REG-Net Asset Value

Northern Venture TrustAnnouncement

09/02/2026 07:00

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9 February 2026

NORTHERN VENTURE TRUST PLC

UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2025

Northern Venture Trust PLC (“the Company”) is a Venture Capital Trust
(“VCT”) launched in 1995 and advised by Mercia Fund Management Limited.
The Company’s objective is to provide long-term tax-free returns to
investors through a combination of dividend yield and capital growth, by
investing in a portfolio of investments mainly comprising unquoted venture
capital holdings. In order to maintain approval by HM Revenue & Customs as a
VCT, the Company is required to comply on a continuing basis with the
provisions of Section 274 of the Income Tax Act 2007.

The unaudited net asset value per ordinary share as at 31 December 2025 was
61.4 pence (30 September 2025 (unaudited) 60.7 pence).

The net asset value is stated before deducting the interim dividend of 1.6
pence per share which was paid to eligible shareholders on 21 January 2026.

For the purposes of calculating the net asset value per share, quoted
investments are carried at bid price as at 31 December 2025 and unquoted
investments are carried at fair value as at 31 December 2025 as determined by
the directors.

New Investments:
During the three months ended 31 December 2025 one new venture capital
investment was completed.

 Name of company                 Business activity                                                                Amount invested £000   
 Space and Time (t/a Tessaract)  Cloud based workflow and practice management platform for professional services  1,336                  

In addition to the new investment above, £2,798,000 was invested in six
existing portfolio companies during the quarter.

Realisations:
During the three months ended 31 December 2025 two venture capital investments
were realised.

 Name of company                           Sale proceeds £000   Original cost £000   Carrying value at 30 September 2025 £000   
 The Beauty Tech Group plc (partial sale)  2,526                433                  2,451                                      
 Thanksbox (t/a Mo)                        906                  1,685                722                                        

The number of ordinary shares in issue at 31 December 2025 was 240,269,858.
During the three months ended 31 December 2025, 25,320,192 shares were issued
following the first allotment of the 2025/2026 fundraise, for gross proceeds
of £15.9 million. In addition, 1,975,484 shares were purchased for
cancellation at a price of 57.67 pence per share.

Enquiries:

James Sly / Sarah Williams, Mercia Asset Management PLC – 0330 223 1430
Website:        www.mercia.co.uk/vcts

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 forms part of,
this announcement