Northern Investors Company PLC.
Interim Management Statement
22 JULY 2014
NORTHERN INVESTORS COMPANY PLC
INTERIM MANAGEMENT STATEMENT
FOR THE QUARTER ENDED 30 JUNE 2014
Northern Investors Company PLC presents its interim management statement for the quarter ended 30 June 2014. This constitutes the company's first interim management statement for the financial year ending 31 March 2015, 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 £37.0 million to shareholders by way of tender offers in December 2011, December 2012 and March 2014.
The unaudited net asset value per ordinary share as at 30 June 2014 was 445.6p (31 March 2014 (audited) 433.4p). The net asset value is stated before deducting the final dividend of 10.0p per share in respect of the year ended 31 March 2014, which was approved by shareholders at the annual general meeting on 21 July 2014 and will be paid on 25 July 2014.
The number of ordinary shares in issue at 30 June 2014 was 8,728,440 (31 March 2014 8,728,440). No shares were allotted or re-purchased during the quarter ended 30 June 2014.
For the purposes of calculating the net asset value per share, unquoted investments are carried at fair value as at 30 June 2014 as determined by the directors.
Net assets at 30 June 2014 comprised the following:
|Fixed asset investments at fair value|
|as determined by the directors||39,008||100.3|
|Net current assets/(liabilities):|
|Cash and short-term investments||3,009||7.7|
|Provision for performance-related management fee||(2,929)||(7.5)|
The provision for the performance-related management fee which is expected to become payable in due course to NVM Private Equity Limited is treated as a current liability. The actual payment of the fee is subject to certain preconditions which may or may not be satisfied within the next 12 months.
The final dividend for the year ended 31 March 2014 will be paid on 25 July 2014 at a cost of £873,000.
During the three months ended 30 June 2014 the following significant investment realisation took place:
|Name of investee company||proceeds||cost||2014|
|Nasstar plc (market sale)||581||430||666|
The directors are not aware of any other events or transactions which have taken place between 31 March 2014 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
Nigel Guy/Christopher Mellor 0191 244 6000
Neil Winward/Mark Bloomfield 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 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