Northern Investors Company PLC.

26 September 2012


Return of Capital - update

Northern Investors Company PLC (the "Company") announced on 3 July 2012 that the Company intended to distribute a minimum of £6 million to shareholders via a tender offer (the "Tender Offer").

Following consultations with a number of major shareholders, the directors propose to follow the approach adopted in relation to the tender offer completed in December 2011, namely that the Tender Offer price should be set on the basis of the latest published net asset value adjusted for the estimated costs of the Tender Offer.  The directors are pleased to inform shareholders that they now envisage that not less than £7 million will be returned to shareholders in the event that the Tender Offer is fully taken up.

As it is expected that the Company's unaudited results for the six months ending 30 September 2012 will be announced by 19 November 2012, the directors have decided to publish details of the Tender Offer shortly thereafter.  In order that the Tender Offer pricing reflects an up-to-date valuation of the Company's investment portfolio, any subsequent change to the Company's net asset value during the period of the Tender Offer will be announced prior to the latest date specified for the receipt of Tender Offer application forms.  The Tender Offer will require shareholder approval, which will be sought at a General Meeting expected to be held by 12 December 2012.

It is intended that, subject to shareholder approval, cash settlement will take place no later than 17 December 2012.  Further information about the Tender Offer will be provided in due course in a circular to shareholders.


Nigel Guy/Christopher Mellor, Northern Investors Company PLC - 0191 244 6000

Joe Winkley/Neil Winward, Oriel Securities Limited - 0207 710 7600

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Source: Northern Investors Co PLC via Thomson Reuters ONE