Northern 2 VCT PLC.
RNS Number : 6428V
Northern 2 VCT PLC
30 May 2008
30 MAY 2008
NORTHERN 2 VCT PLC
SALE OF PRODUCT SUPPORT (HOLDINGS) LIMITED
Northern 2 VCT PLC announces the sale of its investment in Product Support
(Holdings) Limited ('PSL') to Wincanton plc for total proceeds of #1,985,000 in
cash. This represents an uplift of #449,000 (equivalent to 0.8p per ordinary
over the carrying value of the investment included in the net asset value as at
30 April 2008 which was published in the company's interim management statement
on 22 May 2008.
Northern 2 VCT PLC invested #1,000,000 in the management buy-out of PSL in
December 2006, alongside investments by other venture capital funds managed by
NVM Private Equity, and has received total capital and income payments of
from the holding. This represents an internal rate of return (IRR) of 70% per
annum over the period of the investment and a money multiple of 2.1 times.
Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000
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