Northern Investors Company PLC.
Interim Management Statement
8 FEBRUARY 2012
NORTHERN INVESTORS COMPANY PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 31 DECEMBER 2011
Northern Investors Company PLC ("the Company") presents its interim management statement for the quarter ended 31 December 2011. This constitutes the Company's second interim management statement for the financial year ending 31 March 2012, as required by the UK Listing Authority's Disclosure Rules and Transparency Rules, Rule 4.3.
The Company is a private equity investment trust. In July 2011 shareholders approved a change in investment strategy whereby the Company ceased making new investments and began an orderly realisation of its portfolio with a view to returning capital to shareholders. As previously indicated, a progress report on the realisation of the portfolio will be given to shareholders at the time of the annual results announcement in May 2012.
The unaudited net asset value per ordinary share as at 31 December 2011 was 309.8p (30 September 2011 307.4p). The net asset value is stated before deducting the interim dividend of 2.2p per share in respect of the year ending 31 March 2012, which was paid on 6 January 2012.
The number of ordinary shares in issue at 31 December 2011 was 15,128,440 (30 September 2011 19,395,440). On 7 December 2011 the Company purchased for cancellation 4,267,000 ordinary shares at a price of 300p per share in accordance with the terms of a tender offer, details of which were set out in a circular to shareholders dated 7 November 2011.
For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2011 and unquoted investments are carried at fair value as at 31 December 2011 as determined by the directors.
Net assets at 31 December 2011 comprised the following:
|Unquoted investments at fair value|
|as determined by the directors||43,527||92.8|
|Quoted investments at bid price||27||0.1|
|Total fixed asset investments||43,554||92.9|
|Net current assets||3,309||7.1|
There were no significant investment transactions during the three months ended 31 December 2011.
The directors are not aware of any other events or transactions which have taken place between 30 September 2011 and the date of publication of this statement and which have had a material effect on the financial position of the Company.
This statement has been prepared solely to provide additional information in order to meet the requirements of the Disclosure Rules and Transparency Rules and should not be relied on by shareholders, or any other party, for any other purpose.
Northern Investors Company PLC
Christopher Mellor 0191 244 6000
Joe Winkley/Neil Winward 020 7710 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