Northern Investors Company PLC.
Result of Tender Offer
8 December 2011
NORTHERN INVESTORS COMPANY PLC
RESULT OF TENDER OFFER AND PURCHASE OF OWN SHARES
On 7 November 2011 Northern Investors Company PLC (the "Company") announced a Tender Offer by Oriel Securities, on behalf of the Company, to purchase up to 22% of the Company's issued share capital at a price of 300 pence per Share, equivalent to the unaudited NAV as at 30 September 2011 less an adjustment for the costs of the Tender Offer and the interim dividend payable on 6 January 2012. The Company now announces the result of the Tender Offer, which closed on 28 November 2011 and was approved by shareholders at the general meeting held on 7 December 2011.
Valid tenders were received in respect of 13,524,580 Shares (representing approximately 69.7% of the Company's issued ordinary share capital as at the Record Date). The Tender Offer was therefore oversubscribed.
In accordance with the terms and conditions of the Tender Offer, the Company has accepted in full all applications made by Eligible Shareholders up to their 22% Basic Entitlement. As certain Eligible Shareholders did not take up their 22% Basic Entitlement, the Company has also accepted, in part, those applications made by Eligible Shareholders in excess of their 22% Basic Entitlement, scaled back on a pro rata basis, such that approximately 2.9% of such excess tenders were satisfied.
The total number of Shares for which applications were accepted under the Tender Offer was 4,267,000, representing 22% of the Company's issued ordinary share capital as at the Record Date, and accordingly on 7 December 2011 the Company purchased for cancellation 4,267,000 Shares at the Tender Price of 300p per Share in accordance with the terms of the Tender Offer. Immediately following this transaction there were 15,128,440 Shares in issue.
Payment of the Tender Price due to Shareholders whose tenders under the Tender Offer have been accepted is expected to be made (by cheque or by payment through CREST, as appropriate) by 12 December 2011.
Defined terms in this announcement have the same meaning as in the Circular to Shareholders dated 7 November 2011.
Nigel Guy/Christopher Mellor, Northern Investors Company PLC - 0191 244 6000
Joe Winkley/Neil Winward, Oriel Securities Limited - 0207 710 7600
Neither the contents of the NVM Private Equity Limited website nor the contents of any website accessible from hyperlinks on the NVM Private Equity Limited website (or any other website) is incorporated into, or forms part of, this announcement.
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 Investors Co PLC via Thomson Reuters ONE