Announcements

Northern Investors Company PLC.

RNS Number : 2800N
Northern Investors Co PLC
13 February 2009
 

13 FEBRUARY 2009


NORTHERN INVESTORS COMPANY PLC


INTERIM MANAGEMENT STATEMENT

FOR THE QUARTER ENDED 31 DECEMBER 2008


Northern Investors Company PLC presents its interim management statement for the quarter ended 31 December 2008. This constitutes the company's second interim management statement for the financial year ending 31 March 2009, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3. This statement has been prepared solely to provide additional information in order to meet the requirements of the Disclosure and Transparency Rules and should not be relied on by shareholders, or any other party, for any other purpose.


There has been further downward pressure on investment valuations during the quarter, with most quoted sector price-earnings ratios in decline. Conditions in the UK economy continue to be very difficult for small and medium-sized businesses of the type in which the company invests.


The unaudited net asset value per ordinary share as at 31 December 2008 was 226.3p (30 September 2008 255.9p). The net asset value is stated before deducting the interim dividend of 2.2p per share in respect of the year ending 31 March 2009, which was paid on 9 January 2009.


The number of ordinary shares in issue at 31 December 2008 was 19,395,440 (30 September 2008 19,425,440). 30,000 ordinary shares were purchased for cancellation during the quarter at a price of 99p per share.


Net assets at 31 December 2008 comprised the following:




% of


£000

net assets

Unquoted investments at fair value



  as determined by the directors

30,290

69.0

Quoted investments at bid price

426

1.0


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-----

Total fixed asset investments

30,716

70.0

Cash at bank

11,770

26.8

Other current assets

1,402

3.2


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-----

Net assets

43,888

100.0


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-----


Quoted investments are carried at bid price as at 31 December 2008. Unquoted investments are carried at fair value as at 31 December 2008 as determined by the directors.


During the three months ended 31 December 2008 the following significant investment transactions took place:


New investments:



Name of company


Business activity

Amount
invested

£000

Britspace Holdings*

Manufacture of modular buildings

1,840

*Additional investment in existing portfolio company



Disposals:





Name of company


Sales

proceeds

£000


Original

cost

£000

Carrying
value at

31 March 2008
£000

Stainton Metal Company

2,169

1,100

1,394


The company has a contingent liability of £983,000 in respect of a bank guarantee given in respect of an investee company.


The directors are not aware of any other events or transactions which have taken place between 31 December 2008 and the date of publication of this statement and which have had a material effect on the financial position of the company.



Enquiries:

Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000

Website:  www.nvm.co.uk




This information is provided by RNS
The company news service from the London Stock Exchange
 
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