Northern 2 VCT PLC.
19 NOVEMBER 2012
NORTHERN 2 VCT PLC
Northern 2 VCT PLC ("Northern 2") announces the sale of its unquoted investment in Paladin Group Limited ("Paladin"), the property management services provider, to Places for People Group Limited, one of the UK's largest property management, development and regeneration companies with assets totalling more than £3 billion.
Northern 2 has received cash proceeds of £3.16 million for its investment in ordinary shares and loan stock in Paladin. The carrying value of the investment in Paladin for the purposes of calculating the net asset value of 81.0p per share disclosed in Northern 2's unaudited interim management statement for the quarter ended 30 June 2012, published on 24 July 2012, was £1.84 million. The uplift in Northern 2's net assets resulting from the realisation of Paladin is therefore £1.32 million, equivalent to approximately 1.9p per Northern 2 ordinary share.
The foregoing information does not take into account any valuation adjustments which may result from the directors' revaluation of Northern 2's other unquoted investments as at 30 September 2012, which will be included in the unaudited half-yearly results for the six months ended 30 September 2012, expected to be announced on 27 November 2012.
For further information, please contact:
NVM Private Equity Limited
Alastair Conn/Christopher Mellor 0191 244 6000
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Northern 2 VCT PLC via Thomson Reuters ONE