Northern Investors Company PLC.
9 MARCH 2015
NORTHERN INVESTORS COMPANY PLC
Northern Investors Company PLC ("Northern Investors") announces the realisation of its investment in CloserStill Group Limited ("CloserStill"), the business-to-business media and events group, through a secondary management buy-out transaction led by Inflexion Private Equity.
Northern Investors has received cash proceeds of £3.21 million for its holding of ordinary shares, preference shares and loan notes in CloserStill. The directors' valuation of the investment in CloserStill for the purposes of calculating the unaudited net asset value ("NAV") per share of 506.3 pence as at 28 February 2015, which was announced on 6 March 2015, was £2.91 million.
The directors consider that the overall effect of the sale, after allowing for the resulting increase in the performance incentive fee which is expected to become payable in due course to NVM Private Equity LLP, is to increase Northern Investors' NAV by approximately 3.0 pence per share, based on the 8,728,440 shares currently in issue.
For further information, please contact:
Northern Investors Company PLC
Nigel Guy/Christopher Mellor 0191 244 6000
Stifel Nicolaus Europe Limited
Neil Winward/Mark Bloomfield/Gaudi le Roux 020 7710 7600
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.
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