7/24/2023 0 Comments Haystak business as usualProceeds from the share offer together with sales proceeds from investments mean that the Company is well positioned both to pursue new opportunities to support small and medium businesses and to work with existing portfolio companies to realise their growth plans. Investment activity has remained high, with £16.0 million invested in 27 promising early stage businesses.ĭespite declining business confidence generally, our public share offer of £6 million was fully subscribed and I would like to thank existing shareholders for their continued support and warmly welcome new investors. Realisation of our unquoted investments in the year generated proceeds of £12.1 million, delivering a £6.2 million return on initial cost of £5.9 million. While consumer facing companies have been particularly impacted by the high-inflation environment, many quoted equity indices experienced large declines and company valuations across most sectors fell from previous highs.Īgainst this challenging backdrop, it is pleasing to report that the valuation of our unquoted portfolio increased in the year, supported by a number of excellent exits both in the year and immediately post year end. Inflationary pressures resulted in interest rate increases and volatility in the financial markets which presented challenges. Uncertainty in the economic landscape persisted over the past year. ![]() James Sly / Sarah Williams, Mercia Asset Management PLC – 03 *Excluding proposed final dividend payable on 18 August 2023 Net asset value plus dividends paid per shareĪnnualised tax-free dividend yield (based on net asset value per share) ![]() It invests mainly in unquoted venture capital holdings in growing UK companies and aims to provide long-term tax-free returns to shareholders through a combination of dividend yield and capital growth.įinancial highlights (comparative figures as at 31 March 2022):ĭividend per share declared in respect of the periodĬumulative return to shareholders since launch Northern 2 VCT PLC is a Venture Capital Trust (VCT) managed by Mercia Fund Management Limited. ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 31 MARCH 2023
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