Unaudited Half-Yearly Financial Report for the Six Month Period
Ended 30 September 2023
23 NOVEMBER 2023
NORTHERN VENTURE TRUST PLC
UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2023
Northern Venture Trust PLC is a Venture Capital
Trust (VCT) whose investment adviser is Mercia Fund Management
Limited. The trust was one of the first VCTs launched on the London
Stock Exchange in 1995. 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 ended |
Six months ended |
Eighteen months ended |
|
|
30 September |
30 September |
31 March |
|
|
2023 |
2022 |
2023 |
|
|
|
|
|
Net
assets |
|
£106.6m |
£106.2m |
£102.5m |
|
|
|
|
|
Net
asset value per share |
|
61.4p |
63.5p |
62.1p |
|
|
|
|
|
Return
per share |
|
|
|
|
Revenue |
|
0.2p |
(0.2)p |
(0.3)p |
Capital |
|
1.1p |
(2.8)p |
(5.7)p |
Total |
|
1.3p |
(3.0)p |
(6.0)p |
|
|
|
|
|
Dividend per share declared in respect of the
period |
1.6p |
2.0p |
6.0p |
|
|
|
|
|
Cumulative return to shareholders since
launch |
|
|
|
Net asset value
per share |
|
61.4p |
63.5p |
62.1p |
Dividends paid
per share* |
|
190.5p |
186.5p |
188.5p |
Net
asset value plus dividends paid per share |
251.9p |
250.0p |
250.6p |
|
|
|
|
|
Mid-market share price at end of period |
|
56.50p |
61.75p |
57.50p |
Share
price discount to net asset value |
|
8.0% |
2.8% |
7.4% |
|
|
|
|
|
Tax-free dividend yield (based on the net asset value per
share)** |
6.3% |
5.4% |
5.4% |
*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/vcts
HALF-YEARLY MANAGEMENT REPORT FOR THE SIX MONTH PERIOD
ENDED 30 SEPTEMBER 2023
Over the past six months, the UK economy has faced numerous
challenges including high inflation and little growth. Despite this
backdrop, your Company has continued to provide much needed
investment into early-stage companies, support for its existing
portfolio companies and achieve returns through realisations.
Venture capital investment activity and portfolio
updateDespite the macroeconomic backdrop, we are pleased
to report that a number of our venture investments have performed
well over the period, reflected in an overall increase in the
valuation of the unquoted portfolio. Where portfolio companies have
struggled or are at risk of failure, we have also made a number of
reductions in valuations to reflect our current assessment. The
listed AIM portfolio has stabilised following a decline in the
previous financial period.
Further progress has been made on the development of the
portfolio and deployment of our cash reserves, with two new venture
capital investments totalling £3.0 million made during the six
month period and £1.9 million invested in five existing portfolio
companies.
One benefit of the increased interest rate environment is the
yield that we are able to achieve on uninvested cash balances. In
the period we liquidated the Company’s portfolio of listed shares
with RBC Brewin Dolphin, placing the cash in a money market fund,
and as at 30 September the blended rate achieved on uninvested cash
was 4.3%. Approximately £10m of our cash was held in listed shares
for almost five years and generated a compound total return of 5.0%
a year over that period, significantly exceeding the rate of return
available from interest rates.
We have continued to see positive realisations from portfolio
companies. We have sold our holding in Evotix, for initial net
proceeds of £12.7 million, representing 4.6 times return on the
original cost. We have also sold our holding in Weldex
(International) Offshore Holdings for proceeds of £1.6 million. The
original investment in Weldex was in 1996 and this final exit
represents a lifetime return (including previously received
proceeds and interest) of 9.9 times. Venture investment disposals
made in the six month period generated blended proceeds of 2.4
times original cost.
Results and dividendThe unaudited net asset
value (NAV) per share at 30 September 2023 was 61.4 pence (62.1
pence (audited) on 31 March 2023). The total return per share
before dividends for the six months ended 30 September 2023 as
shown in the income statement was 1.3 pence, compared with minus
3.0 pence in the corresponding period last year. The performance
was driven by an unrealised increase of £1.9 million in the
valuation of investments over the last six months, along with a
realised gain on disposal of investments of £0.8 million.
Five years ago, we introduced a target dividend yield of 5% of
opening NAV, which has been exceeded in each of the years since
then. On 18 August 2023 the final dividend of 2.0 pence in respect
of the period ending 31 March 2023 was paid to shareholders. After
careful consideration, and taking our target yield into account, we
have decided to declare an interim dividend of 1.6 pence per share
in respect of the year to 31 March 2024. The interim dividend will
be paid on 17 January 2024 to shareholders on the register on 15
December 2023.
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. Details on how to join the
scheme are included within the dividend section of our website,
which can be found here: mercia.co.uk/vcts/nvt/.
Shareholder issuesAs a result of the fully
subscribed public share offer launched in January 2023, 9,741,182
new ordinary shares were issued in April 2023 for gross proceeds of
£6.0 million.
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 in order to maintain liquidity, at a
5% discount to NAV. During the period a total of 1,836,810 shares
were purchased by the Company for cancellation, representing around
1.1% of the opening ordinary 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.
VCT legislation and qualifying statusThe
Company has continued to meet the stringent and complex qualifying
conditions laid down by HM Revenue & Customs for maintaining
its approval as a VCT. Mercia 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 a European state aid requirement
that was introduced when the VCT scheme received state aid
approval, which meant that without small change in legislation
investors would not receive upfront tax relief when investing in
VCTs after this date. We were pleased to receive the news on 22nd
November 2023 that the Sunset Clause will be extended by 10 years
to 2035 in the Autumn Finance Bill 2023.
OutlookWhile macroeconomic conditions remain
challenging, the unquoted venture portfolio remains resilient and
the Company is well capitalised, which will enable the existing
portfolio to be supported as necessary. We remain confident in the
long term prospects of your Company’s diversified portfolio of
businesses.
On behalf of the Board
Simon ConstantineChair
INVESTMENT PORTFOLIO(Unaudited) as at
30 September 2023
|
Cost£000 |
Valuation£000 |
% of net assetsby value |
Fifteen largest venture capital investments |
|
|
|
Gentronix |
1,362 |
4,317 |
4.0% |
Grip-UK (t/a Climbing Hangar) |
3,885 |
3,885 |
3.6% |
Volumatic Holdings |
216 |
3,037 |
2.8% |
Tutora (t/a Tutorful) |
2,722 |
2,872 |
2.7% |
Pure Pet Food |
1,774 |
2,722 |
2.6% |
Project Glow Topco (t/a Currentbody.com) |
1,686 |
2,632 |
2.5% |
Newcells Biotech |
2,479 |
2,629 |
2.5% |
Rockar |
1,877 |
2,488 |
2.3% |
Biological Preparations Group |
2,366 |
2,417 |
2.3% |
Netacea |
2,292 |
2,309 |
2.2% |
Buoyant Upholstery |
1,173 |
2,201 |
2.1% |
Adludio |
2,103 |
2,103 |
2.0% |
Forensic Analytics |
2,016 |
2,015 |
1.9% |
IDOX* |
238 |
2,002 |
1.9% |
Clarilis |
1,972 |
1,972 |
1.8% |
|
28,161 |
39,601 |
37.2% |
Other venture capital investments |
49,738 |
33,105 |
31.0% |
Total venture capital investments |
77,899 |
72,706 |
68.2% |
Net current assets |
|
33,941 |
31.8% |
Net assets |
|
106,647 |
100.0% |
*Quoted on AIM
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 |
Eighteen months ended 31 March 2023 |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
Gain
on disposal of investments |
- |
834 |
834 |
- |
132 |
132 |
- |
2,944 |
2,944 |
Movements in fair value of investments |
- |
1,922 |
1,922 |
- |
(3,983) |
(3,983) |
- |
(9,776) |
(9,776) |
|
|
|
|
|
|
|
|
|
|
|
- |
2,756 |
2,756 |
- |
(3,851) |
(3,851) |
- |
(6,832) |
(6,832) |
|
|
|
|
|
|
|
|
|
|
Dividend and
interest income |
873 |
- |
873 |
128 |
- |
128 |
948 |
- |
948 |
Investment
management fee |
(260) |
(780) |
(1,040) |
(265) |
(796) |
(1,061) |
(811) |
(2,432) |
(3,243) |
Other expenses |
(345) |
- |
(345) |
(214) |
- |
(214) |
(796) |
- |
(796) |
|
|
|
|
|
|
|
|
|
|
Return
before tax |
268 |
1,976 |
2,244 |
(351) |
(4,647) |
(4,998) |
(659) |
(9,264) |
(9,923) |
Tax on return |
86 |
(86) |
- |
- |
- |
- |
181 |
(181) |
- |
|
|
|
|
|
|
|
|
|
|
Return after tax |
354 |
1,890 |
2,244 |
(351) |
(4,647) |
(4,998) |
(478) |
(9,445) |
(9,923) |
|
|
|
|
|
|
|
|
|
|
Return per share |
0.2p |
1.1p |
1.3p |
(0.2)p |
(2.8)p |
(3.0)p |
(0.3)p |
(5.7)p |
(6.0)p |
BALANCE SHEET(Unaudited) as at 30
September 2023
|
|
30 September 2023£000 |
30 September 2022£000 |
31 March 2023£000 |
Fixed assets |
|
|
|
|
Investments |
|
72,706 |
83,625 |
88,609 |
Current assets |
|
|
|
|
Debtors |
|
362 |
50 |
70 |
Cash and cash equivalents |
|
33,720 |
22,632 |
14,001 |
|
|
34,082 |
22,682 |
14,071 |
|
|
|
|
|
Creditors (amounts falling due within one
year) |
|
(141) |
(109) |
(183) |
Net current assets |
|
33,941 |
22,573 |
13,888 |
|
|
|
|
|
Net assets |
|
106,647 |
106,198 |
102,497 |
|
|
|
|
|
Capital and reserves |
|
|
|
|
Called-up equity share capital |
|
43,457 |
41,781 |
41,230 |
Share premium |
|
23,159 |
19,069 |
19,394 |
Capital redemption reserve |
|
5,801 |
4,544 |
5,342 |
Capital reserve |
|
38,668 |
36,160 |
34,433 |
Revaluation reserve |
|
(5,192) |
4,172 |
1,698 |
Revenue reserve |
|
754 |
472 |
400 |
Total equity shareholders’ funds |
|
106,647 |
106,198 |
102,497 |
|
|
|
|
|
Net asset value per share |
|
61.4p |
63.5p |
62.1p |
STATEMENT OF CHANGES IN EQUITY
(Unaudited) for the six months ended 30
September 2023
|
|
Non-distributable reserves |
Distributable reserves |
Total |
|
|
Called-up share capital |
Share premium |
Capital redemption reserve |
Revaluation reserve* |
Capital reserve |
Revenue reserve |
|
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1
April 2023 |
|
41,230 |
19,394 |
5,342 |
1,698 |
34,433 |
400 |
102,497 |
Return after
tax |
|
- |
- |
- |
(6,890) |
8,780 |
354 |
2,244 |
Dividends
paid |
|
- |
- |
- |
- |
(3,475) |
- |
(3,475) |
Net proceeds
of share issues |
|
2,686 |
3,765 |
- |
- |
- |
- |
6,451 |
Shares
purchased for cancellation |
|
(459) |
- |
459 |
- |
(1,070) |
- |
(1,070) |
|
|
|
|
|
|
|
|
|
At 30 September 2023 |
|
43,457 |
23,159 |
5,801 |
(5,192) |
38,668 |
754 |
106,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
months ended 30 September 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1
April 2022 |
|
40,143 |
14,969 |
3,833 |
9,904 |
40,220 |
823 |
109,892 |
Return after
tax |
|
- |
- |
- |
(5,732) |
1,085 |
(351) |
(4,998) |
Dividends
paid |
|
- |
- |
- |
- |
(3,369) |
- |
(3,369) |
Net proceeds
of share issues |
|
2,349 |
4,100 |
- |
- |
- |
- |
6,449 |
Shares
purchased for cancellation |
|
(711) |
- |
711 |
- |
(1,776) |
- |
(1,776) |
|
|
|
|
|
|
|
|
|
At 30 September 2022 |
|
41,781 |
19,069 |
4,544 |
4,172 |
36,160 |
472 |
106,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eighteen months ended 31 March 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1
October 2021 |
|
40,268 |
14,608 |
3,508 |
21,430 |
38,325 |
1,159 |
119,298 |
Return after
tax |
|
- |
- |
- |
(19,732) |
10,287 |
(478) |
(9,923) |
Dividends
paid |
|
- |
- |
- |
- |
(9,609) |
(281) |
(9,890) |
Net proceeds
of share issues |
|
2,796 |
4,786 |
- |
- |
- |
- |
7,582 |
Shares
purchased for cancellation |
|
(1,834) |
- |
1,834 |
- |
(4,570) |
- |
(4,570) |
|
|
|
|
|
|
|
|
|
At 31 March 2023 |
|
41,230 |
19,394 |
5,342 |
1,698 |
34,433 |
400 |
102,497 |
*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 ended |
Six months ended |
Eighteen months ended |
|
|
30 September 2023 |
30 September 2022 |
31 March 2023 |
|
|
£000 |
£000 |
£000 |
Cash flows
from operating activities |
|
|
|
|
Return before
tax |
|
2,244 |
(4,998) |
(9,923) |
Adjustments
for: |
|
|
|
|
(Gain)/loss on
disposal of investments |
|
(834) |
(132) |
(2,944) |
Movements in
fair value of investments |
|
(1,922) |
3,983 |
9,776 |
(Increase)/decrease in debtors |
|
(292) |
5 |
238 |
(Decrease)/increase in creditors |
|
(42) |
(12) |
(2,496) |
|
|
|
|
|
Net cash (outflow)/inflow from operating
activities |
|
(846) |
(1,154) |
(5,349) |
|
|
|
|
|
Cash
flows from investing activities |
|
|
|
|
Purchase of
investments |
|
(5,263) |
(5,543) |
(27,450) |
Sale/repayment
of investments |
|
23,922 |
4,592 |
28,572 |
|
|
|
|
|
Net cash inflow/(outflow) from investing
activities |
|
18,659 |
(951) |
1,122 |
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities |
|
|
|
|
Issue of
ordinary shares |
|
6,603 |
6,480 |
7,796 |
Share issue
expenses |
|
(152) |
(32) |
(214) |
Purchase of
ordinary shares for cancellation |
|
(1,070) |
(1,776) |
(4,570) |
Equity
dividends paid |
|
(3,475) |
(3,368) |
(9,890) |
|
|
|
|
|
Net
cash inflow/(outflow) from financing activities |
|
1,906 |
1,304 |
(6,878) |
|
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash
equivalents |
19,719 |
(801) |
(11,105) |
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
14,001 |
23,433 |
25,106 |
|
|
|
|
|
Cash and cash equivalents at end of period |
|
33,720 |
22,632 |
14,001 |
RISK MANAGEMENT
The 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 adviser 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 adviser 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 adviser 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 adviser. 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 adviser 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 MATTERS
The 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 eighteen
months ended 31 March 2023 have been extracted from the audited
financial statements for that period, 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 period 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 S J Constantine (Chairman), Mr R J Green, Ms D N Hudson, and Mr
D A Mayes.
The calculation of return per share is based on the return after
tax for the six months ended 30 September 2023 and on 173,914,768
(30 September 2022: 168,596,795) 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 173,828,792 (30
September 2022: 167,123,927) ordinary shares in issue at that
date.
The interim dividend of 1.6 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 to shareholders on the
Mercia Asset Management PLC website.
Neither the contents of the Mercia Asset Management PLC website,
nor the contents of any website accessible from hyperlinks on the
Mercia Asset Management PLC website (or any other website), are
incorporated into, or form part of, this announcement
Northern Venture (LSE:NVT)
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Northern Venture (LSE:NVT)
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から 5 2023 まで 5 2024