Northern Investors Company PLC.




Northern Investors Company PLC presents its interim management statement for the quarter ended 31 December 2012.  This constitutes the company's second 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 has subsequently returned £22.9 million to shareholders by way of tender offers in December 2011 and December 2012.

The unaudited net asset value per ordinary share as at 31 December 2012 was 349.7p (30 September 2012 340.9p).

The number of ordinary shares in issue at 31 December 2012 was 12,128,440 (30 September 2012 15,128,440).  On 12 December 2012 the company re-purchased 3,000,000 ordinary shares for cancellation at a price of 335p per share pursuant to a tender offer whose terms were set out in a circular dated 19 November 2012.

For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2012 and unquoted investments are carried at fair value as at 31 December 2012 as determined by the directors.

Net assets at 31 December 2012 comprised the following:

% of
          £000          net assets
Unquoted investments at fair value                   
  as determined by the directors 40,872 96.4
Quoted investments at bid price 44 0.1
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Total fixed asset investments 40,916 96.5
Net current assets 1,492 3.5
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Net assets 42,408 100.0
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During the three months ended 31 December 2012 the following significant investment realisation took place:

value at
SalesOriginal31 March
Name of investee company                             proceedscost2012
            £000            £000            £000
Paladin Group - sale to Places For People Group 3,404 1,657 2,061

The directors are not aware of any other events or transactions which have taken place between 30 September 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

Oriel Securities
Joe Winkley/Neil Winward                      020 7710 7600


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Source: Northern Investors Co PLC via Thomson Reuters ONE