Northern 2 VCT PLC.
Miscellaneous: Portfolio update
3 DECEMBER 2013
NORTHERN 2 VCT PLC
Northern 2 VCT PLC ("Northern 2 VCT") announces the sale of its investment in Alaric Systems Limited ("Alaric"), which provides payment processing and fraud prevention software, to a subsidiary of NCR Corporation.
Northern 2 VCT has received cash proceeds of £3.91 million for its holding of ordinary shares and loan stock in Alaric. The carrying value of the investment in Alaric in Northern 2 VCT's unaudited half-yearly financial statements for the six months ended 30 September 2013, published on 12 November 2013, was £3.27 million. The uplift in Northern 2 VCT's net assets resulting from the sale is therefore £0.64 million, equivalent to approximately 0.7p per share.
Northern 2 VCT has also received accrued loan stock interest from Alaric totalling £0.27 million, equivalent (after providing for corporation tax) to approximately 0.2p per share, which was not recognised in the financial statements as at 30 September 2013.
Northern 2 VCT may become entitled to receive additional sale proceeds of up to £0.70 million over the period to December 2017, which will be recognised in the financial statements as and when received.
For further information, please contact:
NVM Private Equity LimitedAlastair Conn/Christopher Mellor 0191 244 6000
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Northern 2 VCT PLC via Globenewswire