Board
David GravellsChair
INVESTMENT PORTFOLIO(Unaudited) as at
30 September 2023
|
Cost£000 |
Valuation£000 |
% of net assetsby value |
Fifteen largest venture
capital investments: |
|
|
|
Gentronix |
1,164 |
3,683 |
3.2% |
Grip-UK (t/a Climbing
Hangar) |
3,536 |
3,536 |
3.1% |
Volumatic Holdings |
216 |
3,037 |
2.7% |
Tutora (t/a Tutorful) |
2,490 |
2,627 |
2.3% |
Pure Pet Food |
1,605 |
2,463 |
2.2% |
Project Glow Topco (t/a
Currentbody.com) |
1,544 |
2,410 |
2.1% |
Newcells Biotech |
2,257 |
2,394 |
2.1% |
Rockar |
1,766 |
2,341 |
2.1% |
Biological Preparations
Group |
2,166 |
2,206 |
1.9% |
Netacea |
2,165 |
2,181 |
1.9% |
Buoyant Upholstery |
1,057 |
1,982 |
1.7% |
Adludio |
1,916 |
1,916 |
1.7% |
Forensic Analytics |
1,836 |
1,836 |
1.6% |
Clarilis |
1,828 |
1,828 |
1.6% |
Camena Bioscience |
1,702 |
1,702 |
1.5% |
Fifteen largest
venture capital investments |
27,248 |
36,142 |
31.7% |
Other venture capital
investments |
45,213 |
30,123 |
26.5% |
Total venture capital
investments |
72,461 |
66,265 |
58.2% |
Net current assets |
|
47,622 |
41.8% |
Net
assets |
|
113,887 |
100.0% |
Extracts from the unaudited half-yearly
financial statements for the six months ended 30 September 2023 are
set out below.
INCOME STATEMENT(Unaudited) for the six
months ended 30 September 2023
|
Six months ended 30 September 2023 |
|
Six months ended 30 September 2022 |
|
Year ended 31 March 2023 |
Revenue£000 |
Capital£000 |
Total£000 |
|
Revenue£000 |
Capital£000 |
Total£000 |
|
Revenue£000 |
Capital£000 |
Total£000 |
Gain on disposal of investments |
- |
518 |
518 |
|
– |
126 |
126 |
|
– |
(219) |
(219) |
Movements in fair value of investments |
- |
1,533 |
1,533 |
|
– |
(3,887) |
(3,887) |
|
– |
(1,302) |
(1,302) |
|
- |
2,051 |
2,051 |
|
– |
(3,761) |
(3,761) |
|
– |
(1,521) |
(1,521) |
|
|
|
|
|
|
|
|
|
|
|
|
Dividend and interest income |
1,123 |
- |
1,123 |
|
146 |
– |
146 |
|
598 |
– |
598 |
Investment management fee |
(258) |
(775) |
(1,033) |
|
(248) |
(745) |
(993) |
|
(505) |
(1,514) |
(2,019) |
Other expenses |
(322) |
|
(322) |
|
(246) |
– |
(246) |
|
(522) |
– |
(522) |
|
|
|
|
|
|
|
|
|
|
|
|
Return before tax |
543 |
1,276 |
1,819 |
|
(348) |
(4,506) |
(4,854) |
|
(429) |
(3,035) |
(3,464) |
Tax on return |
81 |
(81) |
|
|
– |
– |
– |
|
109 |
(109) |
– |
|
|
|
|
|
|
|
|
|
|
|
|
Return after tax |
624 |
1,195 |
1,819 |
|
(348) |
(4,506) |
(4,854) |
|
(320) |
(3,144) |
(3,464) |
|
|
|
|
|
|
|
|
|
|
|
|
Return per share |
0.3p |
0.6p |
0.9p |
|
(0.2)p |
(2.4)p |
(2.6)p |
|
(0.2)p |
(1.7)p |
(1.9)p |
BALANCE SHEET(Unaudited) as at 30
September 2023
|
30 September 2023£000 |
30 September2022£000 |
31 March2023£000 |
Fixed assets |
|
|
|
Investments |
66,265 |
74,767 |
80,314 |
Current assets |
|
|
|
Debtors |
396 |
60 |
118 |
Cash and cash equivalents |
47,367 |
38,371 |
29,318 |
|
47,763 |
38,431 |
29,436 |
|
|
|
|
Creditors (amounts falling due within one
year) |
(141) |
(88) |
(174) |
Net current assets |
47,622 |
38,343 |
29,262 |
|
|
|
|
Net assets |
113,887 |
113,110 |
109,576 |
|
|
|
|
Capital and reserves |
|
|
|
Called-up equity share capital |
9,722 |
9,388 |
9,282 |
Share premium |
43,847 |
37,658 |
38,165 |
Capital redemption reserve |
957 |
692 |
849 |
Capital reserve |
64,843 |
61,151 |
59,176 |
Revaluation reserve |
(6,195) |
4,160 |
2,015 |
Revenue reserve |
713 |
61 |
89 |
Total equity shareholders’ funds |
113,887 |
113,110 |
109,576 |
|
|
|
|
Net asset value per share |
58.6p |
60.2p |
59.0p |
STATEMENT OF CHANGES IN EQUITY
(Unaudited) for the six months ended 30
September 2023
|
Non-distributable reserves |
|
Distributable reserves |
|
Total£000 |
Called-upshare
capital£000 |
Sharepremium£000 |
Capital redemption
reserve£000 |
Revaluationreserve*£000 |
|
Capitalreserve£000 |
Revenuereserve£000 |
|
At 1 April 2023 |
9,282 |
38,165 |
849 |
2,015 |
|
59,176 |
89 |
|
109,576 |
Return after tax |
- |
- |
- |
(8,210) |
|
9,405 |
624 |
|
1,819 |
Dividends paid |
- |
- |
- |
- |
|
(2,531) |
- |
|
(2,531) |
Net proceeds of share issues |
548 |
5,682 |
- |
- |
|
- |
- |
|
6,230 |
Shares purchased for cancellation |
(108) |
- |
108 |
- |
|
(1,207) |
- |
|
(1,207) |
At 30 September 2023 |
9,722 |
43,847 |
957 |
(6,195) |
|
64,843 |
713 |
|
113,887 |
STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September
2022
|
Non-distributable reserves |
|
Distributable reserves |
|
Total£000 |
Called-upshare
capital£000 |
Sharepremium£000 |
Capital redemption
reserve£000 |
Revaluationreserve*£000 |
|
Capitalreserve£000 |
Revenuereserve£000 |
|
At 1 April 2022 |
8,145 |
21,952 |
615 |
9,765 |
|
63,642 |
735 |
|
104,854 |
Return after tax |
– |
– |
– |
(5,605) |
|
1,099 |
(348) |
|
(4,854) |
Dividends paid |
– |
– |
– |
– |
|
(2,682) |
(326) |
|
(3,008) |
Net proceeds of share issues |
1,320 |
15,706 |
– |
– |
|
– |
– |
|
17,026 |
Shares purchased for cancellation |
(77) |
– |
77 |
– |
|
(908) |
– |
|
(908) |
At 30 September 2022 |
9,388 |
37,658 |
692 |
4,160 |
|
61,151 |
61 |
|
113,110 |
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March
2023
|
Non-distributable reserves |
|
Distributable reserves |
|
Total£000 |
Called-upshare
capital£000 |
Sharepremium£000 |
Capital redemption
reserve£000 |
Revaluationreserve*£000 |
|
Capitalreserve£000 |
Revenuereserve£000 |
|
At 1 April 2022 |
8,145 |
21,952 |
615 |
9,765 |
|
63,642 |
735 |
|
104,854 |
Return after tax |
– |
– |
– |
(7,750) |
|
4,606 |
(320) |
|
(3,464) |
Dividends paid |
– |
– |
– |
– |
|
(6,408) |
(326) |
|
(6,734) |
Net proceeds of share issues |
1,371 |
16,213 |
– |
– |
|
– |
– |
|
17,584 |
Shares purchased for cancellation |
(234) |
- |
234 |
– |
|
(2,664) |
– |
|
(2,664) |
At 31 March 2023 |
9,282 |
38,165 |
849 |
2,015 |
|
59,176 |
89 |
|
109,576 |
*The revaluation reserve is generally non-distributable other
than that part of the reserve relating to gains/losses on readily
realisable quoted investments, which are
distributable.STATEMENT OF CASH
FLOWS(Unaudited) for the six months ended 30
September 2023
|
Six months ended30
September2023£000 |
Six months ended30 September2022£000 |
Year ended31 March2023£000 |
Cash flows from operating activities |
|
|
|
Return before tax |
1,819 |
(4,854) |
(3,464) |
Adjustments for: |
|
|
|
(Gain)/loss on disposal of investments |
(518) |
(126) |
219 |
Movements in fair value of investments |
(1,533) |
3,887 |
1,302 |
(Increase)/decrease in debtors |
(278) |
(17) |
(75) |
(Decrease)/increase in creditors |
(33) |
(65) |
21 |
|
|
|
|
Net cash outflow from operating activities |
(543) |
(1,175) |
(1,997) |
Cash flows from investing activities |
|
|
|
Purchase of investments |
(5,715) |
(5,503) |
(17,600) |
Sale/repayment of investments |
21,815 |
4,853 |
13,643 |
|
|
|
|
Net cash inflow/(outflow) from investing
activities |
16,100 |
(650) |
(3,957) |
Cash flows from financing activities |
|
|
|
Issue of ordinary shares |
6,389 |
17,042 |
18,075 |
Share issue expenses |
(159) |
(16) |
(491) |
Purchase of ordinary shares for cancellation |
(1,207) |
(908) |
(2,664) |
Equity dividends paid |
(2,531) |
(3,008) |
(6,734) |
|
|
|
|
Net cash (outflow)/inflow from financing
activities |
2,492 |
13,110 |
8,186 |
|
|
|
|
Net (decrease)/increase in cash and cash
equivalents |
18,049 |
11,285 |
2,232 |
Cash and cash equivalents at beginning of period |
29,318 |
27,086 |
27,086 |
|
|
|
|
Cash and cash equivalents at end of period |
47,367 |
38,371 |
29,318 |
RISK MANAGEMENTThe Board
carries out a regular and robust assessment of the risk environment
in which the Company operates and seeks to identify new risks as
they emerge. The principal and emerging risks and uncertainties
identified by the Board which might affect the Company’s business
model and future performance, and the steps taken with a view to
their mitigation, are as follows:
Investment and liquidity risk: investment in
smaller and unquoted companies, such as those in which the Company
invests, involves a higher degree of risk than investment in larger
listed companies because they generally have limited product lines,
markets and financial resources and may be more dependent on key
individuals. The securities of smaller companies in which the
Company invests are typically unlisted, making them illiquid, and
this may cause difficulties in valuing and disposing of the
securities. The Company may invest in businesses whose shares are
quoted on AIM – the fact that a share is quoted on AIM does not
mean that it can be readily traded and the spread between the
buying and selling prices of such shares may be wide.
Mitigation: the directors aim to limit the risk attaching to the
portfolio as a whole by careful selection, close monitoring and
timely realisation of investments, by carrying out rigorous due
diligence procedures and maintaining a wide spread of holdings in
terms of financing stage and industry sector within the rules of
the VCT scheme. The Board reviews the investment portfolio with the
investment manager on a regular basis.
Financial risk: most of the Company’s
investments involve a medium to long-term commitment and many are
illiquid.
Mitigation: the directors consider that it is inappropriate to
finance the Company’s activities through borrowing except on an
occasional short-term basis. Accordingly they seek to maintain a
proportion of the Company’s assets in cash or cash equivalents in
order to be in a position to pursue new unquoted investment
opportunities and to make follow-on investments in existing
portfolio companies. The Company has very little direct exposure to
foreign currency risk and does not enter into derivative
transactions.
Economic risk: events such as economic
recession or general fluctuation in stock markets, exchange rates
and interest rates may affect the valuation of investee companies
and their ability to access adequate financial resources, as well
as affecting the Company’s own share price and discount to net
asset value. The level of economic risk has been elevated most
recently by inflationary pressures and interest rate increases.
Mitigation: the Company invests in a diversified portfolio of
investments spanning various industry sectors, and maintains
sufficient cash reserves to be able to provide additional funding
to investee companies where it is appropriate and in the interests
of the Company to do so. The manager typically provides an
investment executive to actively support the board of each unquoted
investee company. At all times, and particularly during periods of
heightened economic uncertainty, the investment executives share
best practice from across the portfolio with investee management
teams in order to mitigate economic risk.
Stock market risk: some of the Company’s
investments are quoted on AIM and will be subject to market
fluctuations upwards and downwards. External factors such as
terrorist activity, political activity or global health crises, can
negatively impact stock markets worldwide. In times of adverse
sentiment there may be very little, if any, market demand for
shares in smaller companies quoted on AIM.
Mitigation: the Company’s quoted investments are actively
managed by Mercia in the case of the AIM-quoted investments, and
the Board keeps the portfolio and the actions taken under ongoing
review.
Credit risk: the Company holds a number of
financial instruments and cash deposits and is dependent on the
counterparties discharging their commitment.
Mitigation: the directors review the creditworthiness of the
counterparties to these instruments and cash deposits and seek to
ensure there is no undue concentration of credit risk with any one
party.
Legislative and regulatory risk: in order to
maintain its approval as a VCT, the Company is required to comply
with current VCT legislation in the UK. Changes to UK legislation
in the future could have an adverse effect on the Company’s ability
to achieve satisfactory investment returns whilst retaining its VCT
approval.
Mitigation: the Board and the investment manager monitor
political developments and where appropriate seek to make
representations either directly or through relevant trade
bodies.
Internal control risk: the Company’s assets
could be at risk in the absence of an appropriate internal control
regime which is able to operate effectively even during times of
disruption.
Mitigation: the Board regularly reviews the system of internal
controls, both financial and non-financial, operated by the Company
and the investment manager. These include controls designed to
ensure that the Company’s assets are safeguarded and that proper
accounting records are maintained.
VCT qualifying status risk: while it is the
intention of the directors that the Company will be managed so as
to continue to qualify as a VCT, there can be no guarantee that
this status will be maintained. A failure to continue meeting the
qualifying requirements could result in the loss of VCT tax relief,
the Company losing its exemption from corporation tax on capital
gains, to shareholders being liable to pay income tax on dividends
received from the Company and, in certain circumstances, to
shareholders being required to repay the initial income tax relief
on their investment.
Mitigation: the investment manager keeps the Company’s VCT
qualifying status under continual review and its reports are
reviewed by the Board on a quarterly basis. The Board has also
retained Philip Hare & Associates LLP to undertake an
independent VCT status monitoring role.
OTHER MATTERSThe unaudited
half-yearly financial statements for the six months ended 30
September 2023 do not constitute statutory financial statements
within the meaning of Section 434 of the Companies Act 2006, have
not been reviewed or audited by the Company’s independent auditor
and have not been delivered to the Registrar of Companies. The
comparative figures for the year ended 31 March 2023 have been
extracted from the audited financial statements for that year,
which have been delivered to the Registrar of Companies; the
independent auditor’s report on those financial statements (i) was
unqualified, (ii) did not include any reference to matters to which
the auditor drew attention by way of emphasis without qualifying
the report and (iii) did not contain a statement under Section 498
(2) or (3) of the Companies Act 2006. The half-yearly financial
statements have been prepared on the basis of the accounting
policies set out in the annual financial statements for the year
ended 31 March 2023.
Each of the directors confirms that to the best of their
knowledge the half-yearly financial statements have been prepared
in accordance with the Statement “Half-yearly financial reports”
issued by the UK Accounting Standards Board and the half-yearly
financial report includes a fair review of the information required
by (a) DTR 4.2.7R of the Disclosure Rules and Transparency Rules,
being an indication of important events that have occurred during
the first six months of the financial year and their impact on the
condensed set of financial statements, and a description of the
principal risks and uncertainties for the remaining six months of
the year, and (b) DTR 4.2.8R of the Disclosure Rules and
Transparency Rules, being related party transactions that have
taken place in the first six months of the current financial year
and that have materially affected the financial position or
performance of the entity during that period, and any changes in
the related party transactions described in the last annual report
that could do so.
The directors of the company at the date of this statement were
Mr D P A Gravells (Chair), Mr S P Devonshire, Miss C A McAnulty and
Ms R K Ramparia.
The calculation of return per share is based on the return after
tax for the six months ended 30 September 2023 and on 195,318,553
(30 September 2022: 187,721,836) ordinary shares, being the
weighted average number of shares in issue during the period.
The calculation of net asset value per share is based on the net
assets at 30 September 2023 divided by the 194,443,120 (30
September 2022: 187,760,850) ordinary shares in issue at that
date.
The interim dividend of 1.8 pence per share for the year ending
31 March 2024 will be paid on 17 January 2024 to shareholders on
the register on 15 December 2023.
A copy of the half-yearly financial report for the six months
ended 30 September 2023 will be available on the Mercia Asset
Management PLC website.
The contents of the Mercia Asset Management PLC
website and the contents of any website accessible from hyperlinks
on the Mercia Asset Management PLC website (or any other website)
are not incorporated into, nor form part of, this announcement.
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