Northern Investors Company PLC.
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:
Unquoted investments at fair value
as determined by the directors
Quoted investments at bid price
Total fixed asset investments
Cash at bank
Other current assets
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:
Manufacture of modular buildings
*Additional investment in existing portfolio company
Stainton Metal Company
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.
Alastair Conn/Christopher Mellor, NVM Private Equity Limited - 0191 244 6000
This information is provided by RNS