Northern Investors Company PLC.
Miscellaneous: Portfolio update and proposed tender offer
25 NOVEMBER 2013
NORTHERN INVESTORS COMPANY PLC
PORTFOLIO UPDATE/PROPOSED TENDER OFFER
Northern Investors Company PLC ("Northern Investors") announces that it has received cash proceeds of £4.3 million from the sale or partial sale of two of its portfolio holdings.
On 20 November 2013 Northern Investors exited from its investment in Mantis Deposition Holdings Limited ("Mantis") as part of a financial restructuring in which three venture capital trusts managed by NVM Private Equity Limited ("the Northern VCTs") provided additional long-term capital for Mantis. Northern Investors received £690,000 by way of loan repayments from Mantis and sold its ordinary shares in Mantis to the Northern VCTs for an aggregate consideration of £38,000.
On 22 November 2013 Northern Investors' holding of £3,578,000 loan notes in Kerridge Commercial Systems Limited ("Kerridge") was redeemed by Kerridge at par.
The above transactions result in no significant change to Northern Investors' last reported net asset value of 375.3p per share as at 30 September 2013.
It was announced in Northern Investors' half-yearly report for the six months ended 30 September 2013, published on 12 November 2013, that the board intended to make a tender offer to shareholders in the early part of 2014. In the light of the cash inflows relating to Kerridge and Mantis, the directors now envisage that the amount to be returned to shareholders through the tender offer will be not less than £7.0 million, to which will be added the proceeds of any further realisations which may be completed prior to the tender offer being made. It is expected that a circular giving details of the tender offer will be published in February 2014 and that the ensuing re-purchase and cancellation of shares will be completed by 31 March 2014.
For further information, please contact:
Northern Investors Company PLC
Nigel Guy/Christopher Mellor 0191 244 6000
Neil Winward 020 7710 7600
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Northern Investors Co PLC via Globenewswire