Core Viewpoint - Northern Venture Trust PLC has shown resilience and growth potential despite challenging UK economic conditions, maintaining its long-term strategy of investing in early-stage businesses and supporting existing portfolio companies [4][17]. Financial Highlights - Net assets increased to £131.7 million as of 30 September 2025, up from £119.3 million in the same period last year [2]. - Net asset value per share was 60.7 pence, compared to 59.9 pence a year earlier [2]. - Total return per share before dividends for the six months was 0.8 pence, down from 1.2 pence in the previous year [9][26]. - An interim dividend of 1.6 pence per share was declared for the year ending 31 March 2026 [10][33]. Investment Activity - The company made a new investment of £2.3 million in Thanks Ben and invested £3.1 million in ten existing portfolio companies during the period [6]. - A net increase in the holding value of the unquoted portfolio was reported, driven by strong performances from several portfolio companies [5]. - The company realized £0.9 million from Thanksbox Limited, achieving a £0.5 million uplift on the previous holding value [7]. Portfolio Update - Project Glow successfully completed its IPO on the London Stock Exchange, generating cash proceeds of £2.5 million and delivering a 5.8x return on the original investment cost [8]. - The portfolio remains diversified, with a focus on high-growth businesses positioned to benefit from long-term economic and technological trends [17]. Shareholder Engagement - The company issued 24,216,029 shares for gross proceeds of £15.0 million as part of a fully subscribed public share offer launched in January 2025 [12]. - A dividend investment scheme is in place, allowing shareholders to reinvest dividends in new ordinary shares without dealing costs [11]. Outlook - The company remains confident in the strength and quality of its underlying companies, planning to continue selective investments and support for high-growth businesses [17].

Core Viewpoint - The company has faced challenges in the past year but believes that strategic measures, including a merger with Thames Ventures VCT 2 plc, have strengthened its foundations and positioned it for long-term value creation for shareholders [3][4][5]. Financial Highlights - The company reported a net asset value (NAV) per share of 90.1p as of 31 March 2025, a decrease of 16.7% from the previous year [6]. - Total dividends paid during the year amounted to 4.6p per share, equivalent to 4.3% of the opening net assets of the previous financial year [7]. - The company raised £0.9 million through an offer for subscription during the year, with an additional £2.5 million raised post year-end [10]. Investment Performance and Portfolio Activity - The company invested £4.9 million in eight Unquoted Growth companies during the year, with two new investments totaling £1.6 million and six follow-on investments costing £3.3 million [11][39]. - The overall investment portfolio experienced a net valuation loss of £14.3 million, with £7.1 million attributed to Quoted Growth investments and £7.2 million from unquoted investments [12][14]. - Significant losses were noted in Maestro Media Limited (£2.0 million) and Cambridge Touch Technologies Ltd (£1.5 million), while positive performances were seen in Ayar Labs Inc and Rated People Limited, with valuation increases of £2.5 million and £1.6 million respectively [14]. Share Buybacks - The company has adopted a policy of buying back its own shares at a 2.5% discount to NAV, purchasing and cancelling 13,072,899 shares at an average discount of 3.9% during the year [21]. Management Charges and Performance Incentive - The annual management fee for the year ended 31 March 2025 was £1.8 million, equating to 2.0% of net assets [23]. - A new performance incentive scheme was approved as part of the merger, which will motivate the manager to enhance shareholder value [25][26]. Board Composition - The board has undergone changes, with Andrew Mackintosh joining from Thames Ventures VCT 2 plc and Barry Dean set to retire [27][29]. VCT Sunset Clause - New regulations have extended the UK's VCT scheme by ten years to April 2035, providing clarity and support for further investments in early-stage companies [30]. Outlook - The company is cautiously optimistic about 2025, anticipating improved conditions for portfolio companies due to decreasing inflation and interest rates, which may encourage increased deal activity in the UK [32][33].

Core Viewpoint - Octopus Titan VCT plc reported a disappointing total return of -14.1% for the year ending December 31, 2024, with net assets decreasing to £831 million, primarily due to company-specific performance issues and challenging market conditions [3][4][27]. Financial Summary - Net assets decreased from £993.74 million in 2023 to £831.358 million in 2024 [2]. - Loss after tax for the year was £147.649 million, slightly improved from £149.499 million in the previous year [2]. - NAV per share fell from 62.4p in 2023 to 50.5p in 2024, reflecting a decrease of 8.8p per share [2][3]. - Total value per share decreased from 164.4p in 2023 to 155.6p in 2024 [2][7]. - Total return per share was -8.8p, translating to a total return percentage of -14.1% for the year [2][7]. - Dividends paid in 2024 totaled 3.1p, down from 5.0p in 2023, resulting in a dividend yield of 5.0% [2][13]. Performance Analysis - The decline in NAV was attributed to underperformance of portfolio companies, particularly Pelago, Many Pets, and Big Health, which collectively accounted for about one-third of the total NAV decline [4][48][49]. - The five-year tax-free annual compound return for shareholders is now -3.5%, and since the high watermark at December 31, 2021, the total return per share has decreased by 39.8% [5][27]. - The company utilized £137 million of cash resources during the year, with £30 million allocated to new and follow-on investments [6]. Strategic Review - A strategic review was initiated in September 2024 to address performance challenges and develop a plan for future sustainability and improved performance [10][30]. - The review includes an analysis of historical investment performance, sustainability, future investment strategy, and team structure [10][34]. - The Board is considering feedback from a shareholder survey indicating significant dissatisfaction with past performance and capital growth opportunities [10][71]. Portfolio Management - The portfolio consists of over 135 companies, with 42% not expecting further funding needs, increasing to 67% when including those with more than 12 months' cash runway [29]. - In 2024, Titan completed 8 new investments and 14 follow-on investments totaling £30 million [68]. - The company returned £29 million in cash proceeds from exits during the year, which was below the level achieved in 2023 [28][56]. Governance and Management Changes - Erin Platts was appointed as the new CEO of Octopus Ventures in January 2025, bringing extensive experience from her previous role at HSBC Innovation Banking UK [41][42]. - The Board has acknowledged the turnover in the Octopus Ventures team and is assessing the team structure and culture as part of the ongoing strategic review [23][30].