- Northern 3 VCT's net asset value per share fell by 1.2p to 89.3p at the end of September.

This was after deducting the 2009-10 dividend of 2p per share.

It said the valuation of the portfolio of unquoted venture capital investments has held up relatively well despite the harsh economic climate for smaller companies.

The cumulative return to shareholders - latest NAV plus total dividends paid since launch - is 116.2p at 30 September, compared with 113.4p a year earlier.

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