Northern 2 VCT PLC.
9 FEBRUARY 2015
NORTHERN 2 VCT PLC
Northern 2 VCT PLC ("Northern 2 VCT") announces the realisation of its investment in Kerridge Commercial Systems Limited ("KCS"), which provides integrated business software solutions for the distributive trades, to the incumbent KCS management team backed by private equity funds managed by Accel-KKR.
Northern 2 VCT has received cash proceeds of £8.58 million for its holding of ordinary shares and loan notes in KCS. The directors' valuation of the investment in KCS for the purposes of calculating the unaudited net asset value as at 30 September 2014, disclosed in the half-yearly report for the six months then ended which was published on 11 November 2014, was £7.87 million. The uplift in Northern 2 VCT's net assets resulting from the realisation is therefore £0.71 million, equivalent to approximately 0.8 pence per share based on the 92,278,230 shares currently in issue.
Northern 2 VCT may, subject to any warranty claims which may be made by the purchaser, become entitled to receive further proceeds of up to £0.37 million in February 2016, which will be recognised in the financial statements as and when received.
The directors expect to announce Northern 2 VCT's unaudited net asset value per share as at 31 December 2014 on 17 February 2015.
Alastair Conn/Christopher Mellor, NVM Private Equity LLP - 0191 244 6000
Website: www.nvm.co.ukNeither the contents of the NVM Private Equity LLP website nor the contents of any website accessible from hyperlinks on the NVM Private Equity LLP website (or any other website) is incorporated into, or forms part of, this announcement.
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