Northern Investors Company PLC.
Interim Management Statement
26 JULY 2012
NORTHERN INVESTORS COMPANY PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 JUNE 2012
Northern Investors Company PLC presents its interim management statement for the quarter ended 30 June 2012. This constitutes the company's first interim management statement for the financial year ending 31 March 2013, as required by the UK Listing Authority's Disclosure Rules and Transparency Rules, Rule 4.3.
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. The company returned £12.8 million to shareholders by way of a tender offer in December 2011 and on 3 July 2012 it was announced that a minimum of £6 million would be returned to shareholders by way of a further tender offer currently intended to be completed by 31 October 2012.
The unaudited net asset value per ordinary share as at 30 June 2012 was 334.3p (31 March 2012 (audited) 325.5p). The net asset value is stated before deducting the final dividend of 6.8p per share in respect of the year ended 31 March 2012, which was approved by shareholders at the annual general meeting on 6 July 2012 and was paid on 13 July 2012 at a cost of £1,029,000.
The number of ordinary shares in issue at 30 June 2012 was 15,128,440 (31 March 2012 15,128,440). No shares were allotted or re-purchased during the quarter.
For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 30 June 2012 and unquoted investments are carried at fair value as at 30 June 2012 as determined by the directors.
Net assets at 30 June 2012 comprised the following:
|Unquoted investments at fair value|
|as determined by the directors||41,758||82.5|
|Quoted investments at bid price||20||0.1|
|Total fixed asset investments||41,778||82.6|
|Net current assets||8,795||17.4|
During the three months ended 30 June 2012 the following significant investment realisations took place:
|Name of investee company||proceeds||cost||2012|
|Closerstill Holdings Limited - sale to Phoenix Equity Partners|
|IG Doors Limited - loan stock redemption||526||458||526|
The directors are not aware of any other events or transactions which have taken place between 31 March 2012 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