Northern Investors Company PLC.
Net Asset Value(s)
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:
|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)|
The following significant investment realisations took place during the quarter ended 31 December 2014:
|Name of investee company||proceeds||cost||2014|
|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.
Northern Investors Company PLC
Nigel Guy/Christopher Mellor 0191 244 6000
Neil Winward/Mark Bloomfield 020 7710 7600
Website: www.nvm.co.ukNeither 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.
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