Northern Investors Company PLC.
Result of Tender Offer
31 MARCH 2015
NORTHERN INVESTORS COMPANY PLC
RESULT OF TENDER OFFER AND PURCHASE OF OWN SHARES
On 6 March 2015 Northern Investors Company PLC (the "Company") announced a Tender Offer by Stifel Nicolaus Europe Limited, on behalf of the Company, to purchase up to 43.86% of the Company's issued share capital at a price of 500 pence per Share, equivalent to the unaudited net asset value per Share as at 28 February 2015 less an adjustment for the estimated costs of the Tender Offer. The Company now announces the result of the Tender Offer, which closed on 27 March 2015, the requisite authority for the purchase of Shares by the Company having been granted by shareholders at the general meeting held on 30 March 2015.
Valid tenders were received in respect of 4,890,481 Shares (representing approximately 56.03% of the Company's issued ordinary share capital as at the Record Date, 18 March 2015). The Tender Offer was therefore oversubscribed.
In accordance with the terms and conditions of the Tender Offer, the Company has accepted in full all applications made by Eligible Shareholders up to their 43.86% Basic Entitlement. As certain Eligible Shareholders did not take up their 43.86% Basic Entitlement, the Company has also accepted, in part, those applications made by Eligible Shareholders in excess of their 43.86% Basic Entitlement, scaled back on a pro rata basis, such that approximately 42.17% of such excess tenders were satisfied.
The total number of Shares for which applications were accepted under the Tender Offer was 3,828,440, representing 43.86% of the Company's issued ordinary share capital as at the Record Date, and accordingly on 31 March 2015 the Company purchased for cancellation 3,828,440 Shares at the Tender Price of 500p per Share in accordance with the terms of the Tender Offer. Immediately following this transaction there were 4,900,000 Shares in issue.
Payment of the Tender Price due to Shareholders whose tenders under the Tender Offer have been accepted is expected to be made (by cheque, by electronic payment or by payment through CREST, as appropriate) by 2 April 2015.
Defined terms in this announcement have the same meaning as in the Circular to Shareholders dated 6 March 2015.
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