Announcements

Northern Investors Company PLC.

11 FEBRUARY 2015

NORTHERN INVESTORS COMPANY PLC

UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2014

Northern Investors Company PLC ("the Company") is a private equity investment trust managed by NVM Private Equity LLP.  The Company was launched in 1984 and has been listed on the London Stock Exchange since 1990.  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 a total of £41.5 million to shareholders by way of tender offers and dividend distributions.

The Company announces that the unaudited net asset value per share as at 31 December 2014 was 490.8 pence (30 September 2014 459.9 pence).

The number of ordinary shares in issue at 31 December 2014 was 8,728,440 (30 September 2014 8,728,440).  No shares were allotted or re-purchased during the quarter ended 31 December 2014.

For the purposes of calculating the net asset value per share, unquoted investments are carried at fair value as at 31 December 2014 as determined by the directors.

Net assets at 31 December 2014 comprised the following:

  % of 
   £000   net assets 
Unquoted investments at fair value as determined    
 by the directors 41,972  98.0 
Net current assets/(liabilities):    
 Cash and near-cash balances 4,642  10.7 
 Provision for performance-related management fee  (3,618) (8.4)
 Other debtors less creditors (153) (0.3)
  ----------  -------- 
Net assets 42,843  100.0 
  ----------  -------- 

The following significant investment realisations took place during the quarter ended 31 December 2014:

   Carrying
   value at
 SalesOriginal30 September
Name of investee company    proceedscost2014
   £000  £000  £000
       
Alaric Systems - receipt of deferred sale proceeds 454 - -
Promatic Group - sale of holding 1,467 1,195 1,300

On 9 February 2015 the Company announced the sale of its investment in Kerridge Commercial Systems for net cash proceeds of £16.4 million.  The directors have valued the investment at the sale price for the purposes of calculating the unaudited net asset value per share as at 31 December 2014.

At the close of business on 10 February 2015 the Company's cash and near-cash balances totalled £21.3 million.

Pursuant to the Company's policy of realising its investment portfolio and returning funds to shareholders, the directors intend to make a further distribution of not less than £18.5 million to shareholders by way of a tender offer.  It is envisaged that the tender price will be equivalent to the unaudited net asset value per share as at 31 December 2014, adjusted for the expenses of the tender offer.  It is expected that a circular giving details of the tender offer will be published on 27 February 2015 and that the ensuing re-purchase and cancellation of shares will be completed by 31 March 2015.

Enquiries:

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

Oriel Securities
Neil Winward/Mark Bloomfield                 020 7710 7600

Website:  www.nvm.co.uk

Neither the contents of the NVM Private Equity LLP website nor the contents of any website accessible from hyperlinks on the NVM Private Equity LLP website (or any other website) is incorporated into, or forms part of, this announcement.



This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
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

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